MetalQuest Mining Positions Itself for District-Scale Growth in Ontario’s High-Impact Ring of Fire, James Bay Lowlands,
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 Positions Itself for District-Scale Growth in
Ontario’s High-Impact Ring of Fire, James Bay Lowlands,
Northern Ontario, Canada
November 21st, 2025 – Rockport, Ontario – MetalQuest Mining (TSXV:MQM) (“MQM” or
the “Company”), a strategic metals company developing one of North Americas largest high
purity iron projects with a historical NI 43-101 resource estimate (https://minedocs.com/19/Lac-
Otelnuk-FS-03252015.pdf ), the Lac Otelnuk Project, is pleased to announce its developing
interest in potential exploration opportunities within Ontario’s Ring of Fire region, one of
Canada’s most promising mineral districts.
Chairman and CEO Harry Barr states, “Throughout my 40+ years in the exploration industry,
I have watched very closely the advancement of Ontario’s Ring of Fire. When Premier Doug
Ford announced that the Province intends to designate the Ring of Fire as a Special Economic
Zone ‘as quickly as possible’, it became clear to us that it was in the best interest of the
Company and our shareholders to take a serious look at the region. Our management team has
been studying this district for more than two decades, and in recent months we made the
decision to begin examining a number of strategic properties for acquisition.
At present, our technical team is evaluating several additional opportunities in the Ring of
Fire located in the James Bay Lowlands region in Northern Ontario. With the Province
continuing to advance plans for an all-season access road, intended to connect the region to
Ontario’s existing highway network, the long-term development potential of this emerging
mining district is becoming increasingly compelling.”
MetalQuest Highlights
• MQM’s technical team has made a commitment to evaluate the prospective
potential of the Ring of Fire. This critical mineral district is supported by robust
historical data, and a clear development pathway to build the road and necessary
infrastructure to unlock the long-term value.
• Both the federal and Ontario provincial government are now behind the potential
for this new mining district, which is located in the James Bay Lowlands region.
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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• MQM will apply the same early-engagement, transparency-focused, and capacity-
building First Nation partnership model developed successfully at MQM’s 100%-
owned Lac Otelnuk Project and Superior Iron Project in the Province of Québec.
• MQM has initiated a district-wide acquisition program and is actively reviewing
multiple high-priority critical metal project opportunities.
• Ontario’s announcement of a Special Economic Zone (SEZ) for the Ring of Fire,
together with the announcement that they plan to advance an all-season road, has
created the strongest development signal in over a decade and opened a rare
window for district-scale acquisitions. https://www.cbc.ca/news/canada/toronto/ring-
of-fire-special-economic-zone-ontario-1.7553352
• MQM’s flagship property, the Lac Otelnuk (Lac O) High-Purity Iron Project, is one of
North America’s largest undeveloped iron resource with a historical NI 43-101 estimate
(https://minedocs.com/19/Lac-Otelnuk-FS-03252015.pdf ) .
• MQM is also developing its 100% interest in the Superior Iron (SI) Project, located in
the Labrador Trough, Québec. The SI Project differs from Lac O in that it is an
exploration project with previous exploration indicating the potential for additional iron
occurrences. SI comprises 569 mineral claims totalling ~27,425 hectares (67,770 acres)
https://metalquestmining.com/news/metalquest-mining-adds-significant-new-iron-
project-to-its-portfolio-acquisition-of-a-100-of-the-superior-iron-project-labrador-trough-
quebec/ .
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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Figure 1: Location of the Ring of Fire region in northern Ontario. The map highlights multiple First
Nation communities situated near the proposed development corridor, which includes an ~344 km (214
mile) all-weather road extending from the Town of Geraldton. Shown are the proposed road study areas
and route options, along with existing highways, winter roads, and railway infrastructure. Source:
Ontario Ministry of Energy, Northern Development and Mines, “Ontario’s Ring of Fire,” accessed
November 18, 2025.
A New Phase for the Ring of Fire
The Ring of Fire is one of the most significant emerging mining districts in North America,
hosting a unique combination of high-grade nickel, copper, platinum-group elements
(PGEs), chromite, vanadium, gold, and titanium-bearing ultramafics within a large
Archean intrusive and volcanic complex.
Located in the James Bay Lowlands of northern Ontario, the district spans more than 5,000
km² and represents one of Canada’s most concentrated clusters of undeveloped critical-
mineral deposits.
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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Since its discovery in the mid-2000s, more than $750 million has been spent on exploration and
technical programs by major and junior operators, including Noront Resources, Cliffs Natural
Resources, KWG Resources, Bold Ventures, and Wyloo Metals.
This work includes hundreds of drill holes, multiple generations of airborne EM and magnetic
surveys, ground IP and gravity, metallurgical testing, engineering studies, and early-stage
development planning. The resulting technical database provides a highly validated
foundation for renewed exploration.
A key catalyst for MQM’s regional review is Wyloo Metals’ 2015 acquisition and the fact that
they appear poised to be the anchor operator in the district. Wyloo’s consolidation of the
major deposits, including Eagle’s Nest, one of Canada’s highest-grade undeveloped nickel–
copper–PGE systems, and the Black Thor–Black Label–Big Daddy chromite trend,
representing some of the largest chromite resources in North America, signals that the Ring
of Fire is shifting from a long-term concept to a strategically advancing development
corridor. Wyloo’s investment scale, technical depth, and commitment to establishing a northern
critical minerals supply chain, provide strong validation that the district is entering a new phase of
advancement. This momentum directly contributed to MQM initiating a comprehensive
review of the region and pursuing targeted acquisitions.
