METALQUEST MINING COMMENTS ON POSITIVE FINANCING MILESTONE ON ITS STRATEGIC COPPER INVESTMENT IN THE MURRAY BROOK PROJECT, NEW BRUNSWICK, CANADA
April 16, 2026 – Rockport, Ontario – MetalQuest Mining Inc. (TSXV: MQM | OTCQB: MQMIF) (“MetalQuest” or the “Company”) is pleased to comment on the positive financing announcement made today by Canadian Copper Inc. (“CCI”), which announced that it has secured up to C$96 million in project development capital from OR Royalties Inc. and Ocean Partners to advance development of its 100%-owned Murray Brook Project and Caribou Process Plant in the Bathurst Mining Camp of New Brunswick.
MetalQuest currently holds ~1.1 million common shares of CCI, 2.5 million warrants, and also retains two net smelter return royalties (“NSR”) totaling 1.0% on the Murray Brook Project. As a result, Management believes this financing milestone is a highly positive development for our shareholders, as it may enhance the value of the Company’s strategic exposure to a project that is now moving further along the development curve.
As of April 14th close, Canadian Copper Inc. (CSE:CCI) closed at $0.75 per share.
According to CCI, the financing includes a combination of precious metals streaming, project debt, and equity commitments, and is intended to support permitting, engineering, construction readiness, and advancement toward near-term production.
Management of CCI stated that the financing represents a “significant de-risking milestone” and is designed to provide sufficient capital to complete key workstreams, award major project tenders, continue project engineering and permitting, and potentially accelerate the path toward production. The package includes C$38.35 million from OR Royalties in exchange for a 20% life-of-mine payable silver and gold stream, up to C$48 million in project debt from Ocean Partners in exchange for off-take rights, and up to C$10.5 million in equity subscriptions. CCI also disclosed that C$12.33 million is expected upon closing this month. For further details, please see CCI press release.
For MetalQuest shareholders, this is important for several reasons;
- Third-party financing from established groups such as OR Royalties and Ocean Partners is typically viewed as external validation of the quality and development potential of the Bathurst Complex strategy.
- The announced capital package appears to materially reduce financing risk at the project level and could help advance Murray Brook and the related processing strategy toward development.
- Continued advancement of Murray Brook has the potential to increase the strategic value of MetalQuest’s shares, warrants and royalties (currently a combined 1% NSR) exposure.
- Managements experience has been excellent working in the province in New Brunswick and we believe that matched with the current climate of critical metals, this Project has an excellent chance to become a near term producer of copper and other critical metals.
Chairman and CEO Harry Barr stated, “Canadian Copper’s announcement marks a meaningful development milestone for the Murray Brook Project. From MetalQuest’s perspective, this is exactly the type of advancement we like to see on an asset where we maintain both equity exposure and royalty exposure. The involvement of established financing and off-take groups may help de-risk the path forward and, in our view, has the potential to enhance the underlying strategic value of MetalQuest’s interests related to Murray Brook. We believe this is positive news for our shareholders and reinforces the optionality embedded in our portfolio. Recently, several Royalty Companies of significance have expressed interest to investigate our royalties.”
MetalQuest notes that royalties can provide long-term upside without requiring ongoing operating expenditures by the royalty holder. Should Murray Brook advance into construction and, ultimately, production, the Company’s combined 1.0% NSR royalty interest could represent a valuable non-dilutive exposure to future project success. In addition, any improvement in market sentiment or valuation at CCI may also positively impact the value of MetalQuest’s 1.1 million shares and 2.5 million warrants.
CCI also noted that its financing structure was designed to fund project advancement while limiting excessive common share dilution, preserving balance sheet flexibility, and maintaining optionality with other capital providers. The company further stated that parts of the financing remain conditional upon standard construction, permitting, funding, and development milestones.
MetalQuest will continue to monitor developments at Canadian Copper and will update shareholders, as appropriate, on material developments related to its strategic holdings and royalty interests.
About MetalQuest Mining
MetalQuest Mining (MQM) owns 100% of Lac Otelnuk and is working to develop one of the largest Iron projects in North America. The Lac Otelnuk Iron 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. The Company has recently acquired a portion of the underlying net smelter 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 the claims into MQM’s name and management is accumulating a vast amount of technical data as approximately $120 million has been expended on the project to date. Going forward, one of our primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach with whom we have an Exploration and Pre-Development Agreement as of November 2023.
