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Ongwe Minerals

ONG · Namibian Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Ongwe Minerals Inc.
Listing
ONG on the Namibian Stock Exchange, active (observed 2026-10-06)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

Read with these figures

  • Going-concern warning. The auditor's report for the year ended 31 December 2025 states a material uncertainty about whether the company can continue as a going concern.
Full wording and sources

  • Auditor's report, year to 2025-12-31: material uncertainty related to going concern

    Material uncertainty related to going concern: We draw attention to Note 1 in the consolidated financial statements, which indicates that the Company incurred a net loss during the year ended December 31, 2025 and, as of that date, the Company's current liabilities exceeded its current assets. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that material uncertainties exist that cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. (PDF p3)

    Source: Ongwe Minerals Inc. (Formerly Great Quest Gold Ltd.) Consolidated Financial Statements For the years ended December 31, 2025 and 2024, p3 (dated 2026-04-29)

  • Revenue

    Not reported in this filing

  • Operating profit / (loss)

    −CAD 2.24 million

    (2,236,906) CAD units · p8

    Change not shown.

  • Profit / (loss) for the year

    −CAD 2.25 million

    (2,249,857) CAD units · p8

    Change not shown.

  • Total assets

    CAD 2.95 million

    2,953,122 CAD units · p7

    +7727.0% vs 2024

  • Total equity

    −CAD 1.88 million

    (1,875,807) CAD units · p7

    Change not shown.

  • Cash from operations

    −CAD 776,436

    (776,436) CAD units · p9

    Change not shown.

Large amounts are rounded for reading (CAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in CAD units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, CAD units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Management and director fees1 (248,333) (314,000)
Accounting and audit2 (158,420) (54,560)
Legal3 (607,500) (8,245)
Office and general4 (42,391) (102,267)
Consulting5 (307,134) (326,894)
Investor relations6 (51,000) (78,500)
Exploration and evaluation expenditures7 (822,128) (2,380,626)
Loss before other items8 (2,236,906) (3,265,092)
Interest expense9 (10,357) (35,415)
Loss on sale of subsidiary10 (4,261) –11
Gain on debt forgiveness12 1,667 –11
Total other expenses (income)13 (12,951) (35,415)
Net loss and comprehensive loss for the year (2,249,857) (3,300,507)
Net loss and comprehensive loss for the year (2,249,857) (3,300,507)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_bnpmk63j78ca.total_other_expenses_income.
Notes and alternative reported figures (12)
  1. “Management and director fees” is an issuer-specific line, not mapped to a shared definition: Note 9; expense.
  2. “Accounting and audit” is an issuer-specific line, not mapped to a shared definition: Expense.
  3. “Legal” is an issuer-specific line, not mapped to a shared definition: Expense.
  4. “Office and general” is an issuer-specific line, not mapped to a shared definition: Expense.
  5. “Consulting” is an issuer-specific line, not mapped to a shared definition: Note 9; expense.
  6. “Investor relations” is an issuer-specific line, not mapped to a shared definition: Note 9; expense.
  7. “Exploration and evaluation expenditures” is an issuer-specific line, not mapped to a shared definition: Note 5; expensed exploration.
  8. “Loss before other items”: mapping to a shared definition is uncertain. Printed 'Loss before other items' (positive figure = loss); no operating profit line is printed.
  9. “Interest expense”: mapping to a shared definition is uncertain. Printed 'Interest expense' under other expenses (income).
  10. “Loss on sale of subsidiary” is an issuer-specific line, not mapped to a shared definition: Note 13; other expenses.
  11. “Gain on debt forgiveness” is an issuer-specific line, not mapped to a shared definition: Notes 9, 11; other income.
  12. “Total other expenses (income)” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of other expenses (income).

Balance sheet

Balance sheet, CAD units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash and cash equivalents 1,182 7,139
Restricted cash1 2,905,675 –2
HST recoverable3 46,265 25,413
Prepaid expenses4 –2 5,178
Total assets 2,953,122 37,730
Accounts payable and accrued liabilities5 1,339,574 306,291
Due to related parties6 184,680 160,760
Convertible loan payable7 310,000 –8
Obligation to issue shares9 2,994,675 –8
Total liabilities 4,828,929 467,051
Share capital 25,994,872 25,524,393
Share-based payment reserve10 7,212 7,212
Contributed capital11 332,892 –12
Warrants13 582,988 582,988
Deficit (28,793,771) (26,543,914)
Total shareholders' deficiency (1,875,807) (429,321)
Total liabilities and shareholders' deficiency 2,953,122 37,730
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (10)
  1. “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Note 4; current (subscription funds held in trust).
  2. “HST recoverable” is an issuer-specific line, not mapped to a shared definition: Harmonized sales tax recoverable; current.
  3. “Prepaid expenses” is an issuer-specific line, not mapped to a shared definition: Current.
  4. “Accounts payable and accrued liabilities”: mapping to a shared definition is uncertain. Printed 'Accounts payable and accrued liabilities' (current).
  5. “Due to related parties” is an issuer-specific line, not mapped to a shared definition: Note 9; current.
  6. “Convertible loan payable”: mapping to a shared definition is uncertain. Printed 'Convertible loan payable' (note 7) under current liabilities.
  7. “Obligation to issue shares” is an issuer-specific line, not mapped to a shared definition: Notes 4, 8; current.
  8. “Share-based payment reserve” is an issuer-specific line, not mapped to a shared definition: Note 8; equity.
  9. “Contributed capital” is an issuer-specific line, not mapped to a shared definition: Notes 8, 11; equity.
  10. “Warrants” is an issuer-specific line, not mapped to a shared definition: Note 8; equity.

