Conquest Resources Limited has entered into a definitive property purchase agreement to sell its 100% interest in the Belfast-Teck Mag property package to Inventus Mining Corp., transferring roughly 281 square kilometres of mineral claims in Ontario.

Under the terms of the transaction, Conquest will receive 8,000,000 common shares of Inventus at closing, subject to statutory hold periods and a voluntary pooling arrangement that releases one-third of the shares following the applicable hold period, one-third on the first anniversary, and the final one-third on the second anniversary. Conquest will also retain a 2.0% net smelter return royalty on claims not already subject to an existing royalty, with Inventus holding the right to buy back 0.5% of the royalty for C$1,000,000.

The transaction transfers ownership of the past-producing Golden Rose gold mine, which yielded 45,414 ounces of gold between 1935 and 1941 and features more than six kilometres of underground development and a 228-metre shaft. Prior to the sale, Conquest completed a 3,549-metre first-phase drill program at the property in partnership with VerAI Discoveries Inc., identifying a potential copper, zinc, and gold bearing volcanogenic massive sulphide system across four priority AI targets.

Completion of the transaction remains subject to acceptance by the TSX Venture Exchange and customary closing conditions, with no finder's fees payable.

Conquest shares closed at $0.06, up 20.00% on the day of the announcement.

“This transaction is a great outcome for Conquest. It allows us to unlock value while retaining meaningful long-term exposure through the royalty and our equity position in Inventus . Our focus has shifted to our Valimaki Project in Finland, where we have completed geological mapping, geophysical and geochemical surveys. Drill targets are being prioritized and permitted in preparation for drilling in Q4 this year.”

— Tom Obradovich, President and CEO

The transaction allows Conquest to direct its financial and operational focus toward its district-scale Valimaki gold exploration project in southwestern Finland, where the company plans to conduct drilling in the fourth quarter.

Read the full announcement: Conquest Enters into Definitive Agreement to Sell Belfast-Teck Mag Property to Inventus Mining