Mr. Saf Dhillon reports

QUESTCORP MINING ANNOUNCES CLOSING OF FIRST TRANCHE OF UPSIZED PRIVATE PLACEMENT

Questcorp Mining Inc. has closed the first tranche of its upsized non-brokered private placement of 13.1 million units at a price of 20 cents per unit for gross proceeds of $2.62-million. Each unit consists of one common share of the company and one-half-of-one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at a price of 30 cents until Feb. 24, 2029, provided that holders will not be permitted to exercise warrants until 60 days following closing of the first tranche of the offering.

The company expects to utilize the proceeds of the offering for exploration work at the company's La Union gold and silver project and North Island copper project, and for general working capital purposes.

The units issued under the offering were offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended by CSA Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all provinces of Canada, except Quebec, and other qualifying jurisdictions, including the United States. The units issued under the listed issuer financing exemption will be immediately free trading under applicable Canadian securities laws.

In connection with closing of the first tranche of the offering, the company paid $16,300, issued 720,000 units at a deemed issued price of 20 cents per unit and issued 801,500 common share purchase warrants to certain arm's-length parties that assisted in introducing subscribers to the offering. Each finder's warrant entitles the holder to acquire one common share of the company at a price of 30 cents until Feb. 24, 2029, provided that holder will not be permitted to exercise finder's warrant until 60 days following closing of the first tranche of the offering. All securities issued to finders are subject to restrictions on resale until June 25, 2026, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

About Questcorp Mining Inc.

Questcorp Mining is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The company holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island copper property, on Vancouver Island, B.C., subject to a royalty obligation. The company also holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project, located in Sonora, Mexico, subject to a royalty obligation.

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