Mr. Norman Champigny reports

QUEBEC PRECIOUS METALS COMPLETES LITHIUM PROSPECTING PROGRAM, EXPANDS ELMER EAST PROJECT, JAMES BAY, QUEBEC AND ISSUES SHARES IN PAYMENT OF DEBTS AND DEFERRED SHARE UNITS

Quebec Precious Metals Corp. has completed a follow-up prospecting program in the area of the recent Ninaaskumuwin spodumene discovery (see press release Oct. 24, 2023) consisting of geological mapping, structural interpretation and grab sampling. The geological interpretation will be disclosed once available. The first assay values from the prospecting campaign at Elmer East are expected toward the end of November.

In view of the strong potential lithium potential identified on the high-priority targets at the Elmer East project, Quebec Precious has expanded the project by staking 40 new claims adjacent to the other areas of interest. The new claims were added near the Ninaaskumuwin discovery. Quebec Precious now has a total of 1,298 claims covering 676 square kilometres, 100 per cent owned by the corporation in the Eeyou-Istchee James Bay region of Quebec.

"We are even more enthusiastic about the lithium exploration potential at Elmer East, and look forward to receiving the analytical results and plan the next stage of fieldwork," commented Normand Champigny, chief executive officer of Quebec Precious.

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

Shares in payment of debts

The company announces that it has entered into agreements to issue an aggregate of 194,625 common shares in settlement of debts of three current directors of the corporation in an aggregate amount of $19,462.50. The debt settlement is paid in connection with services rendered by the directors during the third quarter of the financial year ending Jan. 31, 2024.

The board of directors and management of Quebec Precious believe that the debt settlement is in the best interests of Quebec Precious as it will help the corporation preserve its cash position. The common shares to be issued pursuant to the debt settlement will be issued at a deemed price of 10 cents per share and will be subject to a four-month hold period pursuant to applicable securities regulations and the policies of the TSX-V.

The debt settlement is considered a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The debt settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as Quebec Precious's securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the common shares to be issued in the debt settlement nor of the services provided in connection with the debts which are the subject of the debt settlement exceeds 25 per cent of Quebec Precious's market capitalization. The debt settlement is subject to regulatory approval, including that of the TSX-V.

Deferred shares units

The company announces the issuance of 95,000 deferred stock units (the DSUs) to the chief executive officer pursuant to its deferred share unit plan. This follows the decision that from May 1, 2022, the CEO's salary compensation will be paid 80 per cent in cash and the other 20 per cent of compensation will be paid in DSUs quarterly. These DSUs represent the portion for the third quarter of 2024.

In accordance with the DSU plan, the DSUs shall vest in accordance with the terms of agreements granting same and one year from the date of such grant, subject to the provisions of TSX Venture Exchange Policy 4.4 and the company's security-based compensation plan, and are payable in common shares of the company, or in cash at the sole discretion of the company, upon the holder ceasing to be director, officer or employee of the company.

Qualified person

Normand 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.

Quebec Precious 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.