QGold Provides Update on Acceleration of Warrants

Executive Summary

• Q-Gold Resources triggered and exercised its voluntary acceleration right for outstanding common share purchase warrants following a share price closing at or above $0.25 for 10 consecutive days.
• The company received $5,842,669 in gross proceeds from the exercise of 29,213,345 warrants, while 3,116,999 warrants expired and were cancelled.
• Proceeds will be utilized to fund all planned work expenditures on the Quartz Mountain Gold Project for 2026.

Key Details

• Warrant Trigger: Share price closed at $0.295 on April 22, 2026, after closing at or above $0.25 for 10 consecutive days, triggering the acceleration right per the October 3, 2025 warrant indenture.
• Acceleration & Expiry: Company elected to accelerate the expiry date to May 22, 2026 (30 days post-announcement); all unexercised warrants expired and were cancelled by 5:00 p.m. (Toronto time) on that date.
• Warrant Volume: Originally issued 38,333,333 warrants; 32,333,334 remained unexercised as of March 31, 2026.
• Exercises & Proceeds: 29,213,345 warrants were exercised in April and May 2026, generating gross proceeds of $5,842,669.
• Expirations: 3,116,999 warrants expired and were cancelled.
• Use of Proceeds: Funds will cover all planned work expenditures on the Quartz Mountain Gold Project for 2026.
• Warrant Agent: TSX Trust Company.

Notable Quotes

• Peter Tagliamonte, Chairman and CEO: “We would like to thank our warrantholders for their support in exercising such a substantial portion of the outstanding Warrants. We anticipate that the additional funds will cover all planned work expenditures on our Quartz Mountain Gold Project for 2026.”