Q2 Metals Announces Inferred Mineral Resource Estimate on the Cisco Lithium Project with 295 Million Tonnes Grading 1.36% Li ₂O
Q2 Metals Announces Inferred Mineral Resource Estimate on the Cisco Lithium
Project with 295 Million Tonnes Grading 1.36% Li ₂O
Highlights:
• Inaugural National Instrument 43-101 Inferred Mineral Resource Estimate:
295 Mt at 1.36% Li2O (combined 0.4% and 0.7 % Li 2O cut-off grade (open-pit and underground))
• The geological model underpinning the Inferred Mineral Resource Estimate interprets a single continuous, principal
spodumene pegmatite body ranging in true thickness from ~2 m to over ~450 m, extending over a strike length of 1.8
km, with multiple associated proximate structures.
• An Exploration Target estimating 44 to 67 Mt of mineralized material with a grade range between 0.88% to 1.35% Li 2O
has been prepared for the geology environment beyond the current MRE. The potential quantity and grade of the
Exploration Target are conceptual in nature. There has been insufficient exploration to estimate and define a Mineral
Resource, as defined by NI 43- 101, and it is uncertain if further exploration will result in the target being delineated as a
Mineral Resource.
• The Exploration Target is exclusive of the Inferred Mineral Resource Estimate and only considers the immediate
proximal area around the Cisco deposit, indicating significant opportunity for continued growth at the Cisco Lithium
Project.
• The deposit area remains open in all directions and represents a small fraction of the overall 41,253 ha project area
which remains highly prospective for additional discoveries.
• The Inferred Mineral Resource Estimate and Exploration Target were completed by BBA, independent consultant,
based on all available drillhole data, up to and including drill holes completed during the winter 2026 drill program.
VANCOUVER, British Columbia, April 20, 2026 -- Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) (“Q2” or
the “Company”) is pleased to announce the inaugural Inferred Mineral Resource Estimate (“ MRE”) for the Company’s Cisco
Lithium Project (the “ Project” or the “Cisco Project ”), located within the greater Nemaska traditional territory of the Eeyou
Istchee James Bay region of Quebec, Canada. The Cisco Project is just 6.5 kilometres (“ km”) from the paved, all-season Billy
Diamond Highway, which leads to the railhead in the Town of Matagami, Quebec, approximately 150 km to the south.
Alicia Milne, Q2 President & CEO, stated: “Today’s announcement of our inaugural MRE marks a significant milestone for Q2
and the Cisco Lithium Project. Cisco is located in Quebec, Canada - a top global mining jurisdiction - and its size and grade
position it among the top hard rock lithium projects, globally. Coupled with strong transportation and infrastructure advantages,
including being just 150 km away from rail access in Matagami, Cisco has the potential to be a key contributor to the global
battery metals supply chain.
The team that we have assembled at Q2, including the core contractors Dahrouge Geological, Youdin Rouillier Drilling and
Helicarrier, has demonstrated consistent execution and a clear commitment to advancing Cisco towards development. I thank
them for their invaluable contributions to our success, as well as to our shareholders for their continued support.
Since announcing the acquisition of the Cisco Project on February 29, 2024, we have delivered on our objective of
establishing it as a cornerstone asset for Q2. Today’s MRE validates that strategy, and we believe Cisco has the scale,
quality, and infrastructure advantages to support long-term value creation. We remain focused on advancing the project
through key development milestones as we continue to de-risk and unlock its full potential. ”
Neil McCallum, Vice President of Exploration, commented: “This inaugural Inferred Mineral Resource Estimate firmly confirms
Cisco as a leading spodumene pegmatite asset, with significant additional exploration upside and clear potential for continued
growth across the broader project area. The resource remains open in all directions and multiple known spodumene pegmatite
outcrops at Cisco have yet to be drill tested, underscoring the opportunity for further resource expansion.
We have already shifted our focus toward resource expansion and infill drilling with the objective of delivering an updated MRE
later this year. In parallel, we will be initiating baseline environmental studies and advanced metallurgical test work to support
the project’s ongoing development.
The Exploration Target, prepared only on the area immediately surrounding the deposit, further highlights the scale of growth
potential that remains to be drill-tested at Cisco. Based on results from our Winter 2026 drill program, we believe there is
strong potential for near surface mineralization and the discovery of further zones of significance.”
Mineral Resource Statement
The MRE defines a pit constrained 270 million tonnes (“Mt”) at 1.36% lithium oxide (“Li2O”) Inferred, at a cut-off grade of 0.4%
Li2O, for a total of 9.1 Mt contained lithium carbonate equivalent (“LCE”). An additional underground constrained MRE of 24 Mt
at 1.34 Li2O Inferred has been defined as well, at a cut-off grade of 0.7% Li2O, for total of 0.8 Mt contained LCE.
The MRE was completed by external consultant BBA Inc. in collaboration with the Company’s technical team. Geological
interpretation and domaining was carried out on all available drillhole data, up to and including drill holes completed during the
winter 2026 drill program. Assays from 75 drillholes, representing 33,343 metres (“ m”) up to drillhole CS25-076 were used to
inform the MRE.
