Ring of Fire, Northern Ontario, Canada  |  100% Owned by MetalQuest Mining

Quick Facts

• 1,034 claim cells totaling approximately 20,800 hectares (52,000 acres) in the Ring of Fire, Northern Ontario
• 100% owned by MetalQuest Mining Inc., acquired in December 2025
• Located approximately 10 km from the Eagle’s Nest nickel-copper-PGE deposit and the Black Thor chromite deposit, within a geologically active critical minerals district
• Historical drilling within the property has demonstrated an active polymetallic system, including 2.0 m @ 0.86% Zn, 0.03% Pb, 0.13% Cu, with massive to semi-massive sulphides and up to 3.4 g/t Ag*
• The project captures key structural corridors, magnetic trends, intrusive contacts, and EM/IP conductor systems associated with gold, nickel-copper-PGE, chromite, and VMS-style mineralization
• MQM’s first foothold in one of Canada’s most strategic critical mineral districts, with additional Ring of Fire acquisitions under evaluation
• Exploration planning for 2026 is underway, with groundwork expected to begin following community engagement and preliminary technical modelling

*Historical drill result sourced from Ontario Geological Survey Assessment File 20000001195, Report 20002201. The QP has not yet verified the historical data and cautions that the information is preliminary in nature and should not be relied upon until further work is completed.

Project Overview

MetalQuest Mining Inc. (TSX: MQM) acquired the ROF-1 Project in December 2025, establishing the Company’s first presence in Ontario’s Ring of Fire, one of Canada’s most strategically significant critical mineral districts. The project totals 1,034 claim cells covering approximately 20,800 hectares (52,000 acres) and is 100% owned by MetalQuest Mining.

The ROF-1 Project represents the foundation of MQM’s broader Ring of Fire strategy. The Company continues to evaluate additional acquisition opportunities in the district and anticipates further expansion of its footprint in the near term. MQM’s stated corporate objective is to become one of the largest project exploration and development companies in the Ring of Fire region.

The district hosts multiple advanced nickel, chromite, titanium-vanadium, and VMS deposits and is widely regarded as one of Canada’s most important emerging critical mineral hubs. The ROF-1 Project captures a geologically prospective land position within this framework, with known polymetallic mineralization from historical drilling and multiple untested target corridors identified for future exploration.

Location & Access

The ROF-1 Project is located in Northern Ontario’s James Bay Lowlands, within the Ring of Fire, a remote but increasingly accessible critical mineral district. The project is situated approximately 10 km from the Eagle’s Nest deposit area, placing MQM within a geologically active and well-defined mineralized corridor.

Access to the Ring of Fire has historically been limited to seasonal air and winter road access. The Ontario government has committed to constructing an all-season road into the Ring of Fire, with Premier Doug Ford targeting construction commencement as early as August 2026. The province has signed agreements with Marten Falls and Webequie First Nations in support of this initiative. This infrastructure development is expected to significantly improve access for exploration, development, and future operations across the district, including the ROF-1 Project.

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.

Property & Ownership

The ROF-1 Project comprises 1,034 claim cells covering approximately 20,800 hectares (52,000 acres), 100% owned by MetalQuest Mining Inc. The ROF-1 Project is MQM’s first Ring of Fire asset and forms the foundation of the Company’s multi-project district strategy. MetalQuest continues to evaluate additional ground in the Ring of Fire, with further updates to be provided as developments occur.

Regional Geology: The Ring of Fire

The Ring of Fire is a world-class critical mineral district located in the James Bay Lowlands of Northern Ontario. It is underlain by the McFaulds Lake Greenstone Belt, a sequence of Neoarchean volcanic and intrusive rocks that host multiple styles of mineralization, including magmatic nickel-copper-PGE deposits, chromite deposits, titanium-vanadium occurrences, and volcanogenic massive sulphide (VMS) systems.

The district is recognized as a priority critical minerals region under Ontario’s Critical Minerals Strategy and has attracted significant interest from governments and the private sector alike. Mineral exploration and deposit appraisal activity in Ontario reached approximately $976 million in 2023, reflecting the strength of the province as a mining jurisdiction. The Ring of Fire is central to Ontario’s long-term ambitions to supply critical minerals for the clean energy and advanced manufacturing sectors.

Figure 2: Regional claim map highlighting landholders in the Ring of Fire and the location of MQM’s ROF-1 Project.

Property Geology

The ROF-1 Project captures key structural corridors, magnetic trends, intrusive contacts, and EM/IP conductor systems within the Ring of Fire greenstone belt. A Technical Review from previous operators confirms the project has potential for VMS-style mineralization, untested IP/EM conductor corridors, favourable magnetic and intrusive architecture, and structurally controlled targets.

Historical drilling within the acquired property has demonstrated an active polymetallic system. Documented results include 2.0 m @ 0.86% Zn, 0.03% Pb, 0.13% Cu with massive to semi-massive sulphides and up to 3.4 g/t Ag.* These results, combined with the untested geophysical targets identified across the property, provide a strong foundation for MQM’s planned exploration program.

*Historical drill result sourced from Ontario Geological Survey Assessment File 20000001195, Report 20002201. The QP has not independently verified this data; it is preliminary in nature and should not be relied upon until further work is completed.

Go-Forward Plan

Exploration planning for the ROF-1 Project is underway, with groundwork expected to begin in early 2026 following community engagement and preliminary technical modelling. Initial work will focus on ground truthing, assessment of the historical geophysical datasets, and prioritization of EM/IP conductor corridors and structural targets for future drilling.

MQM continues to evaluate additional acquisition opportunities across the Ring of Fire as part of its multi-project district strategy, and anticipates providing further updates as developments occur.

Community & Indigenous Relations

MetalQuest Mining is committed to early and meaningful engagement with First Nation communities in the Ring of Fire region. The Company is planning to begin communications with relevant First Nations as part of its early-stage exploration planning, with a focus on transparent dialogue, respectful collaboration, and ensuring its activities align with community interests and regional expectations.