Metalquest acquires Fishhook project by staking

Executive Summary

• Metalquest Mining Inc. has acquired the Fishhook polymetallic project in Northern Ontario’s Ring of Fire through staking, adding approximately 22,000 hectares (54,360 acres) of contiguous claims to its portfolio.
• The project is located on the western margin of the Fishtrap intrusive complex, a geological corridor hosting significant Ni-Cu-PGM and VMS discoveries, including the Eagle's Nest deposit.
• Historical exploration includes limited 2008 drilling intersecting sulphide mineralization and anomalous zinc, with numerous untested geophysical conductors identified by previous VTEM and magnetic surveys.

Key Details

• Acquisition Details:
  • Property Name: Fishhook Polymetallic Project.
  • Location: Northern Ontario, Ring of Fire geological corridor.
  • Size: Approximately 1,094 contiguous mining claim cells covering ~22,000 hectares (54,360 acres).
  • Method: Acquired through staking.
• Geological Context:
  • Situated on the western margin of the Fishtrap intrusive complex.
  • Part of a volcanic-intrusive belt prospective for Volcanogenic Massive Sulphide (VMS) and Nickel-Copper-Platinum Group Metal (Ni-Cu-PGM) mineralization.
  • Located in the same corridor as the Eagle's Nest Ni-Cu-PGM deposit and multiple VMS copper-zinc occurrences.
• Historical Exploration:
  • Geophysics: Previous helicopter-borne VTEM and magnetic surveys outlined numerous electromagnetic conductors across the property, many untested by drilling.
  • Drilling (2008): Limited diamond drilling intersected widespread sulphide mineralization.
    • Hole FH-08-11: Intersected ~20 metres of semi-massive to massive pyrite-pyrrhotite mineralization, interpreted as a potential VMS cap.
    • Holes FH-08-05 & FH-08-07: Intersected sulphide-bearing volcanic rocks with anomalous zinc values over metre-scale widths.
    • Other holes encountered disseminated to stringer-style sulphides over broad intervals.
• Future Plans:
  • Compile and reinterpret historical geological, geophysical, and geochemical data.
  • Conduct targeted geological mapping, prospecting, and surface geochemical sampling.
  • Design a staged, cost-effective drill program focused on high-priority anomalies.
  • Advance permitting, logistics planning, and stakeholder engagement.
• Corporate & Shareholder Context:
  • Chairman/CEO Harry Barr highlighted the convergence of government engagement, First Nations participation, and industry interest (citing New Age Metals, a significant shareholder).
  • Metalquest and New Age Metals have assembled a combined portfolio of ~62,800 hectares (3,067 claims) in the Ring of Fire, subject to a 1.0% NSR with a 0.5% buyback option.
  • Metalquest also owns the Lac Otelnuk iron project in Quebec and interests in Canadian Copper Inc. (Murray Brook deposit).
• Administrative/Other:
  • Options Granted: 2,055,000 incentive stock options granted to directors, officers, and consultants.
    • Exercise Price: $0.40 CAD per share.
    • Term: 5 years.
    • Conditions: Subject to TSX Venture Exchange acceptance and a 4-month + 1 day regulatory hold.
  • Conference Attendance:
    • Vancouver Resource Investment Conference: Jan 25-26, 2026 (Booth 817).
    • Prospectors & Developers Association of Canada Convention: March 1-4, 2026, Toronto.
    • Future Minerals Forum: Jan 13-15, 2026, Riyadh (Already attended).

Notable Quotes

• Harry Barr, Chairman and CEO: "We are seeing a convergence of factors in the Ring of Fire that we believe is highly compelling for shareholders, growing government engagement, meaningful first nations participation and renewed industry interest... Our strategy is to position early by securing large, prospective land packages at low entry cost, and the Fishhook polymetallic project does exactly that by giving Metalquest district-scale exposure as momentum across the region continues to build."
• Doug Ford, Premier of Ontario: "With this historic agreement, our two governments are working together to protect Ontario and Canada by removing the unnecessary red tape and regulatory duplication that has stood in the way of nation-building projects for too long ... and help us unlock the enormous economic opportunity of the Ring of Fire."