Cash flow

Cash flow, CAD units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Net loss for the year1 (2,249,857) (3,300,507)
Shares issued for acquisition of exploration and evaluation property2 –3 214,000
Accrued interest4 10,000 35,378
Debt forgiveness5 1,667 –3
HST recoverable6 (20,852) (11,075)
Prepaid expenses7 5,178 6
Accounts payable and accrued liabilities8 1,477,428 (42,777)
Cash used in operating activities (776,436) (3,104,975)
Proceeds from private placement9 500,000 3,841,429
Shares issue costs10 (29,521) (79,734)
Loan proceeds 300,000 490,000
Repayment of loan payable and accrued interest11 –12 (525,378)
Due to related parties13 –12 (619,676)
Cash provided by financing activities 770,479 3,106,641
(Decrease)/Increase in cash (5,957) 1,666
Cash, beginning of the year 7,139 5,473
Cash, end of the year 1,182 7,139
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (11)
  1. “Net loss for the year” is an issuer-specific line, not mapped to a shared definition: Starting line of the indirect operating cash flow.
  2. “Shares issued for acquisition of exploration and evaluation property” is an issuer-specific line, not mapped to a shared definition: Non-cash item; note 5(c).
  3. “Accrued interest” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  4. “Debt forgiveness” is an issuer-specific line, not mapped to a shared definition: Non-cash item, printed as an addition.
  5. “HST recoverable” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  6. “Prepaid expenses” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  7. “Accounts payable and accrued liabilities” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  8. “Proceeds from private placement” is an issuer-specific line, not mapped to a shared definition: Note 8; financing.
  9. “Shares issue costs” is an issuer-specific line, not mapped to a shared definition: Note 8; financing.
  10. “Repayment of loan payable and accrued interest”: mapping to a shared definition is uncertain. Printed 'Repayment of loan payable and accrued interest' (includes accrued interest).
  11. “Due to related parties” is an issuer-specific line, not mapped to a shared definition: Financing; 2025 printed '-'.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)1 (0.21) (0.45)
Weighted average shares (shares)2 10,932,879 7,380,992
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted loss per share for the year”.
  2. Weighted average shares: printed as “Weighted average number of common shares outstanding”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Ongwe Minerals Inc. (Formerly Great Quest Gold Ltd.) Consolidated Financial Statements For the years ended December 31, 2025 and 2024

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: McGovern Hurley LLP, unmodified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: McGovern Hurley LLP (engagement partner Jessica Di Rito)

    Final status: Independent auditor's report of McGovern Hurley LLP to the shareholders of Ongwe Minerals Inc. (formerly Great Quest Gold Ltd.) (opinion PDF p3) closes on PDF p6 with a handwritten 'McGovern Hurley LLP' signature, 'Chartered Professional Accountants, Licensed Public Accountants, Toronto, Ontario, April 29, 2026'; engagement partner Jessica Di Rito (page image). Statements 'Approved on behalf of the Board of Directors on April 29, 2026' with the names "Dave Underwood" (CEO) and "Alan Friedman" (Director) typeset in quotation marks, no handwritten signatures (PDF p7, page image).

    Document date
    29 Apr 2026
    Auditor's report
    29 Apr 2026
    Board approval
    29 Apr 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · CAD units (printed “$ (Expressed in Canadian dollars)”)
    • Material uncertainty related to going concern (auditor's report, PDF p3): 'We draw attention to Note 1 ... the Company incurred a net loss during the year ended December 31, 2025 and, as of that date, the Company's current liabilities exceeded its current assets ... material uncertainties exist that cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.'
    • The statements are printed for 'ONGWE MINERALS INC. (Formerly Great Quest Gold Ltd.)' (pp1, 3, 7-9). Note 1 (PDF p11): 'On June 4, 2024, the Company changed its name from Great Quest Fertilizer Ltd. to Great Quest Gold Ltd. On February 9, 2026, subsequent to year-end, the Company completed a reverse takeover transaction (the "RTO") ... with Lotus Gold Corporation ... In connection with the RTO, the Company changed its name from Great Quest Gold Ltd. to Ongwe Minerals Inc. The Company's shares are trading on the TSX Venture Exchange under the symbol "OGW" and on the Namibia Securities Exchange under the symbol "ONG".' Same legal entity (former name); the FY2025 figures predate the RTO and exclude Lotus Gold.
    • All assets and liabilities are current; no current-assets, current-liabilities, non-current or income-tax line is printed. The cash-flow statement prints no investing section (p9).
    • Statement of loss (p8): expenses, 'Loss before other items', 'Total other expenses (income)' and 'Net loss and comprehensive loss for the year' are printed as positive amounts, and the gain on debt forgiveness in brackets; all are negated (sign note). Loss per share 0.21 (2024: 0.45) printed positive and stored as a loss (-0.21). Share and per-share figures retrospectively adjusted for the 16-to-1 share consolidation of February 9, 2026 (p8).
    • Reporting currency is the Canadian dollar (statements 'Expressed in Canadian dollars'); the NSX listing is recorded in Namibia dollars.
    Technical details
    File
    32 pages, with a text layer
    SHA-256
    eca578cb835d2a11a503d8649df85b357e3e12c8b35ef98d36325178de68b0d6
    Entity as printed
    ONGWE MINERALS INC. (Formerly Great Quest Gold Ltd.) and its subsidiaries (the "Company")
    Issuer copy
    retrieved 2026-10-08T18:48:14Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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