Conquest Resources Ltd. Reports Second Quarter Results 2021 and Grants Incentive Stock Options

This news release should be read in conjunction with the Company's unaudited interim consolidated financial statements and the associated management's discussion and analysis (MD&A) for the three and six month periods ended June 30, 2021 which are available on the Company's website at www.conquestresources.com or under the Company's profile at www.sedar.com.

Q2 & RECENT HIGHLIGHTS

• Construction and preparation for the Belfast-TeckMag field camp was completed at the beginning of June 2021. The planned 10,000-meter diamond drilling program commenced on June 5.

• During the six-week period between June 5 and July 16, Conquest completed 12 drill holes, 3 of which have encountered significant sulfide mineralization. Drilling resumed on August 9, following a scheduled two-week break in the second half of July. The program remains on time and on budget.

• Drill hole BC21-05 intersected sections of disseminated to semi-massive pyrrhotite, pyrite, and chalcopyrite mineralization in the form of disseminations, sulphidic horizons, and breccia units over a core length of 26 meters. Drill hole BC21-11 intersected numerous zones of pyrrhotite, pyrite, and chalcopyrite within chlorite-altered metasediments, in the form of sulphidic horizons and disseminations. Drill hole BC21-02 intersected sections of semi-massive to massive sulphides over a core length of 5 meters.

• Subsequent to the end of Q2 in July 2021, Conquest completed a 155-line kilometer airborne MobileMT survey west of Emerald Lake. The results from the survey revealed a large area of low resistivity south of the TeckMag leases and away from the main IF trend and is encouraging for exploration for both Archean VMS and mafic intrusive related deposits.

RESULTS OF OPERATIONS

For the three-month period ended June 30, 2021, the Company recorded a net loss of $1,067,531 or $0.008 per share. The operating expenses included exploration expenditures of $786,294 and stock-based compensation expense of $184,217. The increased exploration costs incurred in Q2 of 2021, in comparison with previous quarters, are resulted from the ramp-up of the current drilling program at the Company's Belfast-TeckMag Project since the beginning of June 2021.

For the six-month period ended June 30, 2021, the Company recorded a net loss of $1,834,282 or $0.014 per share. The operating expenses included net acquisition cost of $107,100, exploration expenditures of $1,150,369 and stock-based compensation expense of $339,685.

The increase in the operating loss in the first half of 2021, in comparison with that of 2020, is mainly resulted from the increased exploration activities and expenditures on the Belfast-TeckMag Project and the acquisition of additional mineral rights associated with the Belfast-TeckMag Project in March 2021.

At June 30, 2021, the Company had total current assets of $4,006,156, including cash and cash equivalents of $3,764,732 to settle accounts payable and accrued liabilities of $388,156. During the six months ended June 30, 2021, the Company had no proceeds or expenditures from financing or investing activities. The proceeds from its previous flow-through share financing have been fully expended on qualifying Canadian Exploration Expenditures as at June 30, 2021.

Grant of Incentive Stock Options

The Board of Directors has approved the granting of 1,800,000 incentive stock options to directors, officers and consultants under the Company's Stock Option Plan, subject to TSX Venture Exchange approval.

All of the stock options are exercisable at a price of $0.15 per share for a term of five years and will vest quarterly over a period of two years.

As of the date hereof, the total number of Conquest shares outstanding is 134,637,106.

ABOUT CONQUEST

Conquest Resources Ltd., incorporated in 1945, is a mineral exploration company that is exploring for base metals and gold on mineral properties in Ontario.

Conquest controls over 300 sq km of underexplored territory in the Temagami Mining Camp and holds a 100% interest in the Belfast - Teck Mag Project, located in the Temagami Mining Camp at Emerald Lake, approximately 65 kilometers northeast of Sudbury, Ontario, which hosts the former Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike length of 17 kilometers.

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 on the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining land holdings.

In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six patented claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario, operated by Corona and Barrick that had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).

FOR FURTHER INFORMATION CONTACT:

Email: general@conquestresources.com
Website: 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 forward-looking 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.