January has been an active start to 2026 for MetalQuest Mining, marked by meaningful progress on our two core priorities: (1) advancing the Lac Otelnuk Iron Project by conducting the Gap Analysis with AtkinsRealis and (2) building a district-scale strategic position in Northern Ontario’s Ring of Fire through disciplined, low-cost land acquisition. The Ontario Ring of Fire is shaping up as a major, district-scale critical-minerals camp, offering shareholders exposure to early-stage discovery upside as the region advances. At the same time, growing government and infrastructure momentum—including progress on access and broader development planning—has the potential to reduce long-term execution risk and expand the pool of strategic partners.
Premier Ford predicts shovels in the ground by June as Ontario and Canada move forward on Ring of Fire
Prime Minister Mark Carney and Ontario Premier Doug Ford. Source; https://ontarioconstructionnews.com/ford-predicts-shovels-in-the-ground-by-june-as-ontario-and-canada-move-forward-on-ring-of-fire
Location map showing the Fishhook Polymetallic Project (outlined in red) and the previously acquired ROF-1 Projects (outlined in blue) within the Ring of Fire geological corridor, Northwestern Ontario. The proposed Ring of Fire Road is shown as an orange line. The map also illustrates the relative position of nearby exploration projects and properties held by other operators for regional context.
Expanding Our Northern Ontario Ring of Fire Region Footprint
MetalQuest Mining also took a significant step forward in our multi-project strategy in the Ring of Fire by acquiring, through staking, the Fishhook Polymetallic Project. The Company staked approximately 1,094 contiguous mining claim cells covering ~22,000 hectares (54,363 acres), providing MQM with a large, continuous land package in a prospective corridor considered favourable for Volcanic Massive Sulfide (VMS) -style and Nickel (Ni) -Copper (Cu) -Platinum Group Metals (PGM) mineralization.
Historical airborne VTEM and magnetic surveys have outlined numerous electromagnetic conductors across the property—many untested—while limited historical drilling in 2008 intersected sulphide mineralization and anomalous zinc values, supporting the rationale for a staged, data-driven exploration approach. Our near-term plan is to compile and reinterpret historical datasets and advance priority targets in a disciplined, cost-effective manner. The initial Phase 1 financial requirements are in place and a final Go-Forward 2026 Exploration Plan is expected by early April 2026.
Map showing the location of the Ring of Fire Region, Northern Ontario. Source : https://www.netnewsledger.com/2025/03/03/ring-of-fire-road-network-advances-but-completion-still-years-away/
If you have not done so already, we encourage our readers to review the 2025 Year-End Summary press release of MetalQuest Mining, which outlines the Company’s achievements in 2025 and Go-Forward Plan for 2026.
During the month, the Company announced an amendment to the royalty structure on the Lac Otelnuk Iron Project. The amended terms replace the previous structure with a 2.5% gross overriding royalty (GOR), and provide MQM with a one-time right to reduce the GOR to 1.5% through the issuance of 500,000 common shares to the royalty holder (subject to required approvals). The amended agreement also includes a right of first refusal on any proposed sale of the remaining royalty interest, which adds flexibility as the Company evaluates future technical work programs and partnership structures. The amended royalty structure simplifies the underlying agreement on the Lac Otelnuk Iron Project and provides the Company with additional flexibility as it completes its current gap analysis and reviews future technical work programs. Reducing the royalty burden under the amended agreement provides the Company with greater optionality as it considers potential adjustments to the overall royalty structure.
In parallel, we remain focused on progressing the comprehensive Gap Analysis that is being led by AtkinsRealis, which is intended to outline a clear, practical pathway to update the historic 2015 feasibility work in line with today’s engineering, regulatory, environmental, and market expectations.
This report summarizes the successful completion of our recent financing and the work now underway to formalize a go-forward exploration plan for the newly acquired Superior Iron Project. In parallel, the Gap Analysis—now nearing completion—will help create the project budget and broader go-forward plan. Management expects to have budgets in place for both of our Labrador Trough, Québec iron projects by the end of the first quarter.
