Mr. Harry Barr reports

METALQUEST MINING TO CONDUCT SITE VISIT TO LAC OTELNUK AND SUPERIOR IRON PROJECTS FOLLOWING DESKTOP TECHNICAL WORK AND ATTEND THE MINING INVESTMENT EVENT IN QUEBEC CITY

Members of Metalquest Mining Inc.'s management and technical teams will be attending The Mining Investment Event in Quebec City from June 2 to June 4, 2026, followed by a planned site visit to the company's Lac Otelnuk iron ore project and Superior iron project in Northern Quebec.

The Mining Investment Event is held annually at the Centre des congres de Quebec and brings together mining companies, institutional investors, family offices, funds, government representatives and industry participants from Canada and abroad. The 2026 event is scheduled for June 2 to June 4, 2026.

Following the conference, Metalquest's management and technical representatives plan to travel to the Lac Otelnuk and Superior Iron project areas to complete the company's site visit following the desktop technical work completed to date on both projects.

The planned site visit represents an important next step in Metalquest's continuing review and advancement of its Quebec iron ore portfolio.

The company's 100-per-cent-owned Lac Otelnuk iron ore project is a development-stage asset located in the Labrador Trough of Northern Quebec. The project has been the subject of a historical 2015 feasibility study. Based on its historical mineral resource estimate of 20.64 billion tonnes (measured plus indicated), the project ranks among the largest undeveloped iron ore deposits in North America.

The company's Superior iron project is an exploration-stage asset that was acquired to expand Metalquest's land position within the same established iron ore district as Lac Otelnuk.

The site visit is expected to include a detailed review of historical infrastructure, camp facilities, historical drill core and exploration assets, airstrip and access conditions, as well as reconnaissance work over selected areas of the Superior iron project.

The company also plans to collect representative samples, capture aerial photography and video, and document geological and infrastructure features that may support future technical work, investor communications and project planning.

In 2025, Metalquest engaged Atkinsrealis to complete a technical gap analysis of the Lac Otelnuk project. The purpose of the gap analysis was to review the historical feasibility study, assess key technical areas, identify information gaps and outline the work required to advance the project toward a modernized development pathway. The planned site visit is expected to support this continuing process by allowing the company to complete an on-the-ground review of historical infrastructure, access conditions, core storage, camp facilities and other project assets that were identified as important components of future project planning.

"This planned site visit marks an important transition for Metalquest as we move from extensive desktop review and technical analysis toward field validation and on-the-ground assessment," stated Harry Barr, chairman and chief executive officer of Metalquest Mining. "Following our meetings in Quebec City, we believe this site visit will help us better assess the existing infrastructure, historical exploration assets, access conditions and future work priorities for both projects.

"During the visit, the company expects to complete several key activities, including:

• "Helicopter reconnaissance over the Lac Otelnuk and Superior iron property package;
• "Review of major geological trends, structural features, access routes and historical drill trails;
• "Assessment of camp infrastructure, communications, airstrip, dock, helipad and equipment condition;
• "Review of historical core storage areas, sample inventories and exploration assets;
• "Geological reconnaissance and sampling at selected Superior iron target areas;
• "Collection of field data, photographs, drone imagery and video for future technical and corporate use;
• "And development of preliminary findings and recommendations to support future exploration and technical programs.

"The company views this site visit as a practical and necessary step in advancing its understanding of the project area after recent desktop-level work.

"The visit is intended to help prioritize future field programs, confirm historical information where possible, assess remaining project infrastructure, and identify opportunities for additional mapping, sampling, geophysics and drilling."

Metalquest expects to provide additional updates following completion of the site visit and review of the field observations, samples, imagery and technical data collected during the program.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Alexandr Beloborodov, PGeo (OGQ No. 1637), president of ABG Exploration Inc., a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Beloborodov's approval relates to the technical descriptions of the planned field program and site visit activities for the company's Quebec projects. The historical mineral resource estimate and historical feasibility study referenced in this news release have not been verified by Mr. Beloborodov and are not treated as current mineral resources or mineral reserves.

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 (net smelter return) 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 1.26 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 22, 2026, Canadian Copper shares were trading at 70 cents.

It also holds 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 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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