Heemskirk Consolidated Ltd (ASX: HSK) has announced on Friday that it is set to opt out from its takeover proposal for North Queensland Metals Ltd (ASX: NQM) and would simply allow its standing offer to expire on September 10.

The surprise move would now allow rival suitor, Conquest Mining Ltd (ASX: CQT), to heighten its acquisition bid for NQM, which at the last glance stood at an offering of half a Conquest share with additional 15 cents per security while Heemskirk had put forward its proposal of 1.2 company shares for every NQM shares being held.

As of the Thursday closing of the market, Heemskirk's bid to purchase NQM carried an implied value of 33.6 cents each share or $67.3 million while Conquest's offer carried an implied value of 34.25 cent per security of $68.6 million.

Prior to Heemskirk's withdrawal, two NQM directors had already recommended for the approval of its bid while Conquest was able to win the nod of the remaining director.

Conquest chief executive Jake Klein told AAP that the company already owned some 23.5 percent of NQM and its unconditional offer was obviously better than Heemskirk's so to see the latter giving up from the process was not a bit surprise for Conquest.

With the new development, Mr Klein is upbeat that the NQM board would now gravitate into supporting Conquest's takeover proposal as he stressed that "our game plan is exactly the same as it has always been, and that is to deliver value to our shareholders."

As of 1239 AEST on Friday, NQM shares were trading at 33 cents down by one cent while Conquest shares were trading at 38 cents down by 0.5 cents with Heemskirk shares suspended and untraded at 28 cents.