MetalQuest Mining Completes Site Visit At Lac Otelnuk And Superior Iron Projects, Advances Preparations For Metallurgical Testwork And Phase 2 Site Visit

MetalQuest Mining Inc. (MQM) completed a reconnaissance site visit in June 2026 to its 100%-owned Lac Otelnuk and Superior Iron projects in northern Québec. Management confirmed that legacy camp infrastructure and historical drill core storage are in good condition and well-preserved. The company plans to utilize the historical core for metallurgical testwork in collaboration with AtkinsRéalis and COREM to advance the Lac Otelnuk project toward an updated feasibility study. A floating dock was constructed to improve logistics for float-equipped aircraft and personnel access.

Initial reconnaissance on the Superior Iron project included helicopter surveys, geological mapping, and geophysical reviews, with a follow-up exploration program planned for August 2026. The release reiterates historical resource estimates for Lac Otelnuk (20.64 billion tonnes Measured & Indicated at 29.8% TFe Head) but explicitly notes these are not current resources and require verification. Updates were provided on the Ring of Fire projects (ROF-1 and Fishhook), the West Cameron Gold Project, and royalty interests in Canadian Copper’s Murray Brook project.

Metalquest Mining Inc. (MQM) released a routine operational update that aligns with its previously announced technical pathway. The company indicated that a site visit and the validation of infrastructure and core samples are expected prerequisites for planned metallurgical testwork and an updated feasibility study.

The update did not disclose any new financial data, financing announcements, or material changes to project economics. This information is consistent with prior expectations set by the completion of the February 2026 Gap Analysis and the June 2026 site visit announcement. The impact of the news is considered incremental and expected, and it does not constitute a market-moving event.

Metalquest Mining Inc. (MQM) owns the Lac Otelnuk Iron Project, a 100%-owned development-stage iron ore project located in the Labrador Trough of Québec. Historical NI 43-101 estimates for the asset cite approximately 20.64 billion tonnes of Measured & Indicated resources at 29.8% TFe Head. The project is designated as a critical mineral in both Canada and Québec.

In November 2025, the company acquired the Superior Iron Project, a 100%-owned exploration-stage asset that directly adjoins Lac Otelnuk. In Northern Ontario, Metalquest holds the Ring of Fire Projects, comprising ROF-1 (~20,800 ha) and Fishhook (~22,000 ha), which target VMS and Ni-Cu-PGM mineralization.

To diversify into gold exploration, Metalquest acquired the West Cameron and East Cameron Gold Projects in the Kenora Mining District, Ontario, in early 2026. The company also maintains strategic equity and royalty positions in Canadian Copper Inc., specifically regarding the Murray Brook zinc-polymetallic deposit in New Brunswick.