Canadian company Great Quest Fertilizer has agreed to pay the Namibian-registered Belmont Mineral Exploration US$1,4m in a share purchase and subscription agreement.
Belmont holds, directly or through option agreements, 14 exclusive prospecting licenses covering 307,778 hectares, including the Khorixas Gold Project, the Omatjete Gold and Lithium Project, and the Outjo Gold Project.
Great Quest Fertiliser will acquire up to 70% of Belmont Mineral Exploration and an additional 26% at the close of the initial acquisition in early 2024.
In July 2023, Sulliden Mining Capital entered into a purchase and subscription agreement worth US$2.86m to acquire up to 70% of Belmont Mineral and Exploration shares.
Great Quest agreed to pay Sulliden US$180,000 – US$50,000 in cash within 90 days, US$50,000 in cash within 180 days, and reimburse Sulliden’s costs of US$80,000.
In addition, Great Quest will issue 5 million of its common shares to Sulliden.
Until now, Great Quest Fertilizer has focused on developing the Sanoukou Gold Project and the Tilemsi Phosphate Project in Mali.
The 45,914-hectare Outjo Gold Project is about 80 km east of the Khorixas Project, while the 93,105-hectare Omatjete Gold/Lithium Project is about 80 km southeast of the Khorixas Project.
Great Quest CEO Jed Richardson said they would prioritise the Khorixas Project while continuing work at the Sanoukou Gold Project in Mali and the Geulmim Gold Project in Morocco.
Richardson added that Great Quest was following closely on the recent announcement of the sale of Namibian gold explorer Osino Resources, with their highly anticipated Twin Hills project, to Dundee Precious Metals.
