Mr. Harry Barr reports

METALQUEST MINING PUBLISHES THIRD ESG/SUSTAINABILITY REPORT FOR 2025

Metalquest Mining Inc. has released its environmental, social and governance/sustainability report for the year 2025. The scope of this project encompasses Metalquest's Lac Otelnuk iron ore project (Quebec).

Since Metalquest's project activities were limited exclusively to desktop-based studies and technical analyses, any associated emissions are immaterial and minimal in nature. These emissions relate primarily to routine administrative and office-based work rather than mining or field operations. Emissions are therefore considered minor and not material to the company's overall environmental footprint. Formal quantification was not undertaken due to the small-scale and early-stage nature of activities.

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

Harry Barr, chief executive officer and chairman of Metalquest, commented: "On behalf of the board of directors and management team, I am pleased to present Metalquest Mining's third annual ESG and sustainability report for the year 2025.

"Since MQM's inception, our approach to advancing any project has been anchored in the early identification and engagement of key stakeholders, particularly those connected to the environmental and social context of the regions in which we operate. We have dedicated substantial time, effort and resources toward building these relationships and ensuring responsible project development.

"In support of this commitment, on Dec. 12, 2023, MQM announced the signing of an exploration and predevelopment agreement with the Naskapi Nation of Kawawachikamach. We have also continued meaningful dialogue with other first nations, local custodians, regional authorities and communities surrounding our Lac Otelnuk project in Quebec.

"At MQM, we firmly believe that, while a project's success may be reflected in its financial results and economic potential, its long-term sustainability depends on strong environmental, social and governance performance. This commitment not only guides our decision making but also helps secure the trust and social licence necessary to operate responsibly and successfully."

The company aims to ensure that it is actively communicating with investors and other stakeholders to the best of its abilities, and it wants you to know that it is available to answer any questions or concerns.

Metalquest's ESG/sustainability report is 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 understands the importance of ESG reports and the visibility, transparency and affirmation they provide to environmental, social and governance issues arising from its operations, which are imperative across the industry. This is Metalquest's third ESG/sustainability report, and Metalquest will continue with 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 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 its 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 hectare or, 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. ROF-1 project is located approximately 10 km from major nearby deposits and has identified exploration potential for volcanogenic massive sulphide 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 Inc., a significant shareholder of Metalquest, 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 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. As of the closing of trading on Jan. 19, 2026, CCI shares were trading at 61 cents.

Two NSR royalties totalling 1 per cent in the Murray Brook preliminary-economic-assessment-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. See CCI's website for further details.

We seek Safe Harbor.