Cisco Lithium Project

Cisco Lithium Project Eeyou Istchee James Bay Region of Quebec

Q2 Metals’ flagship Cisco Lithium Project is located in mining-friendly Quebec, Canada, within the greater Nemaska Community lands of the Eeyou Istchee James Bay region.

2026 Mineral Resource Estimate

The inaugural Mineral Resource Estimate (“MRE) announced April 20, 2026, positioned the Cisco deposit as the largest spodumene lithium project in the western hemisphere and fourth largest in the world.  

Inaugural National Instrument 43-101 Inferred Mineral Resource Estimate: 295 Mt at 1.36% Li2O (combined 0.4% and 0.7 % Li2O cut-off grade (open-pit and underground))

A total of 74 holes over 31,961 metres completed at Cisco by year end 2025 formed the basis of the MRE. Mineralization starts at surface and, on average, continues to a depth of 450 metres. The deposit, which conceptualizes an open pit mining methodology with subsequent underground operations, remains open in all directions.

2026 Exploration Target
An Exploration Target estimating 44 to 67 Mt of mineralized material with a grade range between 0.88% to 1.35% Li₂O has been prepared for the geology environment beyond the current MRE.
The Exploration Target is exclusive of the Inferred Mineral Resource Estimate and only considers the main mineralized zone and immediate proximal areas around the main mineralized zone, indicating significant opportunity for continued growth at the Cisco Lithium Project.

Screenshot 2026 04 27 At 12.43.17 pm — 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 NI 43- 101, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

Drilling at Cisco has consistently yielded strong lithium grades over extremely wide intervals across the main deposit area, including the best lithium intercept hole ever drilled globally: 457.4 metres at 1.65% LI₂0.

Select Drill Highlights:

CS-24-018: widest interval of 215.6 m at 1.69% Li2O
CS-24-021: widest interval of 347.1 m at 1.35% Li₂O
CS-24-023: widest interval of 188.6 m at 1.56% Li₂O
CS-25-027: 179.6 m at 1.66% Li₂O, and 58 m at 1.75% Li₂O, and 91.8 m at 1.81% Li₂O
CS-25-036: widest interval of 272.5 m at 1.61% Li₂O
CS-25-044: 457.4 m at 1.65% Li₂O *top global hard rock lithium intercept*
CS-25-065: widest interval of 179.2 m at 1.24% Li₂O
CS-25-073: 170.2 m at 1.99% Li₂O incl. 40.1 m at 2.89% Li₂O

Project Highlights

The largest spodumene lithium project in the northern hemisphere and fourth largest in the world¹ with 295 Mt grading 1.36% Li₂O.
The paved Billy Diamond Highway transects the project, with the main deposit area just 10km to the east.
Permitting is underway for construction of a new camp and a direct road from the highway to the deposit.
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.
The deposit area remains open at depth and in all directions.

Location & Infrastructure Advantage

The Cisco Project is connected to rail facilities in the town of Matagami, approximately 150 km to the south, via the paved, all season Billy Diamond Highway. An access road directly from the highway to the deposit area is currently being permitted, along with a new camp.

The project comprised of 801 contiguous mineral claims over 41,253 hectares (“ha”) along the Frotet Evans Greenstone Belt, a volcanic package dominated by mafic to felsic metavolcanic rocks.

2025 Exploration target

A 2025 Exploration Target (“ET”) (link to Press Release) estimated Cisco’s potential scale and grade between 215 – 329 million tonnes at 1.0 – 1.38% Li2O¹ on the main mineralized zone at Cisco. 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 NI 43- 101, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

Metallurgy

Spodumene has been confirmed as the primary lithium-bearing mineral across all sampled intervals. Phase one metallurgical test work using Heavy Liquid Separation (HLS) on three composite samples confirmed the potential suitability of a Dense Media Separation (DMS) process, a well-understood, conventional flowsheet widely used in hard-rock lithium production:

Composite 18: 74.1% recovery, 5.69% Li₂O concentrate, 0.42% Fe₂O₃
Composite 21: 69.6% recovery, 5.08% Li₂O concentrate, 0.55% Fe₂O₃
Composite 23: 71.6% recovery, 5.60% Li₂O concentrate, 0.46% Fe₂O₃

Phase 2 metallurgy is currently underway, testing HLS on composite samples from across the full deposit area. The objective is to employ a traditional lithium pegmatite flowsheet for mineral processing.

MRE Disclaimer

Mineral Resources were prepared in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.
The independent Qualified Person (“QP”), as defined by NI 43‑101 for this estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA. The Effective Date of the estimate is April 20, 2026
Estimation was completed using a combination of inverse distance squared (ID2) and ordinary kriging (OK) in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains.
Drill hole composites at 1 m in length. Block size is 10 m x 10 m x 5 m with sub-blocking.
Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li₂O, and for underground constrained resources is 0.70% Li₂O. Open-pit and underground Mineral Resource constraints are based on a spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 USD/CAD.
The cut-off grades are based on Li₂O (%) only.
Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Tonnage and grade measurements are in metric units.
Conversion factors used: Li₂O = Li x 2.153; Li₂O to LCE x 2.473.
Pegmatite and non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology.

Summary Tables

Summary of Assay Data

Summary of Drill Collar 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.