MQM.V · 2026-07-31 12:00:00

MetalQuest Mining Inc. 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

METALQUEST MINING COMPLETES SITE VISIT AT LAC OTELNUK

AND SUPERIOR IRON PROJECTS, ADVANCES PREPARATIONS FOR

METALLURGICAL TESTWORK AND PHASE 2 SITE VISIT

Rockport, Ontario – July 31st, 2026 – MetalQuest Mining Inc. (TSXV: MQM; OTCQB: MQMIF)

(“MetalQuest” or the “Company”) is pleased to announce that it has completed a reconnaissance

site visit to its 100%-owned Lac Otelnuk Iron project (Development stage) and its adjacent 100%-

owned Superior Iron project (Exploration stage) in northern Québec.

The reconnaissance program was conducted in June 2026 to allow MetalQuest’s management and

technical representatives to complete an on-site review of the legacy Lac Otelnuk camp facilities,

infrastructure, drill core storage and condition of access. The review helped our technical team

to determine necessary logistics for planned follow-up exploration programs on the projects.

Site Visit Highlights

● The Company completed a detailed review of the Lac Otelnuk legacy exploration

camp area and associated infrastructure . Camp structures and stored materials were

observed to be in good condition and generally well -preserved following the prior

operator’s closure of the site in 2016 (Figure 1).

● MetalQuest reviewed the on -site historical drill core inventory. Core from historical

Lac Otelnuk drilling operations, which had been cross -stacked and organized by the

previous operator, were found to be in good condition, with the majority of labels and

sample tags intact (Figure 2). The Company plans to collect intervals from the historical

core and half-core sections for metallurgical testwork prior to any new drilling on the Lac

Otelnuk Iron project.

● The metallurgical testwork will be conducted in collaboration with AtkinsRéalis

Canada Inc. (“AtkinsRéalis”), a Montreal-based engineering company and COREM,

a Québec City -based mineral processing consultant, as part of the Company’s

broader effort to assess modernization opportunities and advance the Lac Otelnuk

Iron project toward an updated development pathway.

● During the reconnaissance site visit, the Company also constructed a floating dock

intended to improve future site logistics by allowing for better access for float -

equipped aircraft and personnel.

● The team completed aerial reconnaissance and field documentation across the Lac Otelnuk

and Superior Iron pro ject areas that included the collection of photographs, video and

MetalQuest Mining Inc. 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

observations relating to historical infrastructure, access routes, drill trails, core

storage areas and selected exploration features.

“This site visit represented an important transition from desktop technical review to direct field

validation,” stated Harry Barr, Chairman and CEO of MetalQuest Mining. “ We were very

encouraged by the excellent condition of the historical drill core inventory and how well the

camp infrastructure was preserved. Within a week and with very little more time and material

the camp could be made operational for future exploration and development work as we go forward

on our pathway back to feasibility study on the Lac Otelnuk Iron project. The availability of

existing core gives us a practical opportunity to advance metallurgical work using this legacy

material, while our field observations will help guide future planning to advance both the

Lac Otelnuk Iron and Superior Iron projects towards development.

Figure 1: Aerial drone image of the legacy Lac Otelnuk Camp (June 2026)

Next Steps: Metallurgical Study

The Company is currently prioritizing the logistics required to collect and submit selected

core material for metallurgical testing and will incorporate the site observations into its ongoing

technical planning. MetalQuest’s technical team continues to evaluate proposed work programs

for both the Lac Otelnuk Iron and Superior Iron projects. These activities would include

continued technical validation and verification, infrastructure studies, logistics planning,

exploration targeting for the Superior Iron project and the continued updating of project

development studies referenced by AtkinsRéalis’ recently completed GAP study

(AtkinsRéalis, 2025).1

1Lac Otelnuk Iron Project Reaches an Important Milestone With the Completion of a technical gap analysis

MetalQuest Mining Inc. 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

Figure 2: Image of the cross-piled historical core on site (June, 2026)

About the Lac Otelnuk Iron Project

The Lac Otelnuk Iron project is 100% -owned by MetalQuest and is underlain by rocks of the

Labrador Trough in northern Québec, approximately 165 km northwest of Schefferville, QC

(Figure 3). The project benefits from a substantial body of historical technical work,

including a 2013 NI 43 -101 Mineral Resource Estimate (Risto et al., 2013) and a 2015

Feasibility Study (Risto et al., 2015) prepared by previous owner/operators.

