Mr. Luis Santana reports

GOLDQUEST CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Goldquest Mining Corp. has closed the first tranche of its previously announced non-brokered private placement of units of the company, originally announced on Dec. 16, 2025.

As previously announced, the private placement was increased to a maximum of 34,710,743 units at a price of $1.21 per unit, for total gross proceeds of up to approximately $42-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 of the private placement.

Under the first tranche, the company issued a total of 24,793,388 units at a price of $1.21 per unit, raising gross proceeds of $29,999,999.48.

In connection with the first tranche, the company paid a cash finder's fee of approximately $1,499,999.97 to Milenio Partners S.A., an arm's-length party.

The private placement remains subject to final acceptance of the TSX Venture Exchange. 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 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 Multilateral Instrument 61-101 disclosure

Insiders of the company are expected to acquire 150,000 units ($181,500) under the second tranche of the private placement. Such insider participation constitutes a related party transaction as defined under TSX-V Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. 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.

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