Q Gold Resources

Thank you very much. Happy to be here presenting this morning. I’m the chairman and CEO of Q Gold, and I’ll be talking about our Quartz Mountain project located in Oregon in the United States of America. We purchased this asset about a year ago from a great gold company called Alamos Gold. And the first thing that we did is we really undertook a technical study and got a NI 43-101 PEA out. So this morning I’ll be talking about the results from that PEA, why I think this is a great opportunity for investors to come in, and what our plans are to move this project into an operating mine.

So first off, I mentioned we completed the PEA, and I’ll talk a little bit about the economics. I think they’re pretty compelling. We used the two-year trailing average gold price on the project, and it delivered a $1.7 billion NPV 5% discount and a 55% internal rate of return. Low initial CapEx to build this project at $290 million, and that includes a $46 million contingency. The payback is less than two years. And again, when you look at a PEA, it’s really a snapshot in time. We expect those resources to continue to grow. But the life of mine production of 1.9 million ounces, it’s a 14-year mine life, so you got a good long longevity there. The all-in sustaining cost to produce an ounce of gold, $1,216. So this is a very low-cost gold producer.

So the current resources, 2.5 million ounces at a gold grade of 0.78. 45% of the project is oxide material. There’s an oxide cap, so that’s gonna bring in production quickly, low cost heap leach. The mineral resource is supported by over 90,000 meters of drilling and over 770 holes drilled. And some of the gold companies that worked on this property, Anaconda Gold, Newmont, Seabridge, Golden Predator, and the last owner was Alamos.

So some of the advantages for the investment case, I view United States as a tier one jurisdiction. There are a number of federal permitting policies in place, FAST-41 being one of them, that can really streamline your permitting process. Our project is located on U.S. Forest Service land, so we’re not dealing with multiple departments. And my experience up to today has been fantastic. The U.S. Forest Service is a great department to deal with. We have direct engagement with both the communities, the state, the U.S. Forest Services, and I have a meeting with the congressman of the area on Monday. So I just got notified yesterday. So very good political support.

As far as exploration goes, and I’ll be showing some maps, we have Angels Camp, which is an adjacent mining concession to Quartz Mountain, which we have some really spectacular grades. And we also have a property in Ontario called Mine Centre in the western part of Ontario.

Management team. As I mentioned, it’s hard to believe, I’ve been in the mining business for almost 40 years, but I’ve had the fortunate to work with a very successful group of technical people, and we’ve built a couple of mines right from drilling, permitting, engineering studies, development and operations, and most notably would be the Jacobina Mine, which is now owned and operated by Pan American Silver. That operation’s still going. Shahuindo in Peru, again, we took that from exploration, permitting, engineering studies, development, and into construction. And strengthening the team, we got the PEA out in April of this year, so it’s a very recent study. And I brought back some of the technical team that I’ve been working with for many years. So we’re building up that team.

Institutional investors. So we got a really good shareholder base, 50% is institutional, and that includes Alamos at 10%, Franklin Gold Fund, ASA as well. So we got a good institutional shareholder base. We have 192 million shares outstanding. And as we go forward, the plan is to move this project. I’m a mining engineer, and my focus is getting what we have now, the PEA, into an operating mine. Again, just our share structure, 192 million shares. Our principal strategic shareholders Libra, Franklin, ASA, and Alamos.

So where we’re located. From the map, you can see our two assets, one in western Ontario called Mine Centre, and then Quartz Mountain is in the southern part of eastern Oregon. We’re east of the Cascade Mountains. Now, these two pictures that you can see here, I’d like to point out that this is an area that was timbered since the 1800s. So there’s roads all the way through the property, and you can drive right up to the pits. We’re about 10 miles off an asphalt major highway, Highway 140 in Oregon. And access to the site is all by roads. There’s no road construction necessary. It’s been timbered. It’s a great place to be building a mine. And we have high-tension power lines again along the side of the highway.

So this is an interesting slide. Those red dots that you see there are drill holes. So this property has been drilled since the 1980s, and it’s been drilled by Anaconda, West, Crest, Quincy, Quartz Mountain, Golden Predator, Alamos. But what’s interesting, there was never an economic assessment done. They did a lot of drilling, and they got great results, but none of the companies really decided to take the engineering route and see if this was economic. So in 2026, I said April, Q Gold did an NI 43-101 PEA.

This is some three-dimensional pictures. You can see those black lines are the drill holes. So the density of the drill holes are very good, and that’s why most of our resources are in the measured and indicated category. But this is a very interesting slide here, and I’d like to point out you can see those red lines, those are the two ore bodies, and I’m gonna show you a long section and a cross-section. But what’s really unique about Quartz Mountain is our stripping ratio life of mine is 0.6 to one. So in a typical open-pit mine, you have a ratio of how much waste you have to remove to how much ore you get, and a typical mine could be three, four to one. It could get up to much higher. But Quartz Mountain has a very low stripping ratio, and it’s basically because it’s on surface. The other thing to point out here that the pit shells that we designed our open pit with use the gold price of $2,700. If we use current price or a higher three-year trailing price, a lot more ounces come into that 2.5 million.

So here to highlight the results of the PEA, this is a 43-101 standard. 2.5 million ounces were used to do this. NPV 1.7. Internal rate of return 55%. Initial CapEx 270. Life of mine gold production 1.9 million ounces. All-in sustaining cash cost 1,200, pure cash cost 1,010. The average gold production over the 14 years is 135,000. Peak production is sitting at 166,000 ounces. We have very good recovery in the heap leach. We’re sitting at 78.5. The milling recovery at 80%. And what’s interesting, production from year four to year 12 at 151,000 ounces per year. And a 14-year mine life is a good long mining life cycle. Payback less than two years.

