Great Quest Gold Ltd. has secured an extension from the TSX Venture Exchange for its non-brokered private placement, pushing the deadline for final approval of the last tranche to August 29, 2025.
The company closed the first tranche on July 14, issuing 11,560,000 common shares at $0.025 each for gross proceeds of $289,000.
The complete offering targets up to 20,000,000 shares under the exact pricing, with all issued shares carrying a four-month and one-day hold period.
Proceeds will be directed toward costs linked to Great Quest’s planned reverse takeover of Lotus Gold Corporation and for general working capital.
The final tranche is expected to close on or around August 22, 2025.
Great Quest is a Canadian mineral explorer with gold and lithium interests in Namibia, Morocco, and Mali.
Its flagship Damara Gold Project in Namibia spans over 300,000 hectares across the Khorixas, Omatjete, and Outjo areas, all situated within the highly prospective Damara Belt.
The Khorixas licence block has already returned high-grade surface samples of up to 49.9 grams per tonne gold from initial grab sampling.
Exploration work in Namibia has advanced steadily through 2024 and into 2025.
Great Quest’s field teams have carried out detailed geological mapping to delineate lithological contacts and structural controls on mineralisation.
This has been complemented by systematic soil geochemical surveys across broad grids, with several zones yielding anomalous gold values above 100 parts per billion, indicating potential extensions of known mineralised trends.
Rock chip sampling has confirmed the presence of quartz-vein-hosted mineralisation, often accompanied by visible sulphides, in multiple target areas.
The company has also reprocessed historical geophysical datasets, integrating magnetic and radiometric survey results with recent field observations to generate a refined set of drill targets.
At Omatjete, the data points to a series of shear-zone-hosted gold prospects, while in Outjo, artisanal workings and historic trenching have identified zones of quartz stockwork with elevated gold grades.
Great Quest’s exploration strategy in Namibia is aimed at transitioning rapidly from surface sampling and mapping to trenching and eventual drilling, to define a maiden resource in the medium term.
By focusing on a large, underexplored land package within a proven gold belt, the company is positioning the Damara Gold Project as a cornerstone asset alongside its other West African and North African interests.
With the financing extension in place, the company is expected to channel upcoming capital into both corporate transactions—such as the Lotus Gold reverse takeover—and direct exploration activity on the ground in Namibia.
The combination of corporate restructuring and advancing field work could see Great Quest emerge from 2025 with a stronger portfolio and a more straightforward path toward resource definition in one of Southern Africa’s most prospective gold regions.
