Metalquest enters due diligence period on West Cameron

Executive Summary

• Metalquest Mining Inc. has entered a 40-day due diligence period (plus 5 business days to provide notice) to potentially acquire a 100% interest in the West Cameron gold project from Gallik Explorations Inc.
• The acquisition marks Metalquest's formal entry into gold exploration, diversifying its portfolio beyond its primary Lac Otelnuk iron project.
• The West Cameron project is a 1,700-hectare property located in the Kenora mining district, adjacent to First Mining Gold Corp.'s Cameron gold project, with historical grab samples returning up to 9.18 g/t Au.

Key Details

• Transaction Structure: Option agreement dated Jan. 29, 2026, with Gallik Explorations Inc. (wholly owned by Troy Gallik).
• Due Diligence Period: 40 days, followed by a 5-business-day window to provide a notice to proceed.
• Earn-In Consideration: To earn 100% interest, Metalquest must pay:
  • $15,000 cash and $15,000 in shares upon TSX Venture Exchange approval.
  • $20,000 cash and $20,000 in shares in each of years one, two, and three.
  • Total consideration: $75,000 in cash and $75,000 in shares.
• Royalty: Subject to a 2% net smelter royalty (NSR).
• Project Location: West Cameron gold project, Kenora mining district, Northwestern Ontario; ~10 km south of Sioux Narrows, ~60 km south of Kenora.
• Project Size: Approximately 1,700 hectares (4,200 acres).
• Strategic Context: Adjacent to First Mining Gold Corp.'s Cameron Lake project, which hosts significant measured, indicated, and inferred resources (e.g., ~274,000 oz Au in pit-constrained resources).
• Geological Highlights:
  • Gold mineralization hosted in shear zones, quartz-carbonate veining, altered felsic intrusions, and structurally deformed rock packages.
  • Interpreted regional Cameron Lake fault trend extends across the property.
  • New porphyry intrusive target identified as a key focus.
• Historical Sampling:
  • Grab samples returned values up to 9.18 g/t Au from sheared mafic volcanic rocks.
  • Grab samples returned values up to 1.9 g/t Au from the new porphyry intrusive target.
• Qualified Person: Troy Gallik, PGeo (Member ID 3550), reviewed and approved the technical information. Note: Mr. Gallik is the underlying vendor and is not independent for NI 43-101 purposes.

Notable Quotes

• Harry Barr, Chairman and CEO: "The potential acquisition of West Cameron gold project would mark the formal entry into gold exploration and reflects our strategy of building a portfolio of technically strong exploration assets in premier Canadian mining jurisdictions. The Kenora district offers excellent infrastructure, supportive first nation communities and growing strategic interest from major industry participants. With proximity to the Cameron gold deposit and regional consolidation activity, West Cameron provides a compelling platform for discovery-driven growth."