Mr. Harry Barr reports

METALQUEST MINING COMPLETES SITE VISIT AT LAC OTELNUK AND SUPERIOR IRON PROJECTS, ADVANCES PREPARATIONS FOR METALLURGICAL TESTWORK AND PHASE 2 SITE VISIT

Metalquest Mining Inc. has completed a reconnaissance site visit to its 100-per-cent-owned Lac Otelnuk iron project (development stage) and its adjacent 100-per-cent-owned Superior iron project (exploration stage) in Northern Quebec.

The reconnaissance program was conducted in June, 2026, to allow Metalquest's management and technical representatives to complete an on-site review of the legacy Lac Otelnuk camp facilities, infrastructure, drill core storage and condition of access.

The review helped Metalquest's technical team to determine necessary logistics for planned follow-up exploration programs on the projects.

Site visit highlights:

• The company completed a detailed review of the Lac Otelnuk legacy exploration camp area and associated infrastructure. Camp structures and stored materials were observed to be in good condition and generally well preserved following the prior operator's closure of the site in 201.
• Metalquest reviewed the on-site historical drill core inventory. Core from historical Lac Otelnuk drilling operations, which had been cross-stacked and organized by the previous operator, were found to be in good condition, with the majority of labels and sample tags intact. The company plans to collect intervals from the historical core and half-core sections for metallurgical test work prior to any new drilling on the Lac Otelnuk iron project.
• The metallurgical test work will be conducted in collaboration with Atkinsrealis Canada Inc., a Montreal-based engineering company and COREM, a Quebec City-based mineral processing consultant, as part of the company's broader effort to assess modernization opportunities and advance the Lac Otelnuk iron project toward an updated development pathway.
• During the reconnaissance site visit, the company also constructed a floating dock intended to improve future site logistics by allowing for better access for float-equipped aircraft and personnel.
• The team completed aerial reconnaissance and field documentation across the Lac Otelnuk and Superior iron project areas that included the collection of photographs, video and observations relating to historical infrastructure, access routes, drill trails, core storage areas and selected exploration features.

"This site visit represented an important transition from desktop technical review to direct field validation," stated Harry Barr, chairman and chief executive officer of Metalquest Mining. "We were very encouraged by the excellent condition of the historical drill core inventory and how well the camp infrastructure was preserved. Within a week and with very little more time and material, the camp could be made operational for future exploration and development work as we go forward on our pathway back to feasibility study on the Lac Otelnuk iron project. The availability of existing core gives us a practical opportunity to advance metallurgical work using this legacy material while our field observations will help guide future planning to advance both the Lac Otelnuk iron and Superior iron projects towards development."

Next steps: metallurgical study

The company is currently prioritizing the logistics required to collect and submit selected core material for metallurgical testing and will incorporate the site observations into its continuing technical planning. Metalquest's technical team continues to evaluate proposed work programs for both the Lac Otelnuk and Superior iron projects.

These activities would include continued technical validation and verification, infrastructure studies, logistics planning, and exploration targeting for the Superior iron project and the continued updating of project development studies referenced by Atkinsrealis's recently completed gap study (Atkinsrealis, 2025).

About the Lac Otelnuk iron project

The Lac Otelnuk iron project is 100 per cent owned by Metalquest and is underlain by rocks of the Labrador Trough in Northern Quebec, approximately 165 kilometres northwest of Schefferville, Que. The project benefits from a substantial body of historical technical work, including a 2013 National Instrument 43-101 mineral resource estimate (Risto et al., 2013) and a 2015 feasibility study (Risto et al., 2015) prepared by previous owner/operators.

Previous operators of the project invested approximately $120-million in resource delineation, metallurgical studies, engineering and feasibility work.

Information pertaining to the historical resource estimate was obtained from a technical report dated April 23, 2015, entitled "Lac Otelnuk Project Feasibility Study -- 43-101 Technical Report" (Risto et al., 2015) prepared for Lac Otelnuk Mining by Met-Chem Canada Ltd. applying the tests set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The 2015 technical report provides the most recent mineral resource for the Lac Otelnuk deposit and is summarized, along with the source parameters and assumptions, in Table 1.

Metalquest believes verification of the historical estimates is required to upgrade the historical estimates to current mineral resources. The company expects such verification will require, among other things: (i) additional drilling and core density sampling; (ii) further detailed modelling on ore controls and deposit structural setting; and (iii) continued metallurgical studies. The company believes that the historical estimate is relevant in assisting the company in evaluating its proposed work program but is unable to comment on the reliability of historical resources as insufficient work has been done to make this determination. A qualified person has not done sufficient work to classify the historical estimates referenced herein as current mineral resources or mineral reserves and Metalquest is not treating the historical estimate as current mineral resources or mineral reserves.