The Mineral Resource Statement and relevant disclosure, geological and block model views, and cross-sections are presented
in the following figures and tables.
Table 1: NI 43-101 Mineral Resource Statement for the Cisco Lithium Deposit
Classification Scenario
Cut-off
Grade
% Li2O
Mass
(t)
Li2O
(%)
Li2O
(t)
LCE
(t)
Inferred
Open Pit 0.4 270,455,000 1.36 3,683,000 9,108,000
Underground 0.7 24,203,000 1.34 326,000 805,000
Total Combined 294,658,000 1.36 4,007,000 9,913,000
• Mineral Resources were prepared in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral
Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.
• The independent Qualified Person (“ QP”), as defined by NI 43 -101 for this estimate is Todd McCracken, P.Geo.,
Director – Mining & Geology – Central Canada, BBA. The Effective Date of the estimate is April 20, 2026.
• Estimation was completed using a combination of inverse distance squared (ID2) and ordinary kriging (OK) in Leapfrog
Edge software with dynamic anisotropy search ellipse on specific domains.
• Drill hole composites at 1 m in length. Block size is 10 m x 10 m x 5 m with sub-blocking.
• Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable
prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li 2O, and for
underground constrained resources is 0.70% Li 2O. Open-pit and underground Mineral Resource constraints are based
on a spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70
USD/CAD.
• The cut-off grades are based on Li2O (%) only.
• Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
• Tonnage and grade measurements are in metric units.
• Conversion factors used: Li2O = Li x 2.153; Li 2O to LCE x 2.473.
• Pegmatite and non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their
respective lithology.
Figure 1. Map of Inferred Mineral Resource Estimate and Exploration Target at the Cisco Project
Mineral Resource Statement Interpretation
The geological model underpinning the MRE interprets a single, continuous, principal spodumene pegmatite body ranging in
true thickness from ~2 m to ~450 m, extending over a strike length of approximately 1.8 km, with multiple associated
proximate structures.
The deposit's current dimensions are roughly 1,800 m in length by up to 1,020 m in width. Drilling has extended the deposit to
over 600 m in depth and it remains open in all directions.
Figure 2 is a cross-section view of the MRE block model and Figure 3 is the longitudinal view. Figure 4 is a 3D rendering of the
block model and required pit shell of the Cisco pegmatite. The base case pitshell is 700 m x 660 m by 540 m in depth based
on revenue factor 0.4, to limit the depth of the pit to around 500 m. Underground stope optimizer was completed on the
remaining mineral resource material below the pit limits.
Figure 2. Cross section of the Mineral Resource block model
Figure 3. Long section of the Mineral Resource block model
Figure 4. Oblique view of the Mineral Resource Estimate, Underground Stopes and the Conceptual Pit Shell
2026 Exploration Target
An updated Exploration Target has been prepared on the Cisco deposit and immediate proximal area to provide a conceptual
estimate of the potential quantity and grade of mineralized material, based on known and additional limited geological evidence
(the “2026 Exploration Target ”).
It is an early-stage assessment beyond the current MRE limits and will help to guide further exploration. It is not a mineral
resource or mineral reserve and should not be treated as such.
The 2026 Exploration Target estimates a range of potential mineralization from 44 to 67 Mt at a grade ranging from 0.88 to
1.35 % Li2O:
Table 2: 2026 Exploration Target
Tonnes Range (Mt) Li2O Range (%)
Minimum Maximum Minimum Maximum
Exploration Target 44 67 0.88 1.35
Alicia Milne Jason McBride Chris Ackerman
President & CEO Investor Relations Manager Corporate Development
[email protected] [email protected] [email protected]
The potential quantity and grade of the 2026 Exploration Target on the Cisco Project are conceptual in nature.
There has been insufficient exploration to estimate and define a Mineral Resource, as defined by NI 43- 101, and it
is uncertain if further exploration will result in the target being delineated as a Mineral Resource.
The 2026 Exploration Target is constrained to the area immediately surrounding the deposit and does not include prospective
geology and targets that the Company has identified outside of the deposit area.
Methodology and Determination for the Exploration Target
The 2026 Exploration Target is based on BBA’s interpretation of the geology and mineralization data that has been compiled
to date:
BBA methodology included a complete review of the data and 3D modelling to create a conceptual volume of the pegmatite
domains within the main mineralized zone. The pegmatite domains were interpreted where geological information was available
with sufficient quantity and quality. To estimate a tonnage and grades range, the unclassified pegmatite within the mineral
block model were evaluated. The implied tonnage and grade were then reduced by a factor (confidence factor) to account for
the likelihood of being mineralized at a reasonable grade. The grade and tonnage were then further adjusted by an additional
factor to be reported as ranges. The estimated tonnages are rounded to the nearest million tonnes and the grade rounded to
the nearest 0.01% Li2O.
