Mr. Normand Champigny reports

QUEBEC PRECIOUS METALS DRILLING HIGHER GRADE MINERALIZATION AT LA POINTE EXTENSION

A drilling program is under way at the La Pointe Extension gold deposit on Quebec Precious Metals Corp.'s 100-per-cent-owned Sakami project in the Eeyou Istchee James Bay territory of Quebec. Drilling aims to test the higher-grade portion of the La Pointe Extension deposit that could be amenable to open-pit mining. The program, totalling about 700 metres in two holes, will be completed in early December, with results available early next year.

Normand Champigny, chief executive officer of Quebec Precious Metals, stated: "We expect that the drill results will connect the richest portions of the La Pointe Extension deposit and augment significantly the mineralized volume. There are still many undrilled targets in an interpreted large intrusive body near the deposit and over a strike length of 2.5 kilometres to the southwest of the deposit. Drilling of these targets could result in a major discovery."

La Pointe Extension deposit

The La Pointe Extension deposit and the La Pointe deposit are part of the Sakami project, located along a 23-kilometre-long favourable geological contact that hosts gold mineralization. Both deposits are of similar geological character and a subvertically dipping higher-grade portion. They show a generally good spatial correlation between the gold mineralization and the abundance of disseminated arsenopyrite, pyrite and pyrrhotite hosted in a silicified paragneiss that is observed in drill holes.

At the La Pointe deposit, the mineralized zone has a strike length of 950 metres and a depth of 450 metres, with an estimated average true thickness of 35 metres, up to 63 metres in the central part of the deposit. At the La Pointe Extension deposit discovered in 2020 (see press release of April 21, 2020), drilling confirmed the continuity of a mineralized zone with a strike length of 2,000 metres. Within the mineralized zone, there is a subvertically dipping higher-grade core with a strike length of 500 metres and a depth of 600 metres, with an estimated average true thickness of 40 metres, up to 75 metres in the central part of the deposit. To date, a total of 47 holes (14,535 metres) have intersected the La Pointe Extension deposit, and the three of the most significant drill intersections are:

• Hole PT-20-151 -- 1.15 grams per tonne gold over 80.1 metres, including 2.21 grams per tonne gold over 24.85 metres;
• Hole PT-20-154 -- 1.14 grams per tonne gold over 70.3 metres, including 2.74 grams per tonne gold over 6.8 metres;
• Hole PT-21-177 -- 2.15 grams per tonne gold over 42.2 metres, including 5.17 grams per tonne gold over 14.50 metres.

Complete assay results and calculated composite grades released to date are available on Quebec Precious Metals' website. For previously disclosed results in connection with the La Pointe and La Pointe Extension deposits, see press releases of June 9, 2021, Nov. 2, 2021, Feb. 24, 2022, March 10, 2022, and May 26, 2022.

The drilling program is under the supervision of GeoVector Management Inc. The drilling contract was awarded to Forage Val d'Or.

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.

Quebec Precious Metals 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 earth project located near Temiscaming, Que. This is the only rare earth project in North America that has a fully completed feasibility study.