CEO.CA Chairman's Briefing

(TheNewswire)

ROCKPORT, ONTARIO – TheNewswire - September 2nd, 2026 – MetalQuest Mining Inc. (TSXV: MQM; OTCQB: MQMIF) (“MetalQuest” or the “Company”) is pleased to provide an operational update following the successful completion of its second field reconnaissance and core-retrieval program August 3-5, 2026 at its 100%-owned, development-stage Lac Otelnuk Iron project and its contiguous, 100%-owned Superior Iron exploration project (Figure 1), both underlain by extensive iron formation strata of the Labrador Trough in northern Québec.

Building upon the initial infrastructure and camp assessment completed in June 2026 (See News Release and Figure 2), this follow-up visit focused on the collection of on-site legacy core intervals for metallurgical study. COREM, a Quebec based non-profit centre of expertise and innovation that provides mining companies with R&D services to optimize and develop ore processing methods.

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Figure 1: Map illustrating Lac Otelnuk Iron project’s claims in blue and Superior Iron project claims in yellow, with icons representing mineral occurrences. The claims cover an aggregate area of 274 km2.

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Figure 2: Aireal image of the Lac Otelnuk base camp.

Site Visit Highlights

• Direct Participation of Historical Expertise: The August field deployment was spearheaded alongside John Langton (M.Sc., P.Geo.) of JPL GeoServices Inc., MetalQuest’s independent consultant and Qualified Person (QP) for the projects. Mr. Langton brings a wealth of geological and iron experience to MetalQuest, having played an integral role in the compiling of the drilling database, which supported the creation of the historic 2015 Feasibility Study*. His previous experience and familiarity with the projects, lithological controls, and spatial distribution of the iron-formation units at Lac Otelnuk provided vital field calibration during our core selection for the upcoming metallurgical study. 

*Risto, R.W., Kociumbas, M.W., Martinez, R., Lord, J., Giroux, E., Côté, M., Buccitelli, S., Cassoff, J., and Bollard, A. (2015). Lac Otelnuk Project Feasibility Study – NI 43-101 Technical Report (Final Report). Prepared for Lac Otelnuk Mining Ltd. Effective Date: March 25, 2015. Issue Date: April 23, 2015. 

• Representative Core Extraction and Transport: Our technical team successfully accessed the on-site core, cataloged and extracted a suite of drill core intervals, representative of the principal iron-bearing mineralized zones (principally magnetite-hematite-quartz iron formation), and completed the secure logistics chain to deliver the approximately 550 kg of material to COREM (Table 1 and Figure 3). All core boxes at the site were returned to their original stacked positions following material retrieval, preserving the integrity of the hole succession for future reference. 

Table 1: Summary of Retrieved Core Intervals

• Seamless Handover to COREM: The retrieved drill core material has now been formally transferred to COREM in Quebec City, marking the official commencement of a rigorous, multi-staged metallurgical test work program designed to optimize the flowsheet for Direct Reduction (DR)-grade pellet production. 

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Figure 3: One of the cross-piled historical core boxes from which we collected our material for metallurgical testing (August 2026)

• District-Scale Continuity (Lac Otelnuk Iron Superior Iron projects): Over the two reconnaissance visits the field teams also conducted integrated geological traverses overlapping the contiguous boundary between the advanced Lac Otelnuk Iron and the adjacent grassroots Superior Iron claims. These traverses focused on verifying the stratigraphy and surficial cross-strike extent of the regional iron-formation units (Sokoman Formation) from outcrop, and refining targets for proposed detailed airborne geophysical programs. Management is currently reviewing quotes from several geophysical companies and working on other aspects of the plan to explore and develop the Superior Iron project. A go-forward plan report on the Superior Iron project has been commissioned and is projected to be completed by year-end. 

Harry Barr, Chairman and CEO of MetalQuest Mining, commented:

"The completion of our early-August field program alongside our QP John Langton marks another major operational milestone for MetalQuest and our Quebec iron projects. Having John, who contributed extensively to the drill-hole database that supported the creation of the 2015 Feasibility Study, onsite expediated the selection of legacy core material for the metallurgical test work program.

Go-Forward Plan

With the Lac Otelnuk core now in COREM's hands and a second field trip behind us, management is turning its attention to a coordinated set of technical, business development and stakeholder initiatives designed to keep both the Lac Otelnuk and Superior Iron projects moving forward on parallel tracks over the coming months.