Previous operators of the project invested approximately $120 million in resource

delineation, metallurgical studies, engineering and feasibility work.

Information pertaining to the historical resource estimate was obtained from a technical

report dated April 23, 2015 entitled "Lac Otelnuk Project Feasibility Study - 43-101

Technical Report” (Risto et al., 2015) (the “2015 Technical Report”) prepared for Lac Otelnuk

Mining by Met -Chem Canada Ltd. applying the tests set out in National Instrument 43-101 –

Standards of Disclosure for Mineral Projects . The 2015 Technical Report provides the most

https://metalquestmining.com/news/lac-otelnuk-iron-project-reaches-an-important-milestone-with-the-

completion-of-a-technical-gap-analysis/

MetalQuest Mining Inc. 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

recent mineral resource for the Lac Otelnuk deposit and is summarized, along with the

source parameters and assumptions, in Table 1:

Table 1: Categorized Mineral Resource Estimate for Lac Otelnuk Iron Project (Cut-Off

of 18 % DTWR)

Resource

Classification

Tonnes (billions) TFe Head (%) DTWR (%) Magnetic Fe (%)

Measured 16.21 29.3 25.8 17.8

Indicated 4.43 31.5 24.1 16.7

Total M&I 20.64 29.8 25.4 17.6

Inferred 6.84 29.8 26.3 17.8

Notes: 1. Interpretation of the mineralized zones was created as 3D wireframes/solids based on

logged geology and a nominal 10 % DTWR when required.

2. Mineral Resources were estimated using a block model with a block size of 50 x 50 x 5 m.

3. No grade capping was done. Tonnages and grades reported above are undiluted.

4. Assumed Fe price was US$ 110/dmt.

5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic

viability. There is no certainty that all or any part of the Mineral Resource will be

converted into Mineral Reserves. The estimate of Mineral Resources may be materially

affected by environmental, permitting, legal, title, socio-political, marketing, or other

relevant issues.

6. The quantity and grade of reported Inferred Mineral Resources in this estimation are

uncertain in nature and there has been insufficient exploration to define these Inferred

Resources as Indicated or Measured Mineral Resources and it is uncertain if further

exploration will result in upgrading them to an Indicated or Measured Mineral Resource

category.

7. The Mineral Resources were estimated using the Canadian Institute of Mining,

Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Reserves,

Definitions and Guidelines prepared by the CIM Standing Committee on Reserve

Definitions and adopted by CIM Council May 10th, 2014.

8. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be

assumed that all or any part of an Inferred Mineral Resource will be upgraded to an

Indicated or Measured Mineral Resource as a result of continued exploration. Confidence

in the estimate is insufficient to allow the meaningful application of technical and economic

parameters or to enable an evaluation of economic viability worthy of public disclosure.

Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility

or other economic studies.

MetalQuest believes verification of the historical estimates is required to upgrade the historical

estimates to current mineral resources. The Company expects such verification will require, among

other things: (i ) additional drilling and core density sampling; (ii) further detailed modelling on

ore controls and deposit structural setting; and (iii) continued metallurgical studies. The Company

believes that the historical estimate is relevant in assisting the Company in evaluating its proposed

work program but is unable to comment on the reliability of historical resources as insufficient

MetalQuest Mining Inc. 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

work has been done to make this determination . A qualified person has not done sufficient work

to classify the historical estimates referenced herein as current mineral resources or mineral

reserves and MetalQuest is not treating the historical estimate as current mineral resources or

mineral reserves.

