Mr. Warren Gilman reports

QUEEN'S ROAD CAPITAL ANNOUNCES INCREASED ANNUAL DIVIDEND OF C$0.019/SHARE

Queen's Road Capital Investment Ltd. has declared its annual dividend of 1.9 cents/share payable on Nov. 16, 2023. The dividend is payable to all shareholders of record as at Nov. 6, 2023.

This year's dividend payment is an increase of 0.2 cent over last year's dividend payment, representing a one-year increase of 12 per cent and a two-year increase of 27 per cent, reflecting the growth of the company's convertible debenture portfolio.

During the last 12 months Queen's Road has grown its convertible debenture portfolio by 66 per cent to $149-million earning an average interest rate of 9 per cent and generating gross annual income of $13.4-million, not including additional establishment fee income and realized gains on sale of equity investments. Queen's Road anticipates gross annual income in 2024 to grow by over 40 per cent compared with 2023 based on the existing portfolio alone, which will provide a platform for further dividend growth next year.

Warren Gilman, chairman and chief executive officer, stated: "We are delighted to announce another increase in our annual dividend. Dividends are a core value of Queen's Road and reflect the financial discipline with which we manage our investments. We welcome the participation of all shareholders in the DRIP program, which is a testament to their belief in the underlying value and strategy of the company."

The previously approved dividend reinvestment plan (DRIP) continues to be in effect, allowing investors to receive Queen's Road shares in lieu of cash as a dividend. In order to participate in the DRIP, shareholders of record need to enroll any time up to five business days prior to the dividend record date. Any shareholder who has previously registered in the DRIP will continue to be registered in the DRIP unless they have taken the steps to deregister.

In order to process their DRIP applications:

• Registered shareholders (those holding share certificates and/or shares under the direct registration system -- DRS) must sign up directly with the transfer agent (Computershare) on its website or by calling Computershare's shareholder enquiry line at 1-800-564-6253.
• Beneficial shareholders (those holding their shares through brokerage houses which are in turn held via the Canadian Depository for Securities -- CDS -- and the Depositary Trust Company -- DTC) must sign up by contacting their respective brokers and/or their CDS/DTC representatives.

The number of shares to be received by DRIP participants will be based on the five-day volume-weighted average share price of the company prior to the dividend payment date. All shares paid under the DRIP will be issued from treasury.

About Queen's Road Capital Investment Ltd.

Queen's Road Capital is a dividend-paying, leading financier to the global resource sector. The company is a resource-focused investment company, making investments in privately held and publicly traded companies. The company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.

We seek Safe Harbor.