Conquest Reports 2022 First Quarter Results And Signs $200K OJEP Funding Agreement
55 University Avenue, Suite 1805
Toronto, Ontario, Canada,
M5J 2H7
www.ConquestResources.com
News Release
Conquest Reports 2022 First Quarter Results
And Signs $200K OJEP Funding Agreement
Toronto, Ontario, May 30, 2022 | Conquest Resources Limited (TSX-V: “CQR”) (“Conquest”) reports its first
quarter results for the three months ended March 31, 2022.
This news release should be read in conjunction with the Company’s unaudited interim consolidated financial
statements and the associated management’s discussion and analysis (MD&A) for the three months ended
March 31, 2022 which are available on the Company’s website at www.conquestresources.co m or under the
Company’s profile at www.sedar.com.
Q1 & RECENT HIGHLIGHTS
➢ In January 2022, the Company completed the Phase 1 drill program on its Belfast -TeckMag Project.
The drill program was focused on testing those geophysical anomalies that are characteristic of
magmatic Cu-Ni-PGE’s, VMS, and IOCG mineralization.
➢ 25 drill h oles, totaling 9,260 metres were drilled over the course of 8 months from June 2021 to
January 2022. Assay results have been received for all holes except for the last drill hole (BC21 -26)
still pending results.
➢ On May 1, 2022, Conquest entered into an O ntario Transfer Payment Agreement under the Ontario
Junior Exploration Program with the Minister of Northern Development, Mines, Natural Resources
and Forestry (the “OJEP Funding Agreement”). Pursuant to the OJEP Funding Agreement, the
province of Ontario will contribute up to a maximum of $200,000 towards Conquest’s exploration
costs incurred during the rest of the year up to February 15, 2023, on its drill programs at the Belfast
TeckMag Project. The funds will be made available to the Company subject to its satisfying certain
project reporting requirements.
ONTARIO JUNIOR EXPLORATION PROGRAM
Conquest is pleased to announce that on April 7, 2022 , the Ontario Ministry of Northern Development
of Mines, Natural Resources and Forestry (“MNDM”) accepted Conquest’s application to the second
Ontario Junior Exploration Program (“OJEP”) intake. Conquest is awarded a maximum $200,000 grant
towards the cost of the Belfast -TeckMag Project, conditional upon the execution of a funding
agreement which governs the p rogram grants. The conditions were subsequently satisfied and an OJEP
Funding Agreement was signed with the MNDM on May 1, 2022 .
Conquest CEO Tom Obradovich said “We are pleased to have been awarded an OJEP grant which will add
to the meters of drilling we need to execute in order to test our remaining exploration targets.”
RESULTS OF OPERATIONS
For the three-month period ended March 31, 2022, the Company recorded a loss of $348,837 or $0.003
per share. The loss included exploration expenditures of $158,733 and stock -based compensation
expense of $93,896.
The Company completed its Phase 1 drilli ng program on its Belfast -TeckMag Project in January 2022
and had no material drilling activities, besides a downhole geophysical survey, during the rest of the
first quarter. Therefore, the exploration costs during the three -month period ended March 31, 2 022
decreased in comparison with the same period in 2021.
At March 31, 2022, the Company had total current assets of $1,586,333, including cash and cash
equivalents of $1,532,615 to settle accounts payable and accrued liabilities of $96,879.
Cash used in operating activities amounted to $416,973 for the three months ended March 31, 2022.
The Company had no proceeds or disbursements from financing or investing activities during the three
months ended March 31, 2022 and 2021.
At March 31, 2022, Conquest had not achieved profitable operations, and expects to incur further losses
in the development of its business. The Company has continued to rely on equity financing to fund its
working capital requirements.
ABOUT CONQUEST
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for
base metals and gold on mineral properties in Ontario.
Conquest holds a 100% interest in the Belfast – Teck Mag Project, located in the Temagami Mining Camp
at Emerald La ke, approximately 65 kilometers northeast of Sudbury, Ontario, which hosts the former
Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike
length of seventeen (17) kilometers.
In October 2020, Conquest comp leted the acquisition of Canadian Continental Exploration Corp. which
holds an extensive package of mining claims which surround Conquest’s Golden Rose Mine, and
subsequently doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining
cells, encompassing approximately 93 sq km., centered on Belfast Township, on the edge of the Temagami
Magnetic Anomaly.
Conquest now controls over 300 sq km of underexplored territory, including the past producing Golden
Rose Mine at Emerald Lake, situated in the Temagami Mining Camp.
Conquest also holds a 100% interest in the Alexander Gold Property located immediately east of the Red
Lake and Campbell mines in the heart of the Red Lake Gold Camp on the important “Mine Trend” regional
structure. Conquest’s property is almost entirely surrounded by Evolution Mining land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six patented claims and
181 staked mining claims to the north, west and south of the former Re nabie Gold Mine in Rennie
Township in northern Ontario, operated by Corona and Barrick that had reported gold production of over
1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).
FOR FURTHER INFORMATION CONTACT:
www.conquestresources.com
Tom Obradovich
President & Chief Executive
416-985-7140
Forward-looking statements. This news release may include certain “forward-looking statements”. All
statements other than statements of historical fact, included in this release, including, without limitation,
statements regarding the completion of the Acquisition and the Consolidation, the release of escrowed
funds, future cash on hand, potential mineralization, resources and reserves, exploration results, and
future plans and objectives of Conquest, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from Conquest’s expectations are exploration risks detailed
herein and from time to time in the filings made by Conquest with securities regulators. Neither the TSXV
nor its Regulation Services Provider (as defined in the policies of TSXV) accepts responsibility for the
adequacy or accuracy of this release.