Q2 Metals Announces Inferred Mineral Resource Estimate on the Cisco Lithium Project with 295 Million Tonnes Grading 1.36% Li2O

On April 20, 2026, Q2 Metals announced its inaugural NI 43-101 Inferred Mineral Resource Estimate (MRE) for the Cisco Lithium Project. The estimate totals 295 million tonnes grading 1.36% Li2O, containing approximately 9.9 million tonnes of lithium carbonate equivalent (LCE). This breaks down into an open-pit component of 270 Mt at 1.36% and an underground component of 24 Mt at 1.34%. Additionally, a new Exploration Target was identified in the proximal area ranging from 44 to 67 Mt at 0.88% to 1.35% Li2O. The resource was calculated by independent consultant BBA Inc. using data from 75 drillholes totaling 33,343 metres. Management states this positions Cisco among the top hard-rock lithium projects globally due to size and grade in a top-tier jurisdiction (Quebec).

The announcement is Material - Positive. While the market anticipated an MRE following the Q1 2026 timeline set in February, the specific metrics validate the high-grade nature of the asset more robustly than expected. The reported grade of 1.36% Li2O sits at the very top end of the conceptual Exploration Target range announced in July 2025 (1.00–1.38%), confirming that the drilling results released throughout late 2025 and early 2026 were representative rather than outliers. However, from a risk-averse perspective, this is an Inferred resource only. It does not yet support economic studies beyond a Preliminary Economic Assessment (PEA), which is targeted for late 2026. The stock has already rallied significantly (from ~$0.40 in May 2025 to $2.72 now), suggesting much of the "discovery" value was priced in during the drilling campaign. This news removes execution risk regarding the resource size but introduces the next phase of risk: converting Inferred resources to Indicated for a PEA and navigating permitting in the Nemaska traditional territory.

Q2 Metals Corp. is a Canadian lithium exploration company focused on advancing the Cisco Lithium Project in Quebec. The project is located in the Nemaska traditional territory of Eeyou Istchee James Bay, approximately 150 km from the railhead in Matagami. It features hard-rock spodumene pegmatite mineralization suitable for open-pit and underground mining. The company's strategy relies on rapid advancement to a PEA by late 2026, leveraging strong infrastructure (Billy Diamond Highway) and ESG engagement with local Cree communities.