Q2 Metals Confirms Discovery Of 8 New Mineralized Pegmatite Zones With Assay Results From Mapping And Sampling Program

Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") is pleased to announce the results from the 2023 surface exploration program on its wholly owned, 8,668-ha Mia Lithium Property (the "Property" or "Mia Property") located in the Eeyou Istchee James Bay Territory of Quebec. The Property is host to the approximately 10-kilometre-long Mia Lithium Exploration Trend (the "Mia Trend") and is situated proximal to major hydro-powerline and all-season road infrastructure.

Due to the extreme wildfires in northern Quebec this past summer, the Company completed an abbreviated prospecting, mapping and rock sampling program from September 1 to September 15 at the Property (see news releases of September 13 and 27, 2023). A total of 219 samples were collected during the two weeks and the field work resulted in the discovery of eight (8) new mineralized zones.

"The results of our ground mapping and sampling campaign highlight the considerable potential of the Mia Property and we were able to make several new lithium discoveries in a short amount of time," said Q2 Metals VP of Exploration, Neil McCallum. "These new discoveries present many additional drill targets on the Mia Trend. We are rapidly advancing the Mia Property and are well into our inaugural 10,000 metre drill campaign testing these new mineralized zones."

The Mia Trend continues to remain the Company's primary focus with 11 defined mineralized zones (Figures 1 and 2). Table 1 summarizes the results collected from each zone for samples that contain greater than 100 ppm Li.

The mineralized Mia Trend now includes:

• The new MIA-3 Zone with six (6) samples averaging 1.50% Li2O and 131 ppm Ta2O5.
• The new MIA-5 Zone with three (3) samples averaging 0.78% Li2O and 126 ppm Ta2O5.
• The new MIA-8 Zone with nine (9) samples averaging 2.07% Li2O and 30 ppm Ta2O5.
• The new MIA-9 Zone with three (3) samples averaging 1.90% Li2O and 66 ppm Ta2O5.
• The previously known MIA-1 Zone with six (6) samples averaging 1.8% Li2O and 40 ppm Ta2O5.
• The previously known MIA-2 Zone with eight (8) samples averaging 1.17% Li2O and 31 ppm Ta2O5.
• The previously known Carte Zone with two (2) samples averaging 1.68% Li2O and 51 ppm Ta2O5.

Minimal field work was completed at the Bruce Trend to the north and a new high-priority trend (the "Lady Trend") located to the south of the Mia Zone during the program. The geochemical results (tantalum, rubidium and cesium) from both the Bruce Trend and the Lady Trend affirm each trend as being prospective for lithium-bearing LCT-style pegmatite mineralization.

The Bruce Trend contains three (3) samples with background lithium, but elevated tantalum (up to 70.2 ppm Ta2O5), rubidium (2,470 ppm Rb) and cesium (64.7 ppm Cs). One pegmatite sample contains a potassium-rubidium ratio of 16.2.

The newly discovered pegmatite on the Lady Trend, located approximately 1.2 km south and parallel to the Mia Zone, contains three (3) samples with anomalous geochemistry. One (1) sample contains elevated lithium (214 ppm Li), and another contains elevated tantalum (up to 75.3 ppm Ta2O5), rubidium (582 ppm Rb) and cesium (32.6 ppm Cs). One pegmatite sample contains an anomalous potassium-rubidium ratio of 40.3.

Immediately beside the Carte Zone, five (5) spodumene-bearing boulders were discovered (Figure 2). With the understanding that the glacial transport direction is from the northeast- to the southwest, the preliminary interpretations of these boulders are that:

• They are sourced from MIA-10, being the only known other mineralized zone to the northeast; or
• There is a new and as-yet to be discovered zone present to the northeast.

Elevated cesium (Cs), rubidium (Rb) and tantalum (Ta) are considered indicator elements that the pegmatites are highly fractionated and thus likely to contain lithium nearby. Potassium-rubidium (K/Rb) ratios have also been an effective tool to map out the level of fractionation of pegmatites. Together, these indicator elements (Cs, Rb, Ta) and K/Rb ratios have been an incredibly useful tool to vector towards lithium mineralized zones in spodumene-pegmatite districts.

Follow-up work will be conducted on the Bruce Trend, the Lady Trend and the spodumene bearing boulders adjacent to the Carte Zone during the spring/summer 2024.

The Company's inaugural drill program commenced on October 23, 2023 with two drill rigs testing the nearly 10-kilometre-long Mia Trend.

The Company announced the details of the first five drill holes that had been processed and sent to the assay lab on November 16, 2023. All drill holes intercepted pegmatite with visual indications of spodumene mineralization.

Q2 remains well funded, which will enable the Company to focus on advancing the new lithium pegmatite discoveries at the Property.

Sampling, Analytical Methods and QA/QC Protocols

All rock samples collected were shipped to SGS Canada's preparation facility in Val D'Or, Quebec, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).

Management cautions that prospecting surface rock samples and associated results, as discussed herein, are selective by nature and therefore may not necessarily be fully representative of the mineralized horizon sampled.

Qualified Person

Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.

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