Ms. Alicia Milne reports

Q2 METALS ANNOUNCES $60 MILLION PRIVATE PLACEMENT

Q2 Metals Corp. has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal private placement basis: (i) 16,327,000 common shares of the company at a price of $2.45 per common share for aggregate gross proceeds of $40,001,150; and (ii) 5,556,000 common shares of the company that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) at a price of $3.60 per flow-through share for aggregate gross proceeds of $20,001,600.

The company shall grant the underwriters an option to purchase up to an additional 4,082,000 common shares at the common share offering price for additional gross proceeds of up to $10,000,900, exercisable at any time up to 48 hours prior to the closing of the offering.

The company will use an amount equal to the gross proceeds received by the company from the sale of the flow-through shares, pursuant to the provisions in the Income Tax Act (Canada), to incur (or be deemed to incur) eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures (as both terms are defined in the tax act) related to the company's projects in Quebec, on or before Dec. 31, 2027, and to renounce all the qualifying expenditures in favour of the subscribers of the flow-through shares, effective Dec. 31, 2026. In the event the company is unable to renounce qualifying expenditures effective on or prior to Dec. 31, 2026, to the subscribers for the flow-through shares purchased in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through shares and/or the qualifying expenditures are otherwise reduced by the Canada Revenue Agency, the company will indemnify each flow-through share subscriber for any additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures or as a result of the reduction, as agreed.

The net proceeds received from the sale of the common shares will be used in advancing the development of the company's Cisco lithium project as well as for working capital and general corporate purposes.

The offering is expected to close on or about May 26, 2026, or such other date as the company and Canaccord Genuity may agree and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval of the TSX Venture Exchange.

The common shares and flow-through shares will be offered by way of private placement pursuant to applicable exemptions from prospectus requirements in each of the provinces of Canada and in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended and in such other jurisdictions outside of Canada and the United States provided it is understood that no prospectus filing or comparable obligation arises in such other jurisdiction.

About Q2 Metals Corp.

Q2 Metals is a Canadian mineral exploration company focused on the Cisco lithium project, located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, Canada. The Cisco deposit is 6.5 kilometres from the Billy Diamond Highway, which leads to rail facilities in the town of Matagami, approximately 150 kilometres to the south.

The inferred mineral resource estimate (MRE) on the Cisco lithium project defines a pit-constrained 270 million tonnes at 1.36 per cent Li2O (lithium oxide) at a cut-off grade of 0.4 per cent Li2O with an additional underground constrained MRE of 24 million tonnes at 1.34 per cent Li2O at a cut-off grade of 0.7 per cent Li2O, for a total combined inferred mineral resource of 295 million tonnes at 1.36 per cent Li2O. The deposit remains open along strike, with multiple additional high-potential targets identified across the broader 41,253-hectare project area.

We seek Safe Harbor.