• On the technical side, the Company is completing the COREM metallurgical study on the retrieved Lac Otelnuk core, described further below, while in parallel finalizing quotes from geophysical contractors for a planned survey program on the Superior Iron project. Management has also commissioned a new, independent report outlining the go-forward exploration plan for Superior Iron, which will help prioritize targets and sequence future field programs across the property. 

• Management continues to build out its key contact list within the global iron industry and intends to begin distributing project overviews for Lac Otelnuk and Superior Iron to these contacts as part of its broader outreach and partnership efforts. The Company also plans to attend a number of key North American and European iron and steel industry conferences over the coming months to profile both projects to a wider audience of strategic and financial partners. 

• Finally, on the stakeholder side, the Company remains committed to maintaining open, ongoing communication with the Naskapi First Nation of Kawawachikamach and other related First Nations communities, and stakeholders. We will continue to provide updates to our shareholders as this work progresses on both projects. 

Execution of the COREM Metallurgical Program

To advance the technical recommendations outlined in the recent technical Gap Analysis conducted by AtkinsRéalis (See Press Release), MetalQuest has formally engaged COREM, a recognized Canadian centre of expertise in mineral processing innovation. The aim of the metallurgical work is to produce high-purity iron concentrate and to formulate a flowchart to produce DR-grade pellets.

The overarching objective of the program is to evaluate and verify an advanced, high-purity beneficiation flowsheet capable of producing a high-grade iron concentrate with targeted silica (SiO_2) levels of < 1.5% to 2.0%, followed by comprehensive pelletizing and metallurgical evaluations to ensure suitability for modern Electric Arc Furnace (EAF) Direct Reduction (DR) steelmaking.

The structured 26-week, metallurgical test work program encompasses:

• Sample Reception, Preparation, and Characterization; 

• Pilot Plant Production Runs, including: 

1. 1. i.Cobber and Rougher Stage - (212 μm). 

   2. ii.Cleaner Stage - (106 to 75 μm). 

• Flotation Test Work Optimization 

•  Pelletizing and Advanced Metallurgical Testing  

About the Lac Otelnuk Iron Project

The Lac Otelnuk Iron project is 100%-owned by MetalQuest and is underlain by rocks of the Labrador Trough in northern Québec, approximately 165 km northwest of Schefferville, QC. The project benefits from a substantial body of historical technical work, including a 2013 NI 43-101 Mineral Resource Estimate (Risto et al., 2013) and a 2015 Feasibility Study (Risto et al., 2015) prepared by previous owner/operators.

Previous operators of the project invested approximately $120 million in resource delineation, metallurgical studies, engineering and concluding in a historical 2015 feasibility study

Information pertaining to the historical resource estimate was obtained from a technical report dated April 23, 2015, entitled "Lac Otelnuk Project Feasibility Study – 43-101 Technical Report" (Risto et al., 2015) (the "2015 Technical Report") prepared for Lac Otelnuk Mining by Met-Chem Canada Ltd. applying the tests set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The 2015 Technical Report provides the most recent mineral resource for the Lac Otelnuk deposit and is summarized, along with the source parameters and assumptions, in Table 1 below:

Table 1: Categorized Mineral Resource Estimate for Lac Otelnuk Iron Project (Cut-Off of 18% DTWR)

Notes: 1. Interpretation of the mineralized zones was created as 3D wireframes/solids based on logged geology and a nominal 10% DTWR when required.

• Mineral Resources were estimated using a block model with a block size of 50 x 50 x 5 m. 

• No grade capping was done. Tonnages and grades reported above are undiluted. 

• Assumed Fe price was US$110/dmt. 

• Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. 

• The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured Mineral Resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category. 

• The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May 10th, 2014. 

• Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource because of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies. 

In December 2025, AtkinsRéalis completed a technical Gap Analysis of the 2015 Feasibility Study (AtkinsRéalis, 2025). The review identified a staged path forward focused on validation and verification of historical geological and QA/QC work, optimization of mine planning and processing concepts, infrastructure and logistics planning, updated environmental and social studies, and refreshed economic modelling to reflect current market conditions and industry practices. The metallurgical test work now underway with COREM forms part of this staged path forward.

