An anonymous director reports

QUEEN'S ROAD CAPITAL PROVIDES UPDATE ON PORTFOLIO

Queen's Road Capital Investment Ltd. has provided shareholders with an update on its investment portfolio.

Additional $20-million (U.S.) investment in Moxico Resources PLC

Queen's Road is pleased to announce it has completed an additional $20-million (U.S.) convertible debenture investment in Moxico. The convertible debenture carries the same terms as the July, 2024, debenture. Queen's Road now holds $70-million (U.S.) in Moxico convertible debentures, which carry an 11.0-per-cent coupon and is convertible into Moxico common shares at a price of 90 British pound.

Moxico's flagship asset is the Mimbula copper mine in Zambia. Mimbula is expected to be producing at an annual rate of 36,000 tonnes per annum by year-end following completion of the new solvent extraction plant. Mimbula is undergoing a staged expansion to 58,000 tonnes per annum with completion expected by the end of 2026.

Completion of Adriatic Metals PLC takeover

In December, 2020, Queen's Road invested $20-million (U.S.) in an Adriatic Metals debenture that was convertible into Adriatic Metals common shares at a price of $2.7976 (Australian). On June 13, 2025, Adriatic entered into an agreement with Dundee Precious Metals Inc. whereby Dundee would acquire all the shares of Adriatic. The transaction closed on Sept. 3, 2025. Based on the current Dundee share price, the offer is currently worth $7.04 (Australian) per Adriatic share and up to $7.89 (Australian) per share if Queen's Road is granted full allocation under the mix-and-match facility.

Conversion of IsoEnergy Ltd. debenture

In August, 2020, Queen's Road invested $6-million (U.S.) in an IsoEnergy debenture that was convertible into IsoEnergy common shares at a price of $3.52 (Canadian). On Aug. 1, 2025, Queen's Road completed the conversion of the debenture into common shares ahead of the maturity of the debenture. IsoEnergy shares are currently trading at $12.46 (Canadian) per share.

Queen's Road currently holds a $223-million (U.S.) convertible debenture portfolio earning an average 9.7-per-cent coupon, as well as a $130-million (U.S.) equity investment portfolio. Seventy-five per cent of the convertible debenture portfolio is in the money at current investee share prices. With its net asset value at an all-time high, annual interest income of $22-million (U.S.) and a growing dividend, Queen's Road is well positioned for its next phase of growth.

About Queen's Road Capital Investment Ltd.

Queen's Road 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.