Mr. Harry Barr reports

METALQUEST ACQUIRES A SECOND 22,000 HA PROPERTY IN THE RING OF FIRE, NORTHERN ONTARIO, THE FISHHOOK POLYMETALLIC PROJECT

Metalquest Mining Inc. has acquired through staking the Fishhook polymetallic project, a volcanogenic massive sulphide and nickel-copper-platinum-group-metal exploration property located in Northern Ontario within the broader Ring of Fire geological corridor, expanding the company's exploration portfolio.

The Fishhook polymetallic project is situated on the western margin of the Fishtrap intrusive complex, within the same regional volcanic-intrusive belt that hosts several significant mineral discoveries in the Ring of Fire. The company has staked approximately 1,094 contiguous mining claim cells covering approximately 22,000 hectares (54,360 acres), securing a large, continuous land package that captures prospective volcanic stratigraphy, intrusive contacts and multiple conductive trends identified by historical airborne geophysical surveys.

Chairman and chief executive officer Harry Barr stated: "We are seeing a convergence of factors in the Ring of Fire that we believe is highly compelling for shareholders, growing government engagement, meaningful first nations participation and renewed industry interest, including recent acquisitions by companies such as New Age Metals, one of Metalquest's significant shareholders. Our strategy is to position early by securing large, prospective land packages at low entry cost, and the Fishhook polymetallic project does exactly that by giving Metalquest district-scale exposure as momentum across the region continues to build."

Highlights:

• Metalquest has staked approximately 1,094 contiguous claims covering approximately 22,000 hectares (54,360 acres) in the Ring of Fire region of Northern Ontario.
• Growing federal and provincial government engagement, alongside increasing first nations participation, is supporting infrastructure planning and renewed exploration momentum in the Ring of Fire.
• The Fishhook polymetallic project is located on the western margin of the Fishtrap intrusive complex within a volcanic-intrusive belt considered prospective for VMS and Ni-Cu-PGM mineralization.
• The project is situated within the same broader geological corridor that hosts the Eagle's Nest Ni-Cu-PGM deposit and multiple VMS copper-zinc occurrences discovered by previous operators in the area.
• Previous helicopter-borne VTEM and magnetic surveys outlined numerous electromagnetic conductors across the property, many of which remain untested by drilling.
• Limited previous drilling in 2008 intersected widespread sulphide mineralization, anomalous zinc values and a pyrite-rich interval interpreted by previous operators as a potential VMS cap, indicating a favourable mineralizing environment.
• Large portions of the property remain underexplored, with multiple conductive trends and favourable stratigraphic horizons yet to be systematically evaluated.
• The company plans to compile and reinterpret historical data sets and to design staged exploration programs to prioritize and advance drill-ready targets.

The Fishhook polymetallic project complements the recent acquisition of the Northern Shield project part of the Fishtrap Lake intrusive complex by Metalquest's significant shareholder New Age Metals Inc. and reflects growing industry interest in district-scale critical metal opportunities within the Ring of Fire. New Age Metals' activities are independent of Metalquest's operations.

The timing of the Fishhook polymetallic acquisition is deliberate. The Ring of Fire is entering a new phase of attention driven by increasing government engagement, advancing infrastructure planning, growing first nations participation and renewed exploration activity across the district. Metalquest believes this creates a compelling window to secure large, underexplored land positions early, ahead of the next cycle of sustained exploration in the region. The scale of the project provides Metalquest shareholders with multiple potential pathways for value creation, including staged exploration, data-driven target advancement and long-term strategic optionality as regional activity continues to evolve.

Exploration and development activity within the Ring of Fire is being supported by increasing engagement from both the government of Ontario and the government of Canada, including initiatives related to infrastructure planning, access corridor development and regional economic participation. These efforts are being advanced with a focus on meaningful participation by first nations communities, recognizing their central role in land stewardship, consultation and long-term regional development. Growing government involvement, together with increased engagement with indigenous communities, underscores the strategic importance of the Ring of Fire as a critical mineral district and provides a supportive backdrop for responsible, early-stage exploration and land consolidation activities.

