Great Quest Gold, soon to be renamed Ongwe Minerals, has provided a fresh update on its proposed reverse-takeover transaction with Lotus Gold Corporation, marking another step toward the company’s transition into a Namibian-focused gold explorer.
The company confirmed that it has received subscriptions totalling N$90 million for its concurrent financing round, a crucial element of the RTO structure required by the TSX Venture Exchange.
Updated disclosure documents reflecting amendments to the transaction and financing terms have been submitted for regulatory review, and both parties have indicated that closing will proceed as soon as the exchange provides conditional approval.
Incoming Ongwe chief executive David Underwood said the financing provides the operational runway required to launch the next phase of exploration on the company’s Namibian projects.
He said the N$90 million buffer will allow the company to execute its bedrock drill programme and expand systematic regional soil sampling at scale.
He added that the first drill programme targeting the Khorixas and Omatjete prospects will commence imminently, with a more detailed 2026 programme to be finalised and released once the RTO is completed.
While the go-public process has taken longer than initially expected, Underwood said timelines are now mainly dictated by the stock exchange’s regulatory schedule and that the process is close to completion.
In the meantime, the company has been preparing extensively for exploration activities to begin immediately upon final approval.
The RTO projects include Lotus Gold’s extensive land package in Namibia’s Damara Belt, notably the Khorixas and Omatjete prospects.
These areas lie within a well-known structural corridor that hosts several of Namibia’s historic and emerging gold occurrences.
The Khorixas licences, located in the Kunene Region, cover ground dominated by folded metasediments intruded by quartz-vein systems.
At the same time, the Omatjete area lies further south within a parallel structural trend that hosts gold-bearing shear zones.
Great Quest has previously carried out reconnaissance fieldwork on the Khorixas licences, including mapping, sampling and limited trenching.
Earlier work identified zones of anomalous gold in soil and rock-chip samples ranging from 0.1 grams per tonne to 2.3 grams per tonne, particularly along quartz vein structures and sheared metasediments. Some of the higher-interest anomalies were traced over distances of 300 to 500 metres, forming the basis for follow-up drill targets.
These historical results, though preliminary, helped shape the exploration model that Lotus Gold and the incoming Ongwe team plan to advance through systematic soil surveys expected to cover more than 2,000 soil samples and drilling planned to test between 1,500 and 3,000 metres of bedrock targets.
The combined portfolio is expected to benefit from a more aggressive exploration strategy once the RTO is completed, to define accurate drill targets for a diamond programme later in 2026 and establish a clearer geological picture of the mineralised systems across both project areas.
