MetalQuest Mining Completes 2nd Phase Field Program and Logistics Initiative at the Lac Otelnuk Iron and Superior Iron Projects; Advances Comprehensive Metallurgical Test Work Program with COREM

MetalQuest Mining Inc. completed a second field reconnaissance and core-retrieval program from August 3-5, 2026, at its Lac Otelnuk and Superior Iron projects in northern Quebec. Approximately 550 kg of legacy drill core from five specific holes was extracted and transferred to COREM for a 26-week metallurgical test work program. The initiative aims to optimize flowsheets for Direct Reduction (DR)-grade pellet production, targeting high-purity iron concentrate with silica (SiO2) levels of < 1.5% to 2.0%.

Parallel efforts are advancing through the finalization of the COREM metallurgical study for Lac Otelnuk and the commissioning of a go-forward exploration plan report for the contiguous Superior Iron project, which includes a planned geophysical survey. The company maintains ongoing communication with the Naskapi First Nation and plans to attend industry conferences to profile its projects to strategic partners.

Metalquest Mining Inc. (MQM) announced incremental, expected progress on its flagship Lac Otelnuk project, following a site visit in July 2026 and a technical gap analysis conducted in February 2026. The company is retrieving legacy core for metallurgical testing, a standard step necessary to validate the 2015 feasibility study and modernize the development pathway.

The announcement does not include new financial data, financing, or major partnership announcements. The impact on the stock is limited to reinforcing the development timeline rather than altering it materially. The news aligns with management's stated go-forward plan and does not introduce unexpected catalysts or risks.

MetalQuest Mining Inc. (MQM) is an exploration-stage junior miner with no revenue, focused on developing a portfolio of Canadian mineral properties. Its flagship asset is the Lac Otelnuk Iron Project in the Labrador Trough, Quebec, a 100%-owned development-stage project that holds a historical 2013/2015 resource estimate of 20.64 billion tonnes at 29.8% TFe Head. The company is currently advancing a technical gap analysis and metallurgical studies to update the feasibility study.

The company also holds interests in the Superior Iron Project in Quebec, the ROF-1 and Fishhook Polymetallic Projects in the Ontario Ring of Fire, and the West Cameron and East Cameron Gold Projects in Ontario. Additionally, MetalQuest maintains strategic royalty and equity interests in Canadian Copper's Murray Brook project in New Brunswick.