Mr. Harry Barr reports

METALQUEST ENTERS DUE-DILIGENCE PERIOD ON THE WEST CAMERON GOLD PROJECT, 60 KM SOUTH OF KENORA, IN THE KENORA MINING DISTRICT, NORTHWESTERN ONTARIO

Metalquest Mining Inc. has entered into an option agreement dated Jan. 29, 2026, with Gallik Explorations Inc., a wholly owned company of Troy Gallik, whereby Gallik has provided the company a due diligence period on the potential acquisition of a 100-per-cent interest in the West Cameron gold project located in the southern portion of Kenora mining district, Northwestern Ontario.

The agreement provides a due diligence period of 40 days, at which time the company will have an additional five business days to provide a notice to proceed to Gallik. Upon completion of the company's due diligence review and the delivery of the notice, a subsequent news release will be issued. In the event the company provides Gallik with a notice, the date of the notice would become the effective date of the agreement.

This acquisition would represent Metalquest's initial entry into gold exploration and forward momentum toward its objective of diversifying its portfolio. The nearby infrastructure associated with the project includes hydro power lines, highways and all-weather roads, with proximity to towns and cities, while being within established Canadian mining districts.

Chairman and chief executive officer Harry Barr stated: "The potential acquisition of West Cameron gold project would mark the formal entry into gold exploration and reflects our strategy of building a portfolio of technically strong exploration assets in premier Canadian mining jurisdictions. The Kenora district offers excellent infrastructure, supportive first nation communities and growing strategic interest from major industry participants. With proximity to the Cameron gold deposit and regional consolidation activity, West Cameron provides a compelling platform for discovery-driven growth."

Highlights:

• Metalquest looking to diversify portfolio to expand into gold exploration with the potential acquisition of a 1,700-hectare project in the Kenora mining district, Ontario;
• Located approximately 10 kilometres south of the town of Sioux Narrows and 60 km south of the city of Kenora, benefiting from year-round road access and established regional infrastructure;
• Located adjacent to First Mining Gold Corp.'s Cameron gold project;
• Gold mineralization hosted in shear zones, quartz-carbonate veining, altered felsic intrusions and structurally deformed rock packages;
• Interpreted regional Cameron Lake fault trend extends across the property;
• New porphyry intrusive target identified as a key focus for follow-up exploration;
• Historical surface sampling returned gold values up to 9.18 grams per tonne gold;
• The company, upon notice to proceed with the agreement, plans to engage with local first nations communities and intends to pursue opportunities for collaborative and respectful partnerships, consistent with its commitment to responsible exploration.

A strategic gold hub

The Kenora mining district has historically been underexplored and is increasingly emerging as an active exploration and development region, supported in part by improved commodity prices and renewed industry and investor interest.

The region offers a compelling combination of:

• Established mining infrastructure and highway access;
• Proximity to power, work force and service centres;
• Favourable permitting environment and community relationships.

Recent acquisitions and investments within and adjacent to the district include:

• Accelerating regional consolidation and validation, highlighted by Coeur Mining's announced acquisition of New Gold in an approximately $7-billion (U.S.) transaction;
• The Cameron Lake gold project acquisition, led by Frank Giustra's Fiore Group and First Mining, in a transaction valued at approximately $27-million (Canadian);
• Growing exploration and development activity by junior, mid-tier and senior mining companies, reflecting renewed industry interest in the Kenora and nearby districts.

The company notes growing support for mineral exploration at the provincial, regional and municipal levels, including policies and initiatives intended to encourage responsible resource development and investment.

West Cameron gold project

The West Cameron gold project covers approximately 1,700 hectares (approximately 4,200 acres) and benefits from year-round access through Highway 71, logging roads and established trails.

The project is adjacent to the Cameron Lake claim group. The Cameron Lake deposit hosts pit-constrained (0.55 gram per tonne gold cut-off) measured and indicated mineral resources of approximately 3.5 million tonnes grading 2.45 g/t Au, containing approximately 274,000 ounces of gold, and pit-constrained inferred mineral resources of approximately 35,000 tonnes grading 2.45 g/t Au, containing approximately 3,000 ounces of gold. In addition, the deposit hosts underground (2.00 g/t Au cut-off) measured and indicated mineral resources of approximately 2.0 million tonnes grading 2.90 g/t Au, containing approximately 190,000 ounces of gold, and underground inferred mineral resources of approximately 6.5 million tonnes grading 2.54 g/t Au, containing approximately 530,000 ounces of gold. As disclosed in the technical report on the Cameron gold deposit, Ontario, Canada (First Mining Finance Corp., effective Jan. 17, 2017). Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Historical surface sampling results on the West Cameron project are reported in Ontario Ministry of Mines assessment filings, including the 2004 geological mapping and sampling report on the Cameron Lake property (Cunniah Lake Inc. and Clark Exploration Inc.) and the 2014 Flint Lake prospecting and target evaluation report (Metals Creek Resources Corp.). These reports document grab samples returning values of up to 9.18 g/t Au from sheared mafic volcanic rocks, as well as grab samples returning values of up to 1.9 g/t Au from the new porphyry intrusive target. Grab samples are selective by nature, and may not be representative of underlying mineralization or true grade distribution.

Gold mineralization on the property is associated with:

• Quartz-carbonate veining within shear zones;
• Sheared felsic intrusions;
• Brecciated and structurally deformed host rocks;
• Carbonate alteration and sulphide assemblages, including pyrite and chalcopyrite.

The interpreted regional Cameron Lake fault is mapped as trending through the property and is considered a prospective structural feature for guiding exploration targeting. This structure is part of a broader regional structural framework that includes the Cameron Lake area.

A key exploration focus is the new porphyry intrusive unit, located entirely within the project boundary. This intrusion is structurally controlled and has returned anomalous gold values, supporting the interpretation of a potential intrusive-related gold mineralizing system.

The project has been explored intermittently by Gulf Minerals, Cunniah Lake, Noranda, Endurance Gold, North American Uranium Corp. and Metals Creek Resources.

Option terms

In the event the company proceeds with the agreement, to earn a 100-per-cent interest in the project, subject to a 2-per-cent net smelter royalty, the company would have to pay to Gallik $15,000 in cash and $15,000 in shares upon the receipt of TSX Venture Exchange approval and $20,000 in cash and $20,000 in shares in each years one, two and three for total consideration of $75,000 in cash and $75,000 in shares. Further details of the agreement and potential share issuances will be included in the company's subsequent release should it decide to provide notice.

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 project, which is currently subject to the company's due diligence review under an option agreement. 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.

Mineral resources referenced on adjacent properties are not necessarily indicative of mineralization on the project.

The company notes that Mr. Gallik is the underlying vendor of the project and is therefore not independent for the purposes of NI 43-101. During the due diligence period, the company will conduct its own separate technical review of the project prior to making its decision to provide a notice to proceed with the agreement.

The company also notes that Gallik, a wholly owned company of Troy Gallik, is a geological consultant to Metalquest and, however, remains at arm's length to the company as defined by TSX Venture Exchange policies.

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.

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 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 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. The 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.

The previously announced 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 with approximately 9.63 per cent undiluted and approximately 14.6 per cent partially diluted, 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 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.

With the acquisition of the Fishhook polymetallic project in the Ring of Fire, on Jan. 23, 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 NSR 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. 30, 2026. CCI shares were trading at 78 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.