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MetalQuest Mining to Conduct Site Visit to Lac Otelnuk and Superior Iron Projects Following Desktop Technical Work and Attend THE Mining Investment Event in Québec City
June 2, 2026 – Rockport, Ontario – MetalQuest Mining Inc. (TSXV: MQM; OTCQB: MQMIF) (“MetalQuest” or the “Company”) is pleased to announce that members of the Company’s management and technical teams will be attending THE Mining Investment Event in Québec City from June 2 to June 4, 2026, followed by a planned site visit to the Company’s Lac Otelnuk Iron Ore Project and Superior Iron Project in northern Québec.
THE Mining Investment Event is held annually at the Centre des congrès de Québec and brings together mining companies, institutional investors, family offices, funds, government representatives, and industry participants from Canada and abroad. The 2026 event is scheduled for June 2 to 4, 2026.
Following the conference, MetalQuest’s management and technical representatives plan to travel to the Lac Otelnuk and Superior Iron project areas to complete the Company’s site visit following the desktop technical work completed to date on both projects.
The planned site visit represents an important next step in MetalQuest’s ongoing review and advancement of its Québec iron ore portfolio. The Company’s 100%-owned Lac Otelnuk Iron Ore Project is a development-stage asset located in the Labrador Trough of northern Québec. The project has been the subject of a historical 2015 feasibility study. Based on its historical mineral resource estimate of 20.64 billion tonnes (M+I), the project ranks among the largest undeveloped iron ore deposits in North America. To learn more about the 2015 Historic Mineral Resource Estimate and Historic 2015 Feasibility study, please refer to the Company’s press release.
The Company’s Superior Iron Project is an exploration-stage asset that was acquired to expand MetalQuest’s land position within the same established iron ore district as Lac Otelnuk.
The site visit is expected to include a detailed review of historical infrastructure, camp facilities, historical drill core and exploration assets, airstrip and access conditions, as well as reconnaissance work over selected areas of the Superior Iron Project. The Company also plans to collect representative samples, capture aerial photography and video, and document geological and infrastructure features that may support future technical work, investor communications, and project planning.
In 2025, MetalQuest engaged AtkinsRéalis to complete a technical gap Analysis of the Lac Otelnuk Project. The purpose of the gap Analysis was to review the historical feasibility study, assess key technical areas, identify information gaps, and outline the work required to advance the project toward a modernized development pathway. The planned site visit is expected to support this ongoing process by allowing the Company to complete an on-the-ground review of historical infrastructure, access conditions, core storage, camp facilities, and other project assets that were identified as important components of future project planning.
Figure 1: Map illustrating Lac Otelnuk Project’s claims in yellow and Superior Iron Project in pink
“This planned site visit marks an important transition for MetalQuest as we move from extensive desktop review and technical analysis toward field validation and on-the-ground assessment,” stated Harry Barr, Chairman and CEO of MetalQuest Mining. “. Following our meetings in Québec City, we believe this site visit will help us better assess the existing infrastructure, historical exploration assets, access conditions, and future work priorities for both projects.
During the visit, the Company expects to complete several key activities, including:
- Helicopter reconnaissance over the Lac Otelnuk and Superior Iron property package;
- Review of major geological trends, structural features, access routes, and historical drill trails;
- Assessment of camp infrastructure, communications, airstrip, dock, helipad, and equipment condition;
- Review of historical core storage areas, sample inventories, and exploration assets;
- Geological reconnaissance and sampling at selected Superior Iron target areas;
- Collection of field data, photographs, drone imagery, and video for future technical and corporate use; and
- Development of preliminary findings and recommendations to support future exploration and technical programs.
The Company views this site visit as a practical and necessary step in advancing its understanding of the project area after recent desktop-level work. The visit is intended to help prioritize future field programs, confirm historical information where possible, assess remaining project infrastructure, and identify opportunities for additional mapping, sampling, geophysics, and drilling.”
MetalQuest expects to provide additional updates following completion of the site visit and review of the field observations, samples, imagery, and technical data collected during the program.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Alexandr Beloborodov, P.Geo. (OGQ #1637), President of ABG Exploration Inc., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Beloborodov’s approval relates to the technical descriptions of the planned field program and site visit activities for the Company’s Quebec projects. The historical mineral resource estimate and historical feasibility study referenced in this news release have not been verified by Mr. Beloborodov and are not treated as current mineral resources or mineral reserves.
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-mining-amends-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-northern-ontarios-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-in-the-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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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.