At the end of October 2025, the name Ongwe Minerals Inc. will formally enter the mining sector.
This new entity is the product of a reverse takeover (RTO) between Canada’s Great Quest Gold Ltd. and privately held Lotus Gold Corporation, combining Namibian and Egyptian exploration ground under one banner.
At the heart of Ongwe’s formation lies the work of Carl Joone, a Namibian-born geologist who spent more than a decade assembling a portfolio of gold exploration licences.
Together with partner Harmen Potgieter, Joone secured early licences such as EPL 8140 and, more recently, EPL 9265 in Omaheke, a 96,600-hectare tract near Drimopsis.
These grassroots projects, backed by systematic mapping and geophysics, became the seed assets that Great Quest consolidated and that will now form the Namibian arm of Ongwe Minerals.
Until now, Joone’s exploration ground has been managed through local entities and joint ventures.
Once folded into Great Quest, the projects gained international exposure, positioning Joone as a co-founder of what would become Ongwe Minerals.
Environmental records confirm this foundation.
An Environmental Scoping Assessment (ESA) for EPL 9265, located near Gobabis in the Omaheke Region, lists Ongwe Minerals (Pty) Ltd as the proponent, with objectives that include exploration for base and rare metals, dimension stones, industrial minerals, and precious metals.
A separate ESA for EPLs 8140, 8141, and 8161, located east of Gobabis, lists the proponent as Carl Andries Joones with similar exploration objectives.
These filings link Joone directly to the licences now forming the Namibian contribution to Ongwe Minerals.
Joone’s LinkedIn profile says he is a young and dynamic exploration geologist with a true passion for the industry. He says his experience stretches more than a decade, with a particular focus on gold and copper exploration.
“I am a co-founder of Ongwe Minerals (Pty) Ltd, a privately funded Gold and Green Metals junior explorer. Ongwe is built on a vision to lead discoveries in Southern Africa using innovative exploration technologies, complemented by practical “boots on the ground” application,” the profile says.
Ongwe currently has a lithium and three gold projects in the Damara Belt, as well as one large copper project in the Kalahari Copper Belt in Namibia.
The profile further says Ongwe also has a joint venture on a significant gold deposit in Zimbabwe that is currently at a feasibility stage, and Ongwe plans to develop this into a producing asset.
“I have a vision to make a difference in Africa, driven by the exploration and discoveries of economic mineral deposits and the sustainable development of those natural resources,” Joone says.
To lead the new company, Great Quest and Lotus have appointed Dave Underwood as CEO.
Underwood is best known for his role in the greenfield discoveries at Twin Hills and the Eureka extension while at Osino Resources.
Underwood said that after the exploration success at Osino, where, together with his former team, they made two very significant, blind greenfield gold discoveries by applying first-principles thinking, a systematic exploration approach, and were supported by strong financial backing from a group of top shareholders.
“We now look forward to replicating that success, building on the very strong foundation which Carl Joone, the co-founder of Ongwe, and his Namibian team have successfully put together.
“Ongwe has a high-quality and large-scale land package and has already delineated a number of very exciting anomalies and prospects which we intend to follow up on and expand, in addition to a large-scale, grassroots exploration program, on the rest of our portfolio. We expect the transaction to close around the end of October 2025,” Underwood said.
Alongside him, Carl Joone will serve as President, while Tony da Silva, also formerly of Osino, will act as interim CFO.
The boardroom will feature names familiar to Namibia’s mining sector.
Heye Daun, a co-founder of Osino and Auryx Gold; Alan Friedman, a veteran of capital markets; and Jed Richardson, an experienced mining finance executive.
Together, Underwood, Joone, and their colleagues bring decades of experience in exploration, financing, and project development in Namibia and beyond.
While the Namibian ground originates from Great Quest and Joone, the other half of Ongwe’s identity comes from Lotus Gold.
Founded in Canada in 2020, Lotus focuses on the Eastern Desert of Egypt. It controls nearly 2,000 km² in the Arabian–Nubian Shield, where it has already drilled more than 8,000 metres and carried out extensive sampling.
Early discoveries at Umm Bisilla North and Ash highlight the potential of its ground. Lotus was founded by Heye Daun, Alan Friedman, Mike Silver, and Omar Nasser, and is now led by CEO Mike Silver.
Backed by management and private investors, Lotus has no single controlling shareholder. Its contribution to Ongwe lies in its technical expertise, financing capacity, and experience in frontier geology.
The mechanics of the reverse takeover are simple. Great Quest Gold, a publicly listed company on the TSX-V, will merge with Lotus Gold, a privately held company. Rather than Lotus applying for a new listing, it enters the public markets by combining with Great Quest.
When the deal closes, Great Quest will change its name to Ongwe Minerals Inc. Although Great Quest will continue to exist legally, Lotus’s team, projects, and shareholders will assume control.
To support the transaction, Great Quest raised C$500,000 through a non-brokered private placement, issuing 20 million shares, including a final tranche of C$211,000.
These funds are allocated to transaction costs and initial exploration. Lotus has also extended a C$300,000 secured loan under a promissory note at an annual interest rate of 10 per cent, payable upon RTO closing or by January 15, 2026, whichever comes first.
If not repaid, the loan may convert into shares at a deemed price of C$0.025, subject to TSX Venture Exchange approval. Under the deal terms, Lotus shareholders will own about 64.6 per cent of Ongwe, while Great Quest shareholders will retain about 35.4 per cent. Lotus’s equity is valued at C$8.52 million.
