Q2 Metals Corp. announced the mapping/prospecting and rock sampling results of its abridged exploration work program at the Mia Lithium Property located in the Eeyou Istchee James Bay Territory of Quebec. On June 5, 2023, the Company was mandated by the Quebec Ministry of Natural Resources and Forests to pause all exploration related activities and depart from camp due to the ongoing wildfire status of northern Quebec.

As a result, the mapping and sampling portion of the field work lasted only two days. Despite the pause to the field work, the Company is encouraged by the results of the work completed and plans to execute an ambitious work program of expedited mapping, sampling and drill-testing as soon as conditions allow. The following is a summary of the work completed to date, and the work-plan for the remaining summer months: June Exploration Work.

The recent two-day mapping and sampling work of the historically known lithium pegmatites at the Mia Property resulted in the collection of 28 pegmatite samples. Six (6) samples were collected from spodumene-mineralized pegmatite and the remaining twenty-two (22) from non-min mineralized pegmatite to broaden the understanding of the source-rock relationships, geochronology, and/or zonation of the pegmatite. Spodumene-mineralization samples from the June, 2023 site visit.

Sample, Li2O (ppm), Zone, B00293504, 0.55, 72.3, Mia, B00293505, 2.05, 101.7, Mia, B00293510, 1.57, 167.3, Carte, B00293511, 2.01, 93.9, Carte, B00 293512, 1.04, 72.9, Carte,B00293512, 1.04. This successfully verified the 2021 and 2022 work by the property vendors of 18 grab samples averaging 2.65% Li2O. The Mia Zone now measures a mapped extent of approximately 370 metres and is up to 140 metres wide.

This represents an extension of approximately 130 metres to the north of the previously mapped extent. There are some inclusions of the host rock within these dimensions and there are unclear contacts in all directions leading to the inability to precisely report the true size of the pegmatite. The Company's priority will be to undergo drill testing of the Mia Zone in order to understand its true dimensions.

The preliminary IP/Resistivity data suggest that the mineralized zone extends beneath overburden to the north, south and east. At the herein named "Carte Zone", the historically mapped spodumene-pegmatite was sampled and returned three spodumene-mineralized samples of 2.01, 1.57 and 1.04% Li2O. This successfully verified the 2022 work by the property vendors of 3 grab samples averaging 1.65% Li2O.

The Carte Zone measures a mapped extent of approximately 110 metres and is up to 30 metres wide. Like the Mia Zone, the contact relationship between the host rock and the pegmatite is unclear and additional work is needed to determine the true dimensions of the pegmatite. Additionally, the next pegmatite located approximately 250 metres to the west was sampled and returned 160 ppm Ta2O5.

The Company has received permits from the relevant ministries for its inaugural drill campaign at the Mia Property and has engaged Youdin-Rouillier Drilling of Amos, QC, to execute the Company's inaugural drill campaign. Youdin-Rouillier Drilling is based in Eeyou Istchee James Bay and has recently been awarded the UL 2724 ECOLOGO Certification Program for Suppliers of Mineral Exploration, which supports a commitment to social responsibility and a focus on environmental practices. As soon as safe working conditions in the area allow for a return, the Company intends to immediately commence drilling on the Mia Zone, which represents the highest priority mineralized zone.

The Company is targeting between 8,000 and 10,000 metres of drilling this campaign, utilizing two drill rigs. Simultaneously, the Company will continue the mapping and sampling program on the Mia and Bruce Trends along with the highest priority target zones from the property-wide targeting compilation. All rock samples collected were transported by the geological contractors to SGS Canada's prep laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.

The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The Company has relied on the internal lab QAQC for the surface sample analysis. Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.