METALQUEST MINING ANNOUNCES ISSUANCE OF SHARES FOR SERVICES

July 6, 2026 – Vancouver, British Columbia – MetalQuest Mining Inc. (TSXV: MQM | OTCQB:
MQMIF) (“MetalQuest” or the “Company”), announces the following share issuance pursuant to
the Strategic Planning services agreement and amending agreement (the “Agreement”) with an arms
length service provider as previously announced April 24, 2026.
Pursuant to the terms of the Agreement, the consultant provided services for the period ending June
30, 2026, in exchange for an aggregate of $5,500 payable in common shares in the capital of the
Company. For the period ended June 30, 2026, the Company has issued an aggregate of 27,500
common shares in the capital of the Company at a deemed price of $0.20 per Share, as compensation
for services rendered.

The Shares are subject to a four month plus one day hold period in accordance with applicable
securities laws and policies of the TSX Venture Exchange. The issuance of the Shares does not
constitute a related party transaction or result in the creation of a new control person or insider of
the Company.

The Company will issue an additional news release disclosing the number of common shares to be
issued in exchange for the services rendered upon the next issuance. This news release is being issued
in accordance with section 6.2(m)(i) of TSX Venture Exchange Policy 4.4.

About MetalQuest Mining
MetalQuest Mining (MQM) owns 100% of Lac Otelnuk and is working to develop one of the largest
Iron projects in North America. The Lac Otelnuk Iron Project is located in Quebec’s Labrador Trough
and is approximately 165 km by air northwest of the Town of Schefferville, and 1200 km northeast
of Montreal by air. The Company has recently acquired a portion of the underlying net smelter
return (NSR) royalty on the Project, https://metalquestmining.com/news/metalquest-miningamends-royalty-on-its-lac-otelnuk-iron-project-in-quebec/
The Quebec government has transferred 100% of the claims into MQM’s name and management is
accumulating a vast amount of technical data as approximately $120 million has been expended on
the project to date. Going forward, one of our primary objectives will be to continue to work with
Naskapi First Nation of Kawawachikamach with whom we have an Exploration and Pre-Development
Agreement as of November 2023.
A gap analysis study was completed as of February 18th, 2026, by AtkinsRéalis, a global engineering
leader and lead author of the 2015 feasibility study, provided a clear framework for the Project’s next
stage of advancement. MetalQuest is advancing Lac Otelnuk through a phased approach focused on
technical validation, modernization opportunities, infrastructure and logistics planning, ESG and
permitting progress, and updated economic evaluation, with the goal of creating long-term value for
shareholders and stakeholders.

On December 3rd, 2025, MetalQuest Mining (MQM) announced the acquisition of the ROF-1 Project,
a critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares,
~52,000 acres). The Ring of Fire is one of Canada’s most important emerging critical minerals
districts, supported by growing infrastructure and government attention as the region
advances toward potential development. ROF-1 Project is located approximately 10 km from
major nearby deposits and has identified exploration potential for VMS-style mineralization and
multiple untested target corridors based on historic work and technical review.
https://metalquestmining.com/news/metalquest-secures-critical-minerals-project-in-northernontarios-ring-of-fire-region/
The previously announced acquisition of the Fishhook Polymetallic Project represents
MetalQuest’s second step in building a broader multi-project Ring of Fire strategy, with the
Company continuing to review additional opportunities in the region.
https://metalquestmining.com/news/metalquest-acquires-a-second-22000-ha-property-inthe-ring-of-fire-northern-ontario-the-fishhook-polymetallic-project/
New Age Metals Inc., a significant shareholder of MetalQuest Mining Inc. with approximately
14.39%, has recently advanced into the Ring of Fire through the acquisition of new exploration
properties, reflecting increasing exploration momentum within the district. New Age Metals’
activities are independent of MetalQuest’s operations.
New Age Metals is focused on the discovery and advancement of platinum group metals and other
critical minerals projects in North America and has identified the Ring of Fire as a strategic area for
long-term growth. The expansion of its exploration portfolio within this emerging district highlights
continued industry interest in early-stage, district-scale opportunities supported by improving
infrastructure, government engagement, and regional exploration activity.
With the acquisition of the Fishhook Polymetallic Project in the Ring of Fire, on the January
23rd, 2026 New Age Metals Inc. and MetalQuest Mining Inc. have assembled approximately
62,800 hectares (~155,200 acres), consisting of 3,067 mining claims, subject to a 1.0% NSR
with a 0.5% buyback, forming a portfolio of early-stage exploration ground considered
prospective for critical minerals. The companies will continue to evaluate further acquisitions
in the district.
MetalQuest believes that the alignment of shareholder interest and regional exploration focus
further supports the Company’s strategy of disciplined land acquisition and systematic
exploration within the Ring of Fire.
MetalQuest Mining also recently acquired the West Cameron Gold Project located in the Kenora
Mining District of Northwestern Ontario. The Project is situated along the same regional structural
corridor that hosts the Cameron Lake Gold Deposit and is considered prospective for structurally
controlled gold mineralization. The Company is currently reviewing historical exploration data and
planning follow-up exploration programs designed to advance and evaluate the Project’s discovery
potential.

