Ms. Alicia Milne reports

Q2 METALS ANNOUNCES GRANT OF EQUITY INCENTIVE AWARDS

Pursuant to its equity incentive plan and subject to the acceptance by the TSX Venture Exchange, Q2 Metals Corp. has granted 2.5 million stock options to directors, officers and consultants of the company to purchase an aggregate of 2.5 million common shares in the capital of the company at an exercise price of 82 cents per share until Dec. 20, 2029.

The company has also granted an aggregate 750,000 deferred share units and six million performance share units to certain directors and executive officers of the company. The DSUs will vest one year after their date of grant and do not settle until a director ceases to serve as a director of the company. The PSUs will vest on the later of: (a) one year after their date of grant; and (b) the successful completion of specific key performance objectives. Any PSUs that have not vested on or before Dec. 20, 2027, will expire. Once vested, each PSU and DSU will entitle the holder thereof to receive either one common share of the company or the cash equivalent of one common share, as determined by the board of directors of the company, net of applicable withholdings.

The objective of Q2's equity incentive plan is to promote the long-term success of the company and the creation of shareholder value by aligning the interests of eligible persons under the plan with the interests of the company. The equity incentive plan includes: (i) a rolling 10-per-cent stock option plan; and (ii) a fixed 10-per-cent plan, which permits the company to issue up to 13,041,422 common shares in respect of aggregate performance-based awards other than stock options.

About Q2 Metals Corp.

Q2 Metals is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada, which includes both its 100-per-cent-owned Mia lithium property and the Cisco lithium property.

The Cisco property comprises 767 claims, totalling 39,389 hectares. The Cisco property transects the Billy Diamond Highway, and the main mineralized zone is located only 6.5 kilometres away from the highway. The Cisco property is approximately 150 kilometres north of Matagami, a small town that contains the closest rail link to much of James Bay, and is within the greater Nemaska traditional territory of the Eeyou Istchee territory, James Bay, Quebec.

The Cisco property is situated along the Frotet Evans greenstone belt, comprising a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay lithium district, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 kilometres and 180 kilometres away, respectively.

The Cisco lithium property has district-scale potential with an already-identified mineralized zone and discovery drill results that include:

• 120.3 metres at 1.72 per cent lithium oxide (Li2O) (hole CS-24-010);
• 215.6 metres at 1.69 per cent Li2O (hole CS-24-018);
• 347.1 metres at 1.35 per cent Li2O (hole CS-24-021);
• 188.6 metres at 1.56 per cent Li2O (hole CS-24-023).

Since May, 2024, the company has drilled a total of 6,359.7 metres over 17 holes. All drill holes intercepted pegmatite with visual indications of spodumene mineralization identified.

Qualified person

Neil McCallum, BSc, PGeol, a registered permit holder with the Ordre des Geologues du Quebec and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release. Mr. McCallum is a director and vice-president, exploration, for Q2.

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