Conquest Resources Limited — Capital/Financing Update 2024

Apr 16, 2024

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Conquest Resources Enters into Agreement with VerAI Discoveries for AI Targe�ng on Belfast TeckMag Project

Toronto, Ontario, April 16, 2024 – Conquest Resources Limited (TSX-V: CQR) (“ Conquest ” or the “ Company ”) has entered into a Royalty Purchase and Sale Agreement with VDI Resources LLC (VDI), a subsidiary of VerAI Discoveries Inc. (VerAI), an ar�ficial intelligence (AI) powered mineral discovery generator, pursuant to which the Company agrees to grant to VDI a 1.5% net smelter return royalty on certain target areas with recommended drilling loca�ons generated by VerAI u�lizing its proprietary AI technology. The Company agrees to grant VDI an addi�onal 1.5% NSR in return for funding a drill program for tes�ng of the targets iden�fied by VerAI on the Belfast TeckMag Project, a 350 sq. km. land package located northeast of Sudbury, Ontario.

Tom Obradovich, CEO of Conquest stated, “ It has been a unique experience working with the VerAI team to integrate their AI technology as another layer of targeting, which enhances our ability to potentially discover subsurface mineral deposits at the Belfast TeckMag Project. This area of Canada is one of the most cost-effective exploration regions and mineral-endowed belts in the world.”

Belfast TeckMag Project MIAC Investigation

Over the past several years, Conquest has completed airborne electromagne�c and magne�c geophysical surveys, Mobile MT surveys, ground gravity surveys and regional drill programs. Recent examina�on of drill core by Dr. JF Montreuil, in par�cular diamond drill hole BC21-05, has indicated that mineraliza�on and altera�on facies are related to hydrothermal systems capable of forming IOCG and affiliated deposits. These systems are referred to as Metasoma�c Iron and Alkali-Calcic systems or MIAC. The iden�fied altera�on types are similar to the Cloncurry region of Australia which hosts the Earnest Henry Mine in addi�on to other notable deposits. An explora�on program beginning with prospec�ng and geological mapping of the areas of interest iden�fied by VerAI and compiled with previous data will be conducted this spring under the direc�on of Joerg Kleinboeck, P.Geo, Vice President Explora�on for Conquest. A program of diamond drilling is intended to commence later this year on VerAI targets as well as addi�onal targets established by previous programs.

Conquest, a well-experienced explorer in the region. Our team is commited to maximizing the chance of discovery by using our AI technology to provide Conquest with higher-probability drilling loca�ons, calibrated from the ongoing drilling inputs.”

The technical content of this News Release has been reviewed and approved by Joerg Kleinboeck, P.Geo., a qualified person as defined in NI 43-101.

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ABOUT VERAI DISCOVERIES, INC.

VerAI Discoveries ("VerAI") is an AI-powered mineral discovery generator focused on uncovering essen�al cri�cal minerals for the green energy transi�on and a sustainable future. Their mission involves working with mining partners to target new mineral discoveries in covered areas in mature mining jurisdic�ons that remain largely unexplored. By deploying their novel proprietary AI/ML Discovery Pla�orm, VerAI significantly increases the probability of discovering economic mineral deposits of different commodi�es and in various geological jurisdic�ons, shortens targe�ng �me, and reduces explora�on costs. For more informa�on, visit htps://ver-ai.com/.

ABOUT CONQUEST

Conquest Resources Limited, incorporated in 1945, is a mineral explora�on company that is exploring for base metals and gold on mineral proper�es in Ontario.

Conquest holds a 100% interest in the Belfast-TeckMag Project, located in the Temagami Mining Camp at Emerald Lake, Ontario, which is believed to have excep�onal explora�on upside for magma�c sulphide deposits (Cu-Ni-PGE), VMS, IOCG, Iron forma�on hosted Au and Paleo-placer Au. The Belfast-TeckMag Project is the Company’s flagship property, evolved from the Golden Rose Project, which was ini�ally acquired in December 2017, and significantly augmented through the acquisi�on of Canadian Con�nental Explora�on Corp. (“CCEC”) in 2020 and subsequent addi�onal claim staking and purchases in its adjacent Belfast Copper Project and TeckMag Property.

Conquest now controls over 300 square kilometers of underexplored territory in the Temagami Mining Camp, including the past producing Golden Rose Mine at Emerald Lake.

Conquest also holds a 100% 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 en�rely surrounded by Evolu�on Mining landholdings. In addi�on, the Company holds interests in the Smith Lake Gold Property, Lake Nipigon Basin Property, and the Marr Lake Property.

FOR FURTHER INFORMATION CONTACT:

general@conquestresources.com www.ConquestResources.com Tom Obradovich President & Chief Executive 416-985-7140

Forward-looking statements. This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the completion of the Acquisition and the Consolidation, the release of escrowed funds, future cash on hand, potential mineralization, resources and reserves, exploration results, and future plans and objectives of Conquest, are forwardlooking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Conquest’s expectations are exploration risks detailed herein and from time to time in the filings made by Conquest with securities regulators. Neither the TSXV nor its Regulation Services Provider (as defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.