MetalQuest Mining completes site visit at Lac Otelnuk and Superior Iron, advances Phase 2 preparations

Rockport, Ontario – July 31st , 2026 – TheNewswire – MetalQuest Mining Inc. (TSXV: MQM; OTCQB: MQMIF) (“MetalQuest” or the “Company”) is pleased to announce that it has completed a reconnaissance site visit to its 100%-owned Lac Otelnuk Iron project ( Development stage) and its adjacent 100% -owned Superior Iron project ( Exploration stage) in northern Québec . The reconnaissance program was conducted in June 2026 to allow MetalQuest’s management and technical representatives to complete an on-site review of the legacy Lac Otelnuk camp facilities, infrastructure, drill core storage and condition of access. The review helped our technical team to determine necessary logistics for planned follow-up exploration programs on the projects.

Site Visit Highlights The Company completed a detailed review of the Lac Otelnuk legacy exploration camp area and associated infrastructure . Camp structures and stored materials were observed to be in good condition and generally well-preserved following the prior operator’s closure of the site in 201 (Figure 1). MetalQuest reviewed the on-site historical drill core inventory.

Core from historical Lac Otelnuk drilling operations, which had been cross-stacked and organized by the previous operator, were found to be in good condition, with the majority of labels and sample tags intact (Figure 2). The Company plans to collect intervals from the historical core and half-core sections for metallurgical testwork prior to any new drilling on the Lac Otelnuk Iron project. The metallurgical testwork will be conducted in collaboration with AtkinsRéalis Canada Inc. (“AtkinsRéalis”), a Montreal-based engineering company and COREM, a Québec City-based mineral processing consultant, as part of the Company’s broader effort to assess modernization opportunities and advance the Lac Otelnuk Iron project toward an updated development pathway During the reconnaissance site visit, the Company also constructed a floating dock intended to improve future site logistics by allowing for better access for float-equipped aircraft and personnel.

The team completed aerial reconnaissance and field documentation across the Lac Otelnuk and Superior Iron project areas that included the collection of photographs, video and observations relating to historical infrastructure, access routes, drill trails, core storage areas and selected exploration features. “This site visit represented an important transition from desktop technical review to direct field validation,” stated 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. Click Image To View Full Size Figure 1: Aerial drone image of the legacy Lac Otelnuk Camp (June 2026) Next Steps: Metallurgical Study The Company is currently prioritizing the logistics required to collect and submit selected core material for metallurgical testing and will incorporate the site observations into its ongoing technical planning.

MetalQuest’s technical team continues to evaluate proposed work programs for both the Lac Otelnuk Iron and Superior Iron projects. These activities would include continued technical validation and verification, infrastructure studies, logistics planning, exploration targeting for the Superior Iron project and the continued updating of project development studies referenced by AtkinsRéalis’ recently completed GAP study (AtkinsRéalis, 2025) . 1 Figure 2 : Image of the cross-piled historical core on site (June, 2026) 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 (Figure 3). 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 feasibility work. 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: 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 10 th , 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 as a result 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. MetalQuest believes verification of the historical estimates is required to upgrade the historical estimates to current mineral resources. The Company expects such verification will require, among other things: (i) additional drilling and core density sampling; (ii) further detailed modelling on ore controls and deposit structural setting; and (iii) continued metallurgical studies.

The Company believes that the historical estimate is relevant in assisting the Company in evaluating its proposed work program but is unable to comment on the reliability of historical resources as insufficient work has been done to make this determination. A qualified person has not done sufficient work to classify the historical estimates referenced herein as current mineral resources or mineral reserves and MetalQuest is not treating the historical estimate as current mineral resources or mineral reserves. 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. Click Image To View Full Size Figure 3: Map illustrating Lac Otelnuk Iron project’s claims in yellow and Superior Iron project claims in pink About the Superior Iron Project The Superior Iron project is a 100%-owned, exploration-stage iron project adjoining the Lac Otelnuk Iron project (see Figure 3). 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. During June 2026, MetalQuest completed initial reconnaissance over selected areas of the Superior Iron project as part of its broader site visit to the Lac Otelnuk Iron and Superior Iron propert ies . The work included helicopter reconnaissance, review of regional geological trends and structural features, assessment of access routes and historical drill trails, and collection of field observations, imagery and technical data to help guide future exploration planning.

A follow-up exploration program is planned for August 2026. 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 p rojects. The Company is working to develop the iron projects as one of the largest in North America.

The Lac Otelnuk Iron p roject 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, t he 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. A Gap Analysis study of the Project was recently completed by AtkinsRéalis, a global engineering leader and lead author of the 2015 feasibility study, providing a clear framework for the Lac Otelnuks Iron project’s next stage of advancement (AtkinsRéalis, 2025).

