Buy Or Sell Opportunity • Jul 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to CA$14.00. The fair value is estimated to be CA$17.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 79% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Jul 17
Executive Chairman & CEO recently bought CA$140k worth of stock On the 16th of July, Warren Philip Gilman bought around 10k shares on-market at roughly CA$13.98 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$169k. Warren Philip has been a buyer over the last 12 months, purchasing a net total of CA$85k worth in shares. Recent Insider Transactions • Jun 07
Independent Director recently sold CA$722k worth of stock On the 5th of June, Michael Cowin sold around 51k shares on-market at roughly CA$14.15 per share. This transaction amounted to 6.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$983k. Insiders have been net sellers, collectively disposing of CA$1.7m more than they bought in the last 12 months. Recent Insider Transactions • May 25
Chief Financial Officer recently sold CA$983k worth of stock On the 19th of May, Vicki Cook sold around 66k shares on-market at roughly CA$14.93 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Vicki's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • May 21
Executive Chairman & CEO exercised options to buy CA$11m worth of stock. On the 15th of May, Warren Philip Gilman exercised options to buy 750k shares at a strike price of around CA$6.40, costing a total of CA$4.8m. This transaction amounted to 12% of their direct individual holding at the time of the trade. Since June 2025, Warren Philip's direct individual holding has increased from 5.84m shares to 6.22m. Company insiders have collectively bought CA$7.1m more than they sold, via options and on-market transactions, in the last 12 months. Buy Or Sell Opportunity • May 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to CA$14.78. The fair value is estimated to be CA$12.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 83% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • May 13
Upcoming dividend of CA$0.13 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 01 June 2026. Payout ratio is a comfortable 3.9% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of Canadian dividend payers (5.5%). Lower than average of industry peers (2.1%). Recent Insider Transactions • May 04
Executive Chairman & CEO recently bought CA$169k worth of stock On the 30th of April, Warren Philip Gilman bought around 11k shares on-market at roughly CA$15.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Warren Philip has been a buyer over the last 12 months, purchasing a net total of CA$187k worth in shares. Announcement • May 03
Queen's Road Capital Investment Ltd. announced that it has received CAD 33.800013 million in funding On May 1, 2026. Queen's Road Capital Investment Ltd. announced that it has closed the transaction. It has issued 2,180,646 shares at a price of CAD 15.50 per share for gross proceeds of CAD 33,800,013. Finders' fees totalling CAD 821,940 were paid to arm's-length third parties. The shares sold in the placement are subject to a four-month resale restriction which expires on August 31, 2026. An Insider of the Company participated in the Offering and subscribed for 10,905 common shares for gross proceeds of CAD 169,027.50 Announcement • Apr 30
Queen's Road Capital Investment Ltd. announces Annual dividend, payable on June 01, 2026 Queen's Road Capital Investment Ltd. announced Annual dividend of CAD 0.1250 per share payable on June 01, 2026, ex-date on May 20, 2026 and record date on May 20, 2026. Announcement • Apr 17
Queen's Road Capital Investment Ltd. announced that it expects to receive CAD 23.000001 million in funding Queen's Road Capital Investment Ltd. announced a non-brokered private placement to issue 1,483,871 common shares at a price of CAD 15.50 for the proceeds of CAD 23,000,000.5 on April 15, 2026. The Company may pay finders’ fees in connection with this private placement. Closing will occur as soon as practical following receipt of TSX approval. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$16.15, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Capital Markets industry in Canada. Total returns to shareholders of 151% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$16.04, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Capital Markets industry in Canada. Total returns to shareholders of 142% over the past three years. Recent Insider Transactions Derivative • Feb 04
Independent Director exercised options to buy CA$2.2m worth of stock. On the 28th of January, Michael Cowin exercised options to buy 161k shares at a strike price of around CA$6.40, costing a total of CA$1.0m. This transaction amounted to 24% of their direct individual holding at the time of the trade. Since June 2025, Michael's direct individual holding has increased from 643.02k shares to 661.07k. Company insiders have collectively bought CA$7.7m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 05
Queen's Road Capital Investment Ltd., Annual General Meeting, Jan 09, 2026 Queen's Road Capital Investment Ltd., Annual General Meeting, Jan 09, 2026. Announcement • Oct 16
Queen's Road Capital Investment Ltd. announces Annual dividend, payable on November 13, 2025 Queen's Road Capital Investment Ltd. announced Annual dividend of CAD 0.2300 per share payable on November 13, 2025, ex-date on November 03, 2025 and record date on November 03, 2025. Buy Or Sell Opportunity • Aug 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to CA$7.85. The fair value is estimated to be CA$6.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings have declined by 9.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 96% Earnings have declined by 9.6% per year over the past 5 years. Revenue is less than US$1m. Recent Insider Transactions • Jun 12
