GoldQuest Mining Corp(TSXV:GQC)

GoldQuest Mining Corp.

Investor website: https://www.goldquestcorp.com/

About

GoldQuest Mining Corp. (GQC: TSX-V) is a Canadian exploration and development company focused on advancing its gold and copper assets in the Dominican Republic. The company has strong participation from Dominican investors and is dedicated to developing its 100%-owned Romero Project while further exploring its Tireo Property. GoldQuest has a history of successful mining experience in the Dominican Republic, having previously developed a mine that is still operating in the country.

Verified company data

Cash position
CAD $28 MM
Shares outstanding
377,922,741
Fully diluted shares
415,364,778
Mineral resource
The ROMERO PROJECT PFS Highlights - **Maiden Probable Mineral Reserves of 7.03 million tonnes containing:** - **840,000 ounces of gold** - **980,000 ounces of silver** - **136 million pounds of copper** - A 2,800 tonnes per day operation totalling life of mine gold equivalent production of approximately 1.117 Moz AuEq - Annual gold equivalent production averaging 109,000 ounces per year - Post tax Net Present Value @ (5%) of $203 million (pre tax $317 million) - All-in Sustaining Cost of $595/oz AuEq - Post tax Internal Rate of Return of 28% (pre-tax 38.6%) - Initial Capex of $158.6 (Life of Mine $250.9 including sustaining and closure) - Life-of-mine ("LOM") all-in sustaining costs ("AISC") of $595/oz gold equivalent ("AuEq") payable. - Payback of capital within 2.5 production years. - Pre-production capital expenditure estimate of $158.6 million, plus $92 million of sustaining and closure capital over LOM totaling $250.9 million. - An eight-year underground mine at an average production rate of 1,022,000 tonnes per year (2,800 tonnes per day) with an average production of 109,000 recovered AuEq oz per year. - Total metal recoveries consisting of 78.1% for gold, 58.6% for silver 94.6% for copper to a single concentrate for sale to copper smelters. There are no perceived penalty elements. - The PFS contemplates an environmentally proactive approach. Some of these features include: - A small surface footprint over the underground mine - The use of cyanide is not included in the design. A flotation concentrate product will be shipped from the Puerto Viejo port to international smelters; - 100% of the waste rock from the underground mine will be returned underground as backfill to eliminate the potential for acid rock drainage; - The project is designed to capture run-off water to supply the mine, thus avoiding any water taking from the San Juan river; - Tailings from the process plant will be filtered, dried and placed in a dry stack storage facility. No tailings ponds or dam structures will be required; - Power will be supplied by a line connection to the domestic power grid; - Ventilation fans will be located underground to reduce noise; and - No relocation of the Hondo Valle village, or any settlements.
Projects
["Romero Project: **Target Minerals:** Gold & Copper\n**Ownership** GoldQuest owns a 100% interest in the Romero project\n**Location & Access** The Romero Project, which includes our Romero and Romero South deposits, is located within the La Escandalosa exploration concession of our Tireo Property which has an area of 3,997.0 hectares. The Tireo Property is located in the Central Cordillera of the Dominican Republic near the San Juan provincial capital of San Juan de La Maguana.\nThe Romero Project’s robust pre-feasibility study (PFS) completed by JDS Energy & Mining was announced on September 27, 2016.\nThis PFS, revealed an after tax NPV (5%) of US$203 million, and an after-tax IRR of 28%, and was based on a gold price of US$1,300/oz and US$2.50/lb copper.\nOver half of Romero’s Mineral Resources are not included in the mine plan, as well as the entirety of Romero South. The unmined portion of the resources leaves significant room for potential expansion. The Romero Project is at the mine permitting stage with the company looking to receive Terms of reference to move forward in 1H2025.\n**As per our News Release dated June 11, 2025, GoldQuest received from the Ministry of Environment and Natural Resources of the Dominican Republic, the official Terms of Reference (\"ToR\") for the Company's Romero gold-copper-silver project.**\n**This marks a significant milestone, initiating the final phase of the Environmental Impact Assessment (\"EIA\") process required to obtain an environmental license for the future development of the proposed underground mine.**\n**Luis Santana, CEO of GoldQuest, commented:**\n**_\"Receiving the Terms of Reference is a pivotal step in the responsible development of our Romero Project. This document confirms the project's Category A classification under environmental law and allows us to formally launch a comprehensive environmental study. Its issuance is a clear recognition of the project's quality and the Dominican government's commitment to advancing Romero._\"**\n**Scheduled 2H 2025 work Romero includes Environmental work for the EIA and work towards a Bankable Feasibility Study (\"BFS\") , with additional drilling at Romero.