Queen's Road discusses investment updates

Executive Summary

• Queen's Road Capital Investment Ltd. provided a comprehensive update on its investment portfolio, highlighting significant activity in Moxico Resources PLC, Adriatic Metals PLC, and IsoEnergy Ltd.
• The company completed an additional $20-million (U.S.) convertible debenture investment in Moxico, bringing its total exposure to $70-million (U.S.).
• The release details the successful conversion of an IsoEnergy debenture into equity and the closure of the Adriatic Metals acquisition by Dundee Precious Metals, which triggered a conversion event for Queen's Road.

Key Details

• Moxico Resources PLC Investment:
  • Completed an additional $20-million (U.S.) convertible debenture investment.
  • Total holding in Moxico convertible debentures is now $70-million (U.S.).
  • Terms: 11.0-per-cent coupon, convertible into Moxico common shares at 90 British pounds.
  • Moxico's Mimbula copper mine in Zambia is expected to produce 36,000 tonnes per annum by year-end following the completion of a new solvent extraction plant.
  • Mimbula is undergoing a staged expansion to 58,000 tonnes per annum, with completion expected by the end of 2026.
• Adriatic Metals PLC Takeover:
  • Queen's Road held a $20-million (U.S.) debenture convertible at $2.7976 (Australian).
  • Adriatic Metals entered into an agreement with Dundee Precious Metals Inc. to acquire all shares.
  • Transaction closed on Sept. 3, 2025.
  • Offer value: Currently $7.04 (Australian) per share, potentially up to $7.89 (Australian) per share with full allocation under the mix-and-match facility.
• IsoEnergy Ltd. Conversion:
  • Queen's Road held a $6-million (U.S.) debenture convertible at $3.52 (Canadian).
  • Completed conversion of the debenture into common shares on Aug. 1, 2025, ahead of maturity.
  • IsoEnergy shares are trading at $12.46 (Canadian) per share.
• Portfolio Overview:
  • Total convertible debenture portfolio: $223-million (U.S.) with an average 9.7-per-cent coupon.
  • Equity investment portfolio: $130-million (U.S.).
  • 75% of the convertible debenture portfolio is in the money at current share prices.
  • Annual interest income: $22-million (U.S.).
  • Net asset value is at an all-time high.

Notable Quotes

• "With its net asset value at an all-time high, annual interest income of $22-million (U.S.) and a growing dividend, Queen's Road is well positioned for its next phase of growth."