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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

<ul><li>We are initiating coverage of Q-Gold Resources Ltd. (OTCQB: QGLDF; TSXV: QGR), a microcap US-focused gold developer advancing the Quartz Mountain Gold Project in Oregon, one of the larger undeveloped open-pit gold projects in the junior North American developer universe.</li><li>Following the April 2026 Preliminary Economic Assessment (PEA), Quartz Mountain demonstrates robust economics, including a US$1.71 billion after-tax NPV and 55.2% after-tax IRR at a US$3,265/oz gold price, positioning Q-Gold as a gold development story with significant torque to continued strength in bullion prices.</li><li>Robust economics supported by low capital intensity and strong operating margins.</li></ul>

We are initiating coverage of Q-Gold Resources Ltd. (OTCQB: QGLDF; TSXV: QGR), a microcap US-focused gold developer advancing the Quartz Mountain Gold Project in Oregon, one of the larger undeveloped open-pit gold projects in the junior North American developer universe.Following the April 2026 Preliminary Economic Assessment (PEA), Quartz Mountain demonstrates robust economics, including a US$1.71 billion after-tax NPV and 55.2% after-tax IRR at a US$3,265/oz gold price, positioning Q-Gold as a gold development story with significant torque to continued strength in bullion prices.Robust economics supported by low capital intensity and strong operating margins.

QGR: Hidden Gold in Oregon; Large-Scale US Gold Developer at a Deep Discount

Canada

Q-Gold Resources Ltd. provides a diversified portfolio of highly prospective gold, silver, platinum, and copper properties. The Company owns gold, silver, and other metal producing properties in Ontario, Canada, and the States of Arizona, and Alaska, including the Foley and Gold Star Mines properties.

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Q-Gold Resources (QGR CN)

QGR: Hidden Gold in Oregon; Large-Scale US Gold Developer at a Deep Discount

We are initiating coverage of Q-Gold Resources Ltd. (OTCQB: QGLDF; TSXV: QGR), a microcap US-focused gold developer advancing the Quartz Mountain...

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