Mr. Warren Gilman reports

QUEEN'S ROAD CAPITAL ANNOUNCES US$115 MILLION AFTER-TAX EARNINGS FOR FISCAL YEAR 2025

Queen's Road Capital Investment Ltd. has recorded after-tax earnings of $115-million (U.S.) or $3.25 per share for the fiscal year ended Aug. 31, 2025, representing a price-to-earnings ratio of 2.4 times at Aug. 31, 2025.

Queen's Road Capital ended the year with a $213-million (U.S.) portfolio of convertible debentures as well as $130-plus-million (U.S.) of highly liquid equity investments. Today, the convertible debenture portfolio is at $223-million (U.S.) and earns a coupon of 9.7 per cent, generating approximately $22-million (U.S.) of annual interest income. The company also ended the 2025 fiscal year with an all-time high month-end net asset value (NAV) and a near-record low price-to-net-asset-value multiple.

Warren Gilman, chairman and chief executive officer, stated: "After a record 2025 fiscal year, 2026 is off to a strong start with uranium, copper and gold equities in high demand. Our portfolio's current commodity exposure is approximately 50 per cent uranium, 25 per cent copper and 25 per cent precious metals, a mix which should see further gains for Queen's Road shareholders in the future."

Shareholder support continues to be extremely strong. Sixty-nine per cent of shareholders participated in the dividend reinvestment plan (DRIP) with regard to the Nov. 13 dividend payment. A total of 959,314 shares were issued from treasury at a share price of $8.26 per share. As announced on Oct. 14, 2025, the company will be moving to a semi-annual dividend in 2026 with payments expected in May and November.

About Queen's Road Capital Investments Ltd.

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.