QUEBEC PRECIOUS METALS CORPORATION Quebec Precious Metals Corporation Phone: +1 514 951 2730 Email: jfmeilleur@qpmcorp.ca Mr Normand Champigny Chief Executive Officer Quebec Precious Metals Corporation Phone: +1-514 979 4746 Email: nchampigny@qpmcorp.ca This announcement has been authorised for release by the Board of directors of QPM. ABOUT QUEBEC PRECIOUS METALS CORPORATION QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. QPM's flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM's goal is to rapidly explore the project to advance it to the mineral resource estimate stage. QPM Forward-Looking Statements This release includes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause QPM's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which QPM operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward-looking statements are based on QPM's and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect QPM's business and operations in the future. QPM does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the QPM's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by QPM or management or beyond the QPM's control. Although QPM attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward-looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of QPM. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information, QPM does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. ABOUT VITAL Vital Metals Limited (VML) is Canada's rare earths producer following commencement of operations at its Nechalacho rare earths project in Canada in June 2021. It holds a portfolio of rare earths, technology metals and gold projects located in Canada, Africa and Germany. Nechalacho Rare Earth Project - Canada The Nechalacho project is a high grade, light rare earth (bastnaesite) project located at Nechalacho in the Northwest Territories of Canada and has potential for a start-up operation exploiting high-grade, easily accessible near surface mineralisation. The Nechalacho Rare Earth Project hosts within the Upper Zone, a JORC Resource of 94.7MT at 1.46% TREO comprised of a Measured Resource of 2.9MT at 1.47% TREO, an Indicated Resource of 14.7MT at 1.5% TREO, and an Inferred Resource of 77.1MT at 1.46% TREO. Compliance Statements This announcement contains information relating to Mineral Resource Estimates in respect of the Nechalacho Project extracted from ASX market announcements reported previously and published on the ASX platform on 13 December 2019 and 15 April 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. Vital Forward-Looking Statements This release includes forward-looking statements. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the entity operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward-looking statements are based on the entity and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. There are no assurances that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the entity's or management or beyond the Company's control. Although there have been attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward-looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the entity. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information, the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. Listing Rule 5.12 Foreign Resource Estimate information The information in this announcement relating to the Mineral Resource Estimate and Ore Reserves for the Kipawa Project is reported in accordance with the requirements applying to foreign estimates in the ASX Listing Rules (the "Foreign Estimates") and, as such are not reported in accordance with the 2012 edition of the JORC Code. As such, the following information is provided in accordance with ASX Listing Rules 5.10 & 5.12: 1. The source and date of the foreignestimate (LR 5.12.1) The source of the foreign estimate is taken from public documents released by Matamec Explorations Inc. on October 21, 2013. Further information on these releases may be found on SEDAR website (www.sedar.com). 2. Whether the foreign estimates use categories of mineralisation other than those defined in JORC Code 2012 and if so, an explanation of the differences (LR 5.12.2) Categories described are the same as those defined in JORC Code 2012, whereby resources were classified as Inferred, Indicated or Measured 3. The relevance and materiality of the foreign estimates to the entity (LR 5.12.3) VML considers the foreign estimates to be both material and relevant to the Kipawa project as it provides an indication of the size and scale of the project. 4. The reliability of the foreign estimates, including reference to any criteria in Table 1 of JORC Code 2012 which are relevant to understanding of the reliability of the foreign estimates (LR 5.12.4) It is the opinion of VML that these estimates are reliable and represent the results of work done to very high standards, using high quality sampling, testing and geological and geostatistical modelling. The foreign estimates represent best practice work at the time. 5. To the extent known, a summary of the work programs on which the foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare foreign estimates (LR 5.12.5) The Technical Report includes key assumptions for commodity prices, mining and processing costs, and there has been no
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