In late 2025, the government of Ontario and the government of Canada announced a co-operation agreement aimed at streamlining regulatory processes and accelerating the advancement of major infrastructure projects, including those associated with the Ring of Fire. The agreement is intended to reduce duplication between federal and provincial reviews, improve certainty for project proponents, and support responsible resource development in collaboration with first nations communities, with implementation progressing into 2026.

"With this historic agreement, our two governments are working together to protect Ontario and Canada by removing the unnecessary red tape and regulatory duplication that has stood in the way of nation-building projects for too long ... and help us unlock the enormous economic opportunity of the Ring of Fire," said Doug Ford, Premier of Ontario.

Regional exploration context

The region has been the focus of sustained exploration by junior and major mining companies over the past two decades following the recognition of extensive mafic-ultramafic intrusions and laterally continuous volcanic sequences considered prospective for both magmatic sulphide and VMS mineralization. Early exploration by Spider Resources, KWG Resources and De Beers resulted in the discovery of multiple VMS-style copper-zinc occurrences, indicating the fertility of the regional volcanic stratigraphy. Subsequent work by Noront Resources Ltd. led to the discovery of the Eagle One (now Eagle's Nest) Ni-Cu-PGM deposit in 2007, establishing the district as a regionally significant critical mineral camp.

More recently, Canterra Minerals Corp. announced that it had entered into an option agreement with Teck Resources Ltd., granting Teck the right to acquire a Ring of Fire exploration property located within the same regional geological corridor. The Fishhook polymetallic project is located along trend and adjacent to this optioned ground, further underscoring the strategic interest of major mining companies in this portion of the Ring of Fire. While nearby properties and transactions are not necessarily indicative of mineralization on the Fishhook polymetallic project, they highlight the prospectivity and continuing exploration activity within the broader district.

Project-specific exploration history

Historical helicopter-borne VTEM and magnetic surveys completed over the Fishhook polymetallic project by previous operators outlined numerous electromagnetic conductors associated with volcanic and intrusive rock units considered favourable for VMS and Ni-Cu-PGM mineralization. A limited diamond drilling program completed in 2008 tested a subset of these anomalies and intersected widespread sulphide mineralization within bimodal rhyolite-basalt volcanic rocks. Notably, drill hole FH-08-11 intersected approximately 20 metres of semi-massive to massive pyrite-pyrrhotite mineralization, which was interpreted by previous operators as a possible pyritic cap to a VMS system. Additional drill holes, including FH-08-05 and FH-08-07, intersected intervals of sulphide-bearing volcanic rocks with anomalous zinc values over metre-scale widths while several other holes encountered disseminated to stringer-style sulphides over broad intervals. While the limited drilling program explained the source of certain geophysical anomalies, the majority of identified conductors and favourable stratigraphic horizons across the property remains untested by drilling, highlighting the need for additional follow-up exploration. All historical information referenced herein is derived from publicly available Ontario Geological Survey assessment reports filed by previous operators.

Exploration upside

Metalquest intends to advance the Fishhook polymetallic project through a phased, data-driven exploration program focused on refining and prioritizing targets while managing technical and financial risk. Initial work is expected to include the compilation and validation of historical geological, geophysical, geochemical and drilling data sets, followed by reinterpretation of existing magnetic and electromagnetic surveys to improve structural and target models. The company also plans to conduct targeted geological mapping, prospecting and surface geochemical sampling to ground-truth interpreted features and identify priority zones for follow-up.

Results from these programs are expected to be integrated to rank targets and design a staged, cost-effective drill program focused on the highest-priority anomalies. In parallel, Metalquest plans to advance permitting, logistics planning, and continuing engagement with local stakeholders and first nations communities to support future field and drilling activities.

Qualified person

Troy Gallik, PGeo (member ID 3550), a practising registrant and qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the scientific and technical information contained in this news release. Mr. Gallik is a geological consultant to Metalquest Mining and is not independent for the purposes of NI 43-101.

