Q2 Metals Reports Final Winter Assays with Intercept of 137.6 Metres Grading 1.47% Li₂O, Including 40.6 Metres at 3.25% Li ₂O at the Cisco Lithium Project in
Q2 Metals Reports Final Winter Assays with Intercept of 137.6 Metres Grading
1.47% Li₂O, Including 40.6 Metres at 3.25% Li ₂O at the Cisco Lithium Project in
Quebec, Canada
Highlights:
• CS25-083: three (3) separate intervals , including 73.5 m at 1.34% Li 2O;
• CS25-086: 10 separate intervals , including 50 m at 1.58% Li 2O;
• CS26-087: nine (9) separate intervals , including 46.9 m at 0.97% Li 2O;
• CS26-088: nine (9) separate intervals , including:
◦ 137.6 m at 1.47% Li2O; including 40.6 m at 3.25% Li 2O; and
◦ 93.6 m at 1.23% Li 2O;
• CS26-089: 10 separate intervals , including 21.6 m at 1.63% Li 2O
• CS26-090: nine (9) separate intervals , including:
◦ 43.1 m at 1.46% Li 2O; and
◦ 42.8 m at 1.17% Li 2O; and
◦ 40.7 m at 0.87% Li 2O
• CS26-092: nine (9) separate intervals , including:
◦ 185.7 m at 1.54% Li2O; and
◦ 73.5 m at 1.54% Li 2O
• The 2026 summer drill program at the Cisco Lithium Project is in progress with four drill rigs in operation.
• Preparation of a Preliminary Economic Assessment is in process and will be based on the April 2026 Inferred Mineral
Resource Estimate.
VANCOUVER, British Columbia, July 21, 2026 -- Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) (“Q2” or
the “Company”) is pleased to report the final analytical results from the winter portion of the 2026 drill program (the “ 2026
Winter Drill Program ”) at the Company’s Cisco Lithium Project (the “Project” or the “Cisco Project”). The Cisco Project is
located within the greater Nemaska traditional territory of the Eeyou Istchee in the southernmost part of James Bay, Quebec,
Canada and is strategically located just 6.5 kilometres (“ km”) from the paved, all-season Billy Diamond Highway, which
provides access to rail infrastructure in the town of Matagami, Quebec, approximately 150 km to the south, with connections
to deep seaports along the St. Lawrence River.
Approximately 10,515 metres (“m”) across 19 drill holes was completed during the 2026 Winter Drill Program, with the results
reported herein representing 3,611.6 m of drilling over seven (7) drill holes. All analytical results from the 2026 Winter Drill
Program have been announced, except for drill hole-93 which was not completed by the end of the winter program, and
analytical results will be released as soon as they are available.
"These final results from our winter program continue to demonstrate the exceptional scale and consistency of the Cisco
Deposit. The high-grade intercepts encountered in holes such as CS26-088 and the extension of significant mineralization
beyond the limits of our Inferred Mineral Resource Estimate continue to reinforce our confidence that Cisco remains a growing
system with substantial upside. With our largest drill campaign to date now underway, the 2026 summer program is focused
on converting the current Inferred resources to the Indicated classification, as well as testing opportunities for high-grade and
near-surface expansion both within and around the Cisco Deposit," said Neil McCallum, Q2 Metals Vice President of
Exploration.
“Announcing the Inferred Mineral Resource Estimate on the Cisco Project in April established Cisco as a globally significant
spodumene lithium project in a mining-friendly jurisdiction with exceptional access to infrastructure ,” said Alicia Milne, Q2
Metals President and CEO. “ Importantly, the Cisco Deposit remains open in all directions, with significant potential for
continued resource expansion and today’s results reinforce that opportunity. We continue to aggressively advance Cisco
through robust exploration and drilling programs, environmental baseline studies and metallurgical test work, with the major
milestone of our initial Preliminary Economic Assessment this fall.”
Drill Results Discussion
Figure 1. Map of Drill Holes 83, 86-90 & 92 at Cisco Deposit
Drill hole-88, located 110 m northwest from hole-18 and 200 m northwest from hole-73 encountered 137.6 m at 1.47% Li 2O;
including 40.6 m at 3.25% Li 2O. The results of this hole support the continued definition of a high-grade sub-zone within the
main mineralized body at the Cisco Deposit.
Previous nearby drill results include:
• Drill hole-18: 215.6m at 1.69% Li 2O, including 64.6m at 2.29%Li2O; and
• Drill hole-73: 170.2 m at 1.99% Li 2O, including 40.1 m at 2.89 % Li 2O
Drill hole-92 encountered a 185.7 m interval averaging 1.54% Li 2O, with over 100 metres of the interval extending beyond the
conceptual open pit that was part of the MRE.
