MetalQuest Mining Comments on Canadian Copper's Financing Announcement

Rockport, Ontario — April 16, 2026 — Leads & Copy — MetalQuest Mining Inc. (TSXV: MQM | OTCQB: MQMIF) has commented on the financing announcement by Canadian Copper Inc. (CCI), which secured up to C$96 million in project development capital from OR Royalties Inc. and Ocean Partners to advance the Murray Brook Project and Caribou Process Plant in New Brunswick's Bathurst Mining Camp.

MetalQuest holds approximately 1.1 million common shares of CCI, 2.5 million warrants, and retains two net smelter return royalties (NSR) totaling 1.0% on the Murray Brook Project. Management believes the financing milestone is beneficial for shareholders, potentially enhancing the value of the Company’s strategic exposure to the project.

As of April 14th, Canadian Copper Inc. (CSE:CCI) closed at $0.75 per share.

According to CCI, the financing includes precious metals streaming, project debt, and equity commitments to support permitting, engineering, construction readiness, and advancement toward near-term production.

CCI's management 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 for a 20% life-of-mine payable silver and gold stream, up to C$48 million in project debt from Ocean Partners 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.

The third-party financing from established groups such as OR Royalties and Ocean Partners validates the Bathurst Complex strategy. The capital package may 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 royalty exposure.

Chairman and CEO Harry Barr stated that Canadian Copper’s announcement marks a meaningful development milestone for the Murray Brook Project, where MetalQuest maintains both equity exposure and royalty exposure. Barr added that the involvement of established financing and off-take groups may help de-risk the path forward and potentially enhance the underlying strategic value of MetalQuest’s interests related to Murray Brook.

MetalQuest notes that royalties provide long-term upside without requiring ongoing operating expenditures. Should Murray Brook advance into construction and 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.

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 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.

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).

MetalQuest Mining also recently acquired the West Cameron Gold Project located in the Kenora Mining District of Northwestern Ontario.

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.

Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com where they can review the company and its corporate activities.

Source: MetalQuest Mining