Water Tower Research Publishes Initiation of Coverage Report on Q-Gold Resources Ltd., “Hidden Gold in Oregon; Large-Scale US Gold Developer at a Deep Discount”

June 2, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Q-Gold Resources Ltd. (TSXV: QGR) titled, “Hidden Gold in Oregon; Large-Scale US Gold Developer at a Deep Discount”. The report can be accessed here.

Q-Gold Resources Ltd. is a Canadian mineral exploration and development company focused primarily on advancing gold assets in the western US. The company was founded in 2007 and is headquartered in Toronto, Ontario, Canada, with its shares trading on the TSX Venture Exchange under the symbol QGR and in the US on the OTC market under QGLDF. Q-Gold is currently a late-stage development and advanced exploration company working to define, permit, finance, and ultimately construct economically viable gold mines. The company’s flagship asset is the Quartz Mountain Gold Project located in south-central Oregon, situated within Oregon’s prolific Cascade volcanic belt, and benefits from relatively favorable infrastructure access compared with many remote North American gold projects. In addition to Quartz Mountain, Q-Gold has historically maintained interests in several earlier-stage exploration properties, though management’s capital allocation and focus are now overwhelmingly focused on advancing Quartz Mountain toward development.

Quartz Mountain is a large-scale epithermal gold system that Q-Gold controls through a 100% ownership interest, making it the company’s cornerstone asset. According to the most recent published mineral resource estimate, the project hosts ~2 million ounces of indicated gold resources and ~490K ounces of inferred resources, placing it among the larger undeveloped gold projects in the junior developer universe. The company completed a PEA outlining a conventional open-pit mining scenario with heap-leach processing. As a pre-revenue company, Q-Gold’s valuation remains dependent on gold price expectations, project de-risking progress (progression up the value curve), and the market’s willingness to finance new North American gold development projects.

Across the selected peer group, the consistent conclusion is that Q-Gold’s current valuation appears constrained less by asset quality or project economics and more by perceived execution visibility and development maturity. Quartz Mountain compares favorably with most peers on headline economic metrics, including project NPV, IRR, production scale, strip ratio, and capital intensity, yet Q-Gold trades at only ~0.02x NPV versus 0.08–0.50x for comparable North American gold developers. The valuation discount therefore appears to reflect the market’s continued application of a substantial early-stage risk discount tied to permitting uncertainty, financing requirements, limited institutional sponsorship, and the company’s relatively recent transition into a US-focused development story following the Alamos acquisition.

Importantly, the recent PEA, updated technical report, accelerated warrant conversion process, and ongoing permitting advancement collectively represent meaningful steps toward reducing several of these perceived risks. As demonstrated across both the gold sector and broader mining industry, valuation re-rating in development-stage resource companies typically occurs incrementally as projects move from conceptual economics toward feasibility, permitting, financing, and eventual construction readiness. For Q-Gold, the key pathway to narrowing the current valuation gap versus peers likely involves continued technical de-risking, advancement of federal and state permitting milestones, strengthening institutional visibility, and ultimately demonstrating a credible financing strategy capable of supporting Quartz Mountain’s development. If management successfully executes on those milestones while maintaining the robust economics outlined in the April 2026 PEA, the current valuation discount relative to peers could prove difficult to justify over the longer term.

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