**\nThe Bankable Feasibility Study (1H 2026) will incorporate updated metal price and cost assumptions, and therefore update the economics based on much higher current metals pricing.\nThe planned 2,800 tonne-per-day underground mine focuses on the high-grade gold and copper “core” of the Romero Deposit to produce a saleable copper concentrate for shipment to offshore refineries.\nDrilling at Romero will target resource expansion opportunities, aiming to potentially increase the mineral resource base beyond the current defined limits. In addition, specific holes will be drilled for metallurgical and geotechnical testing to support mine design, process optimization, and the overall BFS technical criteria.\nThe Romero Deposit was discovered in 2012 with spectacular drilling results. The Romero and Romero South deposits, located in the central part of GoldQuest’s Tireo property, are approximately one kilometre apart.\nThe Romero Discovery Hole, LTP 90, was the second last of a 15-hole-program testing an induced polarization ground geophysics (IP) target.\nHole LTP-90 reported 231 metres grading 2.4 g/t gold including 160.3 metres grading 2.9 g/t gold and 0.62% copper.\nNotable drilling also includes hole LTP-94 which returned 235 metres grading 7.9 g/t gold uncut and 1.4% copper.\nThe Maiden Probable Reserves in the district included 7.03 million tonnes containing 840,000 ounces of gold; 980,000 ounces of silver, and 136 million pounds of copper.\nThe brownfields exploration potential in the Romero Concession, both in the vicinity of and in between the two deposits, is substantial, and will be tested once mining permit is obtained."]
Leadership
Luis Santana, Chief Executive Officer Position: Chief Executive Officer Luis is a Citizen of the Dominican Republic and is a Qualified Engineer from the Santo Domingo Technological Institute. Luis has more than 25 years of experience in mining and mineral processing and has worked in senior management and executive positions in the design, construction and operation of gold processing plants and mines globally. Luis has an impressive history having worked with Glencore – Falcondo and Altonorte Mines in Dominican Republic and Chile, BHP Billiton – Olympic Dam Mine in Australia, Barrick – Pueblo Viejo Mine in Dominican Republic, Barrick & Shandong Gold – Veladero Mine in Argentina and most recently as CEO for Shandong Gold – Cardinal Resources Namdini Project in Ghana. Luis’s approach to value creation is through awareness, engagement, and accountability of three key strategic objectives: Collaboration by developing a strong culture, Community by strengthening sustainable license to operate, and Company by maximizing economic productivity (production, profitability, and asset value). Paul Robertson, CFO Position: Chief Financial Officer Mr. Robertson is a Chartered Accountant with extensive experience in the mining sector, including assisting junior resource companies with their financial reporting and regulatory requirements. He has over sixteen years of accounting, auditing, and tax experience including working with Ernst & Young from 1999 to 2005. Currently, he is the managing partner of Quantum Advisory Partners LLP, a professional services firm dedicated to assisting publicly listed companies with their financial reporting, taxation and regulatory requirements. He was previously the CFO of Grayd Resource Corporation that was acquired by Agnico Eagle in 2011. Mr. Robertson holds a BA from the Universty of Western Ontario (1993) and obtained his Chartered Accountant designation from the British Columbian Institute of Chartered Accountants in 1997. Leandro Sastre, VP Exploration Position: Vice President Exploration Leandro is a seasoned geologist with 23 years of experience in the international mining sector. He has successfully led exploration teams across Latin America, including the Dominican Republic, Argentina, Chile, Peru, and Guyana. His experience spans projects in all stages of development, working with companies of varying sizes. As Vice President of Exploration for Latin America and the Asia-Pacific region at Barrick Gold Corporation, Leandro oversaw exploration activities across multiple continents, including three world-class mines and several earlier-stage projects. His earlier roles included Mineral Resource and Technical Services Manager at Barrick’s Veladero Mine, Geology Manager, and Senior Geologist at Austral Gold Limited, among other key positions. Felix Mercedes, Country Manager Position: General Manager (Dominican Republic) Felix is a Dominican geologist with more than 20 years of experience in the Dominican Republic mining and exploration sector. Felix has worked for several companies as project and general manager and was previously the Caribbean representative for Energold International Drilling. Felix has a Degree in Geology and a Masters Degree in Business administration and is currently a director of the Mining and Petroleum Chamber of the Dominican Republic. Frank Balint, Chairman Position: Chairman (1)(2)(3) Frank Balint is a seasoned mining executive with over 45 years of broad ranging practical experience in the