MetalQuest Mining Comments On Positive Financing Milestone On Its Strategic Copper Investment In The Murray Brook Project, New Brunswick, Canada

(TheNewswire)

April 16, 2026 – TheNewswire– Rockport, Ontario – MetalQuest Mining Inc.(TSXV: MQM | OTCQB: MQMIF) (“MetalQuest” or the “Company”) ispleased to comment on the positive financing announcement made todayby Canadian Copper Inc. (“CCI”), which announced that it hassecured up to C$96 million inproject development capital from OR Royalties Inc. and OceanPartners to advancedevelopment of its 100%-owned Murray Brook Project and Caribou ProcessPlant in the Bathurst Mining Camp of New Brunswick.

MetalQuest currently holds ~1.1 million common sharesof CCI, 2.5 million warrants, and also retains two net smelter returnroyalties (“NSR”) totaling 1.0% on the Murray Brook Project. As aresult, Management believes this financing milestone is a highlypositive development for our shareholders, as it may enhance the valueof the Company’s strategic exposure to a project that is now movingfurther along the development curve.

As of April 14th close, Canadian Copper Inc. CCI
closed at $0.75 per share.

According to CCI, the financingincludes a combination of precious metals streaming, project debt, andequity commitments, and is intended to support permitting,engineering, construction readiness, and advancement toward near-termproduction.

Management of CCI stated that the financing representsa “significant de-risking milestone” and is designed to providesufficient capital to complete key workstreams, award major projecttenders, continue project engineering and permitting, and potentiallyaccelerate the path toward production. The package includes C$38.35 million fromOR Royalties in exchange for a 20% life-of-mine payable silver andgold stream, up to C$48 million in project debt from Ocean Partners inexchange for off-take rights, and up to C$10.5 million in equitysubscriptions. CCI also disclosed that C$12.33million is expected upon closing this month. For further details,please see CCI press
release.

For MetalQuest shareholders, this is important forseveral reasons;

• Third-party financing from established groups such asOR Royalties and Ocean Partners is typically  viewed as externalvalidation of the quality and development potential of the BathurstComplex strategy.

• The announced capital package appears to materiallyreduce financing risk at the project level and could help advanceMurray Brook and the related processing strategy towarddevelopment.

• Continued advancement of Murray Brook has the potentialto increase the strategic value of MetalQuest’s shares, warrants androyalties (currently a combined 1% NSR) exposure.

• Managements experience has been excellent working inthe province in New Brunswick and we believe that matched with thecurrent climate of critical metals, this Project has an excellentchance to become a near term producer of copper and other criticalmetals.

Chairman and CEO Harry Barr stated, “CanadianCopper’s announcement marks a meaningful development milestone for the Murray BrookProject. From MetalQuest’s perspective, thisis exactly the type of advancement we like to see on an asset where wemaintain both equity exposure and royalty exposure. The involvement ofestablished financing and off-take groups may help de-risk the pathforward and, in our view, has the potential to enhance the underlyingstrategic value of MetalQuest’s interests related to Murray Brook.We believe this is positive news for our shareholders and reinforcesthe optionality embedded in our portfolio. Recently, several Royalty Companies ofsignificance have expressed interest to investigate ourroyalties.”

MetalQuest notes that royalties can provide long-termupside without requiring ongoing operating expenditures by the royaltyholder. Should Murray Brook advance into construction and, ultimately,production, the Company’s combined 1.0% NSR royalty interest couldrepresent a valuable non-dilutive exposure to future project success.In addition, any improvement in market sentiment or valuation at CCImay also positively impact the value of MetalQuest’s 1.1 millionshares and 2.5 million warrants.

CCI also noted that its financing structure wasdesigned to fund project advancement while limiting excessive commonshare dilution, preserving balance sheet flexibility, and maintainingoptionality with other capital providers. The company further statedthat parts of the financing remain conditional upon standardconstruction, permitting, funding, and development milestones.

MetalQuest will continue to monitor developments atCanadian Copper and will update shareholders, as appropriate, onmaterial developments related to its strategic holdings and royaltyinterests.

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.

A Gap Study Analysis was completed as of February18th, 2026, by AtkinsRéalis, a global engineering leader and leadauthor of the 2015 feasibility study, provided a clear framework forthe Project’s next stage of advancement. Importantly, the review did not identifyany issues that would preclude continued advancement of the Project.MetalQuest is advancing Lac Otelnuk through aphased approach focused on technical validation, modernizationopportunities, infrastructure and logistics planning, ESG andpermitting progress, and updated economic evaluation, with the goal ofcreating long-term value for shareholders and stakeholders.

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/

New
Age Metals Inc., a significant shareholder of MetalQuest Mining Inc.
with approximately 14.39%, has recently advanced into the Ring
of 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, 2026 New Age Metals Inc.and MetalQuest Mining Inc. have assembled approximately 62,800hectares (~155,200 acres), consisting of 3,067 mining claims, subjectto 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.

MetalQuest Mining also recently acquired the WestCameron Gold Project located in the Kenora Mining District ofNorthwestern Ontario. The Project is situated along the same regionalstructural corridor that hosts the Cameron Lake Gold Deposit and isconsidered prospective for structurally controlled goldmineralization. The Company is currently reviewing historicalexploration data and planning follow-up exploration programs designedto advance and evaluate the Project’s discovery potential.

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 ~1.1 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 April14th, 2026, CCI shares were trading at $0.75.

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 Processing 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 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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