MetalQuest Mining Completes Site Visit to Quebec Iron Projects

ROCKPORT, Ontario — July 31, 2026 — Leads & Copy — MetalQuest Mining Inc. (TSXV: MQM; OTCQB: MQMIF) has completed a reconnaissance site visit to its 100%-owned Lac Otelnuk Iron project and its adjacent 100%-owned Superior Iron project in northern Québec. The program, conducted in June 2026, allowed MetalQuest’s management and technical representatives to review the legacy Lac Otelnuk camp facilities, infrastructure, drill core storage, and access conditions to inform logistics for future exploration programs.

During the visit, the company assessed the Lac Otelnuk legacy exploration camp and associated infrastructure, noting that camp structures and stored materials were in good condition and well-preserved since the prior operator’s site closure in 2012. A detailed review of the on-site historical drill core inventory revealed that core from previous operations was well-organized and largely intact, with most labels and sample tags present.

MetalQuest plans to collect intervals from this historical core for metallurgical testwork. This work will be conducted in collaboration with AtkinsRéalis Canada Inc. and COREM, a Québec City-based mineral processing consultant. The metallurgical testing is part of the company’s broader effort to assess modernization opportunities and advance the Lac Otelnuk Iron project towards an updated development pathway. To improve future site logistics, a floating dock was constructed during the reconnaissance visit to enhance access for float-equipped aircraft and personnel.

The team also conducted aerial reconnaissance and field documentation across both the Lac Otelnuk and Superior Iron project areas, collecting photographs, video, and observations related to historical infrastructure, access routes, drill trails, core storage, and exploration features.

“This site visit represented an important transition from desktop technical review to direct field validation,” said Harry Barr, Chairman and CEO of MetalQuest Mining. “We were very encouraged by the excellent condition of the historical drill core inventory and how well the camp infrastructure was preserved. Within a week and with very little more time and material the camp could be made operational for future exploration and development work as we go forward on our pathway back to feasibility study on the Lac Otelnuk Iron project. The availability of existing core gives us a practical opportunity to advance metallurgical work using this legacy material, while our field observations will help guide future planning to advance both the Lac Otelnuk Iron and Superior Iron projects towards development.”

The company is currently prioritizing logistics for collecting and submitting selected core material for metallurgical testing and will integrate site observations into its ongoing technical planning. MetalQuest’s technical team is continuing to evaluate proposed work programs for both projects, which will include further technical validation, infrastructure and logistics planning, exploration targeting for the Superior Iron project, and updating development studies referenced by AtkinsRéalis’ recent GAP study (AtkinsRéalis, 2025).

The 100%-owned Lac Otelnuk Iron project is situated in northern Québec and benefits from substantial historical technical work, including a 2013 NI 43-101 Mineral Resource Estimate and a 2015 Feasibility Study prepared by previous owner/operators. Approximately $120 million was invested historically in resource delineation, metallurgical studies, engineering, and feasibility work on the project. In December 2025, AtkinsRéalis completed a technical Gap Analysis of the 2015 Feasibility Study, outlining a staged path forward focused on validation of historical work, optimization of mine planning and processing, infrastructure and logistics, updated environmental and social studies, and refreshed economic modelling.

The Superior Iron project, acquired in November 2025, is an exploration-stage iron project adjoining Lac Otelnuk, comprising 27,425 hectares. MetalQuest is conducting a systematic evaluation of this project, including desktop compilation, field reconnaissance, geological mapping, sampling, geophysical review, and environmental baseline planning, to refine targets for future exploration. Initial reconnaissance over selected areas was completed in June 2026, with a follow-up exploration program planned for August 2026.

MetalQuest Mining Inc. owns 100% of the Lac Otelnuk Iron and Superior Iron projects and aims to develop them as one of North America's largest iron projects. The company is working with the Naskapi First Nation of Kawawachikamach, with whom an Exploration and Pre-Development Agreement was established in November 2023. A Gap Analysis study by AtkinsRéalis provides a framework for the Lac Otelnuk Iron project’s next stage of advancement. The company is on a pathway to an updated Feasibility Study. Exploration work on the Superior Iron project began in June 2026, with a second phase of fieldwork planned for August 2026.

The scientific and technical information in this news release has been reviewed and approved by John Langton, M.Sc., P.Geo., a Qualified Person as defined by National Instrument 43-101. The historical mineral resource estimate and historical feasibility study referenced have not been verified by Mr. Langton and are not treated as current mineral resources or mineral reserves.

Source: MetalQuest Mining Inc.