MetalQuest Mining to Conduct Site Visit to Lac Otelnuk and Superior Iron Projects Following Desktop Technical Work and Attend THE Mining Investment Event in Quebec City

(TheNewswire)

June 2, 2026 – TheNewswire - Rockport, Ontario -MetalQuest Mining Inc. (TSXV:MQM; OTCQB: MQMIF) (“MetalQuest” or the“Company”) is pleased to announce that members of the Company’smanagement and technical teams will be attending THE Mining Investment Event in Québec City from June 2 to June 4, 2026, followed by a plannedsite visit to the Company’s Lac Otelnuk Iron Ore Project and Superior Iron Projectin northern Québec.

THE Mining Investment Event is held annually at theCentre des congrès deQuébec and brings together mining companies,institutional investors, family offices, funds, governmentrepresentatives, and industry participants from Canada and abroad. The2026 event is scheduled for June 2 to 4, 2026.

Following the conference, MetalQuest’s management and technicalrepresentatives plan to travel to the Lac Otelnuk and Superior Ironproject areas to complete the Company’s site visit following thedesktop technical work completed to date on both projects.

The planned site visit represents an important nextstep in MetalQuest’s ongoing review and advancement of its Québeciron ore portfolio. TheCompany’s 100%-owned Lac Otelnuk Iron Ore Project is adevelopment-stage asset located in the Labrador Trough of northernQuébec. The project has been the subject of a historical 2015feasibility study. Based on its historical mineral resource estimateof 20.64 billion tonnes (M+I), the project ranks among the largestundeveloped iron ore deposits in North America.To learn more about the 2015 Historic MineralResource Estimate and Historic 2015 Feasibility study, please refer tothe Company’s press release.

https://metalquestmining.com/news/metalquest-mining-lac-otelnuk-iron-ore-project-overview/

The Company’s Superior Iron Project is anexploration-stage asset that was acquired to expand MetalQuest’sland position within the same established iron ore district as LacOtelnuk.

The site visit is expected to include a detailed review of historicalinfrastructure, camp facilities, historical drill core and explorationassets, airstrip and access conditions, as well as reconnaissance workover selected areas of the Superior Iron Project. The Company also plans to collect representative samples, captureaerial photography and video, and document geological andinfrastructure features that may support future technical work,investor communications, and project planning.

In 2025, MetalQuest engaged AtkinsRéalis to complete atechnical gap Analysis of the Lac Otelnuk Project. The purpose of thegap Analysis was to review the historical feasibility study, assesskey technical areas, identify information gaps, and outline the workrequired to advance the project toward a modernized developmentpathway. The planned site visit is expected to support this ongoingprocess by allowing the Company to complete an on-the-ground review ofhistorical infrastructure, access conditions, core storage, campfacilities, and other project assets that were identified as importantcomponents of future project planning.

Click Image To View Full Size

Figure1: Map illustrating LacOtelnuk Project’s claims in yellow and Superior Iron Project inpink

“This planned site visit marks an importanttransition for MetalQuest as we move from extensive desktop review andtechnical analysis toward field validation and on-the-groundassessment,” stated HarryBarr, Chairman and CEO of MetalQuest Mining.“. Following our meetings in Québec City, we believe this sitevisit will help us better assess the existing infrastructure,historical exploration assets, access conditions, and future workpriorities for both projects.

During the visit, the Company expects to completeseveral key activities, including:

• Helicopter reconnaissance over the Lac Otelnuk andSuperior Iron property package; 

• Review of major geological trends, structural features,access routes, and historical drill trails; 

• Assessment of camp infrastructure, communications,airstrip, dock, helipad, and equipment condition; 

• Review of historical core storage areas, sampleinventories, and exploration assets; 

• Geological reconnaissance and sampling at selectedSuperior Iron target areas; 

• Collection of field data, photographs, drone imagery,and video for future technical and corporate use; and 

• Development of preliminary findings and recommendationsto support future exploration and technical programs. 

The Company views this site visit as a practical andnecessary step in advancing its understanding of the project areaafter recent desktop-level work. The visit is intended to help prioritize future field programs,confirm historical information where possible, assess remainingproject infrastructure, and identify opportunities for additionalmapping, sampling, geophysics, and drilling.”

MetalQuest expects to provide additional updatesfollowing completion of the site visit and review of the fieldobservations, samples, imagery, and technical data collected duringthe program.

Qualified Person

The scientific and technical information contained inthis news release has been reviewed and approved by AlexandrBeloborodov, P.Geo. (OGQ #1637), President of ABG Exploration Inc., aQualified Person as defined by National Instrument 43-101 –Standards of Disclosure for Mineral Projects. Mr. Beloborodov’sapproval relates to the technical descriptions of the planned fieldprogram and site visit activities for the Company’s Quebec projects.The historical mineral resource estimate and historical feasibilitystudy referenced in this news release have not been verified by Mr.Beloborodov and are not treated as current mineral resources ormineral reserves.

About MetalQuest Mining

MetalQuest Mining (MQM) owns 100% of Lac Otelnuk and isworking to develop one of the largest Iron projects in North America.The Lac Otelnuk Iron Project is located in Quebec’s Labrador Troughand is approximately 165 km by air northwest of the Town ofSchefferville, and 1200 km northeast of Montreal by air. The Company has recently acquired a portion of the underlying netsmelter return (NSR) royalty on the Project, https://metalquestmining.com/news/metalquest-mining-amends-royalty-on-its-lac-otelnuk-iron-project-in-quebec/.

