MetalQuest Mining Inc. has completed its second field reconnaissance program at the 100%-owned Lac Otelnuk iron project in northern Québec, successfully extracting approximately 550 kilograms of legacy drill core for a structured metallurgical testwork program.

The technical team cataloged and retrieved representative core intervals from five historical drill holes across the principal magnetite-hematite-quartz mineralised zones. The approximately 550 kg of material has now been transferred to COREM in Quebec City to officially launch a 26-week processing program.

The testwork is designed to evaluate an advanced beneficiation flowsheet capable of producing high-grade iron concentrate with targeted silica levels below 1.5% to 2.0%, followed by pelletizing and metallurgical evaluations to determine suitability for Direct Reduction steelmaking. MetalQuest acquired a 100% interest in the project through agreements initiated in late 2022, gaining access to approximately $150 million in previous historical expenditures. The current metallurgical work follows a technical gap analysis completed by AtkinsRéalis in December 2025, which established the staged work path for the development-stage asset.

During the field deployment, technical personnel also conducted integrated geological traverses across the contiguous boundary between Lac Otelnuk and the adjacent 100%-owned Superior Iron exploration project to verify regional stratigraphy and refine targets for upcoming geophysical programs.

“The completion of our early-August field program alongside our QP John Langton marks another major operational milestone for MetalQuest and our Quebec iron projects. Having John, who contributed extensively to the drill-hole database that supported the creation of the 2015 Feasibility Study, onsite expediated the selection of legacy core material for the metallurgical test work program.”

— Harry Barr, Chairman and CEO of MetalQuest Mining

MetalQuest has commissioned an independent go-forward exploration report for the Superior Iron project, which is projected for completion by year-end 2026 to help prioritize targets and sequence future field programs across the property.

Read the full announcement: MetalQuest Mining Completes 2nd Phase Field Program and Logistics Initiative at the Lac Otelnuk Iron and Superior Iron Projects; Advances Comprehensive Metallurgical Test Work Program with COREM