MetalQuest Mining Finalizes $517,296 Private Placement

Vancouver, BC — July 31, 2025 — Leads & Copy — MetalQuest Mining Inc. (TSX.V: MQM; OTCQB: MQMIF) has completed a non-brokered private placement, issuing 7,389,943 units and raising $517,296, subject to final TSX Venture Exchange approval.

Each unit comprised one common share and one non-transferable share purchase warrant, with each warrant allowing the holder to purchase one additional common share at $0.10 per share for three years. Proceeds will fund exploration, development, and general working capital. New Age Metals Inc., now holding approximately 19.05% of MQM on a post-conversion basis, becomes a new insider.

All securities are subject to a four-month hold period. No finder fees were paid. Insiders purchased 4,868,000 units, a related party transaction under MI 61-101, relying on exemptions from formal valuation and minority shareholder approval requirements.

Prior to the offering, Mr. Harry Barr controlled 8,616,438 common shares, including those held by New Age Metals Inc. (“NAM”), and 510,000 stock options. After the offering, Barr controls 13,418,010 common shares (including NAM's), 510,000 stock options, and 4,796,572 share purchase warrants.

NAM now controls 4,387,954 common shares and 2,653,714 share purchase warrants. Both Barr and NAM acquired units for investment purposes and may acquire or dispose of securities in the future.

MetalQuest Mining (MQM) owns 100% of Otelnuk and aims to develop one of North America's largest iron ore projects, the Lac Otelnuk Iron Ore Project in Quebec. They've signed an agreement with AtkinsRéalis to conduct a Gap Analysis of the historic 2015 FS for the project and continue to work with Naskapi First Nation of Kawawachikamach.

MQM also holds shares and warrants of Canadian Copper (CCI) and royalties in the Murray Brook Zinc-Polymetallic Deposit. Investors can visit MetalQuest Mining's website for updates.

Contact: Harry Barr at Hbarr@mqmining.com or Farid Mammadov at faridm@mqmining.com or call 613 659 2773.

Source: MetalQuest Mining Inc.