MetalQuest Mining – October 8th Press Release – MetalQuest Mining Welcomes Distinguished Global Steel & Mining Executive, Praveen Kumar Jha, as a Strategic Adviser for MQM and it’s Lac Otelnuk Iron Ore Project, Labrador Trough, Quebec
October 8th, 2025 – Rockport, Ontario – MQM is pleased to announce the appointment of Mr. Praveen Kumar Jha, as a Strategic Adviser to the Company. With more than three decades of international leadership experience across some of the world’s most respected steel companies, including JSW and Tata Steel, Mr. Jha brings exceptional expertise in mining, steelmaking, and global business expansion and this experience will add to MQM’s ability to execute AtkinsRealis recommendations. Click here to read the June 25th AtkinsRealis Press Release.
A graduate in Mining Engineering from the Indian Institute of Technology (IIT) and an MBA from XLRI, Praveen has worked closely with top industry leaders such as the Vice Chairman of Tata Steel, the Managing Director of Tata Steel, and the Chairman of JSW Steel. Throughout his career, he has been instrumental in driving both topline and bottom-line growth, steering international expansions, and delivering transformational results during challenging industry cycles.
Amongst his many accomplishments in the iron ore industry, Praveen also successfully oversaw a $1.5 billion greenfield investment in the Labrador Trough, Quebec, guiding it from joint venture agreement and feasibility study through to social licensing, construction, and full-scale ramp-up.
His proven ability to lead complex projects, manage diverse stakeholders, and deliver superior financial performance makes him a valuable addition to MQM’s advisory team.
Chairman and CEO Harry Barr stated, “We are delighted to welcome Praveen Kumar Jha as an adviser. His deep knowledge of iron ore mining and steelmaking in the Labrador Trough, coupled with his global leadership experience, will provide invaluable guidance as MQM continue to advance our Lac Otelnuk Iron Ore Project (click here to read the Lac Otelnuk Overview Press Release) and create long-term value for our stakeholders. Management and New Age Metals (TSXV:NAM) own approx. ~47% of MQM. MQM is a microcap company and there are approx. ~34,400,000 shares issued and outstanding. MQM is financed for the foreseeable future to complete its agreement with its international engineering consulting firm AtkinsRealis.”
Praveen Jha commented, “I am honored to join MQM as a Strategic Adviser. The company’s vision, commitment to operational excellence, and focus on sustainable growth align with my own professional journey. I look forward to contributing to its success.”
Stock Options
The Company also announces that it has granted 1,200,000 incentive stock options to directors, officers, and consultants of the Company at an exercise price of $0.15 per share for a period of five (5) years from the date of grant in accordance with the Company’s Stock Option Plan. The Stock Options granted will be subject to vesting restrictions, acceptance by the TSX Venture Exchange and are subject to regulatory hold periods in accordance with applicable Securities Laws.
About MetalQuest Mining
MetalQuest Mining (MQM) owns a 100% of Lac Otelnuk and is working 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. The Quebec government has transferred a 100% of the claims into MQM’s name and management is accumulating a vast amount of technical data as approximately over $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. In June 2025, MQM signed the agreement with AtkinsRéalis, a world-class engineering services and nuclear company with offices around the world to conduct a comprehensive Gap Analysis of the historic 2015 Feasibility Study (FS) for the Lac Otelnuk Iron Ore Project. The new studies will identify areas requiring updates to align the historic 2015 Feasibility Study with current market dynamics, regulatory frameworks, engineering best practices, and environmental standards. MQM’s management is continuing to develop its in-house Iron ore database to enable the Company to secure an Option/Joint Venture partner, a private equity investor or a major mining/steel company.
The Company also owns ~1.9 million shares and 2.5 million warrants of Canadian Copper (CCI) and two NSR royalties totaling 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. The Company is apparently 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 2025. CCI recently secured a financing to acquire the Caribou complex. The Caribou Process 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 Faraz Rasheed at [email protected] call 613 659 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 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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