MetalQuest Mining Acquires Fishhook Polymetallic Project in Ring of Fire

Rockport, Ontario — January 23, 2026 — Leads & Copy — MetalQuest Mining Inc. has expanded its exploration portfolio with the acquisition of the Fishhook Polymetallic Project in northern Ontario.

The Fishhook Polymetallic Project is a volcanogenic massive sulphide (VMS) and nickel-copper-platinum group metal (Ni-Cu-PGM) exploration property located within the Ring of Fire geological corridor. The company has secured a large land package covering approximately 22,000 hectares (54,360 acres) through staking.

According to Chairman and CEO Harry Barr, the company is seeing growing government engagement, First Nations participation, and renewed industry interest in the Ring of Fire. He added that MetalQuest’s strategy is to position early by securing prospective land packages at a low entry cost, giving MetalQuest district-scale exposure.

The Fishhook Polymetallic Project is situated on the western margin of the Fishtrap Intrusive Complex, within the same regional volcanic–intrusive belt that hosts several significant mineral discoveries in the Ring of Fire.

The staked claims capture prospective volcanic stratigraphy, intrusive contacts, and multiple conductive trends identified by historical airborne geophysical surveys.

Growing federal and provincial government engagement, alongside increasing First Nations participation, is supporting infrastructure planning and renewed exploration momentum in the Ring of Fire.

The project is located within the same broader geological corridor that hosts the Eagle’s Nest Ni-Cu-PGM deposit and multiple VMS copper-zinc occurrences.

Previous helicopter-borne VTEM and magnetic surveys outlined numerous electromagnetic conductors across the property, many of which remain untested by drilling. Limited previous drilling in 2008 intersected widespread sulphide mineralization, anomalous zinc values, and a pyrite-rich interval interpreted as a potential VMS cap.

MetalQuest plans to compile and reinterpret historical datasets and design staged exploration programs to prioritize and advance drill-ready targets.

The acquisition complements New Age Metals' recent acquisition of the Northern Shield Project. New Age Metals is a significant shareholder of MQM.

In late 2025, the Government of Ontario and the Government of Canada announced a cooperation agreement aimed at streamlining regulatory processes and accelerating the advancement of major infrastructure projects, including those associated with the Ring of Fire.

Early exploration by Spider Resources, KWG Resources, and De Beers resulted in the discovery of multiple VMS-style copper-zinc occurrences. Subsequent work by Noront Resources Ltd. led to the discovery of the Eagle One (now Eagle’s Nest) Ni-Cu-PGM deposit in 2007.

More recently, Canterra Minerals Corporation announced that it had entered into an option agreement with Teck Resources Limited, granting Teck the right to acquire a Ring of Fire exploration property located within the same regional geological corridor.

MetalQuest intends to advance the Fishhook Polymetallic Project through a phased, data-driven exploration program. Initial work is expected to include the compilation and validation of historical geological, geophysical, geochemical, and drilling datasets, followed by reinterpretation of existing magnetic and electromagnetic surveys to improve structural and target models. The Company also plans to conduct targeted geological mapping, prospecting, and surface geochemical sampling to ground-truth interpreted features and identify priority zones for follow-up.

The company has granted 2,055,000 incentive stock options to directors, officers and consultants of the Company. Each Option will entitle the holder to purchase one common share of the Company at an exercise price of $0.40 per share for a period of five (5) years from the date of grant.

MetalQuest Mining will be attending the Vancouver Resource Investment Conference (“VRIC”) on January 25–26, 2026, and the Prospectors & Developers Association of Canada (“PDAC”) Convention in Toronto on March 1–4, 2026.

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. The Quebec government has transferred 100% of the claims into MQM’s name.

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.

The Company also owns ~1.8 million free trading shares and 2.5 million warrants at a strike price of $0.125 of Canadian Copper (CCI).

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.

Source: MetalQuest Mining