Q2 Metals Commences Summer Drill Program and Advances Toward PEA on the Cisco Lithium Project in Quebec, Canada

Q2 Metals Corp. has launched its largest drill program to date at the Cisco Lithium Project in Quebec, targeting approximately 20,000 meters of infill and exploratory drilling over the summer of 2026. The primary objective is to convert the existing Inferred mineral resource to the Indicated category, with additional expansion drilling planned to test potential deposit extensions and regional high-priority targets. The summer program commenced on June 17, 2026, with two diamond core rigs, and additional rigs are to be mobilized as the program progresses.

Concurrently, the company is advancing a Preliminary Economic Assessment (PEA) for a Fall 2026 release. This effort includes conducting Phase 2 metallurgical testing, initiating environmental baseline studies, and fulfilling triggered payments under the Cisco Option Agreement. The Winter 2026 drill program, which comprised approximately 10,515 meters across 19 holes, is largely complete, with assay results pending for the final nine holes. Q2 Metals maintains a treasury of over $70 million to fund ongoing technical, environmental, metallurgical, engineering, and permitting workstreams.

Q2 Metals Corp. (QTWO) has commenced its summer drill program and advanced its Preliminary Economic Assessment (PEA), developments that were explicitly outlined in prior announcements on May 27, 2026. The market was already aware of the approximately 20,000-meter drilling target and the timeline for the Fall 2026 PEA.

The company’s financial position remains robust, with over $70 million in cash following the C$70 million bought-deal financing closed in May 2026. This liquidity eliminates near-term dilution risk for the immediate future.

Regarding the Cisco Option Agreement, expected equity dilution includes 10,000,000 shares and $400,000 cash for the second anniversary, plus 796,178 shares for the discovery bonus. These payments represent routine contract fulfillment that has already been priced in.

There are no new surprises or material deviations from previous guidance. The focus remains on the expected Fall 2026 PEA, which will be the next market-moving event.

Q2 Metals Corp. is an exploration and development company focused on the Cisco Lithium Project in Quebec, Canada. The Cisco Project is located in the greater Nemaska traditional territory (Eeyou Istchee, James Bay), 6.5 km from the Billy Diamond Highway and approximately 150 km from rail infrastructure in Matagami.

The project features a combined Inferred Mineral Resource of 295 Mt grading 1.36% Li2O, comprising a 270 Mt pit-constrained resource (0.4% Li2O cut-off) and a 24 Mt underground-constrained resource (0.7% Li2O cut-off). It is positioned as the largest hard rock lithium deposit in the western hemisphere and fourth largest globally.

The company is advancing toward a PEA, with Phase 2 metallurgical testing and environmental baseline studies underway.