Cisco Lithium Project

The Cisco Lithium Project, James Bay, Quebec

The western hemisphere’s largest hard-rock lithium deposit by scale x grade.¹

Located in the Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, the Cisco Project is a Tier-1 critical minerals asset.

With an inaugural Inferred Mineral Resource Estimate of 295 million tonnes at 1.36% Li₂O, Cisco is positioned to supply lithium for the global clean energy transition.

Project Highlights

The Cisco Project hosts an NI 43-101 Inferred Mineral Resource of 295 million tonnes grading 1.36% Li₂O, positioning it as the largest hard-rock lithium deposit in the western hemisphere and fourth largest in the world.¹ Deposits of this scale, in stable jurisdictions with established infrastructure, are exceptionally rare as fewer than five exist globally.

The paved, all-season Billy Diamond Highway transects the Cisco Project, connecting directly to CN Rail in Matagami, 150 kilometres to the south. That rail corridor links to Bécancour and Saguenay (Quebec’s emerging battery processing hub and international shipping ports on the St. Lawrence Seaway), providing direct access to North American and European markets.

Quebec is one of the world’s premier mining destinations, with a well-established permitting framework, dedicated critical minerals investment funds, and a stated government goal of becoming a hub for battery supply chain development. The James Bay region is an active mining corridor with a long history of resource development.

The largest field program to date at the Cisco Lithium Project has started, with the summer program targeting approximately 20,000 metres of drilling. Drilling commenced mid-June 2026 with four diamond core drill rigs that are currently at site. Two additional rigs will be mobilized mid-summer to enhance the work program. The focus for June through September will be on infill drilling of the Cisco Deposit to convert and advance the resource towards an Indicated classification in support of an inaugural Preliminary Economic Assessment targeted for fall 2026. The deposit remains open at depth and along strike, with an Exploration Target of a further 44 to 67 million tonnes adjacent to the current resource.

MRE Results

In April 2026, Q2 Metals announced an inaugural NI 43-101 Inferred Mineral Resource Estimate for the Cisco Lithium Project, prepared by independent consultant BBA Inc. The estimate defines a combined open-pit and underground resource that positions Cisco as the largest hard-rock lithium deposit in the western hemisphere and fourth largest in the world.¹

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295 Mt

Inferred Resource Based on 74 drill holes totalling 31,961 metres completed at Cisco by year-end 2025. Mineralization starts at surface and remains open in all directions.

1.36 % Li₂O

Average Grade Consistent grade across both open-pit and underground portions of the resource, with higher-grade intervals identified within the main mineralized zone.

9.9 Mt LCE

Contained Lithium Carbonate Equivalent Reflecting the scale of contained lithium within the current resource footprint, with further upside from an Exploration Target of 44 to 67 million additional tonnes adjacent to the MRE.

Scale Potential & Size of Land Package

The Cisco Project is comprised of 801 contiguous mineral claims covering 41,253 hectares along the lithium-rich Frotet-Evans Greenstone Belt in Quebec’s James Bay region.

The current MRE covers only a fraction of the Project’s total footprint. An Exploration Target of a further 44 to 67 million tonnes has been defined adjacent to the current resource, and significant ground beyond that remains untested. Cisco’s scale potential is a function not just of what has been found, but of what remains to be explored.

Location & Infrastructure Advantage

The paved, all-season Billy Diamond Highway transects the Cisco Project, with the main deposit area approximately 10 kilometres to the east. Q2 Metals is currently permitting a new direct access road from the highway to the deposit, along with a new camp facility. Year-round paved road access to a lithium deposit of this scale is a significant and relatively rare logistical advantage.

The Billy Diamond Highway connects directly to the town of Matagami, 150 kilometres to the south, which serves as the regional railhead for the Canadian National Railway. The CN line connects to Bécancour, Quebec’s emerging battery processing hub approximately 215 km from the US border, and to the Port of Saguenay, providing access to international shipping via the St. Lawrence Seaway.

Quebec is positioning itself as North America’s battery supply chain hub. The Bécancour industrial park has attracted major investment from General Motors, POSCO, and EcoPro, among others. The Quebec government has committed $6 million toward transshipment infrastructure upgrades in Matagami, directly benefiting the James Bay corridor. Cisco is well-connected of this emerging supply chain geography.

Project Milestones

Since acquiring the Cisco Project in February 2024, Q2 Metals has advanced from initial drilling to a significant inaugural mineral resource in under three years.

