Q2 Metals Corp. provide an update on its inaugural drill program at its wholly owned, 8,668-ha Mia Lithium Property located in the Eeyou Istchee James Bay Territory of Quebec. The current target drill area is the approximately 10- kilometre-long Mia Lithium Exploration Trend which is located 22 km from the Billy Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure.

The inaugural drill program began on October 23, 2023, and has now concluded for winter freeze-up. A total of 31 drill holes were completed on the Mia Trend for approximately 5,601 metres. One drill rig was used to test the main MIA 1, 2 & 3 zones (17 holes) while the other rig tested the Carte Zone (eight holes) and the greater Mia Trend (six holes at zones MIA 7,8 & 9).

The work completed at the MIA 1 Zone successfully traced the shallowly-dipping pegmatite between the southern fence of holes (MIA23-003/005/006/001) and the northern fence of holes (MIA23- 021/024), for a north-south distance of 250 m and an east-west distance of approximately 90 m. Initial interpretations suggest that the same pegmatite bodies may extend eastward toward holes MIA23- 014/016A at the MIA 2 Zone for an east-west distance of 300 m. The other mineralized bodies located vertically above will require additional work to model. Drilling at the Carte Zone, which is at the eastern end of the 10 km Mia Trend, has defined two shallowly-dipping pegmatite bodies. The near-surface pegmatite body ranges in thickness between 3.4 and 7.3 m (core length).

The geological team has completed the processing of all 2023 drill holes, and the samples have been dispatched to the lab for analysis. The presence of spodumene in drill core is based primarily on visual identification, and a portable LIBS (Laser Induced Breakdown Spectroscopy) analyzer was used to confirm the presence of lithium, which strongly suggests the presence of spodumene. There are drill holes that have intersected pegmatite without visual identification of spodumene however, analytical results will ultimately confirm the presence of lithium mineralization.

Initial mineralogical work by SGS Canada Inc. in the form of X-Ray Diffraction (XRD) from the MIA 1 and Carte zones collected during the June 2023 sampling program has confirmed that lithium mineralization is 100% and 99.4%, respectively, dominated by the mineral spodumene. Core sample analytical results for the Fall 2023 drill program are anticipated to be received over the course of the next 2-3 months, subject to laboratory turn-around times. The winter drill program will commence in late January 2024.

A winter access trail, approximately 30 km in length, has been opened which extends site access from the Wemindji Road to the entire Mia Trend. The winter access trail will improve access to the Mia Trend and will reduce drilling costs significantly due to less reliance on helicopters. The winter drill program will be designed to expand the subsurface pegmatite zone at the MIA 1 and MIA 2 zones, define the extent of the Carte Zone and test the other mineralized zones along the Mia Trend.

The ground sampling program in September 2023 defined 11 mineralized zones along the Mia Trend and to date, only seven zones have been drill-tested. It is anticipated that the 2024 drill program will consist of at least 4,000 metres and may be upsized if results continue to be positive. The Company remains well funded with in excess of $9 million in treasury and is focused on advancing new lithium pegmatite discoveries at the Property.

Further to the Company's news release on November 2, 2023, the NSR buy-back from 9219-8845 QC Inc., and its subsequent termination has been completed. The 2% Net Smelter Production Royalty held by CMH on certain claims was acquired for $888,400 and the issuance of 1,400,000 common shares, at a deemed price of $0.544 per share. The common shares are restricted from trading until April 20, 2024.

Following the termination, the Mia Property has a 1% NSR on all claims, held by Lithium Royalty Corp., as well as an additional 1% NSR on 28 claims, held by Franco-Nevada Corporation.