# QGold Resources Announces Maiden Preliminary Economic Assessment for the Quartz Mountain Gold Project

Source Brief: https://evesgoldminers.com/research/source-briefs/q-gold-resources-ltd-2026-04-08-qgold-resources-announces-maiden-preliminary-econ-9d511a0e
Original source: https://qgoldresources.com/news/176
Original published: 2026-04-08
EGM generated: 2026-09-04
Company: Q-Gold Resources Ltd. (QGR)

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# QGold Resources Announces Maiden Preliminary Economic Assessment for the Quartz Mountain Gold Project

Source: https://qgoldresources.com/news/176
Published: 2026-04-08T00:00:00+00:00
Fetched: 2026-08-02T23:08:18.395+00:00
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# QGold Resources Announces Maiden Preliminary Economic Assessment for the Quartz Mountain Gold Project
Source: https://qgoldresources.com/news/176
Published: 2026-04-08
TSX-V: QGR | OTCQB: QGLDF | Frankfurt: QX9G After-Tax NPV(5%) of US$1.71 Billion and After-Tax IRR of 55.2% at a 2-Year Trailing Average Gold Price of US$3,265/oz After-Tax NPV(5%) of US$3.20 Billion and After-Tax IRR of 92% at a spot Gold Prices (2) Low-Cost Gold Mine with AISC of US$1,216/oz (3) and Life of Mine Gold Production of 1.9M ounces and average mine production profile 135k Gold ounces annually over life of mine of 14 years Initial Capex of US$290 Million (Includes All taxes and US$48M in Contingency) Updated NI-43-101 Mineral Resource Estimate of 2.01 million oz Gold in the Indicated Category and 494K oz of Gold in the Inferred Category TORONTO, April 08, 2026 (GLOBE NEWSWIRE) -- Q-Gold Resources Ltd. (TSX-V: QGR; OTCQB: QGLDF; Frankfurt: QX9G) ( "QGold" “ QGold Resources ” or the "Company" ) is pleased to announce the results of its Preliminary Economic Assessment ("PEA") for its Quartz Mountain Gold Project ("Quartz Mountain" or the "Project"), located in Lake County, Oregon, USA. The PEA was prepared by Kappes, Cassiday & Associates ("KCA") of Reno, Nevada, a leading engineering firm with extensive gold project expertise. HIGHLIGHTS: Strong Economics at a Conservative Gold Price: After-Tax NPV(5%) of US$1.71 billion and After-Tax IRR of 55.2% based on a 24-month trailing average gold price of US$3,265/oz — materially below current spot gold of approximately US$4,800/oz(1), highlighting significant additional upside in the current gold price environment. Attractive Low-Cost Profile: Cash operating costs of US$1,010/oz and All-In Sustaining Costs ("AISC") of US$1,214/oz (3) position Quartz Mountain competitively among North American gold projects. Long-Life, Strong Production Mine: 14-year mine life with average annual gold production of 135,400 oz, peak annual production of 166,300 oz, LOM gold recovery of 79.6%, and a low strip ratio of 0.65:1 Capital Efficiency: Initial capital of US$290 million (including equipment taxes and working capital) delivering a rapid after-tax payback of 1.80 years. Strong Jurisdictional Foundation: Quartz Mountain is situated in Lake County, Oregon, within the United States — a stable, supportive multi land use jurisdiction. Constructive relationships with the U.S. Forest Service, Oregon state government, and Lake County stakeholders provide the important social license and permitting momentum. Clear path to Advanced Development: The PEA confirms the technical and economic viability of the Project and provides the foundation for the Company to advance toward a Feasibility Study. Planned 2026 drilling and exploration programs will focus on metalogical test work, resource expansion and infill to upgrade resource. (1) Spot gold price of approximately US$4,800/oz as of the date of this release. MANAGEMENT COMMENTARY "The completion of the Quartz Mountain PEA represents an important milestone as the Project advances toward a future construction decision. The results confirm what our team has believed since acquiring this project from Alamos Gold in 2025 — Quartz Mountain is a world-class gold asset with the economics to support a robust and long-lived mining operation. With an after-tax NPV of US$1.71 billion, a sub-two-year payback, and an all-in sustaining cost of US$1,216 per ounce — all at a base case gold price representing less than 45% of today's spot price — the Quartz Mountain Gold Project delivers an exceptionally powerful economic result. These metrics highlight the Project’s strong margins, compelling capital efficiency, and resilience across commodity price cycles. We are especially encouraged by the Project’s low strip ratio and staged development approach, which together underpin a capital-efficient pathway to production and strong early cash flow generation. We now have a clear roadmap: advance permitting, execute our 2026 drilling programs, and move this project toward a Feasibility Study with the same disciplined focus that has defined our team's track record of successfully developing mining projects. I want to thank the QGold team, Kappes, Cassiday & Associates, and the other consulting groups involved for their rigorous and thorough work. Additionally, we would like to thank our community partners in Lake County, Oregon for their continued support. Quartz Mountain offers the foundation for a generational mining operation in the State of Oregon." Peter Tagliamonte, P.Eng. Chairman & CEO, QGold PEA SUMMARY TABLE PEA Study Highlights (all values in US$) LOM Production and Costs Mine Life 14 years Mine Throughput (Ore, Average) 7,300,000 Tonnes per year Metallurgical Recovery (Gold, Overall) 79.6% Average Annual Gold Production 135,400 oz / year (peak: 166,300 oz / year) Total Gold Produced (Life of Mine) 1,896,000 oz Cash Cost $1,010/oz All-In Sustaining Cost (AISC) $1,216/oz Strip Ratio ( Waste : Ore ) 0.65:1 Financial Analysis — Base Case( 24-Month Trailing Average Gold Price US$3,265 ) After-Tax NPV (5%) $1.707 Billion After-Tax IRR 55.2% Pre-Tax NPV (5%) $2.214 Billion Pre-Tax IRR 65.9% Average Annual Pre-Tax Cash Flow (LOM) $171 Million Payback Period (After-Tax) 1.8 years Financial Analysis— Spot Gold Price(US$4,800 oz)(2) After-Tax NPV (5%) at Spot $3.20 Billion After-Tax IRR at Spot 92% Payback Period at Spot 1.2 years Capital Costs(Sales Tax Included) Initial Capital US$290 Million Working Capital & Initial Fills US$9 Million LOM Sustaining Capital US$360 Million Reclamation & Closure US$56 Million Operating Costs (Average LOM) Mining US$4.09 / Tonne Mined Processing & Support US$9.24 / Tonne Processed G&A US$0.66 / Tonne Processed (2) Spot price of US$4,800/oz reflects the approximate LBMA gold price as of the date of this release. Gold price sensitivity columns other than the base case will be finalized with complete KCA outputs prior to final issuance of the PEA. (3) AISC (All-In Sustaining Cost) of US$1,214/oz includes total cash costs plus sustaining capital and closure costs. Both cash cost and AISC are non-GAAP measures. See Non-GAAP Measures section. PEA SUMMARY The PEA contemplates a phased development approach. Phase 1 consists of a conventional open-pit, heap-leach gold extraction process. Phase 2 will continue with the open-pit mining operation and transition to a crushing and milling circuit, followed by flotation to produce a gold concentrate. The PEA was prepared by KCA in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101"). The Project is designed with a 14-year mine life, processing an average of 7,300,000 tonnes of mill feed per year through a conventional crusher-to-heap-leach circuit. Average annual gold production is projected at 135,400 oz over the life of mine, with peak annual production of approximately 166,300 oz, delivering total recovered gold of approximately 1,896,050 oz at an overall metallurgical recovery of 79.6%. The low strip ratio of 0.65:1 reflects exceptional mineralization geometry and translates directly into low mining costs and strong capital efficiency. At the base case gold price assumption of US$3,265/oz — representing the 24-month trailing average World Bank gold price data — the PEA generates an after-tax NPV(5%) of US$1,707 million and an after-tax IRR of 55.2%, with an average annual after-tax cash flow of US$138.0 million and a payback period of 1.80 years. Given that spot gold is currently trading at approximately US$4,800 / oz — approximately 45% above the base case assumption — the Project offers potentially substantial additional economic upside beyond the base case figures presented herein. Quartz Mountain contains mostly Indicated category mineral resources (see Mineral Resource Estimate section of this report) which are considered a higher-level reliability geologically category. Consistent with PEA studies, the production profile also includes Inferred mineral resources. A small portion, approximately 23% of the Quartz Mountain PEA mine plan relies on Inferred resources. Inferred mineral resources are considered to be lower in reliability to be categorized as mineral reserves and cannot be included in a Feasibility Study without being upgraded in resource confidence. The Company intends to conduct the required drilling to upgrade this portion of Quartz Mountain resources to the measured and Indicated category in advance of a Feasibility Study. The PEA is preliminary in nature and includes Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. MINING OVERVIEW The Quartz Mountain mine plan contemplates a simple open pit operation with a life-of-mine strip ratio of approximately 0.65:1 (waste : mill feed), representing one of the more favourable geometries among North American open-pit gold development projects. The operation is designed to process an average of 7.3 million tonnes per year over an estimated 14-year mine life. Mining activities are expected to operate year-round, supported by the relatively mild high-desert climate of Lake County, Oregon. The open pits have been designed targeting a 45-degree overall slope angle using 50 ft overall bench heights with 28.7 ft berm widths. A 90-tonne class rigid frame haul truck was selected to design the 92 ft double lane haul roads at 10% gradient. The Quartz Mountain gold deposit comprises two primary mineralized lithological domains with distinct metallurgical characteristics. The upper portion of the deposit consists of an oxide zone, extending from surface, which is highly amenable to heap leach processing. Based on metallurgical test work previously completed, average gold recovery for oxide material was estimated at 78.6%. Beneath the oxide zone lies a sulfide (refractory) zone, which is best suited to conventional crushing and milling followed by flotation and concentration to produce a gold-bearing concentrate. The current interpretation of the metallurgical data predicts an average gold recovery for sulfide material processed to a gold concentrate was estimated at 80.0%. Development of the Quartz Mountain Gold Project is planned in two stages: Stage 1 – Oxide Processing: Initial mining will focus on the near-surface oxide material using a conventional truck-and-loader open pit mining method. Gold recovery will be achieved through a conventional heap leach circuit. Stage 2 – Sulfide Processing: Mining will continue as a conventional open pit operation targeting the lower sulfide mineralization. Processing will transition to a conventional crushing and milling circuit, followed by flotation to produce a gold-bearing concentrate. Oxide material is estimated to comprise approximately 32% of total mill feed tonnage, with the underlying sulfide material representing approximately 68%. This staged approach is expected to deliver low initial capital requirements, a favourable strip ratio, strong metallurgical recoveries, and positive cash flow from the early years of the Quartz Mountain mining operation. Figure 1 – Quartz Mountain Mine layout PROCESSING OVERVIEW Geo-metallurgical modelling of the Quartz Mountain Gold Project identified three material categories within the Mineral Resource: Oxide (non-refractory), a very minor transitional zone comprising mixed oxide and sulfide material, and Sulfide (refractory) material. Oxide material represents approximately 3
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