Mr. Luis Santana reports

GOLDQUEST ANNOUNCES UP TO C $15 MILLION PRIVATE PLACEMENT

Goldquest Mining Corp. intends to offer, on a non-brokered private placement basis, up to 30 million common shares in the capital of the company at a price of 50 cents per common share for aggregate gross proceeds to the company of up to $15-million. There is no minimum offering amount.

It is anticipated that the private placement will close on or before May 30, 2025, and the private placement is subject to the completion of formal documentation and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The company expects to use the proceeds of the private placement for:

• Completion of the environmental and social impact assessment (ESIA);
• Finalization of the bankable feasibility study (BFS);
• Mineral exploration at the Tireo belt;
• General corporate purposes.

It is anticipated that certain insiders of Goldquest will subscribe for common shares in the private placement. The issuance of common shares to insiders will be considered a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in respect of such insider participation.

Common shares issued under the private placement will be subject to a four-month statutory hold period, in accordance with applicable Canadian securities laws.

About Goldquest Mining Corp.

Goldquest Mining is a Canadian-based mineral exploration and development company focused on the Dominican Republic. The company's flagship asset is the Romero gold-copper project, located within the highly prospective Tireo formation. In addition to advancing Romero, Goldquest continues to explore the broader Tireo belt for new discoveries.

We seek Safe Harbor.