Mr. Normand Champigny reports

QUEBEC PRECIOUS METALS ANNOUNCES THE DISCOVERY OF SPODUMENE AT THE ELMER EAST PROJECT, JAMES BAY, QUEBEC

Quebec Precious Metals Corp. has discovered spodumene-bearing pegmatite mineralization at the Elmer East project (see press release dated Oct. 11, 2023), only five days into its prospecting campaign on its projects in the Eeyou-Istchee James Bay region of Quebec (1,298 claims covering 676 square kilometres, 100 per cent owned). The first assay values from the prospecting campaign at Elmer East are expected toward the end of November. The company will continue the fieldwork until weather conditions no longer allow it.

"We are very impressed by the initial exploration success of the team in the field with our first spodumene discovery in the James Bay region, which we recognize as a prolific and rapidly emerging hard rock lithium district. With many high-priority target areas that have yet to be examined, this discovery bodes well for the remaining field program," commented Normand Champigny, chief executive officer of Quebec Precious Metals.

Ninaaskumuwin discovery

The pegmatite outcrop with visible spodumene, known as the Ninaaskumuwin showing (East Cree word for thankful), has a surface area expression of approximately 170 metres long by 40 m wide, with an apparent thickness of 40 m. The pegmatite is open along the strike. The outcrop is well mineralized in spodumene in a highly fractionated pegmatite dike with well-formed pale green spodumene crystals ranging in length from a few centimetres to 50 cm. The outcrop is about 1.3 kilometres from the Billy Diamond Highway and about 45 km northwest Allkem Ltd.'s James Bay project with a recently announced total mineral resource of 110.2 million tonnes at 1.3 per cent Li2O (lithium oxide) (see Allkem's press release dated Sept. 25, 2023).

The fieldwork was performed by GeoVector Management Inc. with the guidance of ALS GoldSpot Discoveries Ltd.

Qualified person

Mr. Champigny, Eng, chief executive officer of the company, and 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.