Mr. Normand Champigny reports

QUEBEC PRECIOUS METALS IDENTIFIES HIGH PRIORITY LITHIUM TARGETS ON JAMES BAY PROJECTS

Quebec Precious Metals Corp. has identified high-priority lithium targets following a detailed lithium targeting study on all of its exploration projects (1,298 claims covering 676 square kilometres, 100 per cent owned) performed by ALS GoldSpot Discoveries Ltd., located in the Eeyou Istchee James Bay territory in Quebec.

Highlights:

• High-priority target areas totalling 125 square km identified with pegmatite rocks on all projects;
• Follow-up field program in September to sample pegmatites;
• Increased exposure to lithium through existing ownership of 12 million shares of Champion Electric Metals Inc.

"We are very excited to sample the target areas to further demonstrate the lithium potential of our projects in a district that has some of the largest spodumene pegmatite resources in the world. All our projects are highly prospective for lithium, and are located near advanced projects and recent significant lithium discoveries," commented Normand Champigny, chief executive officer.

The study began in the spring (see press release of March 27, 2023). Target generation was undertaken by an exhaustive compilation, extraction and integration of geochemical, geophysical, and geological data using geoscience expertise coupled with ALS GoldSpot's proprietary data analytics workflows. The high-priority targets were generated using a total of 52,289 rock samples and 8,278 sediment (soil and till) samples. The data compilation stems from over 150 technical reports, using artificial intelligence to query relevant geochemical and geological signatures of lithium-bearing formations. The analysis resulted in the generation of detailed maps showing targets, zones and areas of focus for further exploration. The study is being supplemented by the acquisition and analysis of high-resolution imagery and topography.

Sakami project (281 claims, 143 square kilometres, 16 square km high-priority) and Elmer East project (889 claims, 467 square km, 45 square km high-priority) -- the Sakami project is hosted within a volcano-sedimentary sequence of the Yasinski group, which is metamorphosed to amphibolite facies and is strongly deformed by a regional west-southwest to east-northeast event, in contact with sedimentary rocks of the Laguiche group (Opinaca geological subprovince) to the east. The Elmer East project consists of different parts of the Eastmain volcano-sedimentary belt. Two of the Elmer East claim blocks are located on the eastern edge of the Duxbury batholith, and are composed of the Bernou and Pilipas formations.

For both projects, key mineral indicators and rock geochemistry highlight Li-Cs-Ta (lithium-cesium-tantalum) pegmatite anomalies and a favourable distinct felsic intrusion trend. Major ductile structures bordering volcano sedimentary domains control the distribution of Li-Cs-Ta mineralization. Li-Cs-Ta indicators are associated with known lithium deposits in the region. Small felsic intrusions proximal to the structures are also of interest. It is to be noted that, for the Sakami project, the lithium targets identified have sometimes overlapping potential for the discovery of both lithium-bearing pegmatites and gold mineralization. Approximately 10 km southwest of the Elmer East project, Brunswick Exploration Inc. recently disclosed lithium discovered through inaugural drilling at its Anatacau West project.

Cheechoo-Eleonore trend project (128 claims, 66 square km, 64 square km high-priority) -- two main lithologic assemblages are present: metasediments of the Laguiche complex, and intrusive rocks associated with the granitic suite of the Vieux Comptoir. The latter is essentially formed of a series of granitic intrusions more or less rich in alkaline feldspar and generally poor in mafic minerals. Spodumene and K-feldspar granites have been observed. The abundance of pegmatites and geochemical anomalies suggest a strong lithium potential.

Follow-up field program

The access and travel restrictions imposed by the government of Quebec in response to the unprecedented forest fire situation persisting since early June remain in place across a significant part of the region. The company will be mobilizing field personnel in September to visit the high-priority target areas and conduct surface sampling. Results are expected in the fall. All pegmatite samples will be assayed with the analytical method ME-MS89L (+ME-MS81D for Al (aluminum, Zr (zirconium) and Sc (scandium)).

Increased exposure to lithium

In addition to the lithium targets identified on its own projects, the company owns 12 million shares of Champion Electric Metals Inc. These shares are currently valued at approximately $1.4-million, and were received following the acquisition by Champion Electric in 2022 of the Blanche and Charles project, located near Patriot Battery Metals' lithium discovery on its Corvette project. Champion Electric controls 1,036 claims covering 529 square km in the lithium-rich James Bay region and is currently carrying out an extensive surface exploration program.

Qualified person

Normand Champigny, Eng, chief executive officer of the company, and a qualified person under National Instrument 43-101 -- Standards Of Disclosure For Mineral Projects, has prepared and reviewed the content of this press release.

About Quebec Precious Metals Corp.

The company is primarily focused on advancing its Sakami gold project, located in Eeyou Istchee James Bay territory in Quebec, near Newmont Corp.'s Eleonore gold mine. In addition, the company holds a 68-per-cent interest in the Kipawa/Zeus rare earths project located near Temiscaming, Que. This is the only rare earths project in North America which has a fully completed feasibility study.