Q2 acquires the Cisco Project (February 2024).
$6.5M private placement completed.
6,359 m drilled across 17 holes, including CS-24-018: 215.6 m at 1.69% Li₂O and CS-24-021: 347.1 m at 1.35% Li₂O.

24,311 m drilled across 53 holes, including CS-25-036: 272.5 m at 1.61% Li₂O, CS-25-044: 457.4 m at 1.65% Li₂O, and CS-25-073: 170.2 m at 1.99% Li₂O.
2025 Exploration Target announced.
$26M institutional private placement completed.
Keith Phillips added to Board.

Inaugural Inferred Mineral Resource Estimate announced (April 20, 2026): 295 Mt at 1.36% Li₂O.
Four-rig drill program ongoing.
Advanced metallurgical testing underway.
Permitting for new access road and camp.
Commencement of baseline environmental studies. PEA completion targeted for late 2026.

Industry-Leading
Drill Intervals

Drilling at Cisco has consistently yielded strong lithium grades over extremely wide intervals across the main deposit area.

Mineralization starts at surface and extends to an average depth of 400 metres, remaining open in all directions. Drill hole CS-25-044, which intercepted 457.4 metres of continuous spodumene pegmatite grading 1.65% Li₂O, is the best lithium intercept ever drilled from a hard-rock lithium project globally, according to Canaccord Genuity².

² Canaccord Genuity Capital Markets Australian Equity Research – 3 December 2025.

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Drill Hole 44

457.4 m at 1.65% Li₂O

*top global hard-rock lithium intercept*

Drill Hole 27

179.6 m at 1.66% Li₂O,

and 58 m at 1.75% Li₂O,
and 91.8 m at 1.81% Li₂O

Drill Hole 21

347.1 m at 1.35% Li₂O

Drill Hole 73

170.2 m at 1.99% Li₂O,

including 40.1 m at 2.89% Li₂O

Drill Hole 36

272.5 m at 1.61% Li₂O

Geological Setting & Metallurgy

The Cisco deposit is primarily hosted within a single, continuous spodumene pegmatite body situated along the Frotet-Evans Greenstone Belt, the same lithium-bearing geological corridor that hosts the Sirmac and Moblan deposits.

The principal pegmatite ranges in true thickness from ~2 metres to over ~450 metres, extending over a strike length of 1.8 km, with multiple associated proximate structures. Spodumene has been confirmed as the primary lithium-bearing mineral across all sampled intervals.

Phase one metallurgical test work using Heavy Liquid Separation (HLS) on three composite samples confirmed the potential suitability of a Dense Media Separation (DMS) process, a well-understood, conventional flowsheet widely used in hard-rock lithium production:

Composite 18: 74.1% recovery, 5.69% Li₂O concentrate, 0.42% Fe₂O₃
Composite 21: 69.6% recovery, 5.08% Li₂O concentrate, 0.55% Fe₂O₃
Composite 23: 71.6% recovery, 5.60% Li₂O concentrate, 0.46% Fe₂O₃

Phase 2 metallurgy is currently underway, testing HLS on composite samples from across the full deposit area.

Current Exploration Program

The largest drill program to date is underway at Cisco, targeting indicated resource definition to support an inaugural Preliminary Economic Assessment.

To date, Q2 Metals has completed 93 drill holes totalling 42,119 metres at the Cisco Project. The Summer 2026 program is focused on infill drilling of the Cisco Deposit to convert and advance the resource towards an Indicated classification in support of an inaugural Preliminary Economic Assessment targeted for fall 2026.

Drilling commenced mid-June 2026 with four diamond core drill rigs that are currently at site. Two additional rigs will be mobilized mid-summer to enhance the work program.

The Summer 2026 program will also test high-priority targets along strike and at depth beyond the current MRE boundary, where the deposit remains open in all directions.

Q2 is simultaneously advancing permitting for a new direct access road from the Billy Diamond Highway to the deposit area and a new camp facility to support expanded operations

Exploration Target

Significant resource growth potential beyond the current MRE footprint.

In addition to the April 2026 Inferred Mineral Resource Estimate, Q2 Metals has defined an Exploration Target for the geological environment immediately surrounding the current resource. The Exploration Target estimates a further 44 to 67 million tonnes of mineralized material grading between 0.88% and 1.35% Li₂O, representing meaningful upside to the current defined resource.