The initial phase of work, planned for Winter/Spring 2026, at the recently acquired Superior Iron
Project will comprise systematic ground truthing, detailed geophysical surveys, and comprehensive
environmental baseline studies. These programs are designed to enhance the geological model,
refine the understanding of mineralized zones, and delineate high-priority drill targets to support
the next stage of exploration and project development.
The Company also owns ~1.26 million free trading shares and 2.5 million warrants at a strike
price of $0.125 of Canadian Copper (CCI) as of the closing of trading on April 22nd, 2026, CCI shares
were trading at $0.70.
Two NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc-Polymetallic Deposit,
situated in the famous Bathurst Mining District, New Brunswick, Eastern Canada.
Canadian Copper Inc (CCI) must pay MQM a pre-production cash payment of $1 million before
the project goes into production and has the right to purchase half of a 0.33% royalty for $1
million dollars.
In the event that CCI purchases half of the 0.33% royalty, MQM will retain 0.82% royalty in
perpetuity.
The Company has indicated that it is completing a Preliminary Economic Assessment (PEA) on
processing the Murray Brook deposit at the Caribou Processing Complex. Release date is expected in
the first half of 2026. CCI recently secured a financing to acquire the Caribou complex. The Caribou
Processing Complex is approved and maintains all required operating permits. See CCI’s
website for further details.
Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com where
they can review the company and its corporate activities. Any questions or comments can be directed
to Harry Barr at Hbarr@mqmining.com or Max Kaczmer mkaczmer@newagemetals.com by
telephone at 613 659 2773.
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If you have not done so already, we encourage you to sign up on our website
(www.metalquestmining.com) to receive our updated news.
On behalf of the Board of Directors and Management, we thank you for your continued
support and trust in MetalQuest Mining.
Harry G. Barr
Chairman and CEO

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.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking
statements that involve risks and uncertainties. These statements may differ materially from actual
future events or results and are based on current expectations or beliefs. For this purpose, statements of
historical fact may be deemed to be forward-looking statements. In addition, forward-looking
statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”,
“believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”,
“target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks
and uncertainties, and actual results may differ materially depending on a variety of important factors,
including, among others, the Company’s ability and continuation of efforts to timely and completely
make available adequate current public information, additional or different regulatory and legal
requirements and restrictions that may be imposed, and other factors as may be discussed in the
documents filed by the Company on SEDAR+ (www.sedarplus.ca), including the most recent reports that
identify important risk factors that could cause actual results to differ from those contained in the
forward-looking statements. The Company does not undertake any obligation to review or confirm
analysts’ expectations or estimates or to release publicly any revisions to any forward-looking
statements to reflect events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Investors should not place undue reliance on forward-looking statements.