Mr. Harry Barr reports

METALQUEST MINING ANNOUNCES STRATEGIC PLANNING SERVICE AGREEMENT

Metalquest Mining Inc. has entered into an amended agreement with Lawrence & Company Growth Advisors Inc., dated April 23, 2026, to provide the company with strategic planning services to align the leadership team with an effective three-year strategic direction for growth and to strengthen operational procedures.

The company and the consultant have agreed the services to be received by the company during the 2026 year of an aggregate of $22,000 will be paid as $11,000 in cash and $11,000 in shares, plus HST, after the company has received the services as outlined in the attached table.

The deemed price of the securities to be issued will be determined after the date services are provided to the company in each period, calculated using the closing price on the TSX Venture Exchange on each of the dates as stated above. The issuance of the securities is subject to TSX Venture Exchange approval.

The consultant is an arm's length to the company and does not own, directly or indirectly, any shares of the company. This transaction would not create a new insider or control person. Any shares issued in connection with the agreement will be subject to a four-month-plus-one-day hold period in accordance with applicable securities regulations.

Under the terms of an initial agreement, the company and the consultant had agreed the $22,000 fee for services to be received would be paid in cash. Both parties expressed desire to amend the initial terms as outlined in the table.

About Metalquest Mining Inc.

Metalquest Mining owns 100 per cent of Lac Otelnuk and is working to develop one of the largest Iron projects in North America. The Lac Otelnuk iron project is located in Quebec's Labrador Trough and is approximately 165 kilometres by air northwest of the town of Schefferville and 1,200 kilometres northeast of Montreal by air. The company has recently acquired a portion of the underlying net smelter return (NSR) royalty on the project.

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 $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 which it has an exploration and predevelopment agreement as of November, 2023.

A gap study analysis was completed as of Feb. 18, 2026, by AtkinsRealis, a global engineering leader and lead author of the 2015 feasibility study, providing a clear framework for the project's next stage of advancement. Importantly, the review did not identify any issues that would preclude continued advancement of the project. Metalquest is advancing Lac Otelnuk through a phased approach focused on technical validation, modernization opportunities, infrastructure and logistics planning, ESG (environmental, social and governance) and permitting progress, and updated economic evaluation, with the goal of creating long-term value for shareholders and stakeholders.

On Dec. 3, 2025, Metalquest announced the acquisition of the ROF-1 project, a critical minerals land package in Ontario's Ring of Fire totalling 1,034 claims (approximately 20,800 hectares, approximately 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. The ROF-1 project is located approximately 10 kilometres from major nearby deposits and has identified exploration potential for VMS-style (volcanogenic massive sulphide) mineralization and multiple untested target corridors based on historical work and technical review.

The previously announced acquisition of the Fishhook polymetallic project represents Metalquest's second step in building a broader multiproject Ring of Fire strategy, with the company continuing to review additional opportunities in the region.

New Age Metals Inc., a significant shareholder of Metalquest Mining, with approximately 14.39 per cent, 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 Jan. 23, 2026, New Age Metals and Metalquest Mining have assembled approximately 62,800 hectares (approximately 155,200 acres), consisting of 3,067 mining claims, subject to a 1.0-per-cent net smelter return (NSR) royalty, with a 0.5-per-cent buyback, forming a portfolio of early-stage exploration ground 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 Mining also recently acquired the West Cameron gold project, located in the Kenora mining district of Northwestern Ontario. The project is situated 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.

The initial phase of work, planned for winter/spring of 2026, at the recently acquired Superior iron project will comprise 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 project development.

The company also owns approximately 1.26 million free trading shares and 2.5 million warrants at a strike price of 12.5 cents of Canadian Copper Inc.. As of the closing of trading on April 22, 2026, Canadian Copper shares were trading at 70 cents.

It holds two NSR royalties totalling 1 per cent in the Murray Brook PEA-stage (preliminary economic assessment) zinc-polymetallic deposit, situated in the famous Bathurst mining district, New Brunswick, Eastern Canada.

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

In the event that Canadian Copper purchases half of the 0.33-per-cent royalty, Metalquest will retain 0.82-per-cent royalty in perpetuity.

The company has indicated that it is completing a PEA on processing the Murray Brook deposit at the Caribou processing complex. The release date is expected in the first half of 2026. Canadian Copper recently secured a financing to acquire the Caribou complex. The Caribou processing complex is approved and maintains all required operating permits. See Canadian Copper's website for further details.

We seek Safe Harbor.