MQM’s review integrates the extensive historical work completed by past operators, including
Noront Resources, Cleveland-Cliffs, KWG Resources, Bold Ventures, and multiple junior
companies active from 2008 to the present. Our technical team is currently reviewing previous
exploration programs, which include drilling, airborne and ground geophysics, prospecting,
engineering studies, and early-stage metallurgical work, in order to form a robust technical
foundation for renewed exploration.
Government Momentum and Infrastructure Advancements in the Ring
of Fire
Strategically, the Ring of Fire is central to Canada’s long-term critical-minerals strategy.
The region’s nickel, copper, PGEs, and chromite potentially supports electric-vehicle
manufacturing, stainless-steel production, and battery-materials supply chains. Ontario is
advancing a multi-component access corridor consisting of the ~117 km Northern Road Link, the
~117 km Marten Falls Community Access Road, and the ~110 km Webequie Supply Road, a
combined infrastructure system designed to connect the Ring of Fire to the provincial highway
network and southern processing hubs. This marks the strongest progress toward regional access
since the district’s discovery.
Premier Doug Ford reaffirmed Ontario’s commitment to developing the Ring of Fire,
stating that the Province intends to designate the region as a Special Economic Zone “as quickly
as possible” — Statement referenced from CBC News: “Ontario to make Ring of Fire a special
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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economic zone ‘as quickly as possible’: Ford” (July 13, 2025), and move forward on the all-
season access road to connect the district to the provincial highway network. This represents the
clearest political and regulatory signal in more than a decade, that large-scale development
in the Ring of Fire is now a provincial priority. These commitments have reopened a rare entry
window for companies positioned to participate in Canada’s long-term critical-minerals strategy.
With this infrastructure commitment, the proposed Special Economic Zone (SEZ) designation,
and the presence of Wyloo Metals as the dominant operator, the Ring of Fire is transitioning from
a remote exploration camp into a strategically advancing development corridor. For companies
entering the district today, the timing aligns with an exceptional combination of proven deposits,
government momentum, open ground, and long-term discovery potential across one of Canada’s
most important next-generation mining regions.
Qualified Person
Dr. William Stone, P.Geo. (PGO - 1569), an independent Qualified Person (“QP”) as defined by
National Instrument 43-101 – Standards of Disclose for Mineral Projects, has reviewed and
approved the geological information reported in this press release. The QP has not completed
sufficient work to verify the historical information presented, particularly with regards to
assessment of potential for renewed exploration. However, the QP assumes that the historical
exploration results were completed to industry standard practices at the time and that the
information provides an indication of exploration potential, but may not be representative of
expected results.
About MetalQuest Mining
MetalQuest Mining (MQM) owns a 100% of the Lac Otelnuk Iron Project (Lac O) and is now
working to to develop one of the largest, historical Iron projects in North America. The Lac O
Project is located in Québec’s Labrador Trough and is ~165 km by air northwest of the Town of
Schefferville, and 1200 km northeast of Montreal by air. In early 2023, the Québec government
transferred the claims into MQM’s name and management is accumulating a vast amount of
technical data as ~$120 million has been expended on the project to date. On November 12th
2025, MQM announced acquisition of a significant new iron project to its portfolio, Superior Iron
Project, comprising of 569 claims encompassing 27,425 hectares
(https://metalquestmining.com/news/metalquest-mining-adds-significant-new-iron-project-to-its-
portfolio-acquisition-of-a-100-of-the-superior-iron-project-labrador-trough-quebec/ ).
Going forward, one of our primary objectives will be to continue to work with Naskapi First
Nation of Kawawachikamach with whom MQM has an Exploration and Pre-Development
Agreement as of November 2023. In June 2025, MQM signed an agreement with AtkinsRéalis,
an engineering services and nuclear company with offices around the world to conduct a
comprehensive Gap Analysis of the historical 2015 FS for the Lac O Project. The new studies
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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will identify areas requiring updates to align the historical 2015 Feasibility Study with current
market dynamics, regulatory frameworks, engineering best practices, and environmental
standards. MQM’s management is continuing to develop its in-house Iron database to enable the
Company to attract financiers and producers to Iron industry for partnerships.
The Company owns ~1.8 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, in 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. CCI is
currently completing an Economics study with regards to processing the Murray Brook deposit at
the Caribou Processing Complex and is currently exercising its option to buy the adjacent
Caribou Complex and start production as soon as it makes commercial sense. For further
information on CCI, click here to go to their website.
Further to required early warning disclosure filed on SEDAR+ July 31, 2025, New Age Metals
Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) received Board and TSXV approvals to
increase its ownership in MQM from 6.44% to 19.05% on a post-conversion beneficial ownership
basis. Undiluted, NAM has increased its ownership in MQM from 6.44% to 12.79%. NAM’s
investment continues to assist MQM with Go-Forward Plan.
AtkinsRéalis, an international engineering Company, was contracted by MQMs management on
June 25th and they have a mandate and the technical depth and northern project experience which
makes them an ideal partner for the next phase of Lac Otelnuk. NAM’s investment will allow
MQM to conclude a Gap Study, slated to be completed by the end of this year, and further High
Level Scoping Studies. For more details on the June 25th announcement, please link the
following link. https://metalquestmining.com/news/metalquest-mining-selects-atkinsrealis-to-
conduct-a-gap-analysis-for-the-lac-otelnuk-iron-ore-project/
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 Faraz
Rasheed at Frasheed@MQmining or call 613 659 2773.
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On behalf of the Board of Directors
“Harry Barr”
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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Harry G. Barr
Chairman and CEO
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