Mr. Tom Obradovich reports

CONQUEST RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FINANCING

Conquest Resources Ltd. intends to conduct a non-brokered private placement financing for gross proceeds of up to $450,000.

The financing will consist of non-brokered charity flow-through common shares through an arrangement with Peartree Securities Inc. of up to six million shares at a price of 7.5 cents per FT share for gross proceeds of up to $450,000.

The gross proceeds from the FT 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 FT financing will also qualify as eligible Ontario exploration expenditures within the meaning of the Taxation Act (Ontario).

The FT financing is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. There can be no assurance that the FT financing will be completed, whether in whole or in part.

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

Qualified person

The technical content of this news release has been reviewed and approved by Joerg Kleinboeck, PGeo, a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Kleinboeck has verified the technical data disclosed in this release and consents to its publication.

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, Ont., 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), Iron formation hosted Au and Paleo-placer Au.

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 and Lake Nipigon basin property.

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