mining industry. Mr. Balint has been involved in all aspects of the mining life cycle from exploration, through discovery, ore reserves, feasibility, financing, acquisition, development and closure. Frank possesses strong technical skills backed up by a solid financial experience base that have resulted a strong exploration and acquisition track record. As a senior member of the executive team at Inmet for nearly 20 years, he has had significant involvement with shaping, communicating, winning board support and executing a successful corporate strategy that saw Inmet grow from a market cap of less than $200 million to over $5 billion when purchased by First Quantum Minerals Ltd. in March of 2013. Mr. Balint was also a former director of Wolfden Resources Inc., a TSX listed company who was sold to Zinifex in 2007 for $363 million. Mr. Balint is a licensed professional geologist (P. Geo) in Ontario. Coille Van Alphen Position: Director Ms. Van Alphen is a Metals & Mining Portfolio Manager at Equinox Partners, a US-based global value investment firm recognized for its long-term investment horizon and focus on good corporate governance. In this role, she manages a concentrated portfolio of precious metals miners and oversees investments in base metals companies. Previously, Ms. Van Alphen was Senior Analyst of a precious metals mutual fund at Toqueville Asset Management (now Sprott Funds), where she was responsible for evaluating and monitoring global mining equity investments. Earlier in her career, she worked at CPP Investment Board in global capital markets and external portfolio management. Ms. Van Alphen holds an MBA, graduating with distinction, from the Ivey School of Business at Western University and is a CFA charterholder. Jose Michelen Position: Director Mr. Michelen has profound corporate and investment experience in the Dominican Republic and South America and has a track record of implementing and executing strategic corporate development goals within various enterprises. He has been active in financial markets since 1996, initially working in New York before co-founding a financial transactional platform in the Dominican Republic in 2002. Since 2004, Mr. Michelen has focused on actively managing and overseeing investments across various industries in the Dominican Republic and Central America. He is a founding partner and board member of several Dominican financial institutions, including Centro Financiero Crecer, AG Investments and Alpha Valores, and has served on the board of directors of the Bolsa de Valores de la República Dominicana. He currently serves on the Board of Cevaldom. Mr. Michelen holds an MBA from the Massachusetts Institute of Technology and a Bachelor of Science degree from New York University. Patrick Michaels Position: Director (1)(2) Patrick Michaels is the Executive Chairman of Zuri-Invest AG and the Chairman of Asty Capital AG in Zurich, Switzerland. Mr. Michaels has been involved in numerous financings of gold mines in North America and is a well-respected financial adviser and fund manager throughout Europe. Mr. Michaels has extensive experience in the fields of mining finance, fund management and asset allocation. Mr. Michaels has a background in law and economics, and did his training in the areas of private banking and investment research at UBS in Zurich. Additionally, he attended post-graduate courses at the Colorado School of Mines in Denver, Colorado. Mr. Michaels was previously on the board of Romarco Minerals Inc. and Steppe Gold Ltd. and currently on the board of Highway Holdings Ltd. Charles Reid Position: Director Charles Reid is a seasoned professional with extensive experience in asset recovery, distressed assets, and project development in the Dominican Republic. He has successfully structured and executed strategies to monetize non-performing receivables, revitalize underutilized properties, and transform financial challenges into profitable opportunities. Beyond distressed assets, Charles has led initiatives in corporate restructuring, feasibility studies, mergers, and large-scale distribution projects, building a track record of driving efficiency and sustainable growth. He holds a Bachelor’s degree in Management from Bentley University and a Master’s in Administrative Studies from Boston University. Fully bilingual in English and Spanish, Charles brings strategic insight and cross-cultural expertise to both local and international markets Florian Siegfried Position: Director (1)(2) Florian Siegfried is CEO and Managing Partner of SSI Asset Management Ltd. based in Liechtenstein. Prior to that he served as Chief Executive Officer of Precious Capital AG, a Zurich-based fund manager specializing in global mining investments. Previously he was the CEO of Shape Capital Ltd., a SIX Swiss Exchange-listed private equity company. He is also an independent director of PPX Mining Corp. Mr. Siegfried holds a master's degree in finance and economics from the University of Zurich and a post-graduate degree in accounting from the University of Lucerne.

Verified data last updated: 2026-05-15

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