Mr. Jed Richardson reports

GREAT QUEST FERTILIZER ENTERS INTO LOAN AGREEMENTS

Great Quest Fertilizer Ltd. has entered into loan agreements with each of Jed Richardson, chief executive officer of the company, Albert Yuen, director of the company, David Shaw, director of the company, John Clarke, director of the company, and Aidan Sullivan, a vice-president of the company, for an aggregate amount of $490,000. The loans are unsecured, accrue interest at 20 per cent and mature 18 months from the date of the promissory note evidencing the loan. The company will use the proceeds of the loans for working capital purposes and to facilitate the closing of Great Quest's acquisition of Belmont Mineral Exploration Pty. Ltd. (please see the company's press release dated Dec. 21, 2023, for further details).

Each of Mr. Richardson, Mr. Yuen, Mr. Shaw and Mr. Clarke is a related party to Great Quest, and the company has relied on certain exemptions from the minority approval and formal valuation requirements under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101.

About Great Quest Fertilizer Ltd.

Great Quest is a Canadian mineral exploration company focused on the development of African gold projects. The company's flagship asset is the Sanoukou gold project, encompassing 24 square kilometres located in the Kayes region to the west of Mali, and the company is developing the Tilemsi phosphate project, a 1,206-square-kilometre parcel in northeastern Mali, containing high-quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ and the Frankfurt Stock Exchange under the symbol GQM.

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