This slide’s showing the annual gold production. You can see there’s a little bit of silver. We have about $200 million in silver’s production over using a two-year trailing average. And if you use spot price, our silver contribution is about $350 million. So there is an opportunity which we’re investigating using that stream, to sell a silver stream to cover some of the CapEx. And you can see from year four to year 12, production over 150,000 ounces per year. And again, engineering study’s a snapshot. We expect that production profile to continue many more years into the future.

These are our mining concessions. That red oval there is the Quartz Mountain deposit. And I now will speak a little bit about Angel’s Camp over to the left in that yellow square, and that’s really a green fields project that we are focusing our exploration now on. So what this slide points out, we have identified seven geochem anomalies. A geochem anomaly is an anomaly where you sample surface soil samples and identify various anomalies containing gold. So we identified seven. The one circled in green has been drilled, and some of the results there, 67 grams over four meters, 11 grams over 13, 160 grams of gold over 15, and 59 grams of gold and 1,000 grams of silver over 1.7, and these are all very shallow holes. So we’re hoping to be next year drilling these other six anomalies to see what we can get out of those, but the expectation is we will get also very good gold values.

What we’ll be doing for 2026 and 2027, as I mentioned, we’ll be continuing the exploration at Angel’s Camp. We’ll be initiating exploration at Quartz Mountain. We’ll be initiating all the environmental baseline studies. We’ve started that already at the Quartz Mountain project site. And the objective here is to move Quartz Mountain into a development, construction, and operational phase. We’re initiating the feasibility study and detailed engineering. We’ll be initiating all the permitting activities, including FAST-41, which I expect. We’ve had two meetings with the permitting council of FAST-41, and I expect that we’ll be into that program within the next six months. We’re gonna be submitting a notice of intent to build the mine to both the US Forest Services and to Ogami. We’ll be conducting the geotechnical drilling, the metallurgical drilling to support the feasibility study, and we’ll be initiating the power engineering studies to supply power to the mine.

So just in closing, if you look at the market cap of Q Gold, we’re currently sitting at $28 million, which is less than or about 2% of our NPV using the two-year trailing average gold price. If you looked at the spot price for the gold, our project delivers an NPV of $3.2 billion. So I think it represents a pretty compelling investment scenario for gold investors. And that covers my presentation. Just in summary, we’re a US gold-based development project. It’s a great jurisdiction. Our resource is 2.5 million ounces and growing. We have a 43-101 PEA completed, which shows very robust economics, $1.7 billion NPV, 55% internal rate of return. We have a great exploration team, and we’re gonna continue exploration. We see this project continuing to grow, and I thank you for that and look forward to any questions anyone has.

Great. Thank you very much, Peter. A very exciting project. It’s great to see. I think it’s probably never been a better time to move a project forward in the United States. But just a question from me in terms of Oregon. I know you’ve worked in lots of different jurisdictions around the world. How’s your experience so far operating in Oregon versus some of these other jurisdictions worldwide?

Well, thank you. That’s a great question. I think historically Oregon might have been difficult to get permitting done in a timely manner. However, there’s a couple things that have changed. There’s a great gold company called Powermet Gold, and they just recently got permitted their Grassy Mountain project in Oregon. We’ve been permitting with the US Forest Service, and my experience with them has been fantastic. We hired a US Forest Service veteran who has retired. She had actually done the permitting for the US Forest Services at Grassy Mountain. She’s now our permitting manager, and she’s really made this permitting process with the US Forest Services kinda seamless. DOGAMI, which is the Department of Geology and Mining in Oregon, has also been excellent to deal with. So my experience so far is that they get things done timely, and so far the progress on the exploration side has been very refreshing.

That’s great to hear. And maybe just one more too on the metallurgy. I know you’ve got a lot more met work planned, but just curious, what’s been done so far? What are you seeing or what do you expect to see with the new met work?

Yeah. So metallurgically, this project has been drilled and analyzed since the 1980s. There were seven metallurgical reports completed on the project, all showing very positive. The heap leaching results from all the data collected is showing 80% kind of recovery on the oxide material. And then the sulfide material floats very well, so we’re getting about 80% flotation from the sulfide material. And the PEA envisions that for the oxides we’re gonna do a heap leach. That’s gonna be about a four or five year mining life. About 40% of the ore is oxide. And then for the sulfides, the plan is to do a concentrate from a flotation, and we expect to get that up to a high-grade gold concentration of 50, 60, 70 grams per ton, and then that will be sold to a refinery smelter. So the recoveries both from the oxide and the sulfides, all the metallurgical test work that has been done to date has confirmed the 80% recoveries.

All right. Fantastic. Thank you. And in terms of the next six to 12 months, great to see lots of catalysts coming. Maybe can you talk a little bit about the CapEx plans and I guess balance sheet and funding?

Yeah. So we’re a junior company. We depend on funding. We currently are sitting with $5 million in cash, so we’re not immediately in necessity of funding. But obviously to complete the engineering studies and to progress this into a mine development project, we’ll have to go to capital markets to raise money. But we’ll pick the right time to do that and plan to do a minimum amount of dilution to any shareholders. But obviously a junior company needs funds to develop the project, but...

Great stuff. Well, I think our time is winding down here, but great to see the update. Really appreciate it. Sounds like it’s gonna be a very busy next year ahead, and look forward to the updates here. Congratulations.

Yeah. Thank you very much. Thank you.