Metalquest mulls critical metal project acquisitions

Executive Summary

• Metalquest Mining Inc. announced a strategic shift to pursue district-scale growth in Ontario’s Ring of Fire region, driven by the province's announcement of a Special Economic Zone (SEZ) and infrastructure plans.
• The company initiated a district-wide acquisition program to evaluate high-priority critical metal project opportunities in the James Bay Lowlands, leveraging historical data and government momentum.
• The release provides updates on existing assets, including the acquisition of the Superior Iron project in Quebec and ongoing gap analysis of the Lac Otelnuk feasibility study with AtkinsRealis.

Key Details

• Strategic Focus: Management is evaluating strategic properties for acquisition in Ontario's Ring of Fire (James Bay Lowlands) following Premier Doug Ford’s announcement to designate the region as a special economic zone and advance an all-season access road.
• Existing Asset - Lac Otelnuk (Quebec):
  • 100% owned high-purity iron project; one of North America's largest undeveloped iron resources with a historical NI 43-101 estimate.
  • Approximately $120 million expended on the project to date.
  • AtkinsRealis contracted on June 25, 2025, to conduct a comprehensive gap analysis of the historical 2015 feasibility study to align with current market dynamics and standards.
  • Gap study slated for completion by the end of 2025.
• Existing Asset - Superior Iron (Quebec):
  • Acquired on November 12, 2025.
  • 100% interest comprising 569 mineral claims totaling approximately 27,425 hectares (67,770 acres).
  • Located in the Labrador Trough; currently in exploration phase with potential for additional iron occurrences.
• Ring of Fire Context:
  • District spans >5,000 square km; hosts nickel, copper, PGEs, chromite, vanadium, gold, and titanium.
  • Over $750 million spent on exploration by majors (Noront, Cliffs, Wyloo, etc.) since mid-2000s.
  • Wyloo Metals identified as a potential anchor operator, consolidating deposits like Eagle’s Nest and Black Thor/Black Label/Big Daddy.
  • Ontario advancing a multicomponent access corridor: Northern Road Link (~117 km), Marten Falls community access road (~117 km), and Webequie supply road (~110 km).
• Other Assets & Investments:
  • Holds ~1.8 million shares and 2.5 million warrants of Canadian Copper Inc.
  • Holds two NSR royalties totaling 1% in the Murray Brook zinc-polymetallic deposit (New Brunswick).
  • Canadian Copper has option to purchase half of a 0.33% royalty for $1 million and must pay $1 million preproduction cash payment upon production.
• Shareholder Activity:
  • New Age Metals increased beneficial ownership from 6.44% to 19.05% (post-conversion) and 12.79% (undiluted) following SEDAR+ early warning disclosure on July 31, 2025.
  • Investment supports go-forward plan and funding for gap study and scoping studies.

Notable Quotes

• Harry Barr, Chairman and CEO: "Throughout my 40-plus years in the exploration industry, I have watched very closely the advancement of Ontario's Ring of Fire. When Premier Doug Ford announced that the province intends to designate the Ring of Fire as a special economic zone as quickly as possible, it became clear to us that it was in the best interest of the company and our shareholders to take a serious look at the region."
• Harry Barr, Chairman and CEO: "At present, our technical team is evaluating several additional opportunities in the Ring of Fire located in the James Bay Lowlands region in Northern Ontario. With the province continuing to advance plans for an all-season access road... the long-term development potential of this emerging mining district is becoming increasingly compelling."