Qualified Person
Mr. Todd McCracken, P.Geo., is a QP and member in good standing with the Ordre des Géologues du Québec and with the
Professional Geoscientists of Ontario. Mr. McCracken has reviewed and approved the technical information in this news
release. Mr. McCracken is Director – Mining & Geology – Central Canada, of BBA and is independent of the Company. Mr.
McCracken does not hold any securities in the Company.
Neil McCallum, B.Sc., P.Geol, a registered permit holder with the Ordre des Géologues du Québec and member in good
standing with the Professional Geoscientists of Ontario, is a QP and has reviewed and approved the technical information in
this news release. Mr. McCallum is a director and the Vice President Exploration for Q2.
Sampling, Analytical Methods and QA/QC Protocols
A summary of the assay data and drill collar data for all drilling completed to date can be found on the Company’s website:
Click here to view assay data or click here to view drill collar data.
All drilling was conducted using diamond drill rig with NQ sized core and all drill core samples are shipped to SGS Canada’s
preparation facility in Val D’Or, Quebec, for standard sample preparation (code PRP92) which includes drying at 105°C,
crushing to 90% passing 2 mm, riffle split 500 g, and pulverize 85% passing 75 microns. The pulps are then shipped by air to
SGS Canada’s laboratory in Burnaby, BC, where the samples are homogenized and subsequently analyzed for multi-element
(including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The reported Li grade will be
multiplied by the standard conversion factor of 2.153 which results in an equivalent Li2O grade. Drill core was saw-cut with half-
core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to
maintain representativeness.
A Quality Assurance / Quality Control (QA/QC) protocol following industry best practices was incorporated into the sampling
program. Measures include the systematic insertion of quartz blanks and certified reference materials (CRMs) into sample
batches at a rate of approximately 5% each. Additionally, analysis of pulp-split and reject-split duplicates was completed to
assess analytical precision. Each QP has verified the QA/QC results of the analytical work.
ABOUT Q2 METALS CORP.
Q2 Metals is a Canadian mineral exploration company focused on the Cisco Lithium Project, located within the greater
Nemaska traditional territory of the Eeyou Istchee, James Bay region of Quebec, Canada. The Cisco deposit is 6.5 km from
the Billy Diamond Highway, which leads to rail facilities in the Town of Matagami, ~150 km to the south and deep sea ports
beyond.
The Cisco MRE defines a pit constrained 270 Mt at 1.36% Li 2O Inferred at a cut-off grade of 0.4% Li 2O with an additional
underground constrained MRE of 24 Mt at 1.34 Li 2O Inferred at a cut-off grade of 0.7% Li 2O, for a total combined inferred
mineral resource of 295 Mt at 1.36% Li 2O. The deposit remains open along strike, with multiple additional high potential
targets identified across the broader 41,253 ha project area.
The 2026 exploration program is ongoing, primarily focused on infill drilling towards indicated resource definition for inclusion in
an inaugural Preliminary Economic Assessment, targeted for 2027. Targeted expansion and exploration for new discoveries is
planned for high priority targets around the deposit and elsewhere on the project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1 (800) 482-7560
E-mail: [email protected]
www.Q2Metals.com
Social Media:
Follow the Company: X, LinkedIn, Facebook, and Instagram
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking
statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by
words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”,
“scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or
results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release
that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and
orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the
Company’s properties and the future exploration endeavors of the Company. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to
differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news
release speak only as of the date of this news release or as of the date specified in such statement. Forward looking
statements in this news release include, but are not limited to, drilling results on the Cisco Project and inferences made
therefrom, the conceptual nature of an exploration target on the Cisco Project, the potential scale of the Cisco Project, the
focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration
and drilling activities, the Company's expectations in connection with the projects and exploration programs being met, the
Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral
resources, exploration and mine development plans, timing of the commencement of operations and estimates of market
conditions.
Factors that could cause actual results to differ materially from those in forward-looking statements include the accuracy of
geological modelling, the ability of the Company to complete further exploration activities, the accuracy of key assumptions,
parameters or methods used to estimate the MRE, failure to obtain necessary approvals, variations in ore grade or recovery
rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project
parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and
financing on acceptable terms, reallocation of proposed use of funds, general economic, market or business conditions, risks
associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis,
accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental
impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines
is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-
looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management
Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at
www.sedarplus.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors
which could cause actual results to differ materially, there may be others that cause results not to be as anticipated,
estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking
information except as otherwise required by applicable law.
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/030aaad1-9581-437d-a296-f3eacb43cee5
https://www.globenewswire.com/NewsRoom/AttachmentNg/e7f7117a-a8b4-4472-8427-d29b3a784f63
https://www.globenewswire.com/NewsRoom/AttachmentNg/4538ec1c-ea62-42f8-b60c-5f03c60ee8ce
https://www.globenewswire.com/NewsRoom/AttachmentNg/20b806b8-ea2a-454a-bae9-8efd3aa44c6b