MetalQuest Mining Highlights Potential for Green Steel at Lac Otelnuk Iron Ore Project Following High-Purity Iron Ore’s Inclusion on Critical Metals List
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 Highlights Potential for Green Steel at Lac
Otelnuk Iron Ore Project Following High-Purity Iron Ore’s
Inclusion on Critical Metals List
June 13th, 2024, Rockport, Ontario – (TSX.V: MQM; OTCQB: MQMIF; FSE: E7Q.F) (“MQM”
or “Company”) is pleased to announce developments for the Lac Otelnuk Iron Ore Project in
light of the recent declaration by the Governments of Canada, Quebec, and Newfoundland of
including high purity iron ore on the Critical Metals List. This strategic decision underscores the
potential of high-grade iron ore in advancing the transition to a green economy. The Labrador
Trough hosts one of the largest resources of high-purity iron globally, presenting an exceptional
opportunity for Canada to become a global leader in the green steel supply chain.
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.
Inclusion of High Purity Iron Ore on the Critical Metals List
The addition of high-purity iron ore to the critical metals list is a significant development for the
Lac Otelnuk Project. This classification emphasizes the importance of high-purity iron ore in
reducing greenhouse gas emissions through its potential application in green steel production.
The steelmaking industry is currently the largest industrial source of CO2 emissions globally,
making the development of green steel projects crucial for achieving a sustainable future.
Harry Barr, CEO of MetalQuest stated, “The recognition of high-purity iron ore as a critical
metal underscores the potential of the Lac Otelnuk Project to contribute to the green steel
revolution,” “We are optimistic about the opportunities this presents for our shareholders and
stakeholders, and remain committed to advancing sustainable development and supporting
Canada’s green economy transition.”
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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For MetalQuest Mining shareholders, the recent declaration by the Governments of
Canada, Quebec, and Newfoundland including high purity iron ore on the Critical Metals
List enhances the investment appeal of the Lac Otelnuk Project.
The critical metals designation could attract interest from potential joint venture partners and
investors, and may also qualify the project for government incentives and funding aimed at
accelerating critical mineral projects. The support from provincial and federal governments for
critical mineral exploration and development could further de-risk the project and potentially
expedite its development path.
Being included in Canada's critical metals list provides significant tax advantages for projects
like the Lac Otelnuk Iron Ore Project. Companies can benefit from enhanced exploration and
development tax credits, allowing for higher deductions on eligible expenses. Additionally, they
may qualify for accelerated capital cost allowance, enabling faster write-offs of capital
investments to reduce taxable income early in the project’s life. These projects are also eligible
for various federal and provincial grants and financial incentives aimed at supporting the
development of critical mineral supply chains.
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/
About MQM
Metal Quest 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. Given the size and scope of the Lac
Otelnuk Project, management of MQM are working with a Toronto-based engineering company
familiar with the project to create a go-forward development plan. 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 work with Wasayao Strategy
Group, a Quebec-based First Nations consulting firm, that will work with MQM to secure
Memorandums of Understanding (MOU) with local First Nations and other stakeholders.
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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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 2.5 million units of Canadian Copper (CCI) and two NSR royalties totalling
1% in Murray Brook PEA Stage Zinc -Polymetallic Deposit, situated in the famous Bathurst
Mining District, New Brunswick, Eastern Canada. Canadian Copper Inc (CCI) ha s 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. 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.
Opt-in List
If you have not done so already, we encourage you to sign up on our website
(www.mqmining.com) to receive our updated news. On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
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this release. Cautionary Note Regarding Forward Looking State ments: This release contains
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For this purpose, statements of historical fact may be deemed to be forward-looking statements.
In addition, forward -looking statements include statements in which the Company uses words
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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
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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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important risk factors that could cause actual results to differ from those contained in the
forward-looking statements. The Company does not undertake any obligation to review or
confirm analysts’ expectations or estimates or to release publicly any revis ions 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
statements.