QGold Initiates Preliminary Economic Assessment of its Recently Acquired Quartz Mountain Gold Project in Oregon from Alamos Gold

On November 21, 2025, Q-Gold Resources announced it has engaged Kappes, Cassiday & Associates (KCA) to initiate a Preliminary Economic Assessment (PEA) on its recently acquired Quartz Mountain Gold Project in Oregon, USA. The company highlighted that this is a key step to unlock shareholder value, capitalizing on the project's significant mineral resource, established infrastructure, and favorable jurisdiction. The press release also reiterated the project's NI 43-101 compliant mineral resource estimate of 1.543 million ounces of gold in the indicated category and 148,000 ounces of gold in the inferred category.

The initiation of a PEA is a materially positive and logical next step for Q-Gold. The announcement confirms that management is executing its stated strategy promptly following the transformative acquisition of the Quartz Mountain project and the closing of the associated $11.5 million financing.

A chronological review of the news flow in 2025 shows a complete strategic pivot for the company: - Pre-April 2025: Q-Gold was a junior explorer focused on its Mine Centre project in Ontario, with a weak financial position reflected in a working capital deficit as of March 31, 2025. - April 3, 2025: The company announced the game-changing acquisition of the Quartz Mountain project from major producer Alamos Gold. This deal repositioned Q-Gold as a development company with an advanced-stage asset in the USA. It also brought in Alamos Gold as a strategic 9.99% shareholder. - April - August 2025: Q-Gold significantly strengthened its management team, appointing Stan Bharti (founder of Forbes & Manhattan) as Executive Chairman and Peter Tagliamonte as CEO. - August - October 2025: The company successfully arranged and closed an upsized $11.5 million financing at $0.15 per unit, which was critical to fund the acquisition and initial work programs. This demonstrated strong market support for the new strategy. - October 22, 2025: The acquisition and financing officially closed, marking the successful completion of the company's transformation. - October 23, 2025: Q-Gold filed an updated NI 43-101 technical report, defining a substantial resource of over 1.5 million indicated gold ounces. This validated the acquisition and provided the foundation for economic studies.

The November 21st announcement to begin a PEA is the direct follow-through on the October 23rd news, where the company stated its intention to "initiate technical studies to assess the economic viability of Quartz Mountain." Engaging a reputable firm like KCA, known for its expertise in heap leach projects, is appropriate given the grade and potential scale of the deposit.

While the market anticipated this step, the formal announcement is material because it puts the company's flagship asset on a clear path toward demonstrating economic potential. It provides investors with a major, tangible catalyst to look forward to—the results of the PEA—which will be the most significant driver of valuation in the near term. The news is not a surprise, but it is a critical execution milestone that de-risks the company's development timeline.

Q-Gold Resources is a Canadian mineral exploration and development company. Historically focused on its Mine Centre gold project in Ontario, the company executed a transformative acquisition in October 2025, acquiring an option to earn 100% of the Quartz Mountain Gold Project from Alamos Gold Inc.

Quartz Mountain, located in a historic mining district in Oregon, USA, is now the company's flagship project. It is an advanced-stage asset with a significant NI 43-101 compliant mineral resource estimate (October 2025) of 50.0 million tonnes at 0.96 g/t Au for 1.543 million ounces of gold in the indicated category, and 6.0 million tonnes at 0.77 g/t Au for 148,000 ounces of gold in the inferred category. The company's strategy is to rapidly advance the project through economic studies and permitting to unlock its value.