MetalQuest Enters Due-Diligence Period on the West Cameron Gold Project, 60 km South of Kenora, in the Kenora Mining District, Northwestern Ontario

(TheNewswire)

February 3, 2026 - Vancouver,BC – TheNewswire- MetalQuest Mining Inc. (TSX.V: MQM; OTCQB: MQMIF) (“MQM” or“Company”) is pleased to announce that ithas entered into an option agreement dated January 29, 2026 (the“Agreement”) with Gallik Explorations Inc. (“Gallik”), awholly owned company of Mr. Troy Gallik, whereby Gallik has providedthe Company a due diligence period on the potential acquisition of  a100% interest in the West CameronGold Project (the “Project”), locatedin the southern portion of Kenora Mining District, NorthwesternOntario.

The Agreement provides a due diligence period of 40days at which time the Company will have an additional five (5)business days to provide a notice to proceed (the “Notice”) toGallik. Upon completion of the Company’s due diligence review andthe delivery of the Notice, a subsequent news release will be issued.In the event the Company provides Gallik with Notice, the date of theNotice would become the effective date of the Agreement.

This acquisition wouldrepresent MetalQuest’s initial entry into gold exploration andforward momentum towards its objective of diversifying its portfolio.The nearby infrastructure associated with the Project includes hydropowerlines, highways and all-weather roads, with proximity to townsand cities while being within established Canadian miningdistricts.

Chairman and CEO Harry Barrstated, “The potential acquisition of WestCameron Gold Project would mark the formal entry into gold exploration andreflects our strategy of building a portfolio of technically strongexploration assets in premier Canadian mining jurisdictions. TheKenora District offers excellent infrastructure, supportive FirstNation communities, and growing strategic interest from major industryparticipants. With proximityto the Cameron Gold Deposit and regionalconsolidation activity, West Cameron provides a compelling platformfor discovery-driven growth.”

Highlights

• MetalQuest looking to diversifyportfolio to expand into gold exploration withthe potential acquisition of a 1,700-hectare project in the KenoraMining District, Ontario 

• Located approximately 10km south of the town of SiouxNarrows and 60km south of the City of Kenora, benefiting fromyear-round road access andestablished regional infrastructure 

• Located adjacent to First Mining GoldCorp.’s Cameron Gold Project  

• Gold mineralization hosted in shear zones,quartz-carbonate veining, altered felsic intrusions, and structurallydeformed rock packages 

• Interpreted regional Cameron Lake fault trend extends across theproperty 

• New Porphyry intrusive target identified as a key focusfor follow-up exploration 

• Historical surface sampling returned gold values up to 9.18 g/t Au 

• The Company, upon notice to proceed with the Agreement,plans to engage with localFirst Nation communities and intends to pursue opportunities forcollaborative and respectful partnerships,consistent with its commitment to responsible exploration 

A Strategic Gold Hub

The KenoraMining District has historically beenunderexplored and is increasinglyemerging as an active exploration and development region, supported in part by improved commodity prices and renewedindustry and investor interest.

The region offers a compelling combination of:

• Established mining infrastructure andhighway access 

• Proximity to power, workforce, andservice centers 

• Favorable permitting environment andcommunity relationships 

Recent acquisitions and investments within and adjacentto the district, include:

• Accelerating regional consolidationand validation, highlighted by Coeur Mining’s announced acquisition ofNew Gold in a ~US$7 billion transactionAs stated here:Coeur Mining, Inc. (2025). Coeur announcesacquisition of New Gold to create a new all-North American seniorprecious metals producer. Coeur Mining News Release. 

• The CameronLake Gold Project acquisition, led byFrank Giustra’s Fiore Groupand First Mining Gold Corp., in a transactionvalued at approximately CAD$27 million. As stated here:First Mining Gold Corp. (2025, November 20). First Mining announcesnew partnership to advance Cameron Gold Project. 

• Growing exploration and developmentactivity by junior, mid-tier, and senior mining companies, reflecting renewedindustry interest in the Kenora and nearby districts 

The Company notes growing support for mineralexploration at the provincial, regional, and municipal levels,including policies and initiatives intended to encourage responsibleresource development and investment.

West Cameron Gold Project

The WestCameron Gold Project covers approximately1,700 hectares (~4,200acres) and benefits from year-round access via Highway 71, loggingroads, and established trails.

The Project is adjacent to the Cameron Lake claimgroup, as shown in Figure 1.  The Cameron Lake Deposit hostspit-constrained (0.55 g/t Aucut-off) Measured and Indicated mineral resources of approximately 3.5million tonnes grading 2.45 g/t Au, containing approximately 274,000ounces of gold, and pit-constrained Inferred mineral resourcesof approximately 0.035 million tonnes grading 2.45 g/t Au, containingapproximately 3,000 ounces of gold. In addition, the deposit hosts underground (2.00 g/t Au cut-off) Measuredand Indicated mineral resources of approximately 2.0 million tonnesgrading 2.90 g/t Au, containing approximately 190,000 ounces ofgold, and underground Inferred mineral resources of approximately 6.5 milliontonnes grading 2.54 g/t Au, containing approximately 530,000 ounces ofgold. As disclosed in theTechnical Report on theCameron Gold Deposit, Ontario, Canada (FirstMining Finance Corp., effective January 17, 2017). Mineral resources are not mineral reserves and do not havedemonstrated economic viability.

