Mr. Warren Gilman reports

QUEEN'S ROAD CAPITAL ANNOUNCES US$30 MILLION INVESTMENT IN GOLD ROYALTY CORP.

Queen's Road Capital Investment Ltd. has entered into an agreement with Gold Royalty Corp., whereby the company will invest $30-million (U.S.) in a Gold Royalty convertible debenture.

The convertible debenture will have a five-year term, carry a 10.0-per-cent coupon (7.0 per cent payable in cash and 3.0 per cent payable in shares), a 3-per-cent establishment fee and will be convertible into Gold Royalty common shares at a price of $1.88 (U.S.), representing a 30-per-cent premium to the 20-day volume-weighted average share price of Gold Royalty prior to this announcement.

Gold Royalty is one of the fastest-growing precious-metal-focused royalty and streaming companies having aggressively grown its portfolio of royalties to over 240 assets in less than three years. The majority of the Gold Royalty portfolio is anchored in some of the best mining jurisdictions in the world: Quebec, Ontario and Nevada and its cornerstone royalties are on long-life assets operated by some of the largest global gold mining companies. Three of its key assets are: (a) a 3.0-per-cent NSR (net smelter return) royalty on portions of the Canadian Malartic mine operated by Agnico Eagle in Quebec; (b) a 0.75-per-cent NSR royalty on portions of Iamgold's Cote gold project located in Ontario; and (c) a 1.5-per-cent NSR royalty plus a 3.5-per-cent NPI (net profit interest) on Nevada Gold Mines' Ren gold project in Nevada, all of which assets are consistent with Queen's Road's focus on high-quality orebodies in safe jurisdictions.

The proceeds from the convertible debenture investment are expected to be used to finances Gold Royalty's $21-million (U.S.) acquisition of a 2.0-per-cent NSR royalty on the Borborema gold project located in Brazil currently being developed by Aura Minerals Inc. and concurrent $10-million (U.S.) royalty-convertible gold-linked loan by Gold Royalty to Aura Minerals' subsidiary developing the Borborema gold project.

This investment will increase Queen's Road Capital's convertible debenture portfolio to $179-million (U.S.), generating an average 9.2-per-cent coupon with record annual interest income of $16.4-million (U.S.), which will support future dividend payments to the company's shareholders.

Warren Gilman, chairman and chief executive officer, commented: "QRC is pleased to partner with David Garofalo and the Gold Royalty team through this transaction. Gold Royalty's acquisition of the Borborema royalty is transformational as it moves Gold Royalty into a position of strong free cash flow. As our first investment in the royalty sector, Gold Royalty provides QRC exposure to immediate cash flow generation, sector-leading organic revenue growth, insulation from cost inflation and free exposure to their portfolio's exploration upside."

Queen's Road Capital intends to finance the investment with a debt facility to be provided by a major Canadian bank. Completion of the investment is subject to receipt of all required regulatory approvals and is expected to occur on or before the end of the month.

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.