In December, 2025, Atkinsrealis completed a technical gap analysis of the 2015 feasibility study (Atkinsrealis, 2025). The review identified a staged path forward focused on validation and verification of historical geological and quality assurance/quality control work, optimization of mine planning and processing concepts, infrastructure and logistics planning, updated environmental and social studies, and refreshed economic modelling to reflect current market conditions and industry practices.

About the Superior iron project

The Superior iron project is a 100-per-cent-owned, exploration-stage iron project adjoining the Lac Otelnuk iron project. Acquired by the company in November, 2025, to provide additional strategic district-scale exploration exposure, the Superior iron project comprises 27,425 hectares of prospective ground and materially expands Metalquest's land position in this established iron ore district.

Metalquest is undertaking a systematic evaluation of the Superior iron project, including desktop compilation, field reconnaissance, geological mapping, sampling, geophysical review and environmental baseline planning, with the objective of refining priority geophysical and ground targets for future exploration programs.

During June, 2026, Metalquest completed initial reconnaissance over selected areas of the Superior iron project as part of its broader site visit to the Lac Otelnuk and Superior iron properties. The work included helicopter reconnaissance, review of regional geological trends and structural features, assessment of access routes and historical drill trails, and collection of field observations, imagery and technical data to help guide future exploration planning. A follow-up exploration program is planned for August, 2026.

About Metalquest Mining Inc.

Metalquest owns 100 per cent of the Lac Otelnuk and Superior iron projects. The company is working to develop the iron projects as one of the largest in North America. The Lac Otelnuk iron project is underlain by rocks of the Labrador Trough in Northern Quebec, approximately 165 kilometres northwest of the town of Schefferville and 1,200 kilometres northeast of Montreal. Following a recent buyback of a 1-per-cent interest in the underlying royalty, the combined royalty remains 2.5 per cent.

As approximately $120-million has been expended historically on the Lac Otelnuk iron project, the company has access to a vast amount of historical technical data. Going forward, one of the company's primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach, with which an exploration and predevelopment agreement was established in November, 2023. An in-person meeting to update the Naskapi First Nation on the two iron projects was conducted in early June, 2026.

A gap analysis study of the project was recently completed by Atkinsrealis, a global engineering leader and lead author of the 2015 feasibility study, providing a clear framework for the Lac Otelnuks iron project's next stage of advancement (Atkinsrealis, 2025). Metalquest is advancing the Lac Otelnuk iron project through a phased approach focused on technical validation and verification, modernization opportunities, infrastructure and logistics planning, ESG (environmental, social and governance), and permitting progress. The company is on a pathway to an updated feasibility study.

Exploration work on the Superior iron project began in June, 2026. The company intends to complete 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 development. A second phase of fieldwork is planned for August, 2026.

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 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 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.

Metalquest's technical team is concluding a contract in regard to an extensive geophysical program on the Fishhook polymetallic project, which is expected to be completed before the end of September, 2026; further announcements will be forthcoming.

New Age Metals Inc., an approximately 14-per-cent shareholder of Metalquest, 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 have assembled approximately 62,800 hectares, 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 targets 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 also recently acquired the West Cameron gold project, located in the Kenora mining district of Northwestern Ontario, 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. Work is expected to be completed before the end of October, 2026.

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 Inc. As of the closing of trading on July 28, 2026, Canadian Copper shares were trading at 60 cents.

The company also owns two NSR royalties totalling 1 per cent in the Murray Brook PEA-stage (preliminary economic assessment) zinc-polymetallic deposit, situated in the renowned Bathurst mining district of New Brunswick.

Canadian Copper must pay Metalquest a preproduction cash payment of $1-million before the Murray Brook 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 plans to put the Murray Brook deposit into production.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by John Langton, MSc, PGeo (OGQ No. 1231), owner of JPL GeoServices Inc., a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects. Mr. Langton's approval relates to the technical descriptions of the planned field program(s) and recent site visit activities for the company's Quebec projects. The historical mineral resource estimate and the historical feasibility study referenced in this news release have not been verified by Mr. Langton and are not treated as current mineral resources or mineral reserves.

About Mr. Langton

Mr. Langton brings over three decades of exploration and mining consulting experience to the team, with particular expertise in Quebec's Labrador Trough iron district. A graduate of the University of New Brunswick (BSc in geology, 1985) and Queen's University (MSc in geology, 1993), Mr. Langton is a licensed professional geologist with the Ordre des geologues du Quebec, the Association of Professional Engineers and Geoscientists of New Brunswick, and the Association of Professional Geoscientists of British Columbia. Through his consultancy, JPL GeoServices, he has served as a qualified person under NI 43-101 on numerous iron ore properties within the Fremont iron ore district and broader Labrador Trough, including work for Champion Minerals and Cartier Iron Corp., as well as on gold and base metal projects in Quebec and Nevada.

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