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Q-Gold Resources Ltd. ("QGold" or the "Company") is pleased to announce that it has filed a Technical Report (within the meeting of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")) (the "Technical Report") supporting its preliminary economic assessment ("PEA") for its Quartz Mountain Gold Project ("Quartz Mountain" or the "Project") located in Lake County, Oregon, USA on May 25, 2026.
The Technical Report supports the strong results previously announced by the Company, positioning Quartz Mountain as one of the more compelling emerging U.S. gold development projects with strong economics, scalable production potential, low projected operating costs, and significant district-scale exploration upside.
PEA Highlights
- After-tax NPV (5%) of US$1.71 billion
- After-tax IRR of 55.2%
- Initial capital of US$290 million
- Average annual gold production of 135,400 oz
- 14-year projected mine life
- Total life-of-mine gold production of approximately 1.9 million oz
- Average life-of-mine AISC of US$1,216/oz
- Located in Oregon, USA. A strategic and mining-supportive jurisdiction
At gold prices consistent with recent spot levels previously referenced by the Company, the Project demonstrates substantial additional leverage and upside potential, including an estimated after-tax NPV (5%) of approximately US$3.2 billion and after-tax IRR of approximately 92%.
Quartz Mountain represents one of the few advanced-stage open-pit gold development projects in the United States combining strong project economics, long life operation, scalable production potential, low projected operating costs, and substantial district-scale exploration upside. The Company believes Quartz Mountain provides a strong foundation for long-term growth as QGold advances permitting, optimization work, and district-scale exploration initiatives across the broader project area.
The Technical Report is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.qgoldresources.com.
Investors are encouraged to review the full Technical Report available on SEDAR+ for additional technical, economic, and development details regarding the Project.
Management Commentary
"The filing of the Technical Report represents another important milestone for QGold as we continue advancing the Quartz Mountain gold project in the United States," said Peter Tagliamonte, P.Eng., Chairman & CEO.
Mr. Tagliamonte added, "The PEA demonstrated strong economics, including a long mine life with meaningful local employment, rapid payback, and low projected operating costs — alongside significant exploration upside. As we advance permitting and optimization at Quartz Mountain, we remain focused on engaging all stakeholders, unlocking the district-scale exploration potential at Angel's Camp — a property adjacent to the Project — and continuing to grow the mineral resource base at Quartz Mountain."
Angel's Camp Exploration Focus
QGold is advancing Quartz Mountain toward feasibility and permitting while increasing its focus on the adjacent Angel's Camp exploration area. Approval from the U.S. Forest Service to start exploration at Angel's Camp has been issued and the Company expects to start exploration in June 2026 with an initial soil sampling program to identify drill targets. The program will focus on Angel's Peak, Angel's Peak East, Angel's Peak South and Sunset Fault and Drews and East Dome areas.
Figure 1 : Angel's Camp exploration property
Figure 2: Quartz Mountain and Angel's Camp exploration claims
Management believes Angel's Camp represents a highly prospective district-scale exploration opportunity.
Annual and Special Meeting of Shareholders
QGold also announces that its 2026 annual general and special meeting of shareholders will be held on:
Date: June 25, 2026
Time: 11:00 am, ET
Location: 198 Davenport, Toronto, Ontario and virtually via webcast.
Register in advance for the QGold AGM at the link below:
https://us06web.zoom.us/meeting/register/B-H6Z55rTgSEfL9leLxczQ
Following the AGM formalities, the Company intends to present its plans for the next 12 months. Additional details regarding the AGM are available in the Company's management information circular dated May 13, 2026, a copy of which is available on the Company's SEDAR+ profile at www.sedarplus.ca and on the Company's website.
About Q-Gold Resources Ltd.
Q-Gold Resources Ltd. is a Canadian gold development company focused on advancing high-quality gold assets in North America, led by the Quartz Mountain Gold Project in Oregon, USA — a large-scale gold development project with strong economics, long-term scalability, and district-scale exploration potential.
The Company remains focused on disciplined project advancement, responsible resource development, and long-term shareholder value creation through the development of high-quality North American gold assets.
Qualified Persons
The scientific and technical information contained in this news release has been based upon information in the Technical Report, which was prepared and certified by Brian Arthur, RM, SME, Kappes, Cassiday & Associates, Joanne Robinson, P. Eng., AGP Consultants Inc., Fred H. Brown, P. Geo, FHB Consulting Services LLC, and Jeremy Scott Collyard, QP, MMSA, SLR International Corporation. Each of such persons is a "Qualified Person" as defined by, and independent of the Company within the meaning set out in, NI 43-101.
Peter Tagliamonte, P.Eng.
Chairman & Chief Executive Officer
Cell: +1 (416) 564-2880
Q-Gold Resources Ltd.
info@qgoldresources.com | www.qgoldresources.com
Cautionary Statements
This PEA is preliminary in nature. The PEA mine design and mine plan are based on indicated and inferred mineral resources to support the scoping level mine planning work. The mineral resources contained within the pit design are referred to as potential in-pit mineable mineral resources. Mineral resources, including these in-pit mineable mineral resources, are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that this PEA will be realized.
Certain of the statements made and information provided by QGold in this press release constitute forward-looking statements or information within the meaning of applicable Canadian securities laws. Forward-looking statements can often be identified by words such as "anticipates", "believes", "expects", "plans", "intends", "estimates", "projects", or similar expressions. Forward-looking statements in this press release include, but are not limited to: the results of the Technical Report, including in respect of economics, production potential, mine life, operating costs, district-scale exploration upside; the Company's anticipated growth potential; the Company's plans to advance permitting, prepare a feasibility study at the Project, and expand exploration across the broader project area, including at the adjacent Angel's Camp property through its anticipated June 2026 exploration program; and the Company's general strategy and priorities.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. These include: changes in gold and silver prices and market demand; inaccurate resource or cost estimates; inability to obtain required financing or permits; changes in applicable laws or regulations; community, geotechnical, metallurgical or processing uncertainties; accidents, labour disputes and shortages; general business, economic, competitive, political, social, and market conditions; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, QGold does not undertake to update any forward-looking statement.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a9b2c54b-9c8e-4d94-b92e-67a1d8725a19
https://www.globenewswire.com/NewsRoom/AttachmentNg/09aab718-31dd-4b51-82ac-7468a175168d
