Ongwe Minerals – new gold explorer on the block

GREAT Quest Gold has rebranded as Ongwe Minerals Incorporated, following a US$4.85-million (about N$77.1 million) acquisition of Lotus Gold to advance exploration projects across Namibia and Egypt.

The announcement was made on 3 February.

According to a statement issued by chief executive Dave Underwood, the company has projects in the northern zone of the Damara Orogenic Belt, where it focuses on several licences in the area.

This includes the Khorixas Gold Project, as well as the Omatjete and Outjo projects.

Underwood says the reverse takeover transaction was done through a statutory, court-approved plan of arrangement under which Ongwe acquired all of the issued and outstanding 21 million common shares of Lotus at US$0.50 (N$7.94).

Lotus Gold Corporation is a private Canadian mineral exploration company focused on developing gold properties in the Egyptian Eastern Desert.

The reverse takeover makes Lotus a wholly-owned subsidiary of Ongwe Minerals with a focus on advancing assets in Egypt and Namibia.

“We are delighted to have finally concluded the reverse takeover, and that Ongwe has thus been born as a new gold explorer in Namibia,” Underwood says.

“Working together, the highly accomplished technical founders team of Carl Joone and Harmen Potgieter, Ongwe Minerals represents the coming together of Namibian technical prowess, strong access to financing and capital markets traction and the established track record of the founders of Osino Resources, which are also principals and major shareholders of Ongwe Minerals,” he says.

Osino Resources, led by Namibian-born mining engineer Heye Daun, discovered the Twin Hills gold project in 2019, which was sold to Shanjin Gold International for CA$368 million (about N$5 billion) in 2024.

Underwood says this group has the knowledge and experience, plus the drive and access to financing to gain achieve more success in gold exploration in Namibia.

“Having already consolidated a highly strategic land package and delineated two major surface gold discoveries, and with drill rigs currently being mobilised, Ongwe is looking to quickly make its mark with the aim of making another major gold discovery in this emerging new gold belt in Namibia, book-ended, and on-trend with the successful WIA Gold, Osino Resources and B2Gold,” he says.

Upon completion of the acquisition arrangement, former shareholders of Great Quest Gold Ltd and former shareholders of Lotus held about 35.4% and 64.6%, respectively, of the issued and outstanding Ongwe Shares as Lotus became a wholly-owned subsidiary of Ongwe.

– email: matthew@namibian.com.na

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