Independent Director recently bought CA$78k worth of stock On the 10th of June, Michael Cowin bought around 12k shares on-market at roughly CA$6.51 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$2.9m more in shares than they have sold in the last 12 months. New Risk • Apr 16
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Paying a dividend despite being loss-making. Buy Or Sell Opportunity • Apr 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CA$6.00. The fair value is estimated to be CA$7.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years, while earnings per share has been flat. Announcement • Nov 06
Queen's Road Capital Investment Ltd., Annual General Meeting, Jan 10, 2025 Queen's Road Capital Investment Ltd., Annual General Meeting, Jan 10, 2025. Recent Insider Transactions Derivative • Nov 06
President & Director exercised options to buy CA$750k worth of stock. On the 1st of November, Alex Granger exercised options to buy 974k shares at a strike price of around CA$0.30, costing a total of CA$292k. This transaction amounted to 24% of their direct individual holding at the time of the trade. Since December 2023, Alex's direct individual holding has increased from 2.81m shares to 3.99m. Company insiders have collectively bought CA$3.6m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Oct 24
Dividend of CA$0.021 announced Shareholders will receive a dividend of CA$0.021. Ex-date: 4th November 2024 Payment date: 14th November 2024 Dividend yield will be 2.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Recent Insider Transactions Derivative • Oct 17
President & Director exercised options to buy CA$927k worth of stock. On the 11th of October, Alex Granger exercised options to buy 1m shares at a strike price of around CA$0.30, costing a total of CA$348k. This transaction amounted to 41% of their direct individual holding at the time of the trade. Since December 2023, Alex has owned 2.81m shares directly. Company insiders have collectively bought CA$3.3m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 17
Queen's Road Capital Investment Ltd. Declares Annual Dividend, Payable on November 14, 2024 Queen's Road Capital Investment Ltd. declared its annual dividend of CAD 0.021/share payable on November 14, 2024 (the "Dividend Payment Date"). The dividend is payable to all shareholders of record as at November 4, 2024 (the "Dividend Record Date"). This year's dividend payment is an increase of CAD 0.002 over last year's dividend payment representing a one-year increase of 11% reflecting the growth of convertible debenture portfolio. QRC's dividend has increased by 40% since its inaugural dividend in 2021. New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Buy Or Sell Opportunity • Sep 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to CA$0.71. The fair value is estimated to be CA$0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to CA$0.71. The fair value is estimated to be CA$0.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Peter Chau was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Queen's Road Capital Investment Ltd., Annual General Meeting, Dec 22, 2023 Queen's Road Capital Investment Ltd., Annual General Meeting, Dec 22, 2023. Upcoming Dividend • Oct 27
Upcoming dividend of CA$0.019 per share at 3.0% yield Eligible shareholders must have bought the stock before 03 November 2023. Payment date: 16 November 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Canadian dividend payers (6.8%). Higher than average of industry peers (2.0%). Announcement • Oct 17
Queen's Road Capital Investment Ltd. Declares Dividend, Paid on November 16, 2023 Queen's Road Capital Investment Ltd. Declared its annual dividend of CAD 0.019/share payable on November 16, 2023 (the "Dividend Payment Date"). The dividend is payable to all shareholders of record as at November 6, 2023 (the "Dividend Record Date"). This year's dividend payment is an increase of CAD 0.002 over last year's dividend payment representing a one-year increase of 12% and a two-year increase of 27% reflecting the growth of convertible debenture portfolio. Upcoming Dividend • Oct 28
Upcoming dividend of CA$0.017 per share Eligible shareholders must have bought the stock before 04 November 2022. Payment date: 17 November 2022. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.4%. Lower than top quartile of Canadian dividend payers (6.0%). In line with average of industry peers (2.5%). Announcement • Oct 22
Queen's Road Capital Investment Ltd., Annual General Meeting, Dec 22, 2022 Queen's Road Capital Investment Ltd., Annual General Meeting, Dec 22, 2022. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. President & Director Alex Granger is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Apr 19
Executive Chairman & CEO recently bought CA$94k worth of stock On the 12th of April, Warren Philip Gilman bought around 118k shares on-market at roughly CA$0.80 per share. This was the largest purchase by an insider in the last 3 months. Warren Philip has been a buyer over the last 12 months, purchasing a net total of CA$480k worth in shares. Announcement • Mar 01
