Goldquest increases private placement to $42-million

Mr. Luis Santana reports GOLDQUEST ANNOUNCES UPSIZING OF PRIVATE PLACEMENT Due to significant interest, Goldquest Mining Corp. intends to increase the size of its previously announced non-brokered private placement. The private placement will now be comprised of an aggregate of up to 34,710,743 units of the company at a price of $1.21 per unit, for aggregate gross proceeds of up to approximately $42-million. Each unit will comprise 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 of the private placement. Luis Santana, chief executive officer of Goldquest Mining, commented: "We are encouraged by the continued support and trust demonstrated by large Dominican institutional investors, whose long-term participation reflects confidence in the quality of the Romero project and in our disciplined approach to advancing it. The strong demand for this financing reinforces institutional acceptance of our strategy and provides additional confidence as we move forward. Importantly, the convergence of Dominican institutional investors and international capital markets participants creates a uniquely strong and well-aligned shareholder base, which we view as critical as we advance permitting, fund development and move Romero toward construction." The private placement is expected to close in tranches on or before Jan. 9, 2026, subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. 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. It is anticipated that certain insiders of Goldquest will subscribe for units in the private placement. The issuance of units will be considered related party transactions within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority approval requirements contained in sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in respect of such insider participation. As consideration for services provided in connection with the private placement, the company will pay a finder's fee to certain eligible finders who introduced subscribers to the offering, including Paradigm Capital Inc. Common shares and warrants issued under the private placement will be subject to a four-month statutory hold period in accordance with applicable Canadian securities laws. 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.