MetalQuest completes field program at Lac Otelnuk and Superior Iron projects

ROCKPORT, ONTARIO, MetalQuest Mining Inc., a Canadian mining company focused on iron ore projects, has completed a critical field program and logistics initiative at its Lac Otelnuk Iron and Superior Iron projects. The company's efforts, spearheaded by its independent consultant and Qualified Person, John Langton, mark a significant step forward in the ongoing development of these projects.

On August 3-5, 2026, a technical team, including John Langton, conducted a field reconnaissance and core-retrieval program at both the Lac Otelnuk Iron project and the contiguous Superior Iron exploration project. These projects are located in northern Quebec, underlain by extensive iron formations of the Labrador Trough. The visit focused on collecting core intervals for metallurgical study, a process handled seamlessly with the expertise of COREM, a Quebec-based non-profit center of expertise in mining innovation.

The core intervals collected were representative of the principal iron-bearing mineralized zones, including magnetite, hematite, and quartz. These samples were transported securely and delivered to COREM in Quebec City, marking the official commencement of a rigorous, multi-staged metallurgical test work program. The program aims to optimize the flowsheet for Direct Reduction (DR)-grade pellet production, a crucial step in the development of these projects.

According to Harry Barr, Chairman and CEO of MetalQuest Mining, "The completion of this field program alongside John Langton, who contributed extensively to the 2015 Feasibility Study, marks another major operational milestone for MetalQuest and our Quebec iron projects. This work will significantly inform our metallurgical testing and future production plans."

MetalQuest is now focusing on a coordinated set of technical, business development, and stakeholder initiatives. The company is completing the metallurgical study on the retrieved Lac Otelnuk core, while also finalizing quotes for a planned geophysical survey program on the Superior Iron project. Additionally, a new independent report outlining the go-forward exploration plan for Superior Iron is in the works.

To promote the Lac Otelnuk and Superior Iron projects, MetalQuest plans to attend key North American and European iron and steel industry conferences, distribute project overviews to industry contacts, and maintain open communication with First Nations communities.

The metallurgical test work program, formally engaged with COREM, is structured over 26 weeks. It aims to produce high-purity iron concentrate and formulate a flowchart for DR-grade pellet production. The overarching objective is to evaluate and verify an advanced, high-purity beneficiation flowsheet capable of producing a high-grade iron concentrate with targeted silica levels of <1.5% to 2.0%.

The Lac Otelnuk Iron project, 100%-owned by MetalQuest, has a rich history of technical work, including a 2015 Feasibility Study and a 2013 Mineral Resource Estimate. Previous operators invested approximately $120 million in resource delineation, metallurgical studies, and engineering. The project benefits from a substantial body of historical technical work, with the most recent resource estimate summarized in Table 1.

The Superior Iron project, also 100%-owned by MetalQuest, comprises 27,425 hectares of prospective ground and materially expands MetalQuest's land position in the established iron ore district. MetalQuest is systematically evaluating the Superior Iron project, including desktop compilation, field reconnaissance, geological mapping, sampling, geophysical review, and environmental baseline planning.

These initiatives are part of a staged path forward identified by AtkinsRéalis in its 2025 technical Gap Analysis, which focused on validating and verifying historical geological and QA/QC work, optimizing mine planning and processing concepts, infrastructure and logistics planning, and refreshing economic modeling to reflect current market conditions and industry practices.

With these developments, MetalQuest is positioning itself to advance both the Lac Otelnuk and Superior Iron projects, ensuring a robust and sustainable future in the iron ore industry.