Metalquest acquires Superior Iron by staking

Executive Summary

• Metalquest Mining Inc. has acquired a 100% interest in the Superior Iron Project in the Labrador Trough, Quebec, via staking, adding 569 claims (approx. 27,425 hectares) to its portfolio.
• The acquisition directly adjoins Metalquest’s flagship Lac Otelnuk iron project, significantly expanding the company's land position to 875 claims (42,175 hectares) and solidifying its status as a major junior explorer in the region.
• The release highlights strategic momentum, including a recent equity increase by New Age Metals Inc. (NAM) to 19.05%, the appointment of Atkinsrealis for a gap analysis of the Lac Otelnuk feasibility study, and the classification of high-purity iron as a critical mineral in Canada and Quebec.

Key Details

• Acquisition Details:
  • Asset: Superior Iron Project.
  • Structure: 100% interest acquired by staking.
  • Size: 569 mineral claims totaling approximately 27,425 hectares (67,770 acres).
  • Location: Labrador Trough, Quebec, approx. 165 km northwest of Schefferville and 1,200 km northeast of Montreal.
  • Strategic Fit: Directly adjoins the 100%-owned Lac Otelnuk iron project.
• Portfolio Impact:
  • Total land position now stands at 875 claims covering 42,175 hectares (104,217 acres).
  • Positions Metalquest as one of the largest claim holders in the Labrador Trough.
• Operational Updates (Superior Iron Project):
  • Initial work programs include ground truthing, geophysics, and environmental baseline studies.
  • Objectives: Outline future drill targets and enhance the geological model.
• Operational Updates (Lac Otelnuk Project):
  • Atkinsrealis (formerly SNC-Lavalin) is nearing completion of a gap analysis on the historic 2015 feasibility study.
  • Gap analysis scope: Updates for market conditions, technological advancements, regulatory changes, and environmental standards.
  • Goal: Guide next phase of technical work leading to a new prefeasibility study and updated feasibility study.
  • Historical context: Previous operators invested approx. $120 million in drilling and the 2015 feasibility study.
• Corporate & Financial Updates:
  • New Age Metals Inc. (NAM): Increased equity ownership from 6.44% to 19.05% (post-conversion/beneficial ownership) in June 2025. Undiluted ownership increased from 6.44% to 12.79%.
  • Management Control: Management and NAM control 47% of Metalquest.
  • Critical Mineral Status: High-purity iron added to Quebec and Canada critical strategic mineral lists in 2024.
• Regional Context:
  • Labrador Trough hosts major operations by Rio Tinto, ArcelorMittal, and Champion Iron.
  • Recent regional investments cited: Champion Iron/Nippon Steel/Sojitz ($245M for Kami mine, July 2025) and Vale ($138M for Iron Bear project, Feb 2025).

Notable Quotes

• Harry Barr, Chairman and CEO: "Our strategic expansion in the Labrador Trough underscores Metalquest's commitment to becoming a leading iron exploration and development company. We believe our expanding project portfolio provides a strong foundation for potential long-term growth... The addition of the Superior Iron project enhances our footprint in this well-established iron district and positions MQM to capitalize on the rising demand for high-purity iron, now officially recognized as a critical mineral."
• Faraz Rasheed, Business Development: "Critical mineral supply chains are facing unprecedented risks from concentration and disruption... Our goal is to ensure that Canada remains a trusted and independent supplier to allied economies by working with our first nation partners and governments to build local processing capacity, diversify offtake markets, and maintain full environment, sustainability and governance traceability from mine exploration to end use."
• Harry Barr (on market conditions): "This level of financial mobilization rivals the industrial expansions of the early 20th century, marking what appears to be a transformative moment for the mining sector. For emerging exploration and development companies such as Metalquest Mining, this global realignment presents an unprecedented opportunity to finance and advance large-scale iron projects in North America."