QUESTEX ANNOUNCES COMPLETION OF ARRANGEMENT WITH SKEENA

VANCOUVER, BC, June 1, 2022 /CNW/ - QuestEx Gold & Copper Ltd. (TSXV: QEX) (OTCQX: QEXGF) ("QuestEx" or the "Company") is pleased to announce that QuestEx and Skeena Resources Limited ("Skeena") have completed the previously announced acquisition by Skeena of QuestEx by way of plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement") effective at 12:01 a.m. (Vancouver time) on June 1, 2022.

Pursuant to the Arrangement, the holders of common shares of QuestEx (the "QuestEx Shares") (other than Skeena, any subsidiary of Skeena and any subsidiary of Newmont Corporation), received $0.65 in cash (less any applicable withholding taxes) and 0.0367 of a common share of Skeena (each whole common share, a "Skeena Share") for each QuestEx Share held. A subsidiary of Newmont Corporation was issued a promissory note by Skeena representing its entitlement to the Skeena Shares and cash otherwise payable in respect of its QuestEx Shares.

The QuestEx Shares are expected to be delisted from the TSX Venture Exchange and the OTCQX at the close of trading on June 2, 2022, and QuestEx intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Further information about the Arrangement is set forth in the materials prepared by QuestEx in respect of QuestEx's annual general and special meeting of securityholders held on May 25, 2022, which were mailed to QuestEx shareholders and filed under QuestEx's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD & COPPER LTD.

"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director

Neither the Exchange nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE QuestEx Gold & Copper Ltd.

T: [phone], TF: [phone], W: www.questex.ca