In December 2025, AtkinsRéalis completed a technical Gap Analysis of the 2015 Feasibility

Study (AtkinsRéalis , 2025). The review identified a staged path forward focused on

validation and verification of historical geological and QA/QC work, optimization of mine

planning and processing concepts, infrastructure and logistics planning, updated

environmental and soc ial studies, and refreshed economic modelling to reflect current

market conditions and industry practices.

Figure 3: Map illustrating Lac Otelnuk Iron project’s claims in yellow and Superior Iron project

claims in pink

MetalQuest Mining Inc. 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

About the Superior Iron Project

The Superior Iron project is a 100%-owned, exploration-stage iron project adjoining the Lac

Otelnuk Iron project (see Figure 3). Acquired by the Company in November 2025 to provide

additional strategic district -scale exploration exposure , the Superior Iron project comprises

27,425 hectares of prospective ground and materially expands MetalQuest’s land position in

this established iron ore district.

MetalQuest is undertaking a systematic evaluation of the Superior Iron project, including

desktop compilation, field reconnaissance, geological mapping, sampling, geophysical review

and environmental baseline planning, with the objective of refining priority geophysical and

ground targets for future exploration programs.

During June 2026, MetalQuest completed initial reconnaissance over selected areas of the

Superior Iron project as part of its broader site visit to the Lac Otelnuk Iron and Superior

Iron propert ies. The work included helicopter reconnaissance, review of regional geological

trends and structural features, assessment of access routes and historical drill trails, and collection

of field observations, imagery and technical data to help guide future explo ration planning. A

follow-up exploration program is planned for August 2026.

Risto, R.W., Kociumbas, M., MacFarlane, G.R., and D’Anjou, N. (2013). Technical Report and

Updated Mineral Resource Estimate for the Lac Otelnuk Iron Property, Labrador Trough,

Northeastern Québec. Prepared for Lac Otelnuk Mining Ltd. Effective Date: October 31, 2013.

Toronto, Canada.

Risto, R.W., Kociumbas, M.W., Martinez, R., Lord, J., Giroux, E., Côté, M., Buccitelli, S.,

Cassoff, J., and Bollard, A. (2015). Lac Otelnuk Project Feasibility Study – NI 43-101 Technical

Report (Final Report). Prepared for Lac Otelnuk Mining Ltd. Effective Date: March 25, 2015.

Issue Date: April 23, 2015.

AtkinsRéalis Canada Inc. (2025). Lac Otelnuk Project – Gap Analysis Report (Technical

Report). Prepared for MetalQuest Mining. December 22, 2025. Project No. 706178;

About MetalQuest Mining

MetalQuest owns 100% of Lac Otelnuk Iron and Superior Iron projects. The Company is working

to develop the iron projects as one of the largest in North America. The Lac Otelnuk Iron project

is underlain by rocks of the Labrador Trough in northern Québec, approximately 165 km northwest

of the Town of Schefferville, and 1,200 km northeast of Montreal. Following a recent buy-back of

a 1% interest in the underlying royalty, the combined royalty remains 2.5%.

MetalQuest Mining Inc. 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

As approximately $120 million has been expended historically on the Lac Otelnuk Iron project,

the Company has access to a vast amount of historical technical data . Going forward, one of the

Company’s primary objectives will be to continue to work with Naskapi First Nation of

Kawawachikamach with whom an Exploration and Pre-Development Agreement was established

in November 2023. An in-person meeting to update the Naskapi on the two iron projects was

conducted in early June 2026.

A Gap Analysis study of the Project was recently completed by AtkinsRéalis, a global engineering

leader and lead author of the 2015 feasibility study, providing a clear framework for the Lac

Otelnuks Iron p roject’s next stage of advancement (AtkinsRéalis, 2025). MetalQuest is

advancing the Lac Otelnuk Iron p roject through a phased approach focused on technical

validation and verification, modernization opportunities, infrastructure and logistics

planning, ESG and permitting progress. The Company is on a pathway to an updated

Feasibility Study.