The QP has reviewed available assessment files, historical drill logs, geophysical data sets, government geological data and public technical reports relevant to the company's newly acquired claims. The QP has not completed sufficient work to independently verify all historical exploration data referenced herein, particularly data generated by previous operators; however, the QP considers the historical information to have been collected using industry standard practices of the time and to be reasonably reliable for the purposes of early-stage exploration and target generation.

Issuance of options

The company also announces that it has granted 2,055,000 incentive stock options to directors, officers and consultants of the company. Each option will entitle the holder to purchase one common share of the company at an exercise price of 40 cents per share for a period of five years from the date of grant in accordance with the company's stock option plan. The options are subject to acceptance by the TSX Venture Exchange and will be subject to regulatory hold period of four months plus one day in accordance with applicable Canadian securities laws.

Metalquest Mining 2026 conference attendance

Metalquest Mining will be attending the Vancouver Resource Investment Conference on Jan. 25 and Jan. 26, 2026, where company representatives will be available at booth No. 817. Shareholders and interested parties are invited to visit the booth and meet with management.

The company will also be attending the Prospectors & Developers Association of Canada Convention in Toronto on March 1 to March 4, 2026, where management will be representing Metalquest Mining and plans on scheduling meetings with investors and other stakeholders. In addition, management recently attended the Future Minerals Forum in Riyadh, Kingdom of Saudi Arabia, held on Jan. 13 to Jan. 15, 2026, supporting continuing outreach and relationship-building efforts.

About Metalquest Mining Inc.

Metalquest Mining owns 100 per cent 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 kilometres by air northwest of the town of Schefferville and 1,200 km northeast of Montreal by air. The company has recently acquired a portion of the underlying net smelter return royalty on the project (subject to TSX Venture Exchange approval).

The Quebec government has transferred 100 per cent of the claims into Metalquest'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 the primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach with which it has an exploration and predevelopment agreement as of November, 2023. In June, 2025, Metalquest signed an agreement with Atkinsrealis, a world-class engineering service and nuclear company with offices around the world to conduct a comprehensive gap analysis of the historic 2015 feasibility study for the Lac Otelnuk iron project. The new studies will identify areas requiring updates to align the historic 2015 feasibility study with current market dynamics, regulatory frameworks, engineering best practices and environmental standards.

On Dec. 3, 2025, Metalquest Mining announced the acquisition of the ROF-1 project, a critical mineral land package in Ontario's Ring of Fire totalling 1,034 claims (approximately 20,800 hectares and approximately 52,000 acres). The Ring of Fire is one of Canada's most important emerging critical mineral districts, supported by growing infrastructure and government attention, as the region advances toward potential development. The 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.

Today's acquisition of the Fishhook polymetallic project represents Metalquest's second step in building a broader multiproject Ring of Fire strategy, with the company continuing to review additional opportunities in the region.

New Age Metals, a significant shareholder of Metalquest Mining, 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 is focused on the discovery and advancement of platinum group metal and other critical mineral 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.

Together, New Age Metals and Metalquest Mining have assembled approximately 62,800 hectares (approximately 155,200 acres), consisting of 3,067 mining claims, subject to a 1.0-per-cent net smelter royalty with a 0.5-per-cent 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.

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 approximately 1.8 million free-trading shares and 2.5 million warrants at a strike price of 12.5 cents of Canadian Copper Inc., and, as of the closing of trading on Jan. 19, 2026, CCI shares were trading at 61 cents.

Two NSR royalties total 1 per cent in the Murray Brook PEA-stage zinc-polymetallic deposit, situated in the famous Bathurst mining district, New Brunswick, Eastern Canada.

Canadian Copper must pay Metalquest a preproduction cash payment of $1-million before the project goes into production and has the right to purchase half of a 0.33-per-cent royalty for $1-million.

In the event that CCI purchases half of the 0.33-per-cent royalty, Metalquest will retain a 0.82-per-cent royalty in perpetuity.

The company has indicated that it is completing a preliminary economic assessment on processing the Murray Brook deposit at the Caribou processing complex. The release date is expected in the first half of 2026. CCI recently secured a financing to acquire the Caribou complex. The Caribou process complex is approved and maintains all required operating permits.

We seek Safe Harbor.