Highlights:
- CS25-071: Six (6) separate intervals, including:
- 264.6 m at 1.84% Li2O; and
- 152.9 m at 1.59% Li2O
- CS25-074: Three (3) separate intervals, including:
- 202.7 m at 1.58% Li2O; and
- 96.8 m at 1.64% Li2O
- CS26-077: Four (4) separate intervals, including:
- 78.7 m at 1.25% Li2O; and
- 107.8 m at 1.74% Li2O
- CS26-078: 13 separate intervals, including:
- 240.4 m at 1.60% Li2O
- CS26-079: 13 separate intervals, including:
- 126.7 m at 1.70% Li2O
- CS26-084: Six (6) separate intervals, including:
- 182.5 m at 1.46% Li2O
- Assays are pending on nine (9) remaining holes drilled during the 2026 Winter Drill Program.
- The planned 2026 Summer Drill Program will commence mid-June, 2026.
VANCOUVER, British Columbia, June 02, 2026 (GLOBE NEWSWIRE) -- Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) (“Q2” or the “Company”) is pleased to report analytical results from the winter portion of the 2026 drill program (the “2026 Winter Drill Program”) at the Company’s Cisco Lithium Project (the “Project” or the “Cisco Project”), located within the greater Nemaska traditional territory of the Eeyou Istchee in the southernmost part James Bay, Quebec, Canada. The Cisco Project is strategically located just 6.5 kilometres (“km”) from the paved, all-season Billy Diamond Highway, which provides access to rail infrastructure in the town of Matagami, Quebec, approximately 150 km to the south, with connections to deep sea ports beyond.
On April 20, 2026, the Company announced an Inferred Mineral Resource Estimate on the Cisco Project (the “MRE”) which outlined a pit-constrained resource of 270 million tonnes (“Mt”) grading 1.36% Li2O at a 0.4% Li2O cut-off grade and an additional underground-constrained resource of 24 Mt grading 1.34% Li2O Inferred at a 0.7% Li2O cut-off grade. Together, these support a combined inferred mineral resource of 295 Mt grading 1.36% Li2O (the “Cisco Deposit”), making the Cisco Deposit the largest hard rock lithium deposit in the western hemisphere and currently fourth largest, globally. The MRE is effective April 20, 2026, and was prepared in accordance with NI 43-101 standards*. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that Mineral Resources will be converted into Mineral Reserves.
The Cisco Deposit remains open along strike, with several additional high-priority targets in the immediate area, and high exploration potential across the broader 41,253 hectare (“ha”) project area.
“The results of this first set of drill results for the 2026 Winter Drill Program continues to showcase and highlight the robust mineralization of the Cisco Deposit,” said Neil McCallum, Q2 Metals Vice President of Exploration. “The goal of 2026 Winter Drill Program was infill drilling and we had a few surprises of unexpected mineralization as we attempted to define the boundaries. The results from our ongoing drill programs continue to enhance our understanding of the Cisco Deposit and support the advancement of the April 20, 2026, Inferred Mineral Resource Estimate. A key focus of our 2026 Summer Drill Program is the conversion of Inferred resources to the Indicated category, while also pursuing opportunities to expand the resource base and unlock additional value across the project.”
Drill Results Discussion
A total of approximately 10,515 metres (“m”) across 19 drill holes was completed during the 2026 Winter Drill Program, with the results reported herein representing 5,909 m of drilling over 10 drill holes. Analytical results on the remaining nine (9) holes will be released once received.
Figure 1. Updated Map of Recent Drill Holes at Cisco Project
Noteworthy analytical results reported herein are as follows:
- Drill hole-77, as shown above in Figure 1, is located in the northwestern corner of the Cisco Deposit and defined 78.7 m at 1.25% Li2O; and 107.8 m at 1.74% Li2O and is a roughly 100 m westward continuation of previously announced drill hole-65 that had a 179.2 m interval of continuous mineralization that averaged 1.24 Li2O. Mineralization near the end of the hole was not expected to this extent and provides a new area for extensional follow-up drilling.
Figure 2. Cross-Section C
- Drill hole-71 successfully confirmed the main, wide mineralized zone with two main intervals of 264.6 m at 1.84% Li2O; and 152.9 m at 1.59% Li2O (Figure 2). The wider of the two was notably higher grade compared to the deposit average. The results of this hole were used in the recent MRE, where analytical results were available.
