Mr. Tom Obradovich reports

CONQUEST RESOURCES CLOSES NON-BROKERED PRIVATE PLACEMENT FINANCING

Conquest Resources Ltd. has closed the first tranche of its previously announced non-brokered private placement by issuing six million flow-through shares, as defined in the Income Tax Act (Canada), at a price of 7.5 cents per flow-through share on a charity flow-through basis for gross proceeds of $450,000.

The gross proceeds from the flow-through financing will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company's Belfast-Teck Mag project in Ontario. For any subscriber who is an individual in Ontario for the purposes of the Taxation Act (Ontario) or a partnership whose members are such individuals, the expenditures incurred by the company from the flow-through financing will also qualify as eligible Ontario exploration expenditures within the meaning of the Taxation Act (Ontario).

The flow-through shares will be subject to a hold period of four months and one day from the closing date of the flow-through Financing in accordance with applicable securities laws.

In connection with the financings, the company has paid an aggregate finder's fee of $9,000 in cash to an arm's-length party, representing 6 per cent of the gross proceeds of the flow-through shares that were sold to subscribers introduced by such party.

The financings are subject to final acceptance of the TSX Venture Exchange.

About Conquest Resources Ltd.

Conquest Resources, 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-per-cent interest in the Belfast-Teck Mag project, located in the Temagami mining camp at Emerald Lake, Ontario, which is believed to have exceptional exploration upside for magmatic sulphide deposits (copper/nickel/platinum group elements), VMS (volcanogenic massive sulphide), IOCG (iron oxide copper-gold), an iron-formation-hosted gold and Paleoplacer Gold.

The Belfast-Teck Mag project is the company's flagship property, evolved from the Golden Rose project, which was initially acquired in December, 2017, and significantly augmented through the acquisition of Canadian Continental Exploration Corp. (CCEC) in 2020 and subsequent additional claim staking and purchases in its adjacent Belfast copper property and Teck Mag property.

Conquest now controls over 300 square kilometres of underexplored territory in the Temagami mining camp, including the past-producing Golden Rose mine at Emerald Lake.

Conquest also holds a 100-per-cent 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 along the important Mine Trend regional structure. Conquest's property is almost entirely surrounded by Evolution Mining landholdings.

In addition, the company holds interests in the Smith Lake gold property.

We seek Safe Harbor.