The remaining drill holes in this release are considered infill holes, and the results are consistent with expectations given their
close spacing.
Figure 2. Cross-Section Displaying Holes 87, 88 and 90 at the Cisco Deposit
Summary of Analytical Data
Table 1. Summary of Analytical Results of Drill Holes at Cisco Project
All intervals of greater than 5 m of core-length and greater than 0.30% Li 2O are included in Table 1. Internal dilution of non-
pegmatite material was limited to intervals of less than 5 m. No specific grade cap or lower cut-offs were used during grade
and width calculations. All intervals are reported as core widths and mineralized intervals in all the holes drilled thus far are not
representative of the true width as the modelled pegmatite zones are being refined with every additional hole.
Drill Hole Collar Information
The summary of drill holes including basic location and dip/azimuth is detailed below (Table 2).
Table 2. Summary of Drill Hole Collar Information, Cisco Project
2026 Summer Drill Program
The summer portion of the 2026 drill program (the “ 2026 Summer Drill Program ”) commenced on June 17, 2026 and four
diamond core drill rigs are currently in operation.
The primary focus of the 2026 Summer Drill Program is on infill drilling of the Cisco Deposit to convert and advance the mineral
resource from its current Inferred mineral resource classification to an Indicated mineral resource classification as well as
exploratory drilling. Potential zones of high-grade and/or near surface mineralization within the Cisco Deposit have been
identified as priority targets for drill testing. Expansion drilling proximate to the deposit and the CO2 outcrop are also planned.
Preliminary Economic Assessment
Preparation of a Preliminary Economic Assessment (“ PEA”) on the Cisco Project by BBA Inc. is ongoing. The PEA will
establish the first economic benchmark for the Cisco Project by evaluating the existing Inferred Mineral Resource Estimate
(announced on April 20, 2026) (the “ MRE”) within a preliminary mine plan and processing flowsheet while also incorporating
metallurgy test work and infrastructure studies that have been undertaken to date.
The MRE outlined a pit-constrained resource of 270 million tonnes (“Mt”) grading 1.36% Li2O at a 0.4% Li 2O cut-off grade and
an additional underground-constrained resource of 24 Mt grading 1.34% Li 2O Inferred at a 0.7% Li 2O cut-off grade. Together,
these support a combined inferred mineral resource of 295 Mt grading 1.36% Li2O
The PEA will provide an initial set of project metrics, including capital intensity, operating cost, mine life, economic
sensitivities and optimization opportunities. It is expected that the PEA will be published in Fall, 2026.
For additional details regarding key assumptions, parameters, and methods used to estimate the Mineral Resources, please
refer to the technical report which is available on the Company’s website as well as under the Company’s profile on SEDAR+.
Sampling, Analytical Methods and QA/QC Protocols
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. The QP has verified the QA/QC results of the analytical work.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a Qualified Person as defined by NI 43-101, and a registered permit holder with the Ordre
des Géologues du Québec and member in good standing with the Professional Geoscientists of Ontario. Mr. McCallum, a
director and Vice President Exploration for Q2 Metals, has reviewed and approved the technical information in this news
release.
ABOUT Q2 METALS CORP.
Q2 Metals is a Canadian mineral exploration company focused on advancing the Cisco Lithium Project which is located within
the greater Nemaska traditional territory of the Eeyou Istchee, James Bay region of Quebec, Canada. The Cisco Deposit is
strategically situated just 6.5 km from the Billy Diamond Highway, providing access to rail infrastructure in the Town of
Matagami, ~150 km to the south, with connections to deep seaports beyond.
The current Inferred Mineral Resource Estimate on the Cisco Deposit outlines a pit-constrained resource of 270 Mt grading
1.36% Li 2O at a 0.4% Li 2O cut-off grade and an additional underground-constrained resource of 24 Mt grading 1.34% Li 2O
Inferred at a 0.7% Li 2O cut-off grade. Together, these support a combined inferred mineral resource of 295 Mt grading 1.36%
Li2O. The Cisco Deposit remains open along strike, with several additional high-priority targets identified across the broader
41,253 ha project area.
The 2026 exploration program is ongoing, with a primary focus on infill drilling aimed at advancing the resource toward an
indicated classification. The program also includes targeted expansion drilling and regional exploration designed to evaluate
high priority targets surrounding the Cisco Deposit and across the broader project area.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Alicia Milne Jason McBride Chris Ackerman
President & CEO Investor Relations Manager Corporate Development
[email protected] [email protected] [email protected]
Telephone: 1 (800) 482-7560
E-mail: [email protected]
www.Q2Metals.com
Social Media:
Twitter, 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 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 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.
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