Exploration work on the Superior Iron project began in June 2026. The Company intends to

complete systematic ground truthing, detailed geophysical surveys, and comprehensive

environmental baseline studies. These programs are designed to enhance the geological model,

refine the understanding of mineralized zones, and del ineate high-priority drill targets to support

the next stage of exploration and development. A second phase of fieldwork is planned for August

2026.

On December 3 rd, 2025, MetalQuest announced the acquisition of the ROF -1 Project, a critical

minerals land package in Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares, ~52,000

acres). The Ring of Fire is one of Canada’s most important emerging critical minerals

districts, supported by growing infrastructure and government attention as the region

advances toward potential development. ROF-1 Project is located approximately 10 km from

major nearby deposits and has identified exploration potential for VMS -style mineralization and

multiple untested target corridors based on historic work and technical review.

https://metalquestmining.com/news/metalquest-secures-critical-minerals-project-in-northern-

ontarios-ring-of-fire-region/

The previously announced acquisition of the Fishhook Polymetallic Project represents

MetalQuest’s second step in building a broader multi-project Ring of Fire strategy, with the

Company continuing to review additional opportunities in the region.

https://metalquestmining.com/news/metalquest-acquires-a-second-22000-ha-property-in-

the-ring-of-fire-northern-ontario-the-fishhook-polymetallic-project/.

Our technical team is concluding a contract in regards to an extensive geophysical program

on the Fishhook Polymetallic Project, which is expected to be completed before the end of

September 2026, further announcements will be forthcoming.

MetalQuest Mining Inc. 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

New Age Metals Inc., is an approxi mate 14% shareholder of MetalQuest, has recently

advanced into the Ring of Fire through the acquisition of new exploration properties,

reflecting increasing exploration momentum within the district. New Age Metals’ activities

are independent of MetalQuest’s operations.

New Age Metals is focused on the discovery and advancement of platinum group metals and other

critical minerals projects in North America and has identified the Ring of Fire as a strategic area

for long -term growth. The expansion of its exploration portfolio within this emerging district

highlights continued industry interest in early -stage, district -scale opportunities supported by

improving infrastructure, government engagement, and regional exploration activity.

With the acquisition of the Fishhook Polymetallic Project in the Ring of Fire, on the January

23rd, 2026 New Age Metals Inc. and MetalQuest have assembled approximately 62,800

hectares, consisting of 3,067 mining claims, subject to a 1.0% NSR with a 0.5% buyback,

forming a portfolio of early -stage exploration targets considered prospective for critical

minerals. The companies will continue to evaluate further acquisitions in the district.

MetalQuest believes that the alignment of shareholder interest and regional exploration

focus further supports the Company’s strategy of disciplined land acquisition and systematic

exploration within the Ring of Fire.

MetalQuest also recently acquired the West Cameron Gold Project located in the Kenora

Mining District of Northwestern Ontario, along the same regional structural corridor that

hosts the Cameron Lake Gold Deposit, and is considered prospective for structura lly

controlled gold mineralization. The Company is currently reviewing historical exploration data

and planning follow -up exploration programs designed to advance and evaluate the project’s

discovery potential. Work is expected to be completed before the end of October 2026.

The Company also owns ~1.26 million free trading shares and 2.5 million warrants at a strike

price of $0.125 of Canadian Copper (CCI). As of the closing of trading on July 28th, 2026, CCI

shares were trading at $0.60.

Two NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc-Polymetallic Deposit,

situated in the renowned Bathurst Mining District of New Brunswick.

Canadian Copper Inc (CCI) must pay MetalQuest a pre -production cash payment of $1

million before the Murray Brook project goes into production and has the right to purchase

half of a 0.33% royalty for $1 million dollars. In the event that CCI purchases hal f of the

0.33% royalty, MetalQuest will retain 0.82% royalty in perpetuity.

CCI has indicated that it plans to put the Murray Brook deposit into production. For further

information, please visit https://canadiancopper.com/.

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