Mr. Peter Tagliamonte reports

QGOLD ADVANCES U.S. GOLD GROWTH STRATEGY WITH FILING OF QUARTZ MOUNTAIN PEA TECHNICAL REPORT AND EXPANDED DISTRICT-SCALE FOCUS ON ANGEL'S CAMP

Q-Gold Resources Ltd. filed a technical report (within the meeting of National Instrument 43-101, Standards of Disclosure for Mineral Projects, supporting its preliminary economic assessment (PEA) for its Quartz Mountain gold project, located in Lake county, Oregon, United States, 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 net present value (discounted at 5 per cent) of $1.71-billion (U.S.);
• After-tax internal rate of return of 55.2 per cent;
• Initial capital of $290-million (U.S.);
• Average annual gold production of 135,400 ounces;
• 14-year projected mine life;
• Total life-of-mine gold production of approximately 1.9 million ounces;
• Average life-of-mine AISC (all-in sustaining cost) of $1,216 (U.S.) per ounce;
• Located in Oregon, United States, 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 (discounted at 5 per cent) of approximately $3.2-billion (U.S.) and after-tax IRR of approximately 92 per cent.

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 Q-Gold 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+ and on the company's website.

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 Q-Gold as we continue advancing the Quartz Mountain gold project in the United States," said Peter Tagliamonte, PEng, chairman and chief executive officer.

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

Q-Gold 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, the Sunset fault, and the Drews and East Dome areas.

Management believes Angel's Camp represents a highly prospective district-scale exploration opportunity.

Annual and special meeting of shareholders

Q-Gold also announces that its 2026 annual general and special meeting of shareholders will be held as follows.

Date:  June 25, 2026

Time:  11 a.m. ET

Location:  198 Davenport, Toronto, Ont., and virtually by webcast

Please register on-line in advance for the Q-Gold AGM.

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 and on the company's website.

About Q-Gold Resources Ltd.

Q-Gold Resources 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, United States -- 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, PEng, AGP Consultants Inc.; Fred H. Brown, PGeo, FHB Consulting Services LLC; and Jeremy Scott Collyard, qualified person, MMSA, SLR International Corp. 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.

We seek Safe Harbor.