Conquest Reports 2022 First Quarter Results and Signs $200K OJEP Funding Agreement

Toronto, May 30, 2022 - Conquest Resources Ltd. (TSXV: CQR) ("Conquest") reports its first quarter results for the three months ended March 31, 2022.

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 months ended March 31, 2022 which are available on the Company's website at www.conquestresources.com or under the Company's profile at www.sedar.com.

Q1 & RECENT HIGHLIGHTS

• In January 2022, the Company completed the Phase 1 drill program on its Belfast-TeckMag Project. The drill program was focused on testing those geophysical anomalies that are characteristic of magmatic Cu-Ni-PGE's, VMS, and IOCG mineralization.

• 25 drill holes, totaling 9,260 metres were drilled over the course of 8 months from June 2021 to January 2022. Assay results have been received for all holes except for the last drill hole (BC21-26) still pending results.

• On May 1, 2022, Conquest entered into an Ontario Transfer Payment Agreement under the Ontario Junior Exploration Program with the Minister of Northern Development, Mines, Natural Resources and Forestry (the "OJEP Funding Agreement"). Pursuant to the OJEP Funding Agreement, the province of Ontario will contribute up to a maximum of $200,000 towards Conquest's exploration costs incurred during the rest of the year up to February 15, 2023, on its drill programs at the Belfast TeckMag Project. The funds will be made available to the Company subject to its satisfying certain project reporting requirements.

ONTARIO JUNIOR EXPLORATION PROGRAM

Conquest is pleased to announce that on April 7, 2022, the Ontario Ministry of Northern Development of Mines, Natural Resources and Forestry ("MNDM") accepted Conquest's application to the second Ontario Junior Exploration Program ("OJEP") intake. Conquest is awarded a maximum $200,000 grant towards the cost of the Belfast-TeckMag Project, conditional upon the execution of a funding agreement which governs the program grants. The conditions were subsequently satisfied and an OJEP Funding Agreement was signed with the MNDM on May 1, 2022.

Conquest CEO Tom Obradovich said, "We are pleased to have been awarded an OJEP grant which will add to the meters of drilling we need to execute in order to test our remaining exploration targets."

RESULTS OF OPERATIONS

For the three-month period ended March 31, 2022, the Company recorded a loss of $348,837 or $0.003 per share. The loss included exploration expenditures of $158,733 and stock-based compensation expense of $93,896.

The Company completed its Phase 1 drilling program on its Belfast-TeckMag Project in January 2022 and had no material drilling activities, besides a downhole geophysical survey, during the rest of the first quarter. Therefore, the exploration costs during the three-month period ended March 31, 2022 decreased in comparison with the same period in 2021.

At March 31, 2022, the Company had total current assets of $1,586,333, including cash and cash equivalents of $1,532,615 to settle accounts payable and accrued liabilities of $96,879.

Cash used in operating activities amounted to $416,973 for the three months ended March 31, 2022.

The Company had no proceeds or disbursements from financing or investing activities during the three months ended March 31, 2022 and 2021.

At March 31, 2022, Conquest had not achieved profitable operations, and expects to incur further losses in the development of its business. The Company has continued to rely on equity financing to fund its working capital requirements.

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 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 seventeen (17) kilometers.

In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp. which holds an extensive package of mining claims which surround Conquest's Golden Rose Mine, and subsequently doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining cells, encompassing approximately 93 sq km., centered on Belfast Township, on the edge of the Temagami Magnetic Anomaly.

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

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:

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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125872