Financing Completed to Support 2026 Objectives
In early January, we completed the second and final tranche of our non-brokered private placement, issuing 1,963,760 NFT units at $0.17 for $333,839.20 in gross proceeds in the second tranche, and $1,966,780.20 raised in aggregate across all tranches. Each unit included one common share and one-half warrant, with each full warrant exercisable at $0.40 for two years. The proceeds are intended for working capital, exploration work and development on our two Quebec Iron Projects, and our newly acquired assets in Northern Ontario’s Ring of Fire region.
Plans for Establishing a Gold Division
With gold prices at supportive levels, our ability to build a Gold Division is strengthened by the platform we have within International Metals Group (IMG), which manages and supports both New Age Metals and MetalQuest Mining. IMG functions as a shared “brain bank” of mining professionals spanning project acquisition, exploration, development, corporate finance, investor relations, public-company administration, and regulatory/permitting expertise—allowing our group companies to share resources, knowledge, and costs rather than operating in silos. This integrated approach improves decision-making, accelerates evaluation and execution, and enhances market engagement—providing a meaningful advantage as we pursue new opportunities and position the Company to capitalize on strong gold-market interest.
Investor Outreach and January Conference Activity
January was also an important month for investor engagement and relationship-building. In early January, I had the opportunity to travel to Japan to present our project portfolio to a number of major mining, metals trading, and manufacturing companies. The discussions were productive, our projects were well received, and we have been invited back—plans are now in place to return before the end of February 2026. The objective of this second trip is to follow up with interested parties and present our projects to an expanded group of companies.
Management attended the Future Minerals Forum in Riyadh (January 13–15, 2026) as part of our ongoing outreach efforts. Our team met with and presented to potential strategic investors, further expanding our network across the Middle East. The conference exceeded our expectations in terms of scale, organization, and the quality of meetings—our goal was to return with at least 15 new contacts, and we returned with closer to 50. The conference also reported an all-time high level of attendance, drawing participants from around the world.
Max Kaczmer – Exploration Manager and Farid Mammadov – Consultant at the FMF Conference. Harry Barr, Chairman and CEO, riding a camel in Saudi.
We then exhibited at the Vancouver Resource Investment Conference (January 25–26, 2026). We appreciated the strong interest from shareholders and new contacts who took the time to meet with us. VRIC 2026 has been the busiest investor resource conference that we have attended in the past 5 years and we believe this is a positive sign for the junior mining industry.
Looking ahead, we will also be attending the PDAC Convention in Toronto (March 1–4, 2026) and plan to schedule meetings with investors and other stakeholders.
Looking Ahead
As we move into February, our focus remains clear:
- Continue advancing Lac Otelnuk through the Gap Analysis workstream and related technical planning;
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Finalizing the field work for the Superior Iron Project, where we have a substantial budget funded and plan to implement our exploration program in Spring/Summer 2026;
- Continue on our Ring of Fire Projects by moving forward through systemic
compilation, reinterpretation, and target refinement on our Ring of Fire 1 and Fishhook Projects;
- We will maintain active outreach to our shareholders, mine finance groups, major mining and metal trading companies and prospective investors. To broaden awareness and support for MQM’s strategy, we have initiated targeted investor outreach through conference participation and selected third-party marketing partners, including CEO.CA and Stockhouse, as well as sponsorship of WABC radio programming. Management will participate in these broadcasts to discuss MetalQuest Mining’s recent developments and ongoing corporate activities.
We are also finalizing a podcast studio at our field office, which will give management a consistent platform to communicate directly with the market and strengthen our online presence. A company-run podcast allows us to provide timely project and corporate updates in a format that’s easy to consume, explain technical milestones in plain language, and build trust through regular, transparent communication. It also creates an avenue to host guests—such as geologists, engineers, industry partners, finance groups and market commentators—helping broaden our reach, deepen investor understanding, and expand the Company’s network over time.
Thank you to our shareholders, partners, and stakeholders for your continued support. We value your trust, and we remain committed to executing a disciplined plan focused on technical progress, responsible development, and long-term value creation.
We encourage interested parties to set up a meeting with management by sending us an email to [email protected] or giving us a call at +1 613 659 2773.
On behalf of the Board of Directors and Management, we thank you for your continued support and trust in MetalQuest Mining.
Sincerely,
Harry G. Barr
Chairman and CEO
MetalQuest Mining (TSX.V: MQM; OTCQB: MQMIF; FSE: E7Q.F)
Email: [email protected]
Phone: 613-659-2773
MetalQuest Mining Chairmans Message
