MetalQuest Mining Engaged in Discussions with Leading Engineering Firms for Development of Lac Otelnuk Project
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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MetalQuest Mining Engaged in Discussions with Leading
Engineering Firms for Development of Lac Otelnuk Project
April 15th, 2025 - Rockport, Ontario – MetalQuest Mining Inc. (TSXV: MQM) (“MQM” or
the “Company”) is pleased to announce that its management team has been actively engaged in
obtaining formal proposals and cost estimates with five internationally recognized engineering
firms, each with extensive experience in iron ore, green steel production, infrastructure and
mining development in Northern Quebec.
MQM is focused on receiving quotations to support the next phase of technical and strategic
development of the Lac Otelnuk Iron Ore Project, one of North America’s largest
undeveloped iron ore projects. The firms under consideration are in the process of submitting
detailed proposals outlining their scope, pricing, and execution strategies.
Chairman and CEO Harry Barr states, "We are taking a disciplined and strategic approach in
selecting the right engineering team to support the Lac Otelnuk Project. This is not just about
cost—it’s about vision, innovation, and long-term alignment. We want a partner who
understands how to build a mine of the future—one that meets the demands of the green steel
economy, respects the environment, the local communities and their culture. It is important that
we build on the 2015 Feasibility Study and update key reports so that we have a clear plan to
further Project development.”
Scope of Engineering Reports
As MQM works toward initiating a modern, low-emissions iron ore operation capable of
producing DR-grade pellets and/or Hot Briquetted Iron (HBI), the Company has asked for
proposals based on the following;
Focus Area Description
1 Gap Analysis Evaluation of the 2015 Feasibility Study and identification of
missing or outdated technical studies. Recommendations for
regenerating data and preparing for a new PEA or PFS.
2 Processing
Technology
Assessment
Analysis of modern beneficiation technologies such as Magnetic
Resonance ore sorting and Coarse Particle Flotation, alongside
hydrogen-based reduction methods like Circored, HYFOR, and
HY4SMELT.
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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3 Energy Strategy Assessment of power generation options—including SMRs,
hydro, wind, LNG, and geothermal—tailored to meet Lac
Otelnuk’s industrial-scale energy demands with ultra-low
emissions.
4 Hydrogen and
Ammonia
Infrastructure
Preliminary design and siting strategy for hydrogen (H₂) and
ammonia (NH₃) production facilities, aligned with green steel
objectives and energy availability.
5 Port &
Transportation
Logistics
Evaluation of high-throughput port sites and transport
infrastructure to support the shipment of up to 110 Mtpa.
Includes slurry pipelines, autonomous haulage, rail, and overland
conveyors.
6 GIS and
Infrastructure
Mapping
Development of a centralized, interactive GIS platform to
visualize and analyze site logistics, energy routes, Indigenous
territories, environmental features, and infrastructure corridors.
7 Scorecard-Based Site
Selection
Use of a scorecard methodology to evaluate and rank options for
plant locations, transportation routes, and energy systems based
on ESG factors, scalability, cost, and regulatory considerations.
8 Mine Planning and
Resource Strategy
Review and update of mineable resources to support a 30+ year
mine life for up to110 Mtpa production. Evaluation of mining
fleet strategies aligned with decarbonization targets.
9 Energy and Cost
Modelling
High-level estimates of thermal and electrical energy
requirements, hydrogen/ammonia demand, and related
CAPEX/OPEX assumptions to inform strategic planning and future
PFS documentation.
10 Roadmap to Phase 2 A set of actionable recommendations for field campaigns,
permitting, First Nations and stakeholder engagement, and
engineering studies required to advance the project through the
next phase of technical de-risking.
Further updates in regard to the phase 1 technical studies will be forth coming.
About Lac Otelnuk Iron Ore Project
The Lac Otelnuk Iron Ore Project, situated in the prolific Labrador Trough region of Quebec, is
one of North America's largest undeveloped iron ore deposits. A historic feasibility study,
completed in 2015, highlights a measured and indicated resource of 20.64 billion tonnes of iron
ore with an average TFe grade of 29.8%. According to the study, the project may be capable of
producing a high-purity iron concentrate with over 68.5% Fe and less than 4% SiO2, potentially
making it an ideal candidate for green steel production.
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Highlights of the Historic Mineral Resource Estimate and 2015 Feasibility Study
To learn more about the 2015 Historic Mineral Resource Estimate and Historic 2015 Feasibility
study, please refer to May 16th, 2023 press release.
https://metalquestmining.com/news/metalquest-mining-lac-otelnuk-iron-ore-project-overview/
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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About MQM
MetalQuest Mining (MQM) owns a 100% of Otelnuk and is further looking to develop one of
the largest Iron ore projects in North America. The Lac Otelnuk Iron Ore Project is located in
Quebec’s Labrador Trough and is approximately 165 km by air northwest of the Town of
Schefferville, and 1200 km northeast of Montreal by air. The Quebec government has recently
transferred the claims into MQM’s name and management is accumulating a vast amount of
technical data as approximately $150 million has been expended on the project to date. Going
forward, one of our primary objectives will be to continue to work with Naskapi First Nation of
Kawawachikamach with whom we have an Exploration and Pre-Development Agreement as of
November 2023. Management is continuing to develop its in-house Iron ore database to enable
the Company to secure an Option/Joint Venture partner from the Iron ore industry. The
Company owns 2.2 million shares and 2.5 million warrants of Canadian Copper (CCI) and two
NSR royalties totaling 1% in Murray Brook PEA Stage Zinc-Polymetallic Deposit, situated in
the famous Bathurst Mining District, New Brunswick, Eastern Canada. Canadian Copper Inc
(CCI) has the right to purchase half of a 0.33% royalty for $1 million dollars and must pay MQM
a pre- production cash payment of $1 million after the project goes into production. The
Company is apparently completing a Preliminary Economic Assessment (PEA) on processing
the Murray Brook deposit at the Caribou Processing Complex. Release date is expected in the
first half of 2025.
Investors are invited to visit the MetalQuest Mining website
at www.metalquestmining.com where they can review the company and its corporate activities.
Any questions or comments can be directed to Harry Barr at [email protected] or Farid
Mammadov at [email protected] or call 613 659 2773.
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MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. Cautionary Note Regarding Forward Looking State ments: This release contains
forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results and are based on current expectations or beliefs.
For this purpose, statements of historical fact may be deemed to be forward-looking statements.
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Company’s ability and continuation of efforts to timely and completely make available adequate
current public information, additional or different regulatory and legal requirements and
restrictions that may be imposed, and other factors as may be discussed in the documents filed
by the Company on SEDAR (www.sedar.com), including the most recent reports that identify
important risk factors that could cause actual results to differ from those contained in the
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confirm analysts’ expectations or estimates or to release publicly any revisions to any forward -
looking statements to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue reliance on forward-looking
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