Quinsam Reports Q4/2025 Results

• Quinsam Capital Corporation reported Q4/2025 net income of $0.4 million ($0.01 per share), a significant turnaround from a net loss of $4.3 million in Q4/2024.
• Net assets per share outstanding as of December 31, 2025, are reported at over $0.10, with liquid investments valued at approximately $0.06 per share.
• The company expanded its portfolio by acquiring positions in Deep Sea Minerals (250,000 shares), Bon Intelligence, Longview Gold, Blackcomb Silver, and Ubercrete Advance Materials.
• Management exited the entire position in Saturn Oil & Gas during the quarter.
• No shares were purchased under the current Issuer Bid (NCIB) program which remains active through September 18, 2026.
• CEO Roger Dent noted that while Blumetric declined in Q1/2026, other investments including Nevada Organic Phosphate and EDM Resources performed well, expecting a NAV increase in Q1/2026.

• The return to profitability from the previous year's loss is positive but incremental for an investment company where Net Asset Value (NAV) drives long-term value more than quarterly earnings.
• The persistence of the discount between share price ($0.05) and NAV (> $0.10) remains a critical factor; the news confirms this gap has not closed despite improved earnings.
• New portfolio positions add diversification but introduce liquidity risk as these are private investments expected to list in coming months rather than immediate catalysts.
• The lack of share repurchases under the NCIB program suggests management is conserving capital for investment opportunities or does not view the current discount as sufficiently undervalued to warrant buybacks at this time.
• Overall, the news validates the existing investment thesis without introducing a material change in risk profile or valuation logic.

• Quinsam Capital Corporation operates as an investment company focused on acquiring positions in private and public companies, primarily in the resource and technology sectors.
• The company does not have a single "flagship project" but rather a diversified portfolio of investments including Deep Sea Minerals, Longview Gold, Blackcomb Silver, and others.
• Management strategy focuses on identifying undervalued assets and facilitating their growth or listing to unlock value for shareholders.