Mr. Harry Barr reports

METALQUEST MINING PROVIDES SHAREHOLDER UPDATE FOR UPCOMING ANNUAL GENERAL AND SPECIAL MEETING, INCLUDING A SUMMARY OF THE COMPANY'S PROJECT, INVESTMENTS AND ITS GO FORWARD PLAN

Metalquest Mining Inc. has provided an update to shareholders regarding its upcoming annual general and special meeting to be held at its field office at 59 Burtch's Lane, Rockport, Ont., on Wednesday Nov. 12, 2025, at 1 p.m. Eastern Time. It was recently announced that postal service will resume operations this coming week when Canada Post workers will be pivoting from a nationwide strike to a rotating strike. Due to the rotating strike and the uncertainty and instability ahead, the company's notice of meeting, information circular and related proxy materials may not be delivered to shareholders prior to the meeting in accordance with regulatory requirements. The company's meeting is scheduled to be for the following purposes:

1. To receive and consider the financial statements of the company for the fiscal year ended Jan. 31, 2025, and the auditor's report thereon;
2. To reappoint Shim Associates LLP, chartered accountants, of Vancouver, B.C., as the company's auditor for the ensuing year and to authorize the directors to fix their remuneration;
3. To set the number of directors at three;
4. To elect directors for the ensuing year;
5. To consider and, if thought fit, with or without variation, pass an ordinary resolution approving the company's amended and restated 20-per-cent fixed stock option plan, as more particularly described in the accompanying management information circular;
6. To transact any other business which may properly come before the meeting.

Electronic copies of the meeting materials will be filed and made accessible under the company's SEDAR+ profile and will be posted on the company's website on Oct. 16, 2025. Shareholders are encouraged to access the meeting materials via SEDAR+ and the company's website.

Shareholders are not required to be present at the meeting and can vote their shares in advance of the meeting. All proxies must be received by Computershare Investor Services Inc. by the proxy cut-off time on Friday, Nov. 7, 2025, by 1 p.m. Eastern Time.

If you are a registered shareholder and have not received your package of meeting materials, please contact Computershare Shareholder Services at 1-800-564-6253 to obtain your proxy form control number to be able to cast your vote on-line at the Investor Vote website or vote by telephone by following the instructions on the form of proxy.

If you hold shares through an intermediary, such as a brokerage firm, please contact your broker representative directly for a copy of the proxy form and voting instructions.

Meeting materials will be delivered electronically to those who have consented to electronic delivery. Shareholders who have not consented to electronic delivery may obtain copies as noted above or by contacting the company's office at 1-800-667-1870 or 1-613-659-2773 or by e-mail info@mqmining.com for copies of the meeting materials via e-mail at no charge.

About Metalquest Mining Inc.

Metalquest Mining owns a 100 per cent of Lac Otelnuk and is working to develop one of the largest iron ore projects in North America. The Lac Otelnuk iron ore project is located in Quebec's Labrador trough and is approximately 165 kilometres by air northwest of the town of Schefferville, and 1,200 km northeast of Montreal by air. The Quebec government has transferred 100 per cent of the claims into Metalquest's name and management is accumulating a vast amount of technical data as approximately over $120-million has been expended on the project to date. Going forward, one of the company's primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach with whom the company has an exploration and predevelopment agreement as of November, 2023.

In June, 2025, Metalquest signed the agreement with AtkinsRealis, a world-class engineering services and nuclear company with offices around the world to conduct a comprehensive gap analysis of the historic 2015 feasibility study (FS) for the Lac Otelnuk iron ore project. The new studies will identify areas requiring updates to align the historic 2015 feasibility study with current market dynamics, regulatory frameworks, engineering best practices and environmental standards. Metalquest's management is continuing to develop its in-house iron ore database to enable the company to secure an option/joint venture partner, a private equity investor or a major mining/steel company.

Equity position in Canadian Copper Inc. and royalties on the Murray Brook copper-polymetallic project, New Brunswick

Metalquest also owns about 1.9 million shares (valued at approximately $646,000 on Oct. 14 closing), 2.5 million warrants of Canadian Copper (CCI) that are in the money for approximately $550,000. Metalquest also has owns NSR (net smelter return) royalties totalling 1 per cent in Murray Brook PEA (preliminary economic assessment) stage copper-polymetallic deposit, situated in the famous Bathurst mining district, New Brunswick, Eastern Canada.

Canadian Copper has the right to purchase half of a 0.33-per-cent royalty for $1-million and must pay Metalquest a preproduction cash payment of $1-million after the project goes into production.

Canadian Copper is completing a preliminary economic assessment (PEA) on processing the Murray Brook deposit at the Caribou processing complex. Release date is expected in the first half of 2025. CCI recently secured a financing to acquire the Caribou complex. The Caribou process complex is approved and maintains all required operating permits.

We seek Safe Harbor.