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 on the main mineralized zone at Cisco (the “Mineralized Zone”).
• An Exploration Target is used to provide a conceptual estimate of the potential quantity and grade of a mineral deposit, based on known and additional limited geological evidence. It is an early-stage assessment that will help to guide further exploration, but it is not a mineral resource or mineral reserve and should not be treated as such.
• 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. 
• 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.

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.
• Expanded drill program designed to tighten the drill spacing within the Mineralized Zone as the Company works towards an initial inferred Mineral Resource estimate at the Cisco Project. The Mineralized Zone remains open at depth and in all directions.
• A robust regional mapping and sampling program across the Cisco Project will be completed as part of the 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 hosts 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 is also host to the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.

Cisco Project Mineralization

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 drill results included hole CS-23-05 which returned five separate pegmatite intervals including 48.0 m at 1.36% Li₂O. Following the acquisiton of the Cisco Project in February 2024, Q2 initiated its first field campaign on the project in the summer of 2024, along with mapping & sampling of the immediate area.

2024 Drill Results

In its inaugural field season, Q2 drilled a total of 6,359.7 m over 17 holes, with every drill hole intercepting spodumene-bearing pegmatite. The campaign was successful in its goals of confirming and expanding upon the mineralization around the CO-1 outcrop, 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 results from the inaugural 2024 program. Of the 14 drill holes completed, 10 holes intercepted spodumene-bearing pegmatite. The 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 Mineralized Zone toward with an inaugural NI 43-101 mineral resource estimate targeted for H1 2026.

Multiple wide intercepts of continuous spodumene pegmatite were encountered within the eight (8) holes drilled, for a total of 4,603 metres (“m”), during the Summer Drill Program that launched mid-June. All eight (8) holes intercepted pegmatite with visual indications of spodumene mineralization identified.

Highlights

• Drill hole CS25-044 encountered three (3) spodumene pegmatite intervals, with the widest continuous interval of 457.4 metres, along with an additional 36.9 metre interval.
• Drill hole CS25-038 encountered 22 spodumene pegmatite intervals, including a 58.9 metre wide interval, along with a further 58.3 metre and 31.8 metre interval.
• Drill hole CS25-039 encountered 13 spodumene pegmatite intervals, including a 108.5 metre wide interval, along with a further 99.7 metre, 77.7 metre and 71.0 metre interval.
• Drill hole CS25-040 encountered 12 spodumene pegmatite intervals, including a 95.1 metre wide interval, along with a further 81.9 metre and 66.5 metre interval.
• A total of 46 holes for 20,138 metres have been drilled on the Cisco Project to date, with assays pending on the eight (8) holes drilled during the summer 2025 drill campaign.
• Three (3) drill rigs are currently operating on the Cisco Project, primarily focused on infill scale spacing of the main mineralized zone, as the Company works towards an initial inferred Mineral Resource estimate.

Maps and 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. 

1. https://wp-q2metals-2023.s3.ca-central-1.amazonaws.com/media/2025/07/2025-07-21-DRILL-DATA-TABLE-Collar-and-Assay.pdf ↩︎

Spring and Fall 2024 Cisco Lithium Project