Queen's Road Capital Investment Ltd. announced that it has received CAD 100 million in funding from Corom Pty. Ltd., Wyloo Metals Pty Ltd, BBRC International Pte Ltd, Bonython Property and Investments Pty Ltd, Washington H. Soul Pattinson and Company Limited, and other investors On February 28, 2022, Queen's Road Capital Investment Ltd. closed the transaction. The company paid finders fees of CAD 208,480 in relation to the transaction. The shares issued are subject to a four month hold period expiring on June 28, 2022. The transaction has been oversubscribed. Announcement • Feb 08
Queen's Road Capital Investment Ltd. announced that it expects to receive CAD 100 million in funding from Corom Pty. Ltd., Wyloo Metals Pty Ltd, BBRC International Pte Ltd, Bonython Property and Investments Pty Ltd, Washington H. Soul Pattinson and Company Limited and other investors Queen's Road Capital Investment Ltd. announced a non-brokered private placement of 156,250,000 common shares at an issue price of CAD 0.64 per share for gross proceeds of up to CAD 100 million on February 7, 2022. The transaction included participation returning shareholders including Corom Pty Ltd for CAD 25 million, Wyloo Metals Pty Ltd for CAD 25 million, BBRC International Pte Ltd for CAD 15 million, Warren Gilman for CAD 5 million, Bonython Property and Investments Pty Ltd for CAD 5 million, Washington H. Soul Pattinson & Company Ltd. for CAD 5 million, and remaining up to CAD 20 million will include participation from other investors and company may pay finders’ fees in connection with such additional subscriptions. All of directors and officers of the company have committed to participate in the transaction. Closing will occur as soon as practical following receipt of TSX Venture Exchange approval. Recent Insider Transactions • Jan 14
Executive Chairman & CEO recently bought CA$92k worth of stock On the 10th of January, Warren Philip Gilman bought around 134k shares on-market at roughly CA$0.69 per share. This was the largest purchase by an insider in the last 3 months. Warren Philip has been a buyer over the last 12 months, purchasing a net total of CA$386k worth in shares. Reported Earnings • Jan 13
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: US$0.05 (up from US$0.017 loss in 1Q 2021). Revenue: US$14.6m (down 778% from 1Q 2021). Net income: US$13.9m (up US$18.6m from 1Q 2021). Profit margin: 95% (down from 218% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has increased by 133% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Nov 29
Chairman & CEO recently bought CA$65k worth of stock On the 24th of November, Warren Philip Gilman bought around 86k shares on-market at roughly CA$0.75 per share. In the last 3 months, they made an even bigger purchase worth CA$67k. Warren Philip has been a buyer over the last 12 months, purchasing a net total of CA$248k worth in shares. Reported Earnings • Nov 24
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: US$71.4m (up 317% from FY 2020). Net income: US$67.0m (up US$61.9m from FY 2020). Profit margin: 94% (up from 30% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Nov 06
Chairman & CEO recently bought CA$67k worth of stock On the 2nd of November, Warren Gilman bought around 87k shares on-market at roughly CA$0.77 per share. This was the largest purchase by an insider in the last 3 months. Warren has been a buyer over the last 12 months, purchasing a net total of CA$184k worth in shares. Recent Insider Transactions • Aug 11
Chairman & CEO recently bought CA$56k worth of stock On the 6th of August, Warren Gilman bought around 94k shares on-market at roughly CA$0.60 per share. In the last 3 months, there was an even bigger purchase from another insider worth CA$143k. This was Warren's only on-market trade for the last 12 months. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Chairman & CEO Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Chairman & CEO Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Chairman & CEO Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Chairman & CEO Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Recent Insider Transactions • Jul 31
Insider recently bought CA$143k worth of stock On the 28th of July, Jack Cowin bought around 227k shares on-market at roughly CA$0.63 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Mar 21
Queen’s Road Capital Investment Ltd. Appoints Ms. Vicki Cook as Chief Financial Officer, Effective May 1, 2021 Queen’s Road Capital Investment Ltd. announced the appointment of Ms. Vicki Cook as Chief Financial Officer of the Company, effective May 1, 2021. Based in Hong Kong, Ms. Cook has worked in various roles for Hutchison Whampoa Limited (HWL) over an 18-year period. HWL is a multinational conglomerate, part of the Cheung Kong Group of Companies founded by Mr. Li Ka-shing. Ms. Cook has also been a consultant to Cathay Pacific Airways Limited (“CPA”) for the past 7 years. Ms. Cook holds a Master’s degree from Oxford University. She is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants. Is New 90 Day High Low • Feb 09
New 90-day high: CA$0.90 The company is up 125% from its price of CA$0.40 on 10 November 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: CA$0.70 The company is up 79% from its price of CA$0.39 on 30 September 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 3.0% over the same period. Is New 90 Day High Low • Nov 28
New 90-day high: CA$0.57 The company is up 31% from its price of CA$0.43 on 28 August 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 12% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: CA$0.36 The company is down 11% from its price of CA$0.41 on 24 July 2020. The Canadian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 1.0% over the same period. 
