Mr. Harry Barr reports

METALQUEST COMPLETES DUE DILIGENCE AND ELECTS TO PROCEED WITH THE WEST CAMERON GOLD PROJECT, KENORA MINING DISTRICT, NORTHWESTERN ONTARIO

Further to the company's news release of Feb. 3, 2026, Metalquest Mining Inc. has completed its technical due diligence review of the West Cameron gold project, located in the Kenora mining district of Northwestern Ontario. Following completion of the review, the company has provided formal notice to proceed under the previously announced option agreement with Gallik Explorations Inc., a wholly owned company of Troy Gallik, to acquire a 100-per-cent interest in the project.

Chairman and chief executive officer Harry Barr stated: "Completing due diligence and proceeding with the West Cameron gold project marks an important step as Metalquest adds a new gold exploration division. The Kenora mining district remains an underexplored but prospective region, and West Cameron gives us an opportunity to advance a structurally favourable project with good access and infrastructure. Our focus will be on disciplined exploration aimed at building long-term value for our shareholders."

The company will host an open house on April 11, 2026, at its newly established Kenora, Ont., field operations office and core facility. The facility will also be shared with New Age Metals Inc., which currently holds approximately 10 per cent of Metalquest's outstanding shares.

The open house will take place from 10 a.m. to 3 p.m., and shareholders and interested parties are welcome to attend. Food and refreshments will be provided. Those interested in attending are encouraged to contact Doug Bundy at thechief52@hotmail.com.

Highlights:

• Located approximately 10 kilometres (km) 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, recently acquired by Frank Giustra's Fiore Group (more details below);
• Gold mineralization hosted in shear zones, quartz-carbonate veining, altered felsic intrusions and structurally deformed rock units;
• The 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 (g/t) gold (Au);
• Metalquest is currently finalizing its 2026 exploration program, which is expected to include geological mapping, sampling, geophysical surveys and targeted drilling to validate and expand known mineralization;
• 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;
• Metalquest is expanding its exploration portfolio to include gold exploration opportunities.

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:

• Regional consolidation, highlighted by Coeur Mining Inc.'s announced acquisition of New Gold in an approximately $7-billion (U.S.)transaction, as stated in the 2025 news release whereby Coeur announced the acquisition of New Gold to create a new all-North American senior precious metals producer'
• The Cameron Lake gold project acquisition, led by Mr. Giustra's Fiore Group and First Mining Gold Corp., in a transaction valued at approximately $27-million (Canadian). As stated in the Nov. 25, 2025, news release by First Mining, whereby First Mining announced a new partnership to advance the Cameron gold project;
• 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 via 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 g/t Au 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, 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 Inc., Noranda, Endurance Gold, North American Uranium Corp. and Metals Creek Resources.

Option terms

Metalquest may earn a 100-per-cent interest in the West Cameron gold project, subject to a 2-per-cent net smelter return (NSR), by making a series of cash payments and share issuances. Any share payments that become issuable under the terms of the agreement will be based on a 10-day trading average prior to the date of issuance, subject to a minimum deemed issue price of 24.75 cents per share. Metalquest has the ability to terminate the agreement any time after the first year's commitments have been completed. There are no finders' fees payable in connection with this transaction.

The transaction and any securities issued in connection with the agreement are subject to TSX Venture Exchange approval and a four-month-plus-one-day hold period in accordance with applicable securities laws.

Qualified person

Troy Gallik, PGeo (member ID 3550), a practising registrant and qualified person (QP) 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 was 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 conducted 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 Mr. Gallik, is a geological consultant to Metalquest Mining, however, it remains at arm's length to the company as defined by TSX Venture Exchange policies.

About Metalquest Mining Inc.

Metalquest 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 kilometres northeast of Montreal by air. The company has recently acquired a portion of the underlying net smelter return (NSR) 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 the company's primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach, with which the company has an exploration and predevelopment agreement as of November, 2023.

A gap study analysis was completed as of Feb. 18, 2026, by AtkinsRealis, a global engineering leader and lead author of the 2015 feasibility study, provided a clear framework for the project's next stage of advancement. Importantly, the review did not identify any issues that would preclude continued advancement of the project. Metalquest is advancing Lac Otelnuk through a phased approach focused on technical validation, modernization opportunities, infrastructure and logistics planning, ESG (environmental, social and governance) and permitting progress, and updated economic evaluation, with the goal of creating long-term value for shareholders and stakeholders.

On Dec. 3, 2025, Metalquest announced the acquisition of the ROF-1 project, a critical minerals land package in Ontario's Ring of Fire totalling 1,034 claims (approximately 20,800 hectares) (approximately 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.

The ROF-1 project is located approximately 10 km from major nearby deposits and has identified exploration potential for VMS-style (volcanogenic massive sulphide) mineralization and multiple untested target corridors based on historical 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, a significant shareholder of Metalquest Mining, 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 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 Jan. 23, New Age Metals and Metalquest 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 of 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 1.45 million free trading shares and 2.5 million warrants at a strike price of 12.5 cents of Canadian Copper Inc. As of the closing of trading on Jan. 30, 2026, Canadian Copper shares were trading at 78 cents.

Two NSR royalties total 1 per cent in the Murray Brook PEA-stage (preliminary economic assessment) 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 Canadian Copper 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. Canadian Copper recently secured a financing to acquire the Caribou complex.

The Caribou process complex is approved and maintains all required operating permits.

See Canadian Copper's website for further details.

We seek Safe Harbor.