GoldQuest Mining Corp. (TSX-V:GQC) is pleased to announce the successful completion of a non-brokered private placement, raising gross proceeds of C$8,698,950.88 through the issuance of 45,783,952 common shares of the Company at a price of C$0.19 per share. Following the Private Placement, the Company’s cash on hand will exceed C$15 million.

“We are thrilled to welcome our new investors, all of whom are prominent members of the Dominican Republic’s business community,” said Luis Santana, CEO of GoldQuest. “Their confidence in our vision underscores the strong potential of the Romero project and our exploration activities. We are committed to advancing the Environmental Permit Application process with the Ministry of Environment and Natural Resources, updating our economic assessments, and furthering exploration along the highly prospective Tireo Formation. The Romero gold-copper project represents a low-impact underground mining development opportunity with the potential to serve as a significant economic driver for San Juan province and the Dominican Republic as a whole.”

In connection with the Private Placement, the Company paid a cash finder’s fee to Coastline Group totaling approximately C$217,500.

The Private Placement is subject to final acceptance of the TSX Venture Exchange. Common shares issued under the Private Placement are subject to a four-month statutory hold period, in accordance with applicable Canadian securities laws.

Use of Proceeds 

The funds raised will be allocated toward:

• Advancing exploration across the Company’s highly prospective Tireo Formation properties;
• Progressing the permitting process, including the Environmental and Social Impact Assessment (“ESIA”) for the Romero project;
• Updating the Company’s Pre-Feasibility Study to a definitive Feasibility Study in preparation for the development of the Romero project;
• Working capital and general corporate purposes.

GoldQuest’s efforts have been bolstered by recent adjustments to the Dominican Republic’s environmental regulations, which now allow advanced mining projects, such as the Romero gold-copper project, to submit ESIA applications directly to the Ministry of Environment and Natural Resources (see press release dated November 12, 2024).

Board Appointment

In connection with the closing of the private placement, the Company has appointed Mr. Charles Reid to its board of directors.

Charles Reid is a seasoned professional specializing in asset recovery and project development in the Dominican Republic. As Project Leader at DAF Management, he focuses on monetizing distressed assets and developing innovative real estate and business ventures.

With experience at Grupo SID in finance, HR, and marketing, Charlie has led key initiatives in mergers, feasibility studies, and product distribution. He holds a Bachelor’s in Management from Bentley University and a Master’s in Administrative Studies from Boston University. Fluent in English and Spanish, he brings strategic expertise to local and international markets.

About the Romero Project

GoldQuest’s flagship Romero project, discovered in 2012, is a gold-copper deposit located in the Tireo Formation of the Dominican Republic. A 2016 Pre-Feasibility Study highlighted its robust economic potential, delivering a Net Present Value of US$203 million at a 5% discount rate and an Internal Rate of Return of 28%, based on an all-in sustaining cost of $595/oz Au Eq and commodity prices of $1,300/oz gold and $2.50/lb copper (see press release dated September 27, 2016).

About GoldQuest Mining Corp.

GoldQuest Mining Corp. is a Canadian-based mineral exploration and development company with projects in the Dominican Republic. The Company is focused on advancing the Romero gold-copper project and exploring the Tireo Formation, a district known for its rich mineral potential. GoldQuest is listed on the TSX-V under the symbol GQC.