MetalQuest Mining Highlights Potential for Green Steel at Lac Otelnuk Iron Ore Project Following High-Purity Iron Ore's Inclusion on Critical Metals List

About Lac Otelnuk Iron Ore Project

The Lac Otelnuk Iron Ore Project, situated in the prolific Labrador Trough region of Quebec, is one of North America's largest undeveloped iron ore deposits. A historic feasibility study, completed in 2015, highlights a measured and indicated resource of 20.64 billion tonnes of iron ore with an average TFe grade of 29.8%. According to the study, the project may be capable of producing a high-purity iron concentrate with over 68.5% Fe and less than 4% SiO2, potentially making it an ideal candidate for green steel production.

Inclusion of High Purity Iron Ore on the Critical Metals List

The addition of high-purity iron ore to the critical metals list is a significant development for the Lac Otelnuk Project. This classification emphasizes the importance of high-purity iron ore in reducing greenhouse gas emissions through its potential application in green steel production. The steelmaking industry is currently the largest industrial source of CO2 emissions globally, making the development of green steel projects crucial for achieving a sustainable future?.

Harry Barr, CEO of MetalQuest stated, "The recognition of high-purity iron ore as a critical metal underscores the potential of the Lac Otelnuk Project to contribute to the green steel revolution," "We are optimistic about the opportunities this presents for our shareholders and stakeholders, and remain committed to advancing sustainable development and supporting Canada's green economy transition."

For MetalQuest Mining shareholders, the recent declaration by the Governments of Canada, Quebec, and Newfoundland including high purity iron ore on the Critical Metals List enhances the investment appeal of the Lac Otelnuk Project.

The critical metals designation could attract interest from potential joint venture partners and investors, and may also qualify the project for government incentives and funding aimed at accelerating critical mineral projects. The support from provincial and federal governments for critical mineral exploration and development could further de-risk the project and potentially expedite its development path.

Being included in Canada's critical metals list provides significant tax advantages for projects like the Lac Otelnuk Iron Ore Project. Companies can benefit from enhanced exploration and development tax credits, allowing for higher deductions on eligible expenses. Additionally, they may qualify for accelerated capital cost allowance, enabling faster write-offs of capital investments to reduce taxable income early in the project's life. These projects are also eligible for various federal and provincial grants and financial incentives aimed at supporting the development of critical mineral supply chains?.

Highlights of the Historic Mineral Resource Estimate and 2015 Feasibility Study

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

About MQM

Metal Quest Mining (MQM) owns a 100% of Otelnuk and is further looking to develop one of the largest Iron ore projects in North America. The Lac Otelnuk Iron Ore 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. Given the size and scope of the Lac Otelnuk Project, management of MQM are working with a Toronto-based engineering company familiar with the project to create a go-forward development plan. The Quebec government has recently transferred the claims into MQM's name and management is accumulating a vast amount of technical data as approximately $150 million has been expended on the project to date. Going forward, one of our primary objectives will be to work with Wasayao Strategy Group, a Quebec-based First Nations consulting firm, that will work with MQM to secure Memorandums of Understanding (MOU) with local First Nations and other stakeholders. Management is continuing to develop its in-house Iron ore database to enable the Company to secure an Option/Joint Venture partner from the Iron ore industry.

The Company owns 2.5 million units of Canadian Copper (CCI) and two NSR royalties totalling 1% in Murray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous 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 cash payment of $1 million after the project goes into production.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 Farid Mammadov at faridm@mqmining.com or call 613 659 2773.

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If you have not done so already, we encourage you to sign up on our website (www.mqmining.com) to receive our updated news. 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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