Rollover Completion and Dissolution Information – Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership

Version française

TORONTO, November 3, 2025 – The Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership has completed a mutual fund rollover transaction (“the Mutual Fund Rollover”) where the Marquest Critical Minerals 2024 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 October 31, 2025) to Marquest Mutual Funds Inc. on October 31, 2025, in exchange for Marquest Mutual Funds Inc. – Explorer Series A/Rollover and Series F Mutual Fund (MAV2401/MAV2403) (the “Mutual Fund Shares”). As part of the wind-up and dissolution of Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership, the Mutual Fund Shares were distributed to limited partners of record as of October 31, 2025, 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 Critical Minerals 2024 Super Flow-Through Limited Partnership, A Class, received 95.817470 Mutual Fund Shares (issued at the October 31, 2025, Net Asset Value per Mutual Fund Share of $1.002000 (MAV7001)) for each limited partnership unit, based on a net asset value of $96.0091 per unit of the Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership.

Limited partners of the Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership, F Class, received 94.979880 Mutual Fund Shares (issued at the October 31, 2025, Net Asset Value per Mutual Fund Share of $1.068800 (MAV7011)) for each limited partnership unit, based on a net asset value of $101.5145 per unit of the Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership.

AFTER TAX RETURNS and ACB OF PARTNERSHIP UNITS – AS AT October 31, 2025

We can report that our investors in the Marquest Critical Minerals 2024 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)
66.56%                                                                                40.86%

Pre-Tax (F Class)                                                        After-Tax (F Class)
72.07%                                                                               44.90%

The ACB per unit of the Marquest Critical Minerals 2024 Super Flow-Through Limited Partnership, based on the information available to us will be provided to you with your 2025 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 2025 tax slips when determining their capital gains tax liability. Investors are urged to consult with their Investment Advisor and tax professionals.

MARKET COMMENTS

Like many issuers in the Canadian junior mining sector, the Marquest Mining Critical Minerals 2024 Super Flow-Through LP had a somewhat slow start to the year as the junior mining sector took time to gain momentum. However, critical mineral commodities generally performed well throughout the year, and investments in the limited partnership showed steady progress. As the year unfolded, performance improved as the partnership converted certain holdings into cash in preparation for the rollover, reinvesting in more stable, large-cap Canadian mining companies. Capital inflows into the junior mining subsector remained decent, with improved trading liquidity becoming more apparent in the June/July timeframe.

 

Within the base metals sector, copper’s performance was unexpectedly muted. While supply constraints remained a significant structural factor, demand did not accelerate as expected. U.S. copper imports were front-loaded, and Chinese inventory buildup slowed, leading to weaker demand in the latter half of the year. This prompted some analysts to adopt a more cautious outlook for copper heading into 2026. Additionally, rising smelting capacity in China, subdued manufacturing activity, and a stronger U.S. dollar added further pressure. Other base metals, such as nickel, traded in a sideways pattern for much of the year, with structural demand gradually emerging yet to spark a sustained upswing.

On a broader macroeconomic scale, investor sentiment improved as key uncertainties moderated. Progress on major trade conflicts, limited geopolitical risks in the Middle East, and central banks beginning to reduce interest rates in 2025 helped support industrial activity and global economic growth. Estimates for global GDP growth in 2025 have converged around the 3% mark, providing a constructive backdrop for mining equities and exploration plays.

In the latter half of the year, capital flows into the junior mining sector saw a resurgence, signaling stabilization and renewed investor confidence. For the Marquest Critical Minerals 2024 SFTLP, this shift helped deliver better year-on-year returns. Analysts remain optimistic about the structural outlook for commodities like copper, with expectations for supply constraints, mine closures, and increasing demand driven by the electrification of the global grid, AI, data center expansions, and the growing battery supply chain.

As 2025 closes, we remain increasingly confident about the long-term opportunities in Canada’s junior mining sector. Demand for critical and strategic minerals continues to be driven by the global shift toward decarbonization, electrification, and the realignment of supply chains—coupled with the increasing impact of AI applications. With Canada’s diverse resource base, political stability, and well-established ESG framework, the country remains an attractive jurisdiction for capital and strategic partnerships. Government incentives such as the 30% Critical Mineral Exploration Tax Credit and the flow-through share structure further support exploration financing. Many junior equities are still trading at relatively depressed valuations, and with improving commodity momentum and investor sentiment, the sector is well-positioned to benefit as the next phase of the commodity cycle unfolds.

 

*Based on approximate amounts of Canadian Exploration Expenses and additional credits and deductions for an Ontario resident; assuming Ontario marginal tax rate of 53.53%; including 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.