Mr. Roger Dent reports

QUINSAM REPORTS Q3/2023 RESULTS

Quinsam Capital Corp. has released its Q3 2023 results, with a net income of $100,000 (nil per share basic; nil per share fully diluted) versus a loss of $2.3-million (two cents per share basic; two cents per share fully diluted) in Q3 2022. Investors can access the Company's full financial statements on sedarplus.ca.

"At September 30, 2023, we had net assets of approximately $0.14 per share outstanding" said Roger Dent, CEO. "Our shares continue to trade at a very steep discount from NAV."

"After several very difficult quarters in small cap markets, it seems that interest rates are peaking and interest in equities is growing. We are likely seeing significant tax loss selling in the market at this time and we are hopeful that this is creating conditions where small caps will see a strong "January Effect" in 2024."

Value Creation Strategy

Quinsam shares have traded at a discount to NAV in recent years. In an effort to secure a valuation for our shares that is at NAV or perhaps at a premium to NAV, Quinsam has previously announced that it is pursuing a strategy to attempt to realize our underlying economic value.

In current capital markets, capital is very scarce for small cap companies. If Quinsam is able to convert its portfolio to liquid assets, Quinsam believes that it may be able to secure a valuation in excess of NAV as part of a merger or reverse takeover with a private company.

Accordingly, Quinsam continues efforts to exit its illiquid investments and look for transactions that have the potential to create significant shareholder value. Quinsam believes that it is prudent to exit its illiquid investments in a patient and careful way. As a result, this process will likely take in excess of one year. It is a goal to continue to try to grow NAV while this process is underway through investment in liquid vehicles.

In Q3 2023, Quinsam disposed of approximately $100,000 in legacy investments which helped increase its cash balance. Efforts to dispose of legacy investments will continue. Quinsam also received tax refunds totalling approximately $758,000 in Q3 2023, which allowed us to exit the quarter with cash of about $1.8 million or nearly $0.02 per share.

We made one small new investment in Q3 2023, Tectonic Metals Inc. We acquired units at $0.11 each. The stock currently trades at about $0.13 and we have sold about half the shares at higher than the current share price.

In Q4/2023, we acquired a small stake in a rare earths exploration company, Neoterrex, which is expected to commence trading at around the end of the year.

The search for a value creating transaction has begun. We anticipate that it may take some time to find a suitable, value creating transaction. Further announcements will be made on the status of such steps which are subject to all applicable shareholder and regulatory approvals.

Issuer Bid

In Q3 2023, Quinsam acquired 335,000 shares pursuant to its issuer bid to acquire up to 4,916,605 shares that commenced on September 6, 2022 and terminated on September 5, 2023. In total, the Company acquired 1,541,000 shares pursuant to this issuer bid.

In Q3 2023, Quinsam acquired 531,000 shares pursuant to its issuer bid to purchase up to 4,800,000 of its common shares that commenced on September 6, 2023 and will terminate on September 5, 2024, or on an earlier date in the event that the number of common shares sought in the Bid has been repurchased.

Quinsam has repurchased and cancelled over 20 million shares since 2018 pursuant to its issuer bids.

Investor Call

An investor call will be held at 9:00 a.m. Eastern time on Tuesday, November 28, 2023 by Zoom:

https://us02web.zoom.us/j/86905663005?pwd=bEh6YitVblk1UjBzeDQzTGZQTFlDQT09

Meeting ID: 869 0566 3005Passcode: 509238

About Quinsam Capital Corporation

Quinsam is a merchant bank with a focus on "small cap" investments which it believes are undervalued. We do not invest on behalf of third parties or offer investment advice.

Generally, Quinsam does not believe that individual investments are material events. Quinsam may choose to announce certain investments once the company has finished buying its position because we feel that this information helps investors understand our decision making process. Generally, Quinsam does not announce the sale of investments.

We seek Safe Harbor.