Announcement • Jul 21
Q2 Metals Corp. Reports Final Winter Assays and Drilling Results at Cisco Lithium Project in Quebec
Q2 Metals Corp. reported the final analytical results from the winter portion of the 2026 drill program at the Cisco Lithium Project. The Cisco Project is located within the greater Nemaska traditional territory of the Eeyou Istchee in the southernmost part of James Bay, Quebec, Canada and is strategically located just 6.5 kilometres from the paved, all-season Billy Diamond Highway, which provides access to rail infrastructure in the town of Matagami, Quebec, approximately 150 km to the south, with connections to deep seaports along the St. Lawrence River. Approximately 10,515 metres across 19 drill holes was completed during the 2026 Winter Drill Program, with the results reported herein representing 3,611.6 m of drilling over seven drill holes. All analytical results from the 2026 Winter Drill Program have been announced, except for drill hole-93 which was not completed by the end of the winter program, and analytical results will be released as soon as they are available. Drill hole-88, located 110 m northwest from hole-18 and 200 m northwest from hole-73 encountered 137.6 m at 1.47% Li2O; including 40.6 m at 3.25% Li2O. Previous nearby drill results include: Drill hole-18: 215.6m at 1.69% Li2O, including 64.6m at 2.29% Li2O; and Drill hole-73: 170.2 m at 1.99% Li2O, including 40.1 m at 2.89% Li2O. Drill hole-92 encountered a 185.7 m interval averaging 1.54% Li2O, with over 100 metres of the interval extending beyond the conceptual open pit that was part of the MRE. The remaining drill holes in this release are considered infill holes, and the results are consistent with expectations given their close spacing. All intervals of greater than 5 m of core-length and greater than 0.30% Li2O are included in Table 1. Internal dilution of non-pegmatite material was limited to intervals of less than 5 m. No specific grade cap or lower cut-offs were used during grade and width calculations. All intervals are reported as core widths and mineralized intervals in all the holes drilled thus far are not representative of the true width as the modelled pegmatite zones are being refined with every additional hole. The summary of drill holes including basic location and dip/azimuth is detailed below (Table 2). The summer portion of the 2026 drill program commenced on June 17, 2026 and four diamond core drill rigs are currently in operation. The primary focus of the 2026 Summer Drill Program is on infill drilling of the Cisco Deposit to convert and advance the mineral resource from its current Inferred mineral resource classification to an Indicated mineral resource classification as well as exploratory drilling. Potential zones of high-grade and/or near surface mineralization within the Cisco Deposit have been identified as priority targets for drill testing. Expansion drilling proximate to the deposit and the CO2 outcrop are also planned. Preparation of a Preliminary Economic Assessment on the Cisco Project by BBA Inc. is ongoing. The PEA will establish the first economic benchmark for the Cisco Project by evaluating the existing Inferred Mineral Resource Estimate (announced on April 20, 2026) within a preliminary mine plan and processing flowsheet while also incorporating metallurgy test work and infrastructure studies that have been undertaken to date. The MRE outlined a pit-constrained resource of 270 million tonnes grading 1.36% Li2O at a 0.4% Li2O cut-off grade and an additional underground-constrained resource of 24 million tonnes grading 1.34% Li2O Inferred at a 0.7% Li2O cut-off grade. Together, these support a combined inferred mineral resource of 295 million tonnes grading 1.36% Li2O. The PEA will provide an initial set of project metrics, including capital intensity, operating cost, mine life, economic sensitivities and optimization opportunities. It is expected that the PEA will be published in Fall, 2026. All drilling was conducted using diamond drill rig with NQ sized core and all drill core samples are shipped to SGS Canada’s preparation facility in Val D’Or, Quebec, for standard sample preparation (code PRP92) which includes drying at 105°C, crushing to 90% passing 2 mm, riffle split 500 g, and pulverize 85% passing 75 microns. The pulps are then shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples are homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The reported Li grade will be multiplied by the standard conversion factor of 2.153 which results in an equivalent Li2O grade. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness. A Quality Assurance /Quality Control (QA/QC) protocol following industry best practices was incorporated into the sampling program. Measures include the systematic insertion of quartz blanks and certified reference materials (CRMs) into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split and reject-split duplicates was completed to assess analytical precision. The QP has verified the QA/QC results of the analytical work. Neil McCallum, B.Sc., P.Geol, is a Qualified Person as defined by NI 43-101, and a registered permit holder with the Ordre des Géologues du Québec and member in good standing with the Professional Geoscientists of Ontario. Mr. McCallum, a director and Vice President Exploration for Second Quarter Metals, has reviewed and approved the technical information in this news release.
