Goldquest closes $8.7M second tranche of placement

Mr. Luis Santana reports GolDQUEST CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF APPROXIMATELY C$8.7 MILLION Goldquest Mining Corp. has closed the second tranche of its previously announced non-brokered private placement of units of the company, originally announced on Dec. 16, 2025. The first tranche of the private placement closed on Dec. 23, 2025. Under the second tranche, the company issued 7,172,813 units at a price of $1.21 per unit, for total gross proceeds of approximately $8.7-million. Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to purchase one common share at an exercise price of $1.80 per common share for a period of 24 months from the applicable closing date of the private placement. Combined with the first tranche, the company has issued a total of 31,966,201 units under the private placement, for gross proceeds of approximately $40-million. In connection with the second tranche, the company paid a cash finder's fee of $305,579.45 to Paradigm Capital Inc., an arm's-length party. All common shares and warrants issued pursuant to the private placement are subject to a four-month statutory hold period under applicable Canadian securities laws. The company expects to close the third and final tranche of the private placement of up to $3,320,896 early next week. The company expects to use the proceeds of the private placement for early development activities at the Romero project, expansion of greenfield exploration drilling and general corporate purposes. Insider participation and MI 61-101 disclosure Insiders of the company acquired an aggregate of 150,000 units ($181,500) under the second tranche. Such insider participation constitutes a related party transaction as defined under the TSV Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority security Holders in Special Transactions (MI 61-101). The company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities to be acquired by insiders, nor the consideration paid by them, exceeds 25 per cent of the company's market capitalization. About Goldquest Mining Corp. Goldquest Mining is a Canadian exploration and development company with strong participation from Dominican investors, focused on advancing its gold and copper assets in the Dominican Republic. The company has a board of directors and management team with prior experience developing and operating a mine in the country. We seek Safe Harbor.