Disclaimer :
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 NI 43-101, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

Community Engagement & ESG

The Cisco Project is located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region, on Category 3 lands on the N20 trapline, approximately 230 km from the Community of the Nemaska Cree Nation.

Q2 Metals is prioritizing the strengthening of relationships based on early engagement, full transparency, with consistent and constructive open dialogue.

Learn More About Our ESG Approach

Maps & Technical Figures

Technical figures from the April 2026 NI 43-101 Inferred Mineral Resource Estimate, prepared by BBA Inc.

Summary of Assay Data

Summary of Drill Collar Data

MRE and ET Q2

Cross Section Q2 MRE

Long view of Cisco MRE

Oblique View MRE

Project Gallery

Aerial drone view of a paved all-season highway with an arch over the road in the middle of a forest.

Latest News

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July 21, 2026

Q2 Metals Reports Final Winter Assays with Intercept of 137.6 Metres Grading 1.47% Li₂O, Including 40.6 Metres at 3.25% Li₂O at the Cisco Lithium Project in Quebec, Canada

Vancouver, British Columbia, July 21, 2026 – Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) (“Q2” or the “Company”) is pleased...

June 25, 2026

Q2 Metals Commences Summer Drill Program and Advances Toward PEA on the Cisco Lithium Project in Quebec, Canada

June 4, 2026

Q2 Metals Files Technical Report for the Mineral Resource Estimate for the Cisco Lithium Project

June 2, 2026

Q2 Metals Reports Multiple Wide Intercepts, Including 264.6 Metres at 1.84% Li2O and 152.9 Metres at 1.59% Li2O in Drill Hole 71 at the Cisco Lithium Project in Quebec, Canada

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Qualified Person Disclosure
The technical information on this website has been prepared in accordance with the regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has been reviewed and approved by Neil McCallum, B.Sc., P.Geol., Vice President Exploration and Director of Q2 Metals Corp. Mr. McCallum is a Qualified Person as defined by NI 43-101, a registered permit holder with the Ordre des Géologues du Québec, and a member in good standing with the Professional Geoscientists of Ontario.

MRE Disclaimer
Mineral Resources were prepared in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral resource estimates may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The independent Qualified Person (QP) as defined by NI 43-101 for this estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA. The Effective Date of the estimate is April 20, 2026. Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li₂O, and for underground constrained resources are 0.70% Li₂O. Open-pit and underground Mineral Resource constraints are based on a spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 USD/CAD.

Exploration Target Disclaimer
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 NI 43-101, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

Ranking Footnotes
¹ Canaccord Genuity Capital Markets Research Report – April 21, 2026.
² Canaccord Genuity Capital Markets Australian Equity Research – 3 December 2025.

Readers are cautioned that this website includes references to analyses prepared by third parties, which are subject to important qualifications, assumptions, and exclusions. To fully understand such analyses, the applicable third-party reports should be read in their entirety.

Forward-Looking Statements
This website contains forward-looking statements within the meaning of applicable Canadian securities legislation. These “forward-looking information” are based on the expectations, estimates and projections of the Company as at the date of this website and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking information. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, management’s view”, “anticipates” or “does not anticipate”, “expects”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. Forward-looking statements include, but are not limited to, statements regarding the the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the demand and supply of lithium; the ability of the Cisco Project being one of the largest lithium deposits globally;; the results and assumptions underlying the mineral resource estimates on the Cisco Project; the results (if any) of further exploration work to define and expand mineral resources; the ability of exploration work (including drilling) to accurately predict mineralization; the ability to generate additional drill targets; the ability of management to understand the geology and potential of the Company’s properties; the ability of the Company to expand mineral resources beyond current mineral resource estimates; category conversion; the timing and status of permitting; the expectation that the Company’s projects will be a robust operation and profitable at a variety of prices and assumptions; the potential impact of the Company’s projects in local communities and the social acceptability of the projects; sustainability and environmental impacts of operations at the Company’s properties; the ability of the Company to complete its exploration and development objectives for its projects in the timing contemplated and within expected costs (if at all), including the timing and ability of the Company; future mining activities; the Company’s exploration plans, expected exploration results, and the anticipated timing of the Preliminary Economic Assessment. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; the Company’s history of losses and negative cash flow; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company’s public documents filed on SEDAR+ at www.sedarplus.ca. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this website are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this website, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company does not undertake any obligation to update forward-looking information, except as required by applicable law.

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