Mr. Harry Barr reports

METALQUEST RECEIVES EXCHANGE APPROVAL ON THE WEST CAMERON GOLD PROJECT, KENORA MINING DISTRICT, NORTHWESTERN ONTARIO

Further to Metalquest Mining Inc.'s news release of March 12, 2026, and Feb. 3, 2026, it has received TSX Venture Exchange approval on the West Cameron gold project located in the Kenora mining district of Northwestern Ontario with Gallik Explorations Inc. to acquire a 100-per-cent interest in the project.

Highlights

• 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, 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 Au (gold);
• 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, 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.

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 gram per tonne 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 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.; 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. The information on the Cameron Lake property is not necessarily indicative of the mineralization on the West Cameron gold project.

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 Mining may earn a 100-per-cent interest in the West Cameron gold project, subject to a 2-per-cent net smelter return (NSR) with buy-down right to 1 per cent by paying Gallik $500,000, by making aggregate cash payments of $75,000 and aggregate share issuances of $75,000 in shares. 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 Troy Gallik, is a geological consultant to Metalquest Mining Inc. 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 km 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 (NSR) royalty on the project.

We seek Safe Harbor.