MetalQuest is advancing the Lac Otelnuk Iron project through a phased approach focused on technical validation and verification, modernization opportunities, infrastructure and logistics planning, ESG and permitting progress. The Company is on a pathway to an updated Feasibility Study. Exploration work on the Superior Iron project began in June 2026.

The Company intends to complete systematic ground truthing, detailed geophysical surveys, and comprehensive environmental baseline studies. These programs are designed to enhance the geological model, refine the understanding of mineralized zones, and delineate high-priority drill targets to support the next stage of exploration and development. A second phase of field work is planned for August 2026.

On December 3 rd , 2025, MetalQuest announced the acquisition of the ROF-1 Project, a critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares, ~52,000 acres). The Ring of Fire is one of Canada’s most important emerging critical minerals districts, supported by growing infrastructure and government attention as the region advances toward potential development. ROF-1 Project is located approximately 10 km from major nearby deposits and has identified exploration potential for VMS-style mineralization and multiple untested target corridors based on historic work and technical review. https://metalquestmining.com/news/metalquest-secures-critical-minerals-project-in-northern-ontarios-ring-of-fire-region/ The previously announced acquisition of the Fishhook Polymetallic Project represents MetalQuest’s second step in building a broader multi-project Ring of Fire strategy, with the Company continuing to review additional opportunities in the region. https://metalquestmining.com/news/metalquest-acquires-a-second-22000-ha-property-in-the-ring-of-fire-northern-ontario-the-fishhook-polymetallic-project/ .

Our technical team is concluding a contract in regards to an extensive geophysical program on the Fishhook Polymetallic Project, which is expected to be completed before the end of September 2026, further announcements will be forthcoming. New Age Metals Inc., is an approxi mate 14% shareholder of MetalQuest, has recently advanced into the Ring of Fire through the acquisition of new exploration properties, reflecting increasing exploration momentum within the district. New Age Metals’ activities are independent of MetalQuest’s operations.

New Age Metals is focused on the discovery and advancement of platinum group metals and other critical minerals projects in North America and has identified the Ring of Fire as a strategic area for long-term growth. The expansion of its exploration portfolio within this emerging district highlights continued industry interest in early-stage, district-scale opportunities supported by improving infrastructure, government engagement, and regional exploration activity. With the acquisition of the Fishhook Polymetallic Project in the Ring of Fire, on the January 23 rd , 2026 New Age Metals Inc. and MetalQuest have assembled approximately 62,800 hectares, consisting of 3,067 mining claims, subject to a 1.0% NSR with a 0.5% buyback, forming a portfolio of early-stage exploration targets considered prospective for critical minerals.

The companies will continue to evaluate further acquisitions in the district. MetalQuest believes that the alignment of shareholder interest and regional exploration focus further supports the Company’s strategy of disciplined land acquisition and systematic exploration within the Ring of Fire. MetalQuest also recently acquired the West Cameron Gold Project located in the Kenora Mining District of Northwestern Ontario, along the same regional structural corridor that hosts the Cameron Lake Gold Deposit, and is considered prospective for structurally controlled gold mineralization.

The Company is currently reviewing historical exploration data and planning follow-up exploration programs designed to advance and evaluate the project’s discovery potential. Work is expected to be completed before the end of October 2026. The Company also owns ~1.26 million free trading shares and 2.5 million warrants at a strike price of $0.125 of Canadian Copper (CCI).

As of the closing of trading on July 28 th , 2026, CCI shares were trading at $0. 60 . Two NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc-Polymetallic Deposit , situated in the renowned Bathurst Mining District of New Brunswick. Canadian Copper Inc (CCI) must pay MetalQuest a pre-production cash payment of $1 million before the Murray Brook project goes into production and has the right to purchase half of a 0.33% royalty for $1 million dollars.

In the event that CCI purchases half of the 0.33% royalty, MetalQuest will retain 0.82% royalty in perpetuity. CCI has indicated that it plans to put the Murray Brook deposit into production. For further information, please visit https://canadiancopper.com/ .

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 particular 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. Opt-in List If you have not done so already, we encourage you to sign up on our website (www.metalquestmining.com) to receive our updated news. On behalf of the Board of Directors and Management, we thank you for your continued support and trust in MetalQuest Mining.

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. 1 Lac Otelnuk Iron Project Reaches an Important Milestone With the Completion of a technical gap analysis https://metalquestmining.com/news/lac-otelnuk-iron-project-reaches-an-important-milestone-with-the-completion-of-a-technical-gap-analysis/ Copyright (c) 2026 TheNewswire - All rights reserved. TheNewsWire July 31, 2026 - 5:35 AM PDT News by QuoteMedia www.quotemedia.com