About the Superior Iron Project

The Superior Iron project is a 100%-owned, exploration-stage iron project adjoining the Lac Otelnuk Iron project. Acquired by the Company in November 2025 to provide additional strategic district-scale exploration exposure, the Superior Iron project comprises 27,425 hectares of prospective ground and materially expands MetalQuest's land position in this established iron ore district.

MetalQuest is undertaking a systematic evaluation of the Superior Iron project, including desktop compilation, field reconnaissance, geological mapping, sampling, geophysical review and environmental baseline planning, with the objective of refining priority geophysical and ground targets for future exploration programs.

Following its initial reconnaissance in June 2026, MetalQuest returned to the Superior Iron project during its August 2026 field program to continue field observations, review regional geological trends and structural features, and assess access routes in support of future exploration planning. The Company has commissioned a geological report to be completed on the project with go forward exploration recommendations.

Risto, R.W., Kociumbas, M., MacFarlane, G.R., and D’Anjou, N. (2013). Technical Report and Updated Mineral Resource Estimate for the Lac Otelnuk Iron Property, Labrador Trough, Northeastern Québec. Prepared for Lac Otelnuk Mining Ltd. Effective Date: October 31, 2013. Toronto, Canada.

Risto, R.W., Kociumbas, M.W., Martinez, R., Lord, J., Giroux, E., Côté, M., Buccitelli, S., Cassoff, J., and Bollard, A. (2015). Lac Otelnuk Project Feasibility Study – NI 43-101 Technical Report (Final Report). Prepared for Lac Otelnuk Mining Ltd. Effective Date: March 25, 2015. Issue Date: April 23, 2015. 

AtkinsRéalis Canada Inc. (2025). Lac Otelnuk Project – Gap Analysis Report (Technical Report). Prepared for MetalQuest Mining. December 22, 2025. Project No. 706178; 

About MetalQuest Mining 

MetalQuest owns 100% of Lac Otelnuk Iron and Superior Iron projects. The Company is working to develop the iron projects as one of the largest in North America. The Lac Otelnuk Iron project is underlain by rocks of the Labrador Trough in northern Québec, approximately 165 km northwest of the Town of Schefferville, and 1,200 km northeast of Montreal. Following a recent buy-back of a 1% interest in the underlying royalty, the combined royalty remains 2.5%.

As approximately $120 million has been expended historically on the Lac Otelnuk Iron project, the Company has access to a vast amount of historical technical data.  Going forward, one of the Company’s primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach with whom an Exploration and Pre-Development Agreement was established in November 2023. An in-person meeting to update the Naskapi on the two iron projects was conducted in early June 2026.

Investors are invited to visit the MetalQuest website at www.metalquestmining.com where they can review the Company and its corporate activities. Any questions or comments can be directed to Harry Barr at Hbarr@mqmining.com or Connor Barr at connorbarr@mqmining.com.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by John Langton, M.Sc., P.Geo. (OGQ #1231), owner of JPL GeoServices Inc., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Langton’s approval relates to the technical descriptions of the planned field program(s) and recent site visit activities for the Company’s Quebec projects. The historical mineral resource estimate and historical feasibility study referenced in this news release have not been verified by Mr. Langton and are not treated as current mineral resources or mineral reserves.

About

John Langton (M.Sc., P.Geo.), brings over three decades of exploration and mining consulting experience to the team, with expertise in Quebec's Labrador Trough iron district. A graduate of the University of New Brunswick (B.Sc. Geology, 1985) and Queen's University (M.Sc. Geology, 1993), Mr. Langton is a licensed Professional Geologist with the Ordre des géologues du Québec, the Association of Professional Engineers and Geoscientists of New Brunswick, and the Association of Professional Geoscientists of British Columbia. Through his consultancy, JPL GeoServices Inc., he has served as a Qualified Person under NI 43-101 on numerous iron ore properties within the Fremont Iron Ore District and broader Labrador Trough, -including work for Champion Minerals and Cartier Iron Corp., as well as on gold and base-metal projects in Quebec and Nevada.

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On behalf of the Board of Directors and Management, we thank you for your continued
support and trust in MetalQuest.

Harry G. Barr
Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR+ (www.sedarplus.ca), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements. 

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