Historical surface sampling results on the West CameronProject are reported in Ontario Ministry of Mines assessment filings,including the 2004 GeologicalMapping and Sampling Report on the Cameron Lake Property (Cunniah Lake Inc.; Clark Exploration Inc.) and the2014 Flint Lake Prospectingand Target Evaluation Report (Metals CreekResources Corp.). These reports document grab samples returning values of up to 9.18 g/t Au fromsheared mafic volcanic rocks, as well as grab samples returning valuesof up to 1.9 g/t Au from the New Porphyry intrusive target, shown in Figure 2. Grab samples are selective by nature andmay not be representative of underlying mineralization or true gradedistribution.

Click Image To View Full Size

Figure1: Location of the WestCameron Gold Project near Sioux Narrows, Northwestern Ontario,adjacent to the Cameron Lake Property. First Mining’s Cameron LakeGold Deposit is located approximately 12 km from the project along anall-weather access road.

Gold mineralization on the property is associatedwith:

• Quartz-carbonate veining within shearzones 

• Sheared felsic intrusions 

• Brecciated and structurally deformedhost rocks 

• Carbonate alteration and sulfideassemblages, including pyrite and chalcopyrite 

The interpretedregional Cameron Lake Fault, shown in Figure 2,is mapped as trending throughthe property and is considered a prospectivestructural feature for guiding exploration targeting. This structureis part of a broader regionalstructural framework that includes the Cameron Lake area.

A key exploration focus is the New Porphyry intrusive unit, located entirely within the Project boundary. Thisintrusion is structurallycontrolled and has returned anomalous gold values, supporting the interpretation of a potential intrusive-related goldmineralizing system.

The Project has been explored intermittently byGulf Minerals, Cunniah LakeInc, Noranda, Endurance Gold, North American Uranium Corp., and MetalsCreek Resources.

Click Image To View Full Size

Figure 2:Geological map of theWestCameron Gold Project showingthe locations of historical grab samples above 0.5 g/tAu and an interpreted regionalstructural trend (Cameron Lake trend). Structural features shown are inferredbased on historical mapping and geophysical interpretation and aresubject to revision with additional work. Regional geologicalframework adapted in part from the Ontario GeologicalSurvey, Precambrian Geology of the Kakagi–Rowan Lakes Area (MapP.3594), Ontario Ministry of Mines.

Option Terms

In the event the Company proceeds with the Agreement,to earn a 100% interest in the Project, subject to 2% Net SmelterRoyalty, the Company would have to pay to Gallik $15,000 in cash and$15,000 in shares upon the receipt of TSX Venture Exchange approvaland $20,000 in cash and $20,000 in shares in each year 1, 2 and 3 fortotal consideration of $75,000 in cash and $75,000 in shares. Furtherdetails of the Agreement and potential share issuances will beincluded in the Company’s subsequent release should it decide toprovide Notice.

Qualified Person

Troy Gallik, P.Geo. (Member ID 3550), a PractisingRegistrant and Qualified Person (“QP”) as defined by NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects,has reviewed and approved the scientific and technical informationcontained in this news release. Mr. Gallik is a geological consultantto MetalQuest Mining (MQM) and is not independent for the purposes ofNI 43-101.

The QP has reviewed available assessment files,historical drill logs, geophysical datasets, government geologicaldata, and public technical reports relevant to the Project, which ispresently subject to the Company’s due diligence review under anoption agreement. The QP has not completed sufficient work toindependently verify all historical exploration data referencedherein, particularly data generated by previousoperators; however, the QP considers the historical information tohave been collected using industry-standard practices of the time andto be reasonably reliable for the purposes of early-stage explorationand target generation.

Mineral resources referenced on adjacent properties arenot necessarily indicative of mineralization on the Project.

The Company notes that Mr. Gallik is the underlyingvendor of the Project and is therefore not independent for thepurposes of NI 43-101. During the due diligence period the Companywill conduct its own separate technical review of the Project prior tomaking its decision to provide a notice to proceed with the Agreement.

The Company also notes that Gallik, a wholly ownedcompany of Troy Gallik, is a geological consultant to MetalQuestMining Inc. however, remains at arm’s length to the Company asdefined by TSX Venture Exchange policies.

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. In June 2025, MQM signed an agreement withAtkinsRéalis, a engineering services and nuclear company with officesaround the world to conduct a comprehensive Gap Analysis of thehistoric 2015 Feasibility Study (FS) for the Lac Otelnuk Iron Project.The new studies will identifyareas requiring updates to align the historic 2015 Feasibility Studywith current market dynamics, regulatory frameworks, engineering bestpractices, and environmental standards.

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 9.63% undiluted and ~14.6%partially diluted, hasrecently advanced into the Ringof Fire through theacquisition of new exploration properties, reflecting increasingexploration momentum within the district. NewAge Metals’ activities are independent of MetalQuest’soperations.

 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, New Age Metals Inc. andMetalQuest 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-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.

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 ~1.8 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 January30th, 2026, CCI shares were trading at $0.78.

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 Process 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.comby telephone 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 Barr”

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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