Mr. Luis Santana reports

GOLDQUEST COMPLETES C$8.7 MILLION PRIVATE PLACEMENT

Goldquest Mining Corp. has completed a non-brokered private placement, raising gross proceeds of $8,698,950.88 through the issuance of 45,783,952 common shares of the company at a price of 19 cents per share. Following the private placement, the company's cash on hand will exceed $15-million.

"We are thrilled to welcome our new investors, all of whom are prominent members of the Dominican Republic's business community," said Luis Santana, chief executive officer of Goldquest. "Their confidence in our vision underscores the strong potential of the Romero project and our exploration activities. We are committed to advancing the environmental permit application process with the Ministry of Environment and Natural Resources, updating our economic assessments, and furthering exploration along the highly prospective Tireo formation. The Romero gold-copper project represents a low-impact underground mining development opportunity with the potential to serve as a significant economic driver for San Juan province and the Dominican Republic as a whole."

In connection with the private placement, the company paid a cash finder's fee to Coastline Group totalling approximately $217,500.

The private placement is subject to final acceptance of the TSX Venture Exchange. Common shares issued under the private placement are subject to a four-month statutory hold period in accordance with applicable Canadian securities laws.

Use of proceeds

The funds raised will be allocated toward:

• Advancing exploration across the company's highly prospective Tireo formation properties;
• Progressing the permitting process, including the environmental and social impact assessment for the Romero project;
• Updating the company's prefeasibility study to a definitive feasibility study in preparation for the development of the Romero project;
• Working capital and general corporate purposes.

Goldquest's efforts have been bolstered by recent adjustments to the Dominican Republic's environmental regulations, which allow advanced mining projects, such as the Romero gold-copper project, to submit ESIA applications directly to the Ministry of Environment and Natural Resources (see press release dated Nov. 12, 2024).

Board appointment

In connection with the closing of the private placement, the company has appointed Charles Reid to its board of directors.

Mr. Reid is a seasoned professional specializing in asset recovery and project development in the Dominican Republic. As project leader at DAF Management, he focuses on monetizing distressed assets and developing innovative real estate and business ventures.

With experience at Grupo SID in finance, human resources and marketing, he has led key initiatives in mergers, feasibility studies and product distribution. He holds a bachelor's degree in management from Bentley University and a master's degree in administrative studies from Boston University. Fluent in English and Spanish, he brings strategic expertise to local and international markets.

About the Romero project

Goldquest's flagship Romero project, discovered in 2012, is a gold-copper deposit located in the Tireo formation of the Dominican Republic. A 2016 prefeasibility study highlighted its robust economic potential, delivering a net present value of $203-million (U.S.) at a 5-per-cent discount rate and an internal rate of return of 28 per cent, based on an all-in sustaining cost of $595 per ounce gold equivalent and commodity prices of $1,300 per ounce gold and $2.50 per pound copper (see press release dated Sept. 27, 2016).

About Goldquest Mining Corp.

Goldquest is a Canadian-based mineral exploration and development company with projects in the Dominican Republic. The company is focused on advancing the Romero gold-copper project and exploring the Tireo formation, a district known for its rich mineral potential. Goldquest is listed on the TSX Venture Exchange under the symbol GQC.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Mike Makarenko, PEng, a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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