Mr. Warren Gilman reports

QUEEN'S ROAD CAPITAL ANNOUNCES A 10% INCREASE IN 5TH ANNUAL DIVIDEND

Queen's Road Capital Investment Ltd. has declared a dividend of 23 cents per share for the year 2025 payable on Nov. 13, 2025, which represents a 10-per-cent increase over the 2024 dividend. The 2025 dividend is payable to all shareholders of record as at Nov. 3, 2025.

The company also announces its intention to establish a semi-annual dividend, with payments expected in May and November, commencing in May, 2026. Subject to the market and the financial condition of the company, amongst other factors, any future declaration of dividends and the amount thereof will be at the discretion of the board of directors of the company.

Warren Gilman, chairman and chief executive officer, stated: "We are delighted to announce another increase in our annual dividend. Dividends are a core value of Queen's Road and reflect the financial discipline with which we manage our investments. I note that our dividend payout has increased by 169 per cent since our inaugural dividend in 2021, which is a testament to the growth and success of our debenture portfolio, and our decision to pay a semi-annual dividend reflects the dependable and predictable nature of our cash flows. We welcome the participation of all shareholders in the DRIP program, which is a testament to their belief in the underlying value and strategy of the company."

The previously approved dividend reinvestment plan continues to be in effect, allowing investors to receive Queen's Road shares in lieu of cash as a dividend. To participate in the DRIP, shareholders of record need to enroll any time up to five business days prior to the dividend record date. Shareholders who hold their shares in brokerage accounts need to register for the DRIP at each dividend. Shareholders who hold their shares in DRS (direct registration system) form and have previously registered in the DRIP will continue to be registered in the DRIP unless they have taken the steps to deregister.

To process their DRIP applications:

• Registered shareholders (those holding share certificates and/or shares under the DRS) must sign up directly with the transfer agent (Computershare) on its website or by calling Computershare's shareholder inquiry line at 1-800-564-6253.
• Beneficial shareholders (those holding their shares through brokerage houses which are in turn held by the Canadian Depository for Securities and the Depositary Trust Company) must sign up by contacting their respective brokers and/or their CDS/DTC representatives.

The number of shares to be received by DRIP participants will be based on a 5-per-cent discount to the five-day volume-weighted average share price of the company prior to the dividend payment date. All shares paid under the DRIP will be issued from treasury.

Major shareholders, directors and officers representing over 50 per cent of the outstanding shares of the company are currently enrolled in the DRIP.

Queen's Road Capital is a dividend-paying, leading financier to the global resource sector. The company is a resource-focused investment company, making investments in privately held and publicly traded companies. The company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.

We seek Safe Harbor.