MetalQuest Mining Selects AtkinsRealis to Conduct a Gap Analysis for the Lac Otelnuk Iron Ore Project

(TheNewswire)

June 25th, 2025 – TheNewswire - Rockport, Ontario –
Further to our press release date April 15, 2025 MetalQuest Mining
Inc. MQM (“MetalQuest” or the “Company”) is pleased to
announce that, following a competitive evaluation process involving
several top-tier engineering firms, the Company has selected
AtkinsRéalis as the lead engineering firm to work with MQM to
complete the next phase of work on the Lac Otelnuk Iron Ore Project,
located in Nunavik, Northern Québec.

About AtkinsRéalis and theGo-Forward Plan

AtkinsRéalis, a world-class engineering services andnuclear company with extensive experience in large-scale mining andinfrastructure development, has been awarded the mandate to lead acomprehensive Gap Analysis of the historic 2015 Feasibility Study(“FS”) for the Lac Otelnuk Iron Ore Project. This foundationalwork will identify areas requiring updates to align the FS withcurrent market dynamics, regulatory frameworks, engineering bestpractices, and environmental standards.

Previous project owners invested approximately $120million in resource delineation and the original FS. MQM intends tobuild on this substantial technical foundation through acost-effective and targeted approach. By commissioning a series offocused technical reviews and mini-studies, the Company aims to charta clear and modern development pathway for the future development ofLac Otelnuk, one that supports the production of high-purity DR-gradepellets and/or Hot Briquetted Iron (HBI) in line with global demandfor low-emissions steelmaking feedstocks.

Chairman and CEO Harry Barrstates, “We are pleased to work withAtkinsRéalis, whose technical depth and northern project experiencemake them an ideal partner for this next phase of Lac Otelnuk. Theirmandate will begin with a detailed Gap Analysis, identifying whatworkstreams need to be updated or expanded from the previous studies.This is not just about cost—it’s about vision, innovation, andlong-term alignment. We want apartner who understands how to build a mine of the future, one thatmeets the demands of the green steel economy, respects theenvironment, the local communities and their culture.”

The Lac Otelnuk Project is one of the largestundeveloped iron ore resources in North America, supported by ahistoric 2015 FS prepared in accordance with NI 43-101. However, theresource and reserve estimates are not treated as current, as aqualified person has not verified them since the project’sacquisition. With increasingglobal demand for high-purity iron ore and the shift toward greensteel production, MQM is focused on advancing Lac Otelnuk as astrategic critical minerals asset.

Gap Analysis

The GAP Analysis by AtkinsRéalis isexpected to commence immediately and will focus on identifying areasof the 2015 FS that require re-evaluation due to technologicaladvancements, regulatory changes, or economic shifts. Upon completion of the Gap Analysis, aseries of focused technical reviews and mini studies will beconducted, leading to a Prefeasibility Study (PFS) and subsequently anupdated Feasibility Study (FS).

"We are honored to have been chosen by MQM to leadthe next phase of the Lac Otelnuk Iron Ore Project," said DominicTremblay, Vice-President & Market Lead, North America, Mineralsand Metals at AtkinsRéalis. "Our team is committed to advancingthis key critical mineral asset. We are eager to leverage our comprehensive experience in large-scalemining and infrastructure development to support theproject. The production of high-purity DR-gradepellets and Hot Briquetted Iron is crucial for meeting the globaldemand for low-emissions steelmaking feedstocks. We look forward to working closely with MQMto help them achieve their objectives."

Highlights of the Historic MineralResource Estimate and 2015 Feasibility Study 

To learn more about the 2015 Historic Mineral Resource Estimate andHistoric 2015 Feasibility study, please refer to May 16th, 2023 pressrelease. https://metalquestmining.com/news/metalquest-mining-lac-otelnuk-iron-ore-project-overview/ 

Click Image To View Full Size

Figure 1: A map of the LabradorTrough (in grey shade) and the location of the Lac Otelnuk Iron OreProject

About MetalQuest Mining

MetalQuest Mining (MQM) owns a 100% of Otelnuk and isfurther looking to develop one of the largest Iron ore projects inNorth America. The Lac Otelnuk Iron Ore Project is located inQuebec’s Labrador Trough and is approximately 165 km by airnorthwest of the Town of Schefferville, and 1200 km northeast ofMontreal by air. The Quebec government has recently transferred theclaims into MQM’s name and management is accumulating a vast amountof technical data as approximately $150 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 the agreement withAtkinsRéalis, a world-classengineering services and nuclear company with offices around the worldto conduct a comprehensive Gap Analysis of the historic 2015 FS forthe Lac Otelnuk Iron Ore Project. The newstudies will identify areas requiring updates to align the historic2015 Feasbility Study with current market dynamics, regulatoryframeworks, engineering best practices, and environmentalstandards. MQM’s management is continuing todevelop its in-house Iron ore database to enable the Company to securean Option/Joint Venture partner from the Iron ore industry.

The Company owns ~2.2 million shares and 2.5 millionwarrants of Canadian Copper (CCI) and two NSR royalties totaling 1% inMurray Brook PEA Stage Zinc-Polymetallic Deposit, situated in thefamous Bathurst Mining District, New Brunswick, Eastern Canada.Canadian Copper Inc (CCI) has the right to purchase half of a 0.33%royalty for $1 million dollars and must pay MQM a pre- production cashpayment of $1 million after the project goes into production. TheCompany is apparently completing a Preliminary Economic Assessment(PEA) on processing the Murray Brook deposit at the Caribou ProcessingComplex. Release date is expected in the first half of 2025.

Investors are invited to visit the MetalQuest Miningwebsite at www.metalquestmining.com    where they can review the company and its corporateactivities. Any questions or comments can be directed to Harry Barrat Hbarr@mqmining.com or Farid Mammadov at faridm@mqmining.com or call613 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 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 resultsmay differ materiallydepending on a variety of important factors, including, among others,the Company’s ability and continuation of efforts to timely andcompletely make available adequate current public information,additional or different regulatory and legal requirements andrestrictions that may be imposed, and other factors as may bediscussed in the documents filed by the Company on SEDAR(www.sedar.com), 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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