MetalQuest Mining provided an update on the sale of MetalQuest Mining's minority share of the Murray Brook Polymetallic Project, located in the Bathurst Mining Camp, New Brunswick. By mutual agreement both parties, MetalQuest Mining (MQM) and Canadian Copper Inc. (CCI) have entered a binding Letter of Intent dated 11 September 2023. CCI has the option to purchase all of MQM's 28.2% (as of February 2023) interest in and to the Murray Brook Mining Lease 252 and Claim Block 4925 situated in Restigouche and Northumberland counties, New Brunswick (collectively, the "Mining Asset").

CCI signed a definitive purchase agreement with Votorantim Metals Canada (VMC) on August 2 to acquire VMC's majority interest in Murray Brook. Terms of Binding Letter of Intent: A non-refundable deposit of $100,000 (the "Deposit") to be paid by CCI in favour of MQM credited to the Purchase Price. An initial instalment of $300,000 in cash to be paid by CCI to MQM on or before January 30th, 2024.

The $100,000 deposit in will be credited against the initial instalment of $300,000. A final instalment of $1,000,000 within 31 days of the initiation of commercial production from a mine located on the Mining Asset. The issuance of 2,500,000 CCI units to MQM on or before January 30th, 2024, subject to exchange approval and a hold period of four months and a day from the date of issuance after which, 25% of the total units shall be released to MQM every three months (a "quarter") resulting in 100% of the units being released to MQM after four (4) quarters from the conclusion of the initial hold period, each unit consisting of one common share priced using a 30-day VWAP ended on the date immediately prior to the signing of the APA ("deemed price") and one nontransferable warrant of CCI, with each warrant exercisable for five years from the date of issuance at an exercise price that is 150% of the deemed price CCI shall grant MQM a net smelter returns royalty ("NSR") of 0.33% on the Mining Asset, provided that 50% of such NSR may be repurchased by CCI at its sole discretion for $1,000,000 at any time.