Queen's Road Capital Investment Ltd. · TSX:QRC
Queen's Road Capital Investment — Investor Presentation (October 2025)
20 slides from Queen's Road Capital Investment's investor presentation, October 2025
Slide 1: Leading Financier to the Global Resource Sector
QUEEN’S ROAD CAPITAL INVESTMENT LTD. (TSX: QRC) Leading Financier to the Global Resource Sector Corporate Presentation October 2025
Slide 2: Cautionary Statement
Cautionary Statement IMPORTANT: PLEASE READ THE FOLLOWING BEFORE CONTINUING. The information contained in this document has been prepared by QUEEN’S ROAD CAPITAL INVESTMENT LTD. (“QRC” or the “Company”). The information contained in this document (a) is provided as at the date hereof and is subject
Slide 3: QRC – At A Glance
QRC – At A Glance • Leading source of investment capital to resource companies • Focuses on investment structures which, where possible, limit downside and retain upside • Preference for convertible debenture structures • Income during life of debenture through interest payment • Downside protected
Slide 4: QRC – At A Glance: Investment Track Record
QRC – At A Glance Investment Track Record @ September 30, 2025 (First 4 Investments) NXE.TO $15,000,000 Equity Investment (Est. 05/20; First Tranche Exit 09/23; Final Exit TBD) NXE IRR: 50.6% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 $85 NXE.TO $15,000,000 Convertible Debentu
Slide 5: QRC – At A Glance
QRC – At A Glance Ticker: QRC.TO Substantial Shareholders (> 1%) Share Price: C$8.70 Corom Pty Ltd (Jack Cowin) 27.5% 52-Week High/Low: C$9.00/C$5.51 BBRC International Pte Ltd (Brett Blundy) 15.8% Avg. Daily Volume 12,783 shares Warren Gilman (Chairman & CEO) 11.6% Market Cap: C$435 million Institu
Slide 6: Leadership Team
Leadership Team Management Team Independent Directors Warren Gilman (Chairman & CEO) Michael Cowin • Mining Engineer • Principal at Corom Funds Management (family office for • 26 years at CIBC running mining investment banking in the Cowin Family) Canada, Australia and Hong Kong • 20 years as a fund
Slide 7: Supportive Shareholder Base
Supportive Shareholder Base Corom Pty Ltd. is an BBRC International Pte Ltd. is an Institutions in Australia, High Net Worth investment vehicle owned and investment vehicle owned and Malaysia, the United investors in controlled by Jack Cowin, a controlled by Brett Blundy, an States, Canada & Portuga
Slide 8: Investment Philosophy
Investment Philosophy Objectives QRC invests in public and privately held companies, primarily in the natural resource sector, with the objective of increasing shareholder return while seeking to preserve capital and limit downside risk by focusing on opportunities with attractive risk to reward pro
Slide 9: Shareholder Returns
Shareholder Returns • Since its inception in 2020, QRC has returned almost C$35 million to shareholders through dividends and share buybacks. Year 1 Year 2 Year 3 Year 4 2021 2022 2023 2024 Declared Dividend Per Share C$0.015 C$0.017 C$0.019 C$0.021 Dividend Yield at Announcement 2.0% 2.7% 2.9% 2.9%
Slide 10: Why Focus on Converts?
Why Focus on Converts? Convert Royalty / Mining / Co Streaming Exploration Co Co Leverage to Commodity Prices ✘ ✘ ✘ Diverse Asset Base ✘ ✘ No Capital / Operating Cost Exposure ✘ ✘ Sustainable Dividend ✘ ✘ Low Overhead / G&A Cost Model ✘ ✘ Income Regardless of Production ✘ Upside from Underlying Equi
Slide 11: The Convert Model
The Convert Model • Investments in convertible 100% Equity debentures offer: Investment • Downside protected as debt structure ranks ahead of Underlying Equity Share Price 50/50 Equity shareholders / Convert • Full equity upside above the conversion price • Income regardless of macro / 100% Downside
Slide 12: Equity Raise vs. Convert Issuance
Equity Raise vs. Convert Issuance • For successful issuers, a convert makes a lot more financial sense than a brokered equity raising as the dilution negatively impacts significantly more than the coupon. Equity Convert Share Price at Issuance $1.00 $1.00 Equity Raise Price $0.85 -- Conversion Price
Slide 13: Investment Portfolio
Investment Portfolio US$70,000,000 9.0% Convertible Debenture US$60,000,000 11.0% US$30,000,000 10.0% Liquid Equity Convertible Debenture Convertible Debenture Portfolio ($6.76 conversion; 09/28 term) (£0.90 conversion; 07/29 ($1.90 conversion; 12/28 terms) term) 10,475,128 Shares Equity Investment
Slide 14: Investment Portfolio: NAV Distribution
Investment Portfolio Current Portfolio NAV Distribution Current Portfolio NAV Distribution (By Investment Type) (By Commodity) Convertibles: Black Scholes Copper 15% Equity 24% Investments 29% Convertibles: In The Money Uranium 11% 49% Gold 13% Convertibles: Principal Royalties 45% 14% 14
Slide 15: Market Value of Investments
Market Value of Investments • Management’s Estimated Value of Investments at Sep 30, 2025. NXE 9.0% Coupon Convert MOX 11.0% Coupon Convert NXE.TO Equity GROY 10.0% Coupon Convert CTGO 9.0% Coupon Convert Other Converts Other Equity $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 Initial Inves
Slide 16: Financial Performance
Financial Performance Revenue (Interest Income + Est. Fees) Net Income (Revenue less Operating Costs) C$25 C$20 C$20 C$15 C$15 C$10 C$10 C$5 C$5 C$0 C$0 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2023 2024 2025E Declared Dividend Net Asset Value (Dividend Adjusted) C$12.0 C$12.00 C$10.0 C$10.00 C
Slide 17: Public Market Valuation
Public Market Valuation • Despite seeing an almost 4 fold increase in NAV since inception 4 years ago, QRC trades at close to its all-time low P/NAV multiple. $13.00 $12.00 $11.00 NAV / Share (CAD) $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Feb 20 May 20 Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov
Slide 18: Public Market Valuation: P/OCF Multiple
Public Market Valuation • QRC remains undervalued compared to its peers based on a number of different metrics. 50.0 Bubbles size represent market cap 45.0 40.0 VOX OR 35.0 P/OCF Multiple 30.0 TFPM 25.0 SAND 20.0 15.0 ELE 10.0 5.0 QRC MTA & GROY have negative operating cash flows 0.0 0.50 0.60 0.70
Slide 19: Investment Highlights
Investment Highlights • DON’T LOSE SHAREHOLDERS MONEY • We LIMIT downside risk by investing in convertible DEBT securities • PAY AN ANNUAL DIVIDEND • We do so every year and plan to grow it every year • QUALITY ASSETS IN SAFE JURISDICTIONS • We scour the world for the best orebodies in any commodity
Slide 20: Thank You!
QUEEN’S ROAD CAPITAL INVESTMENT LTD. (TSX: QRC) Thank You!
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