GoldQuest Announces Upsizing of Private Placement

On December 18, 2025, GoldQuest announced an increase to its previously announced private placement, upsizing from C$30 million to C$42 million due to strong demand. The financing consists of 34,710,743 units priced at C$1.21 per unit. Each unit includes one common share and one full warrant exercisable at C$1.80 for 24 months. The round is notably led by large Dominican institutional investors and company insiders. Proceeds are earmarked for the completion of a Bankable Feasibility Study (BFS) and Environmental and Social Impact Assessment (ESIA) for the flagship Romero project, as well as an aggressive 5,000-meter greenfield exploration program in the Tireo Belt.

This news is materially positive as it provides the largest capital infusion in the company’s recent history, specifically timed with the removal of a multi-year regulatory bottleneck. - Demand-Driven Upsize: Increasing the raise by 40% (C$12M) suggests institutional "FOMO" (Fear Of Missing Out) and high conviction in the newly received Environmental Terms of Reference (ToR) from the Dominican government. - Strategic Alignment: The heavy participation of Dominican institutional investors is a critical de-risking factor. Historically, GoldQuest’s primary risk was political/permitting opposition; having local "heavyweights" as major shareholders provides a significant buffer against local political shifts. - Premium Validation: The financing price of C$1.21 is significantly higher than the C$0.50 raise in May 2025 and the C$0.19 raise in late 2024, indicating a massive upward shift in the company's valuation floor. - Dilution vs. De-risking: While adding ~34.7 million shares and an equivalent number of warrants at C$1.80 creates a future technical overhang, the C$42M treasury allows the company to move toward a construction decision without needing to return to the market for the next 18–24 months.

GoldQuest is a Canadian developer focused on the Dominican Republic. Its flagship is the 100%-owned Romero Gold-Copper Project. - Resource: 1.1 million ounces of Gold Equivalent (AuEq) in Probable Reserves (at high grades of 3.72 g/t Au). Total Indicated resources exceed 2.2 million oz AuEq. - 2016 PFS Economics: After-tax NPV (5%) of US$203M and 28% IRR (using US$1,300/oz Au and US$2.50/lb Cu). Current spot prices make these economics significantly more attractive, likely doubling the NPV in the upcoming BFS. - Jurisdiction: The Tireo Belt is a 50-km-long volcanic trend. GoldQuest controls the most prospective parts of this belt.