Dear Shareholders and Interested Parties,
We would first like to apologize for sending out this month’s Chairman’s Message a few days later than usual. Our management team recently attended The Mining Investment Event in Québec City, where we actively met with existing and potential investors, major and mid-tier mining companies, government officials, First Nations representatives, and other strategic stakeholders.
June 6th, 2026, Quebec City. Ron Hieber, Director, Harry Barr, CEO, Nour Elsayed, Executive Assistant, Gordon Chunnett, Technical Advisor and Consultant.
On June 9-10th we will be attending the Critical Minerals for Defence conference in Toronto. We appreciate your understanding and are pleased to provide this update on what was a busy forty-five days.
Critical Minerals for Defence, June 9–10 at the Marriott Downtown CF Toronto Eaton Centre, will provide a unique Forum for mining leaders, investors, defence suppliers, and government to explore how defence demand is unlocking new opportunities for critical minerals and redefining Canada’s role in allied defence supply chains
This two-day conference will deliver key policy updates and actionable insights on how projects can be financed, qualified, and connected to long-term offtake with defence and industrial buyers. It will also examine the strategic, commercial, and industrial forces reshaping demand for defence-critical minerals — from geopolitics and government policy to processing, financing, and procurement.
May was an important month for MetalQuest Mining as we continued to advance our portfolio of iron ore, critical minerals, precious metals, and royalty interests in Canada.
Our primary focus remains the Company’s 100%-owned Lac Otelnuk Iron Ore Project, located in Québec’s Labrador Trough, one of the world’s most important iron ore districts. Lac Otelnuk is a development-stage iron ore project that has been the subject of substantial historical technical work, including a 2015 feasibility study. Based on its historical mineral resource estimate of 20.64 billion tonnes in the measured and indicated categories, Lac Otelnuk ranks among the largest undeveloped iron ore projects in North America.
In 2025, MetalQuest engaged AtkinsRéalis to complete a technical gap analysis of Lac Otelnuk. The review provided the Company with a clear framework for the Project’s next stage of advancement and did not identify any issues that would preclude continued advancement. MetalQuest is now focused on a phased approach that includes technical validation, modernization opportunities, infrastructure and logistics planning, stakeholder engagement, and future economic evaluation.
In addition to Lac Otelnuk, MetalQuest owns the Superior Iron Project, an exploration-stage asset located within the same established iron ore district. Together, Lac Otelnuk and Superior Iron provide the Company with a meaningful Québec iron ore platform across both development-stage and exploration-stage assets.
Our team attended The Mining Investment Event in Québec City from June 2 to June 4, 2026. MetalQuest arranged meetings with existing and potential investors, major and mid-tier mining companies, government officials, First Nations representatives, and other strategic stakeholders. These meetings are an important opportunity to communicate the scale and potential of Lac Otelnuk, introduce Superior Iron, discuss the Company’s broader critical minerals portfolio, and explore potential partnerships, financing concepts, and development pathways.
Immediately following the conference, MetalQuest’s management and technical representatives travelled to the Lac Otelnuk and Superior Iron project areas to complete a site visit following the desktop technical work completed to date. The site visit was to look at the historical infrastructure, camp facilities, drill core and exploration assets, airstrip and access conditions, as well as selected areas of the Superior Iron Project.
The team also planned to collect representative samples, capture aerial photography and video, and document geological and infrastructure features that may support future technical work, investor communications, and project planning. Next month’s report will include a full report on the trip and our teams findings.
MetalQuest Mining Chairmans Message
