Mr. Harry Barr reports

METALQUEST MINING PUBLISHES INAUGURAL SUSTAINABILITY REPORT FOR 2023

Metalquest Mining Inc. has released its ESG (environmental, social and governance)/sustainability report for the year 2023. The scope of this project encompasses both MQM's Lac Otelnuk iron ore project (Quebec) and the Murray Brook polymetallic VMS (volcanic massive sulphide) project (New Brunswick).

Harry Barr, chief executive officer and chairman of Metalquest, commented:

"On behalf of the directors and management, I am pleased to announce the publication of our first ESG/sustainability report for Metalquest Mining (MQM). From MQM's inception to this date, our primary focus before delving into any project has been to identify all key stakeholders, especially ones involved with the environmental and social prospects in the regions that our projects are located in. We have spent a substantial amount of time and effort in that direction. To that end, on Dec. 12, 2023, we announced the signing of an exploration and predevelopment agreement with Naskapi Nation of Kawawachikamach. We are also directly engaged with other first nations, custodians and communities around our Lac Otelnuk project in Quebec. Our team at MQM have a firm belief that where the success of a project is deduced from its financial statements and economic prospects, the sustainability of that success lies solely in strong consideration of environmental, social and governance (ESG) metrics of that said project, which further gives us the motivation, encouragement and the social licence to operate."

The company aims to ensure that we are actively communicating with investors and other stakeholders to the best of our abilities and we want you to know that we are available to answer any questions or concerns. In the event you would like to set up a meeting with management, please contact Farid Mammadov.

Metalquest's ESG/sustainability report is now available under the ESG tab on its corporate website.

The report is based on frameworks outlined by both TCFD (Taskforce for Climate-related Financial Disclosures) and SASB (Sustainability Accounting Standards Board). This was done to make sure that the report aligns with important and industry-wide prevalent institutions' layout.

Metalquest knows well the importance of these ESG reports and the visibility, transparency and affirmation they provide to environmental, social and governance issues arising from its operations, which is imperative across the industry. Following this inaugural report, Metalquest will include disbursement of such reports as an annual target and will make sure to involve all stakeholders and communities within them.

About Metalquest Mining Inc.

Metalquest Mining owns a 100 per cent of Otelnuk and is further looking to develop one of the largest iron ore projects in North America.

We seek Safe Harbor.