Great Quest Gold (to be Renamed Ongwe Minerals) Announces Conditional Approval of Anticipated Reverse Takeover

About this update from Ongwe Minerals Inc.

[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Further to the news release dated December 9, 2025, Great Quest Gold Ltd. (“Great Quest” or the “Company”) (TSX-V: GQ) is pleased to announce that the Company has received conditional approval from the TSX Venture Exchange (the \"TSXV\") for the Company's proposed reverse takeover transaction (the \"Transaction\") by Lotus Gold Corporation (\"Lotus\") under the plan of arrangement (the \"Arrangement\") comprising the reverse takeover (the \"RTO\"), Consolidation, Name Change and Concurrent Financing to raise gross proceeds of $4,850,000, as more fully described in the Company's Filing Statement (as described below). Following completion of the RTO, Lotus will become a wholly-owned subsidiary of the resulting issuer (the “Resulting Issuer”) which will be renamed \"Ongwe Minerals Inc.\" and is anticipated to commence trading on the TSXV next week, subject to complying with the TSXV conditions, under the trading symbol “OGW”. Concurrent Financing The previously announced non-brokered private placements (the “ Concurrent Financing ”) for aggregate gross proceeds of $4,850,000  of which all proceeds have been received, will close concurrently with the RTO, and will comprise the issuance of 9,700,000 common shares of the Resulting Issuer (the ” Resulting Issuer Shares “) at an effective price of $0.50 per Resulting Issuer Share . The Concurrent Financing is comprised of: (i) a non-brokered private placement for gross proceeds of up to approximately $3,000,000 by issuing 6,000,000 common shares of Lotus which will be exchanged for Resulting Issuer Shares which are thereby issued at an effective price of $0.50 per Resulting Issuer Share in connection with the RTO transaction pursuant to the Plan of Arrangement that will not be subject to a four month hold period under Canadian securities laws; and (ii) a non-brokered private placement for gross proceeds of up to approximately $1,850,000 by issuing 3,700,000 common shares of the Resulting Issuer at an effective price of $0.50 per Resulting Issuer Share, which will be subject to a four month hold under the policies of the TSX Venture Exchange (the “TSXV”) and Canadian securities laws. The proceeds of the Concurrent Financing will be used for the Resulting Issuer’s principal properties b...

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