The Quebec government has transferred 100% of theclaims into MQM’s name and management is accumulating a vast amountof technical data as approximately $120 million has been expended onthe project to date. Going forward, one of our primary objectives willbe to continue to work with Naskapi First Nation of Kawawachikamachwith whom we have an Exploration and Pre-Development Agreement as ofNovember 2023.

A gap analysis study was completed as of February18th, 2026, by AtkinsRéalis, a global engineering leader and leadauthor of the 2015 feasibility study, provided a clear framework forthe Project’s next stage of advancement. MetalQuest is advancing LacOtelnuk through a phased approach focused on technical validation,modernization opportunities, infrastructure and logistics planning,ESG and permitting progress, and updated economic evaluation, with thegoal of creating long-term value for shareholders andstakeholders.

On December 3rd, 2025, MetalQuest Mining (MQM) announcedthe acquisition of the ROF-1 Project, a critical minerals land packagein Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares,~52,000 acres). The Ring ofFire is one of Canada’s most important emerging critical mineralsdistricts, supported by growing infrastructure and governmentattention as the region advances toward potentialdevelopment. ROF-1 Project is locatedapproximately 10 km from major nearby deposits and has identifiedexploration potential for VMS-style mineralization and multipleuntested 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 acquisitionof the Fishhook Polymetallic Project represents MetalQuest’s second step inbuilding a broader multi-project Ring of Fire strategy, with theCompany 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/

NewAge Metals Inc., a significant shareholder of MetalQuest Mining Inc.with approximately 14.39%, has recently advanced into the Ringof Fire through theacquisition of new exploration properties, reflecting increasing exploration momentum within thedistrict. New Age Metals’ activities areindependent of MetalQuest’s operations.

New Age Metals is focused on the discovery andadvancement of platinum group metals and other critical mineralsprojects in North America and has identified the Ring of Fire as astrategic area for long-term growth. The expansion of its explorationportfolio within this emerging district highlights continued industryinterest in early-stage, district-scale opportunities supported byimproving infrastructure, government engagement, and regionalexploration activity.

With the acquisition of the FishhookPolymetallic Project in the Ring of Fire, on the January23rd, 2026 New Age Metals Inc.and MetalQuest Mining Inc. have assembled approximately 62,800hectares (~155,200 acres), consisting of 3,067 mining claims, subjectto a 1.0% NSR with a 0.5% buyback, forming a portfolio of early-stageexploration ground considered prospective for critical minerals. Thecompanies will continue to evaluate further acquisitions in thedistrict.

MetalQuest believes that thealignment of shareholder interest and regional exploration focusfurther supports the Company’s strategy of disciplined landacquisition and systematic exploration within the Ring of Fire.

MetalQuest Mining also recently acquired the WestCameron Gold Project located in the Kenora Mining District ofNorthwestern Ontario. The Project is situated along the same regionalstructural corridor that hosts the Cameron Lake Gold Deposit and isconsidered prospective for structurally controlled goldmineralization. The Company is currently reviewing historicalexploration data and planning follow-up exploration programs designedto advance and evaluate the Project’s discovery potential.

The initial phase of work, planned for Winter/Spring2026, at the recently acquired Superior Iron Project will comprisesystematic ground truthing, detailed geophysical surveys, andcomprehensive environmental baseline studies. These programs aredesigned to enhance the geological model, refine the understanding ofmineralized zones, and delineate high-priority drill targets tosupport the next stage of exploration and project development.

The Company also owns ~1.26 million free trading shares and 2.5million warrants at a strike price of $0.125 ofCanadian Copper (CCI) as of the closing of trading on April22nd, 2026, CCI shares were trading at $0.70.

Two NSR royalties totaling 1% in theMurray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, NewBrunswick, Eastern Canada.

Canadian Copper Inc (CCI) must payMQM a pre-production cash payment of $1 million before the projectgoes into production and has the right to purchase half of a 0.33%royalty for $1 million dollars.

In the event that CCI purchases halfof the 0.33% royalty, MQM will retain 0.82% royalty in perpetuity.

The Company has indicated that it is completing aPreliminary Economic Assessment (PEA) on processing the Murray Brookdeposit at the Caribou Processing Complex. Release date is expected inthe first half of 2026. CCI recently secured a financing to acquirethe Caribou complex. TheCaribou Processing Complex is approved and maintains all requiredoperating permits. See CCI’s website forfurther details.

Investors are invited to visit the MetalQuest Miningwebsite at www.metalquestmining.comwhere they can review the company and its corporate activities. Anyquestions or comments can be directed to Harry Barr at Hbarr@mqmining.com or MaxKaczmer mkaczmer@newagemetals.com bytelephone at 613 659 2773.

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If you have not done so already, we encourage you tosign up on our website (www.metalquestmining.com) toreceive our updated news.

On behalf of the Board of Directorsand Management, we thank you for your continued support and trust inMetalQuest Mining.

Harry G. Barr

Chairman and CEO

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statements maydiffer materially from actual future events or results and are basedon current expectations or beliefs. For this purpose, statements ofhistorical fact may be deemed to be forward-looking statements. Inaddition, forward-looking statements include statements in which theCompany 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 theirnature involve risks and uncertainties, and actual results may differmaterially depending on a variety of important factors, including,among others, the Company’s ability and continuation of efforts totimely and completely make available adequate current publicinformation, additional or different regulatory and legal requirementsand restrictions that may be imposed, and other factors as may bediscussed in the documents filed by the Company on SEDAR+(www.sedarplus.ca), including the most recent reports that identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements. The Company doesnot undertake any obligation to review or confirm analysts’expectations or estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events.Investors should not place undue reliance on forward-lookingstatements.

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