Queen's Road Capital Investment Ltd. · TSX:QRC
Queen's Road Capital Investment — Investor Presentation (January 2026)
20 slides from Queen's Road Capital Investment's investor presentation, January 2026
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 January 2026
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 @ January 6, 2026 (First Series of Investments) NXE.TO $15,000,000 Equity Investment (Est. 05/20; First Tranche Exit 09/23; Final Exit TBD) NXE IRR: 51.1% $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 NXE.TO $15,000,000 Convertible Debenture Investment (Est. 0
Slide 5: QRC – At A Glance
QRC – At A Glance Ticker: QRC.TO Substantial Shareholders (> 1%) Share Price: C$11.91 Corom Pty Ltd (Jack Cowin) 27.7% 52-Week High/Low: C$5.51/C$12.00 BBRC International Pte Ltd (Brett Blundy) 15.9% Avg. Daily Volume 16,987 shares Warren Gilman (Chairman & CEO) 12.1% Market Cap: C$608 million Insti
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 Warren Gilman, Chairman & CEO, Institutions in Australia, High Net Worth investment vehicle owned and owns 12.1% of QRC; all directors & Singapore, the United investors in controlled by Jack Cowin, a officers are shareholders States, Canada & Australi
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$50 million to shareholders through dividends and share buybacks. Year 1 Year 2 Year 3 Year 4 Year 5 2021 2022 2023 2024 2025 Declared Dividend Per Share C$0.15 C$0.17 C$0.19 C$0.21 C$0.23 Dividend Yield at Announcement 2.0%
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 US$70,000,000 11.0% Convertible Liquid Equity Debenture Debenture Portfolio ($6.76 conversion; 09/28 term) (£0.90 conversion; 07/29 terms) 10,475,128 Shares Equity Investment Moxico Resources is a Zambian copper producer. NexGen is a uranium develo
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 Convertibles: 10% 23% In The Money 10% Uranium 50% Gold Equity 13% Convertibles: Investments Principal 46% 34% Royalties 14% 14
Slide 15: Market Value of Investments
Market Value of Investments • Management’s Estimated Value of Investments at Jan 6, 2026. NXE 9.0% Coupon Convert NXE.TO Equity MOX 11.0% Coupon Convert CTGO 9.0% Coupon Convert Other Converts GROY Equity Other Equity $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130 $140 $150 Initial Inves
Slide 16: Financial Performance
Financial Performance Revenue (Interest Income + Est. Fees) Net Income (Revenue less Operating Costs) $25 $20 $20 $15 $15 $10 $10 $5 $5 $0 $0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Declared Dividend Net Asset Value (Dividend Adjusted) C$14.0 C$16.00 C$12.0 C$10.0 C$12.00 Inaugur
Slide 17: Public Market Valuation
Public Market Valuation • Despite seeing a more than 4 fold increase in NAV since inception 4 years ago, QRC trades at close to its all-time low P/NAV multiple. $15.00 $14.00 $13.00 $12.00 NAV / Share (CAD) $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Feb 20 May Aug 20Nov 20 Feb 21 May Au
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. 60.0 Bubbles size represent market cap VOX 50.0 P/OCF Multiple 40.0 30.0 OR TFPM 20.0 10.0 ELE QRC MTA & GROY have negative operating cash flows 0.0 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20
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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