Mr. Harry Barr reports

METALQUEST MINING COMMENTS ON POSITIVE FINANCING MILESTONE ON ITS STRATEGIC COPPER INVESTMENT IN THE MURRAY BROOK PROJECT, NEW BRUNSWICK, CANADA

Metalquest Mining Inc. has commented on the positive financing announcement made today by Canadian Copper Inc., which announced that it has secured up to $96-million in project development capital from OR Royalties Inc. and Ocean Partners to advance development of its 100-per-cent-owned Murray Brook project and Caribou process plant in the Bathurst mining camp of New Brunswick.

Metalquest currently holds approximately 1.1 million common shares of Canadian Copper and 2.5 million warrants, and it also retains two net smelter return (NSR) royalties totalling 1.0 per cent on the Murray Brook project. As a result, management believes this financing milestone is a highly positive development for our shareholders, as it may enhance the value of the company's strategic exposure to a project that is now moving further along the development curve.

As of April 14 close, Canadian Copper closed at 75 cents per share.

According to Canadian Copper, the financing includes a combination of precious metals streaming, project debt and equity commitments and is intended to support permitting, engineering, construction readiness and advancement toward near-term production.

Management of Canadian Copper stated that the financing represents a significant derisking milestone and is designed to provide sufficient capital to complete key workstreams, award major project tenders, continue project engineering and permitting, and potentially accelerate the path toward production. The package includes $38.35-million from OR Royalties in exchange for a 20-per-cent life-of-mine payable silver and gold stream, up to $48-million in project debt from Ocean Partners in exchange for offtake rights, and up to $10.5-million in equity subscriptions. Canadian Copper also disclosed that $12.33-million is expected upon closing this month. For further details, please see Canadian Copper's press release.

For Metalquest shareholders, this is important for several reasons:

• Third party financing from established groups such as OR Royalties and Ocean Partners is typically viewed as external validation of the quality and development potential of the Bathurst complex strategy.
• The announced capital package appears to materially reduce financing risk at the project level and could help advance Murray Brook and the related processing strategy toward development.
• Continued advancement of Murray Brook has the potential to increase the strategic value of Metalquest's shares, warrants and royalties (currently a combined 1-per-cent NSR royalty) exposure.
• Managements experience has been excellent working in the province in New Brunswick and Metalquest believes that, matched with the current climate of critical metals, this project has an excellent chance to become a near-term producer of copper and other critical metals.

Chairman and chief executive officer Harry Barr stated: "Canadian Copper's announcement marks a meaningful development milestone for the Murray Brook project. From Metalquest's perspective, this is exactly the type of advancement we like to see on an asset where we maintain both equity exposure and royalty exposure. The involvement of established financing and offtake groups may help derisk the path forward and, in our view, has the potential to enhance the underlying strategic value of Metalquest's interests related to Murray Brook. We believe this is positive news for our shareholders and reinforces the optionality embedded in our portfolio. Recently, several royalty companies of significance have expressed interest to investigate our royalties."

Metalquest notes that royalties can provide long-term upside without requiring continuing operating expenditures by the royalty holder. Should Murray Brook advance into construction and, ultimately, production, the company's combined 1.0-per-cent NSR royalty interest could represent a valuable non-dilutive exposure to future project success. In addition, any improvement in market sentiment or valuation at Canadian Copper may also positively impact the value of Metalquest's 1.1 million shares and 2.5 million warrants.

Canadian Copper also noted that its financing structure was designed to finance project advancement while limiting excessive common share dilution, preserving balance sheet flexibility and maintaining optionality with other capital providers. The company further stated that parts of the financing remain conditional upon standard construction, permitting, financing and development milestones.

Metalquest will continue to monitor developments at Canadian Copper and will update shareholders, as appropriate, on material developments related to its strategic holdings and royalty interests.

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 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 Metalquest's primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach, with which Metalquest 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 or 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 kilometres from major nearby deposits and has identified exploration potential for VMS-style (volcanogenic massive sulphide) 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 14.39 per cent, 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, 2026, 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 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.

Metalquest Mining also recently acquired the West Cameron gold project located in the Kenora mining district of Northwestern Ontario. The project is situated along the same regional structural corridor that hosts the Cameron Lake gold deposit and is considered prospective for structurally controlled gold mineralization. The company is currently reviewing historical exploration data and planning follow-up exploration programs designed to advance and evaluate the project's discovery potential.

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 1.1 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 April 14, 2026, Canadian Copper shares were trading at 75 cents.

Two NSR royalties totalling 1 per cent in the Murray Brook PEA-stage (preliminary economic assessment) zinc-polymetallic deposit, situated in the famous Bathurst mining district in 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.

Canadian Copper has indicated that it is completing a preliminary economic assessment (PEA) 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 processing complex is approved and maintains all required operating permits. See Canadian Copper's website for further details.

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