Q2 Metals Significantly Expands the Cisco Lithium Property, IN James BAY, Quebec, Canada
TSX-V: QTWO
OTCQB: QUEXF
FSE: 458
Q2 METALS SIGNIFICANTLY EXPANDS THE CISCO LITHIUM PROPERTY,
IN JAMES BAY, QUEBEC, CANADA
Vancouver, British Columbia, November 26, 2024 – Q2 Metals Corp. (TSX.V: QTWO | OTCQB:
QUEXF | FSE: 458) (“Q2” or the “Company”) is pleased to announce that it has acquired a 100%
interest in 545 mineral claims (the “Additional Cisco Claims”), more than tripling its mineral claim
position at the Cisco Lithium Property (the “Property” or the “Cisco Property”) located within
the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec,
Canada.
The Cisco Property is now comprised of a total of 767 contiguous mineral claims over 39,389
hectares (“ha”), including more than 30 kilometres (“km”) of strike length on the Frotet-Evans
Greenstone Belt, which hosts the Sirmac and Moblan lithium deposits, located 130 km and 180
km away, respectively. The Additional Cisco Claims are primarily south of the original Cisco
Property claims, adding several kilometres of prospective greenstone rocks and providing
extensive strategic sites for future development and mining infrastructure scenarios.
“We couldn’t be more pleased to have acquired these additional claims,” said Q2 Metals President
and CEO Alicia Milne. “Since acquiring Cisco, we have been able to clearly demonstrate its world-
class potential for grade and scale, while also focusing on key future development pathways.
These additional claims provide us with a major footprint in an emerging, top lithium jurisdiction
and provides us exceptional optionality for future development.”
Neil McCallum, Vice President of Exploration for Q2 stated, “While we eagerly await the pending
release of remaining assay results from the lab, we have been focused on planning our winter
2025 exploration program. These additional claims add a tremendous amount of mineral
prospectivity at Cisco as they include more of the greenstone belt that has been our focus this
year and which has yielded such tremendous success. As we approach year end, we’re looking
forward to further updates and a very busy 2025.”
Additional Cisco Claims - Acquisition Terms
The Additional Cisco Claims were acquired pursuant to an option agreement dated November
26, 2024, between Q2 Metals, 9490-1626 Quebec Inc. (“CMH”) and Anna-Rosa Giglio (together
with CMH, the “Vendors”). To acquire the Additional Cisco Claims, the Company must pay to
CMH an aggregate of $2,400,000 over a period of 42 months and complete $1,200,000 of
exploration expenditures during that time:
Cash consideration Exploration Expenditures
Closing date $150,000
3 Month Anniversary of Closing Date $150,000
6 Month Anniversary of Closing Date $300,000
12 Month Anniversary of Closing Date $300,000 $335,000
Cash consideration Exploration Expenditures
18 Month Anniversary of Closing Date $300,000
24 Month Anniversary of Closing Date $300,000 $325,000
30 Month Anniversary of Closing Date $300,000
36 Month Anniversary of Closing Date $300,000
42 Month Anniversary of Closing Date $300,000 $540,000
Total $2,400,000 $1,200,000
Upon satisfaction of the above payments and expenditures, the Company will earn a 100%
interest in the Additional Cisco Claims.
The Vendors will retain a 3% gross metals returns royalty (the “GMR”) on the Additional Cisco
Claims except the Soquem Claims (as defined below), of which up to 2% of the GMR may be
purchased by the Company at any time prior to commercial production for $1,000,000 on the
first 1% and $2,000,000 on the next 1%. The foregoing GMR purchase payments may be satisfied
in either cash or Common Shares, at the election of the Company and subject to regulatory
approval. Certain of the Additional Cisco Claims (the “Soquem Claims”) bear a 2% net smelter
returns royalty (the “NSR”) in favour of Soquem Inc. Upon closing, the Company will assume the
rights and obligations under the NSR, which include the right to repurchase 1% of the NSR for
$500,000. In addition, the Company will grant the Vendors a 1% GMR on the Soquem Claims. The
Vendors will also be paid a bonus of $2,500,000 on the completion and delivery of an initial
mineral resource calculation report, prepared in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, on the Additional Cisco Claims demonstrating an
inferred resource (or higher category) of at least 25 million tonnes grading over 1% Li2O. Closing
of the Agreement is subject to certain terms and conditions.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du
Québec and Qualified Person as defined by NI 43-101 and has reviewed and approved the
technical information in this news release. Mr. McCallum is a director and VP Exploration for Q2.
About Q2 Metals Corp and the Cisco Property
Q2 Metals is a Canadian mineral exploration company focused on unlocking its portfolio of
lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada, that includes both its
100-per-cent-owned flagship Cisco Lithium Property and Mia Lithium Property.
The Cisco Property is comprised of 767 claims totaling 39,389 ha within the greater Nemaska
Community lands of the Eeyou Istchee Territory, James Bay, Quebec and is approximately 150
km north of the town of Matagami and its rail infrastructure. The Billy Diamond Highway, which
transects the property, is only 6.5 km away from main mineralized zone.
Cisco is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package
dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the
same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away,
respectively.
Since May 2024, the Company has drilled a total of 6,359.7 m over 17 holes at the Cisco Lithium
Property. All drill holes intercepted pegmatite with visual indications of spodumene
mineralization identified. Drill results include:
• 120.3 metres at 1.72% Li2O (hole CS-24-010);
• 215.6 metres at 1.69% Li2O (hole CS-24-018); and
• 347.1 metres at 1.35% Li2O (hole CS-24-021)
FOR FURTHER INFORMATION, PLEASE CONTACT:
Alicia Milne Jason McBride
President & CEO Corporate Communications
[email protected] [email protected]
Telephone: 1 (800) 482-7560
E-mail: [email protected]
WWW.Q2Metals.com
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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, that the Additional Cisco
Claims may provide for extensive strategic sites for future development and mining infrastructure scenarios, drilling
results on the Cisco Property and inferences made therefrom, the grade and scaleof the Cisco Property being world
class, that the Cisco Property is in an emerging top lithium jurisdiction, that the Additional Claims provides exceptional
optionality for future development and mineral prospectivity, that the Additional Cisco Claims will add a tremendous
amount of potential at Cisco, 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, 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.ca.
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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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.