QTWO.V · 2023-12-20 12:00:00

Q2 Metals Drills Significant Continuous Spodumene-Bearing Pegmatite Zones at the Mia Lithium Property, James Bay Territory,

Drill Results

Q2 Metals Drills Significant Continuous

Spodumene-Bearing Pegmatite Zones at the

Mia Lithium Property, James Bay Territory,

Quebec, Canada

Highlights:

Drilling at the

MIA 1 Zone

has defined multiple stacked continuous shallowly-dipping

spodumene-bearing

pegmatite bodies.

The potential of the

MIA 1 Zone

is demonstrated by drill holes MIA23-008 and MIA23-011 with

aggregate core intervals of

17.17 m and 31.8 m, respectively, of mineralized pegmatite

over

several intervals.

There has been sufficient drilling at the

MIA 1 Zone

that models approximately 250 m long (north-

south) by 90 m wide (east-west) and 8-to-10 m thick (core length) and is interpreted to be up to

300 m wide,

open to the north, west and extending eastward towards the MIA 2 Zone.

Drilling at the

Carte Zone

has defined two stacked shallowly-dipping

spodumene-bearing

pegmatite bodies with the near-surface pegmatite body ranging in thickness between 3.4 and 7.3

m (core length).

A total of 31 holes, for approximately 5,601 metres was completed over the

Mia Trend

this fall.

The Mia Trend covers approximately 10 km of the Mia Property.

During the fall mapping

program,

nine (9) additional pegmatites

were identified that contained visual spodumene. The

multiple mineralized zones defined along the Mia Trend will be drill tested in 2024

Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) -

Q2 Metals Corp. (TSXV:

QTWO) (OTCQB: QUEXF) (FSE: 458)

" or the "

Company

") is pleased to provide an update on

its inaugural drill program at its wholly owned, 8,668-ha Mia Lithium Property (the "

Property

") located in

the Eeyou Istchee James Bay Territory of Quebec. The current target drill area is the approximately 10-

kilometre-long Mia Lithium Exploration Trend (the "

Mia Trend

") which is located 22 km from the Billy

Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure.

"The fall drill program at the Mia Property has provided meaningful intercepts demonstrating

connectivity along the Mia Trend. Our team has done an excellent job on the ground and were able to

drill significant meterage considering the delays getting on the ground due to the fires this summer,"

commented Alicia Milne, President, CEO, and Director of the Company. "

The drill program has

progressed well, and we look forward to providing further updates as assays are received."

The inaugural drill program began on October 23, 2023, and has now concluded for winter freeze-up. A

total of 31 drill holes were completed on the Mia Trend for approximately 5,601 metres (Figure 1). One

drill rig was used to test the main

MIA 1, 2 & 3

zones (17 holes) while the other rig tested the

Carte

Zone

(eight holes) and the greater

Mia Trend

(six holes at zones

MIA 7,8 & 9

The work completed at the

MIA 1 Zone

(Figure 2) successfully traced the shallowly-dipping pegmatite

between the southern fence of holes (MIA23-003/005/006/001) and the northern fence of holes (MIA23-

021/024), for a north-south distance of 250 m and an east-west distance of approximately 90 m. Initial

interpretations suggest that the same pegmatite bodies may extend eastward toward holes MIA23-

014/016A at the

MIA 2 Zone

for an east-west distance of 300 m. The other mineralized bodies located

vertically above will require additional work to model.

Drilling at the

Carte Zone

, which is at the eastern end of the 10 km Mia Trend, has defined two

shallowly-dipping pegmatite bodies (Figure 4). The near-surface pegmatite body ranges in thickness

between 3.4 and 7.3 m (core length).

The geological team has completed the processing of all 2023 drill holes, and the samples have been

dispatched to the lab for analysis. The preliminary pegmatite intervals of each drill hole are reported in

Table 1 and the basic location and dip/azimuth details are also included below in Table 2.

The presence of spodumene in drill core is based primarily on visual identification, and a portable LIBS

(Laser Induced Breakdown Spectroscopy) analyzer was used to confirm the presence of lithium, which

strongly suggests the presence of spodumene. There are drill holes that have intersected pegmatite

without visual identification of spodumene however, analytical results will ultimately confirm the presence

of lithium mineralization.

Initial mineralogical work by SGS Canada Inc. in the form of X-Ray Diffraction (XRD) from the

MIA 1

and

Carte

zones collected during the June 2023 sampling program has confirmed that lithium mineralization

is 100% and 99.4%, respectively, dominated by the mineral spodumene.

Core sample analytical results for the Fall 2023 drill program are anticipated to be received over the

course of the next 2-3 months, subject to laboratory turn-around times.

The winter drill program will commence in late January 2024. A winter access trail, approximately 30 km

in length, has been opened which extends site access from the Wemindji Road to the entire Mia Trend.

The winter access trail will improve access to the Mia Trend and will reduce drilling costs significantly

due to less reliance on helicopters.

The winter drill program will be designed to expand the subsurface pegmatite zone at the

MIA 1

and

MIA

zones, define the extent of the

Carte Zone

and test the other mineralized zones along the Mia Trend.

The ground sampling program in September 2023 defined 11 mineralized zones along the Mia Trend

and to date, only seven zones have been drill-tested. It is anticipated that the 2024 drill program will

consist of at least 4,000 metres and may be upsized if results continue to be positive.

The Company remains well funded with in excess of $9 million in treasury and is focused on advancing

new lithium pegmatite discoveries at the Property.

Table 1. Pegmatite Interval Summary