Queen's Road Capital Investment (QRC) Q3 2025 earnings summary

Executive summary

• Completed $50 million investment in Moxico Resources plc convertible debentures, funded by debt facilities, and a C$15 million private placement raising $11 million in equity capital.

• Declared and paid an annual dividend of C$0.21 per share, with a portion settled in shares under the DRIP.

• Implemented a 10-for-1 share consolidation effective January 15, 2025, retrospectively applied to all periods.

Financial highlights

• Net income for the nine months ended May 31, 2025, was $30.3 million, down from $78.0 million for the same period last year.

• Total income from investments for the nine months was $34.1 million, compared to $81.7 million year-over-year.

• Unrealized gain from investments was $15.8 million for the nine months, down from $62.3 million year-over-year.

• Basic EPS for the nine months was $0.62, compared to $1.72 for the same period last year.

• Total assets increased to $321.4 million as of May 31, 2025, from $282.9 million at August 31, 2024.

Outlook and guidance

• Management expects continued income generation from interest on convertible debentures and potential capital gains, with future results dependent on market conditions and share price volatility.

• Sufficient working capital is available to meet current operational requirements; additional capital may be raised as needed for investments or refinancing.