Ms. Alicia Milne reports

Q2 METALS DEFINES INITIAL EXPLORATION TARGET OF 215 TO 329 MILLION TONNES AT THE CISCO LITHIUM PROJECT IN JAMES BAY, QUEBEC, CANADA

Q2 Metals Corp. has defined an inaugural exploration target on the Cisco lithium project, located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, Canada.

Highlights:

• The initial exploration target estimates a range of lithium mineralization at the Cisco project from 215 million to 329 million tonnes at a grade ranging from 1.0 per cent to 1.38 per cent Li2O (lithium oxide);
• Based only on the first 40 holes drilled to date;
• Drill testing continues with mineralization open at depth and along strike with potential for significant expansion at the Cisco mineralized zone;
• The 2025 summer program is continuing, with rolling assay results anticipated into Q3 2025 as the company works toward a maiden resource estimate;
• The exploration target was completed by BBA Inc., an independent geological and engineering consulting firm, and is based on exploration and drilling to date.

The estimated range of potential mineralization and grade is from 215 million to 329 million tonnes at a grade ranging from 1.0 per cent to 1.38 per cent Li2O.

The potential quantity and grade of the exploration target are conceptual in nature. There has been insufficient exploration to estimate and define a mineral resource, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

An exploration target is used to provide a conceptual estimate of the potential quantity and grade of a mineral deposit, based on known and additional limited geological evidence. It is an early-stage assessment that will help to guide further exploration, but it is not a mineral resource or mineral reserve and should not be treated as such.

The exploration target for the Cisco project encompasses the main mineralized zone, which includes a total of 40 holes drilled for 16,167.8 metres.

The exploration target is constrained to the mineralized zone and does not include prospective geology and targets that the company has identified outside of the mineralized zone. As such, there is the potential to further increase the overall lithium endowment of the Cisco project.

The large and well-mineralized CO2 outcrop, which measures approximately 30 metres wide by 80 metres long, has not yet been confirmed with drilling, and other areas to the east and south of the mineralized zone, such as CO6 or CO18, are also not included.

"This exploration target represents a major milestone for Q2 and cements Cisco as a globally significant hard-rock lithium discovery," said Alicia Milne, Q2 Metals president and chief executive officer. "Cisco's location within the James Bay lithium district, including proximity to the all-season Billy Diamond Highway and, most notably, rail at the nearby town of Matagami, make it an ideal candidate for a development scenario. We are excited to continue to grow and advance the Cisco project, executing on our strategy to create value for our shareholders."

"This exploration target, particularly its being limited to just the currently defined mineralized zone, highlights both the scale potential of the Cisco project as well as its grade," said Neil McCallum, Q2's vice-president of exploration. "The mineralized zone remains open at depth and along strike, and, with only 40 holes drilled so far, there is potential for significant expansion at the Cisco project. We are continuing the 2025 summer drill program with infill drilling of the mineralized zone in order to update the current exploration target to a NI 43-101 compliant inferred mineral resource estimate."

Exploration target live webinar

Q2 Metals will be hosting a live webinar, with a question-and-answer session, on Wednesday, July 23, 2025, at 9 a.m. PT (12 p.m. ET).

Methodology and determination for the exploration target

The company engaged BBA Inc. as an independent consultant to review all exploration and drilling conducted to date at the Cisco project and to complete an exploration target, in accordance with NI 43-101.

The exploration target is based on BBA's interpretation of the following geology and mineralization data that have been compiled to date:

• 40 diamond core drill holes completed for 16,167.8 metres;
• 7,358 drill hole assay results;
• 156 surface rock-chip samples;
• Surface geological mapping and diamond core geological logging;
• Detailed lidar surface topography;
• The estimate includes geological information for the lower half of drill hole 36 and all of drill holes 38 and 39 (does not include pending assays).

BBA's methodology included a complete review of the data and 3-D modelling to create a conceptual volume of the pegmatite domains within the mineralized zone. The pegmatite domains were interpreted where geological information was available with sufficient quantity and quality. To estimate a tonnage, pegmatite specific gravity (SG) was used for the pegmatite domains and based on 407 measurements. The average SG of each domain was then applied individually. An associated grade was then applied based on the assay results for each individual domain. The implied tonnage and grade of each volume were then reduced by a factor (confidence factor) to account for the likelihood of each domain being mineralized at a reasonable grade. The grade and tonnage were then further adjusted by an additional factor to be reported as ranges. The estimated tonnages are rounded to the nearest million tonnes and the grade rounded to the nearest 0.01 per cent Li2O.

The 3-D modelling of the pegmatite domains was restricted to the mineralized zone. The extent of the interpreted pegmatite domains was limited up to 250 metres around the relevant geological information (drill hole and channel). The thickness of the interpreted pegmatite domains is representative of the pegmatite intercepts.

The exploration target does not include prospective geology and targets that the company has identified outside of the mineralized zone. As such, there is the potential to further increase the overall lithium endowment of the Cisco project.

Qualified person

Todd McCracken, PGeo, is a qualified person as defined by NI 43-101 and a member in good standing with the Ordre des Geologues du Quebec and with the Professional Geoscientists of Ontario. Mr. McCracken has reviewed and approved the technical information in this news release. Mr. McCracken is director, mining and geology, Central Canada, of BBA and is independent of the company. Mr. McCracken does not hold any securities in the company.

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

About Q2 Metals Corp.

Q2 Metals is a Canadian mineral exploration company focused on the Cisco lithium project located within the greater Nemaska traditional territory of Eeyou Istchee, James Bay, Quebec, Canada.

The Cisco project comprises 801 claims, totalling 41,253 hectares, with the main mineralized zone just 6.5 kilometres from the Billy Diamond Highway, which transects the project. The town of Matagami, railhead of the Canadian National Railway, is approximately 150 kilometres to the south.

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

• 120.3 metres at 1.72 per cent 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);
• 179.6 metres at 1.66 per cent Li2O (hole CS-25-027) (with an additional 58.0 metres at 1.75 per cent Li2O) and 91.8 m at 1.81 per cent Li2O.

The 2025 summer program is continuing, with rolling assay results anticipated into Q3 2025.

Sampling, analytical methods and quality assurance/quality control protocols

All drilling is conducted using a diamond drill rig with NQ-sized core and all drill core samples are shipped to SGS Canada's preparation facility in Val d'Or, Que., for standard sample preparation (code PRP92) which includes drying at 105 C, crushing to 90 per cent passing two millimetres, riffle splitting 500 grams and pulverizing 85 per cent passing 75 microns. The pulps are then shipped by air to SGS Canada's laboratory in Burnaby, B.C., where the samples are homogenized and subsequently analyzed for multielement (including lithium and tantalum) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The reported lithium grade will be multiplied by the standard conversion factor of 2.153, which results in an equivalent Li2O grade. Drill core was saw cut, with half core sent for geochemical analysis and half core remaining in the box for reference. The same side of the core was sampled to maintain representativeness.

A quality assurance/quality control (QA/QC) protocol following industry best practices has been incorporated into the sampling program. Measures include the systematic insertion of quartz blanks and certified reference materials (CRMs) into sample batches at a rate of approximately 5 per cent each. Additionally, analysis of pulp-split and reject-split duplicates was completed to assess analytical precision. The qualified person has verified the QA/QC results of the analytical work.

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