Queen’s Road Capital Investment Ltd. (TSX-QRC) (the “Company” or “QRC”) is pleased to announce that it has entered into an agreement with Gold Royalty Corp. (“Gold Royalty”) (NYSE American: GROY) whereby the Company will invest US$30,000,000 in a Gold Royalty convertible debenture.

The convertible debenture will have a 5-year term, carry a 10.0% coupon (7.0% payable in cash and 3.0% payable in shares), a 3% establishment fee and will be convertible into Gold Royalty common shares at a price of US$1.88, representing a 30% premium to the 20-day volume weighted average share price of Gold Royalty prior to this announcement.

Gold Royalty is one of the fastest growing precious metals focused royalty and streaming companies having aggressively grown its portfolio of royalties to over 240 assets in less than 3 years. The majority of the Gold Royalty portfolio is anchored in some of the best mining jurisdictions in the world: Quebec, Ontario and Nevada and its cornerstone royalties are on long-life assets operated by some of the largest global gold mining companies. Three of its key assets are: (a) a 3.0% NSR royalty on portions of the Canadian Malartic mine operated by Agnico Eagle in Quebec, (b) a 0.75% NSR royalty on portions of IAMGOLD’s Côté Gold project located in Ontario, and (c) a 1.5% NSR plus a 3.5% NPI on Nevada Gold Mines’ REN gold project in Nevada all of which assets are consistent with Queen’s Road’s focus on high quality orebodies in safe jurisdictions.

The proceeds from the convertible debenture investment are expected to be used to fund Gold Royalty’s US$21,000,000 acquisition of a 2.0% NSR on the Borborema gold project located in Brazil currently being developed by Aura Minerals Inc. (“Aura Minerals”) and concurrent US$10,000,000 royalty-convertible gold-linked loan by Gold Royalty to Aura Minerals’ subsidiary developing the Borborema gold project.

This investment will increase QRC’s convertible debenture portfolio to US$179 million, generating an average 9.2% coupon with record annual interest income of US$16.4 million, which will support future dividend payments to our shareholders.

Warren Gilman, Chairman & CEO commented: “QRC is pleased to partner with David Garofalo and the Gold Royalty team through this transaction. Gold Royalty’s acquisition of the Borborema royalty is transformational as it moves Gold Royalty into a position of strong free cash flow. As our first investment in the royalty sector, Gold Royalty provides QRC exposure to immediate cash flow generation, sector leading organic revenue growth, insulation from cost inflation, and free exposure to their portfolio’s exploration upside.”

Queen’s Road Capital intends to finance the investment with a debt facility to be provided by a major Canadian bank. Completion of the investment is subject to receipt of all required regulatory approvals and is expected to occur on or before the end of the month.

About Queen’s Road Capital Investment Ltd.

QRC is a dividend paying, leading financier to the global resource sector. The Company is a resource focused investment company, making investments in privately held and publicly traded companies. The Company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION, visit the Company’s website at www.queensrdcapital.com or contact by email info@queensrdcapital.com or phone +852 2759 2022

Caution Regarding Forward Looking Statements

Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company’s growth strategy and the Company’s future performance. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.