A Gap Study Analysis was completed as of February 18th, 2026, by AtkinsRéalis, a global engineering leader and lead author of the 2015 feasibility study, provided a clear framework for the Project’s next stage of advancement. Importantly, the review did not identify any issues that would preclude continued advancement of the Project. MetalQuest is advancing Lac Otelnuk through a phased approach focused on technical validation, modernization opportunities, infrastructure and logistics planning, ESG and permitting progress, and updated economic evaluation, with the goal of creating long-term value for shareholders and stakeholders.
On December 3rd, 2025, MetalQuest Mining (MQM) announced the acquisition of the ROF-1 Project, a critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares, ~52,000 acres). The Ring of Fire is one of Canada’s most important emerging critical minerals districts, supported by growing infrastructure and government attention as the region advances toward potential development. ROF-1 Project is located approximately 10 km from major nearby deposits and has identified exploration potential for VMS-style mineralization and multiple untested 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 acquisition of the Fishhook Polymetallic Project represents MetalQuest’s second step in building a broader multi-project Ring of Fire strategy, with the Company 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 the acquisition of new exploration properties, reflecting increasing exploration momentum within the district. New Age Metals’ activities are independent of MetalQuest’s operations.
New Age Metals is focused on the discovery and advancement of platinum group metals and other critical minerals projects in North America and has identified the Ring of Fire as a strategic area for long-term growth. The expansion of its exploration portfolio within this emerging district highlights continued industry interest in early-stage, district-scale opportunities supported by improving infrastructure, government engagement, and regional exploration activity.
With the acquisition of the Fishhook Polymetallic Project in the Ring of Fire, on the January 23rd, 2026 New Age Metals Inc. and MetalQuest Mining Inc. have assembled approximately 62,800 hectares (~155,200 acres), consisting of 3,067 mining claims, subject to a 1.0% NSR with a 0.5% buyback, forming a portfolio of early-stage exploration ground considered prospective for critical minerals. The companies will continue to evaluate further acquisitions in the district.
MetalQuest believes that the alignment of shareholder interest and regional exploration focus further supports the Company’s strategy of disciplined land acquisition and systematic exploration within the Ring of Fire.
MetalQuest Mining also recently acquired the West Cameron Gold Project located in the Kenora Mining District of Northwestern Ontario. The Project is situated along the same regional structural corridor that hosts the Cameron Lake Gold Deposit and is considered prospective for structurally controlled gold mineralization. The Company is currently reviewing historical exploration data and planning follow-up exploration programs designed to advance and evaluate the Project’s discovery potential.
The initial phase of work, planned for Winter/Spring 2026, at the recently acquired Superior Iron Project will comprise systematic ground truthing, detailed geophysical surveys, and comprehensive environmental baseline studies. These programs are designed to enhance the geological model, refine the understanding of mineralized zones, and delineate high-priority drill targets to support the next stage of exploration and project development.
The Company also owns ~1.1 million free trading shares and 2.5 million warrants at a strike price of $0.125 of Canadian Copper (CCI) as of the closing of trading on April 14th, 2026, CCI shares were trading at $0.75.
Two NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, New Brunswick, Eastern Canada.
Canadian Copper Inc (CCI) must pay MQM a pre-production cash payment of $1 million before the project goes into production and has the right to purchase half of a 0.33% royalty for $1 million dollars.
In the event that CCI purchases half of the 0.33% royalty, MQM will retain 0.82% royalty in perpetuity.
The Company has indicated that it is completing a Preliminary Economic Assessment (PEA) on processing the Murray Brook deposit at the Caribou Processing Complex. Release date is expected in the first half of 2026. CCI recently secured a financing to acquire the Caribou complex. The Caribou Processing Complex is approved and maintains all required operating permits. See CCI’s website for further details.
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 [email protected] or Max Kaczmer [email protected] by telephone at 613 659 2773.
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On behalf of the Board of Directors and Management, we thank you for your continued support and trust in MetalQuest Mining.
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.sedarplus.ca), 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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