Q-Gold Resources Ltd. Announces Corporate Update and Substantial Cash Inflow

TORONTO, July 02, 2020 - Q-Gold Resources Ltd. (TSXV: QGR) (“Q-Gold” or the “Company”) is pleased to announce that it has appointed Evan Veryard as the new Chief Executive Officer and director of the Company. Additionally, the Company is pleased to announce that it has received a cash inflow of approximately $1.5 million CAD from the exercising of warrants.

About Evan Veryard

Evan Veryard currently serves as the Vice President of Investor Relations at Flora Growth Corp., a private, Toronto-based cannabis company. In his previous role as President of Capital 10X, Mr. Veryard worked with public and private companies in the metals and cannabis industries on their digital investor relations strategies to help them drive out more clear messaging and increase investor awareness.

Mr. Veryard obtained his Bachelor of Chemical Engineering from McGill University and Master’s of Applied Science in Chemical Engineering from the Royal Military College of Canada.

Mr. Veryard is also the Founder and Chairman of a national charity, Focus Forward for Indigenous Youth, where he’s worked closely with Indigenous communities on infrastructure development projects, including the construction of two northern 4-season greenhouses. During his time as Chairman, he also helped secure partnerships and funding from international organizations and federal and provincial governments.

“I’m excited to be joining Q-Gold at a time when the capital markets are starting to appreciate junior exploration companies again,” commented Evan Veryard. “The recent cash inflow provides us with the necessary resources to start building on our current prospects and establish a commercial resource for shareholders.”

Mr. Veryard replaces Fred Leigh, the former Chief Executive Officer and former director of the Company.

About The Exercise of Warrants

A group of shareholders recently exercised 10 million warrants for common shares of the Company (the “Common Shares”) at an exercise price of $0.15 per Common Share, resulting in a cash inflow of approximately C$1.5 million to the Company. This cash will be used to fund exploration on Q-Gold’s Ontario prospects, potential accretive M&A transactions as deemed appropriate, and for general corporate and working capital purposes.

About Q-Gold Resources Ltd.

Q-Gold is a publicly traded Canada-based mineral exploration company currently exploring for precious and base metals on its Ontario prospects.

For further information, contact:
Evan Veryard, Chief Executive Officer
+1 416 571 9037
info@qgoldresources.com

Cautionary Notes
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding the use of proceeds from the exercise of warrants, appointment of a new chief executive officer and director and beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. In particular, the company cautions that the completion of the proposed acquisitions cannot be predicted with certainty, and that there can be no assurance at this time that the proposed acquisitions will be completed in the manner noted above or at all. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company's control. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.

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