Cisco Lithium Project Eeyou Istchee James Bay Region of Quebec

2025 Exploration Target Overview

• A 2025 Exploration Target (“ET”) (link to Press Release) estimates Cisco’s current potential scale and grade between 215 – 329 million tonnes at 1.0% to 1.38% Li2O¹

• The lower range would position Cisco as the largest hard rock lithium project in North America, while the upper range would position it among the top projects of its kind, globally.

• The ET is largely based on such extremely wide pegmatite intercepts as:
  • CS-24-023: Widest interval of 188.6 m at 1.56% Li2O, including 26.0 m at 2.03% Li2O,
  • CS-24-021: Widest interval of 347.1 metres (“m”) at 1.35% Li2O, including seven (7) higher-grade sub-intervals, including 30 m at 1.76% Li2O; and
  • CS25-027: Widest interval of 179.6 m at 1.66% Li2O, including 58m at 1.75% Li2O; and 91.8 m at 1.81% Li2O.

• The Exploration Target is constrained to the Mineralized Zone and does not include prospective geology and targets that the Company has identified outside of the Mineralized Zone.  As such, there is the potential to further increase the overall lithium endowment of the Cisco Project.

Project Highlights

• The paved Billy Diamond Highway transects the project, with the main mineralized zone just 10km to the east. Forestry roads across the area provide additional access options.
• Permitting is underway for construction of a direct trail from the highway to the main mineralized zone.
• The town of Matagami, an historic mining community which hosts the rail head of the Canadian National Rail, is just 150km south along the highway.
• In 2025, the Quebec government provided $6 million for transshipment upgrades in Matagami, supplemented by an additional $3 million from Rio Tinto and Nemaska Lithium.
• As of July 21, 2025, a total of 16,167.8 metres of drilling over 40 diamond core drill holes has been completed on the project, with summer exploration and drilling expected to continue into Q4 .
• The main mineralized zone remains open at depth and in all directions, A robust mapping and sampling program across these areas will be completed as part of the summer 2025 exploration campaign.

Location & Infrastructure

Q2 Metals’ flagship Cisco Lithium Project is comprised of 801 contiguous mineral claims over 41,253 hectares (“ha”) within the greater Nemaska Community lands of the Eeyou Istchee James Bay region, Quebec. The project is in the southernmost part of James Bay, proximal to and transected by the paved Billy Diamond Highway.  The Billy Diamond Highway leads to the CN Rail head in the town of Matagami, approximately 150 km to the south.

The broader James Bay region is a burgeoning world-class lithium district, hosting numerous quality deposits and discoveries, including the Galaxy project being advanced by Rio Tinto, Nemaska Lithium’s Whabouchi mine and the PEA stage, Shaakichiuwaanaan (formerly “Corvette”) project to the north, held by Patriot Battery Metals.

The Cisco Project is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, which also hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.

Cisco Project Mineralization

Acquired by Q2 Metals in February 2024, the Cisco project was quickly recognized for its potential to become a globally significant hard rock spodumene lithium project.

Approximately 1,300 metres of drilling was completed by the project vendors in Fall 2023 at the CO-1 outcrop toward the north of the project area. Their work yielded some compelling results, including hole CS-23-05 which returned five separate pegmatite intervals including 48.0 m at 1.36% Li₂O. The Q2 Metals team initiated its  first field campaign on the project in the summer of 2024along with mapping & sampling of the immediate area.

2024 Transformative Drill Results

In its inaugural field season, Q2 Metals drilled a total of 6,359.7 m over 17 holes, every one of which intercepted spodumene-bearing pegmatite. The campaign was successful in its goals of confirming and expanding upon the mineralization around the CO-1 outcrop, ultimately outlining an approximately 1.2 km wide mineralized zone striking approximately 800 m northeast to southwest (subsequently expanded to 1.5km in 2025).

Highlight drill intervals from the 2024 program include: 

• CS-24-023: Widest interval of 188.6 m at 1.56% Li₂O, including 26.0 m at 2.03% Li₂O.
• CS-24-021: Widest interval of 347.1 metres (“m”) at 1.35% Li₂O, including seven (7) higher-grade sub-intervals, including 30 m at 1.76% Li₂O.
• CS-24-018: Widest interval of 215.6 m at 1.69% Li₂O, including 64.6 m at 2.29% Li₂O.
• CS-24-010: Widest interval of 120.3 m at 1.72% Li₂O including 19.0 m at 2.06% Li₂O 

Optical televiewer survey work continues to be conducted to confirm the pegmatite contact relationships at depth. Orientation of the pegmatite aligns with the surface measurements confirming that the drill azimuth is appropriate at this stage, indicating true widths are being reported.

2025 Expansion and Infill Drilling

In April, Q2 concluded its winter campaign which consisted of 6,980 metres drilled across 14 holes, with the primary objective of expanding upon the exceptional results from the inaugural 2024 program. Of the 14 drill holes completed, 10 intercepted spodumene-bearing pegmatite. The main mineralized zone was successfully extended a further 650 metres – now 1.5km northeast to southwest – remaining open at depth and along strike.

The Winter 2025 campaign was highlighted by:

• CS25-027: Widest interval of 179.6 m at 1.66% Li₂O, including 58m at 1.75% Li₂O; and 91.8 m at 1.81% Li₂O.
• CS25-036: Widest interval of 151.0 m, along with intervals of 30.1 m and 52.1 m of continuous spodumene-bearing pegmatite (assays pending), in addition to the widest previously reported interval of 64.3 m at 1.34% Li2O.

The Summer 2025 drill campaign commenced in June 2025, with the primary goal of infilling drilling in the known mineralized zone toward an inaugural NI 43-101 mineral resource estimate targeted for H1 2026.

Cisco Cross and Long Sections

Summary of Drill and Assay Data

¹  The Potential quantity and grade of the Exploration Target are conceptual in nature.  There has been insufficient exploration to estimate and define a Mineral Resource, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Project (“NI 43-101”), and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. 

Spring and Fall 2024 Cisco Lithium Project