Rollover Completion and Dissolution Information – MARQUEST MINING QUEBEC 2025-I SUPER FLOW-THROUGH LIMITED PARTNERSHIP
TORONTO, May 22, 2026 – The Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership has completed a mutual fund rollover transaction (“the Mutual Fund Rollover”) where the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership transferred all of its assets other than cash (all cash in excess of funds required to meet existing liabilities was distributed to limited partners on May 22, 2026) to Marquest Mutual Funds Inc. on May 22, 2026, in exchange for Marquest Mutual Funds Inc. ‐ Explorer Series A/Rollover and Series F Mutual Fund (MAV7001/MAV7011) (the “Mutual Fund Shares”). As part of the wind‐up and dissolution of Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership, the Mutual Fund Shares were distributed to limited partners of record as of May 22, 2026 on a pro rata basis.
The information contained herein is strictly for information purposes only and should in no way be regarded as tax advice. You are advised to obtain professional tax advice about your individual circumstances.
MUTUAL FUND ROLLOVER
Limited partners of the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership, A Class, received 58.013880 Mutual Fund Shares (issued at May 22, 2026, Net Asset Value per Mutual Fund Share of $1.1387 (MAV7001)) for each limited partnership unit, based on a net asset value of $66.0604 per unit of the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership.
Limited partners of the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership, F Class, received 57.267490 Mutual Fund Shares (issued at May 22, 2026, Net Asset Value per Mutual Fund Share of $1.2210 (MAV7011)) for each limited partnership unit, based on a net asset value of $69.9236 per unit of the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership.
AFTER TAX RETURNS and ACB OF PARTNERSHIP UNITS – AS AT May 22, 2026
We can report that our investors in the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership have the following pre-tax and after-tax returns on their initial investment of $100.00, factoring in capital gains tax*:
Pre-Tax (A Class) After-Tax (A Class)
37.44% 19.83%
Pre-Tax (F Class) After-Tax (F Class)
41.30% 22.66%
The ACB per unit of the Marquest Mining Québec 2025-I Super Flow-Through Limited Partnership, based on the information available to us will be provided to you with your 2026 tax slips.
Investors who have not redeemed their holdings of the Mutual Fund Shares (or any shares of Marquest Mutual Funds Inc. that they hold as a result of a switch transaction in respect of the Mutual Fund Shares) resulting from the rollover transaction have deferred the potential tax liability of capital gains until they do so. Investors who have redeemed a portion or all of their holdings of the Mutual Fund Shares (including shares of Marquest Mutual Funds Inc. that they hold as a result of a switch transaction in respect of the Mutual Fund Shares) resulting from the rollover transaction should use the ACB per share that will be provided with the 2026 tax slips when determining their capital gains tax liability. Investors are urged to consult with their Investment Advisor and tax professionals.
MARKET COMMENTS
The investment period for the Marquest Mining Québec 2025 I Super Flow Through Limited Partnership unfolded within a complex macroeconomic environment, marked by shifting geopolitical dynamics and periods of heightened market volatility. Gold, which had benefited from an exceptional multiyear run driven by geopolitical tensions, inflation concerns, and sustained central bank demand, experienced a period of repricing as policymakers adopted a more cautious stance. While this price adjustment of gold weighed on sentiment late in the period, it is important to recognize that much of the pressure has been tied to short-term uncertainty. As geopolitical conditions evolve (a potential end to the Iran war), the factors that have supported gold’s strength in recent years—its role as a store of value, its defensive characteristics, and its importance within global reserve portfolios—remain firmly in place.
Copper also performed well during the investment period, supported by ongoing industrial activity and the continued global shift toward electrification. Structural demand tied to grid expansion, renewable energy infrastructure, and the broader transition toward lower-carbon technologies contributed to periods of renewed strength within the base metals complex. These long-term themes continue to reinforce the strategic importance of critical minerals within Canada’s resource landscape.
Throughout the investment period, the Limited Partnership deployed capital in a disciplined manner across a diversified group of junior mining issuers. As volatility increased, the Partnership gradually transitioned toward a more defensive posture, reducing exposure to smaller issuers and increasing liquidity in preparation for rollover. This shift resulted in a portfolio more heavily weighted toward established Canadian mining companies and royalty businesses—issuers characterized by stronger balance sheets, deeper liquidity, and more stable operating profiles. This transition helped moderate volatility during the latter part of the period and provided stability as markets adjusted to evolving macroeconomic conditions.
Elevated cash balances also played a meaningful role in dampening fluctuations. Cash was generated through the orderly sale of junior mining holdings in anticipation of investor redemptions, allowing the Partnership to navigate a challenging environment with reduced sensitivity to short-term market swings. By rollover, the portfolio reflected a prudent and well-managed transition into more liquid holdings, consistent with the Partnership’s mandate and the objective of preserving value through periods of uncertainty.
Despite the challenges encountered late in the period, the broader structural backdrop for Canada’s mining sector remains supported by enduring themes such as electrification, critical minerals demand, and supply chain realignment. These forces continue to underpin the long-term relevance of Canada’s resource base and the strategic importance of early-stage exploration. The Partnership’s disciplined approach to capital deployment, risk management, and portfolio transition helped navigate a complex market environment and position the portfolio appropriately for rollover.
***The data was derived using the TRA function within the Bloomberg terminal.
Note: Limited partners will receive a T5013/RL15 for the 2025 taxation year early in 2027. Certain tax deductions will be available for the taxation years 2026 through to 2030.
For further information, please contact Marquest Asset Management at 1‐888‐964‐3533.
*Based on approximate amounts of Canadian Exploration Expenses and additional credits; assumes Québec marginal tax rate of 53.31%; includes the amortized offering costs deductions; no alternative minimum tax is triggered from other deductions; ACB at rollover is considered $0; assumes disposition of the rollover value. All numbers are approximate and for illustration purposes only. All investors will receive tax slips that reflect their exact amounts. Investors should discuss with their tax specialist in order to evaluate their respective performance.