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Great Quest Gold a Canadian gold exploration company listed on the TSX Venture Exchange, has announced plans to acquire all outstanding shares of Lotus Gold Corporation through a reverse takeover transaction. This deal will see the combined company focusing on gold exploration projects in Africa, primarily in Namibia and Egypt.
The reverse takeover will be structured so that Lotus shareholders will own 63.3% of the newly formed company, while Great Quest Gold shareholders will hold 36.7%. This combination aims to create a premier African-focused gold exploration platform by merging Lotus’s promising Egyptian assets with Great Quest’s extensive projects in Namibia.
Lotus Gold, a private Canadian company, holds a substantial portfolio of gold assets in Egypt’s Arabian-Nubian Shield, covering about 2,000 square kilometers. The company has made early discoveries at locations like Umm Bisilla North and Ash and completed significant exploration work, including 8,000 meters of drilling and extensive sampling. They are also actively pursuing joint venture opportunities to advance their projects further.
Great Quest Gold’s projects in Namibia complement Lotus’s assets well. The company controls four key exploration projects in the country, including the Omatjete Gold Project, which covers 107,000 hectares near the Kokoseb structure, and the Khorixas Gold Project with 16 gold targets and a notable gold-copper anomaly. These projects are in regions with recent discoveries, such as Ondundu and Eureka. While still early stage, soil sampling and visible gold found in rock chips suggest good potential.
The deal will be executed through a three-cornered amalgamation involving Great Quest Gold, Lotus Gold, and a new subsidiary of Great Quest. The transaction remains subject to approval by the TSX Venture Exchange, the signing of a definitive agreement by the end of September 2025, and other customary closing conditions.
As part of the transaction, Great Quest will divest its phosphate project in Mali along with gold projects in Mali and Morocco. The combined entity is expected to be well-capitalized to advance its exploration programs. While no finder’s fees are expected, commissions related to future financing rounds may be disclosed.
The leadership team behind the new company brings a strong track record, including individuals formerly with Osino Resources and Auryx Gold. Both companies achieved successful exits, with Auryx Gold selling for $200 million and Osino Resources for $400 million. This experienced team aims to leverage their knowledge and networks to unlock value in the combined asset base.
Overall, the reverse takeover positions the new company as a major player in the African gold exploration sector, combining high-quality projects with experienced management in some of the continent’s most promising gold jurisdictions.
