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February 2 nd , 2026 - TheNewswire - Rockport, Ontario - MetalQuest Mining Inc. (TSX.V: MQM; OTCQB: MQMIF) (“MQM” or “Company”) is pleased to announce its ESG/Sustainability Report for the year 2025.  The scope of this project encompasses MQM’s Lac Otelnuk Iron Ore Project (Quebec).

Since MQM’s project activities were limited exclusively to desktop-based studies and technical analyses, any associated emissions are immaterial and minimal in nature. These emissions relate primarily to routine administrative and office-based work rather than mining or field operations. Emissions are therefore considered minor and not material to the Company’s overall environmental footprint. Formal quantification was not undertaken due to the small scale and early-stage nature of activities.

MQM’s ESG/Sustainability Report is now available under the ESG tab on our corporate website: https://metalquestmining.com/projects .  

Mr. Harry Barr, CEO and Chairman of MQM, commented, “ On behalf of the Board of Directors and management team, I am pleased to present MetalQuest Mining’s (MQM) third annual ESG and Sustainability Report for the year 2025.

Since MQM’s inception, our approach to advancing any project has been anchored in the early identification and engagement of key stakeholders, particularly those connected to the environmental and social context of the regions in which we operate. We have dedicated substantial time, effort, and resources toward building these relationships and ensuring responsible project development.

In support of this commitment, on December 12, 2023, MQM announced the signing of an Exploration and Pre-Development Agreement with the Naskapi Nation of Kawawachikamach. We have also continued meaningful dialogue with other First Nations, local custodians, regional authorities, and communities surrounding our Lac Otelnuk Project in Québec.

At MQM, we firmly believe that while a project’s success may be reflected in its financial results and economic potential, its long-term sustainability depends on strong environmental, social, and governance (ESG) performance. This commitment not only guides our decision-making but also helps secure the trust and social license necessary to operate responsibly and successfully.”

The Company aims to ensure that we are actively communicating with investors and other stakeholders to the best of our abilities, and we want you to know that we are available to answer any questions or concerns. In the event you would like to set up a meeting with management, please contact Faraz Rasheed at frasheed@mqmining.com .

MQM’s ESG/Sustainability Report is now available under the ESG tab on our corporate website: https://metalquestmining.com/projects .  

The report is based on frameworks outlined by both TCFD (Taskforce for Climate-related Financial Disclosures) and SASB (Sustainability Accounting Standards Board). This was done to make sure that the report aligns with important and industry-wide prevalent institutions’ layout.

MQM understands the importance of ESG reports and the visibility, transparency, and affirmation they provide to environmental, social, and governance issues arising from its operations, which is imperative across the industry. This is MQM’s third ESG/Sustainability Report and MQM will continue with disbursement of such reports as an annual target and will make sure to involve all stakeholders and communities within them.

About MQM

MetalQuest Mining (MQM) owns 100% 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 km by air northwest of the Town of Schefferville, and 1200 km northeast of Montreal by air. The Company has recently acquired a portion of the underlying net smelter return (NSR) royalty on the Project, (subject to TSX Venture Exchange approval). https://metalquestmining.com/news/metalquest-mining-amends-royalty-on-its-lac-otelnuk-iron-project-in-quebec/ .

The Quebec government has transferred 100% of the claims into MQM’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 our primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach with whom we have an Exploration and Pre-Development Agreement as of November 2023. In June 2025, MQM signed an agreement with AtkinsRéalis, 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 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.

On December 3rd, 2025, MetalQuest Mining (MQM) 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/  

Today’s 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.

New Age Metals Inc., a significant shareholder of MetalQuest Mining Inc., 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 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.

Together, New Age Metals Inc. and MetalQuest Mining Inc. have assembled approximately 62,800 hectares (~155,200 acres), consisting of 3,067 mining claims, subject to a 1.0% NSR with a 0.5% 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. https://newagemetals.com/acquisition-of-the-northern-shield-platinum-group-metals-copper-nickel-critical-minerals-project-in-the-ring-of-fire-northern-ontario/

The initial phase of work, planned for Winter/Spring 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 ~1.8 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 January 19th, 2026, CCI shares were trading at $0.61.

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

Canadian Copper Inc (CCI) must pay MQM a pre-production cash payment of $1 million before the 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, MQM will retain 0.82% royalty in perpetuity.

The Company has indicated that it 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 2026. CCI recently secured a financing to acquire the Caribou complex. The Caribou Process Complex is approved and maintains all required operating permits. See CCI’s website for further details.

Investors are invited to visit the MetalQuest Mining 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 Max Kaczmer mkaczmer@newagemetals.com by telephone at 613 659 2773.

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On behalf of the Board of Directors

“Harry Barr”

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.sedar.com), 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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