- Drill hole-74, located 125 metres away from hole-71, also successfully confirmed with main, wide mineralized zone with two main intervals of 202.7 m at 1.58% Li2O; and 96.8 m at 1.64% Li2O (Figure 2). The results of this hole were used in the recent MRE, where analytical results were available.
- Drill hole-78, located 120 metres away from hole-74, also successfully confirmed with main, wide mineralized zone with one main interval of 240.4 m at 1.60% Li2O (Figure 2). The results of this hole were not used in the recent MRE.
Summary of Analytical Data
Table 1. Summary of Analytical Results of Drill Holes at Cisco Project
All intervals of greater than 5 m of core-length and greater than 0.30% Li2O are included in Table 1. Internal dilution of non-pegmatite material was limited to intervals of less than 5 m. No specific grade cap or lower cut-offs were used during grade and width calculations. All intervals are reported as core widths and mineralized intervals in all the holes drilled thus far are not representative of the true width as the modelled pegmatite zones are being refined with every additional hole.
Drill Hole Collar Information
The summary of drill holes including basic location and dip/azimuth is detailed below (Table 2).
Table 2. Summary of Drill Hole Collar Information, Cisco Project
2026 Drill Program
The 2026 Summer Drill Program is scheduled to commence in mid-June with the four diamond core drill rigs that are currently at site. Two additional rigs will be mobilized mid-summer to enhance and accelerate the work program. The drilling is primarily intended to inform an update to the MRE as the Company advances the Inferred resource toward an Indicated classification.
A program of approximately 20,000 m of infill and exploratory drilling is planned for the summer months, with priority targets of potential zones of high-grade and/or near surface mineralization within the Cisco Deposit. Prospective targets around the CO2 outcrop as well as the southern portion of the Cisco Deposit area are also planned.
Preliminary Economic Assessment
BBA has been engaged as lead consultant for the Preliminary Economic Assessment (“PEA”) on the Cisco Project. The PEA will establish the first economic benchmark for the Cisco Project by evaluating the existing MRE within a preliminary mine plan and processing flowsheet while also incorporating metallurgy test work and infrastructure studies that have been undertaken to date. The PEA will provide an initial set of project metrics, including capital intensity, operating cost, mine life, economic sensitivities and optimization opportunities. It is expected that the PEA will be published in the Fall, 2026.
Upcoming Events
The Company will also be attending the following events:
| THE Mining Conference of the North, Association minière du Quebec & International Mining Week | Quebec City, Quebec | June 1- June 4, 2026 |
| 121 Mining Investment | New York, New York | June 15 – June 16, 2026 |
| Secretariat to the Cree Nation Abitibi-Témiscamingue Economic Alliance 2026 Annual Conference | Val D’Or, Quebec | June 16 – June 17, 2026 |
| Fastmarkets Global Lithium, Battery and Critical Materials 2026 | Las Vegas, Nevada | June 22 – June 25, 2026 |
Sampling, Analytical Methods and QA/QC Protocols
All drilling was conducted using diamond drill rig with NQ sized core and all drill core samples are shipped to SGS Canada’s preparation facility in Val D’Or, Quebec, for standard sample preparation (code PRP92) which includes drying at 105°C, crushing to 90% passing 2 mm, riffle split 500 g, and pulverize 85% passing 75 microns. The pulps are then shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples are homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The reported Li grade will be multiplied by the standard conversion factor of 2.153 which results in an equivalent Li2O grade. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness.
A Quality Assurance / Quality Control (QA/QC) protocol following industry best practices was incorporated into the sampling program. Measures include the systematic insertion of quartz blanks and certified reference materials (CRMs) into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split and reject-split duplicates was completed to assess analytical precision. The QP has verified the QA/QC results of the analytical work.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a Qualified Person as defined by NI 43-101, and a registered permit holder with the Ordre des Géologues du Québec and member in good standing with the Professional Geoscientists of Ontario. Mr. McCallum, a director and Vice President Exploration for Q2 Metals, has reviewed and approved the technical information in this news release.
* For additional details regarding key assumptions, parameters, and methods used to estimate the Mineral Resources, please refer to the technical report which will be available under the Company’s profile on SEDAR+ within 45 days of the effective date of the MRE.
ABOUT Q2 METALS CORP.
Q2 Metals is a Canadian mineral exploration company focused on advancing the Cisco Lithium Project which is located within the greater Nemaska traditional territory of the Eeyou Istchee, James Bay region of Quebec, Canada. The Cisco Deposit is strategically situated just 6.5 km from the Billy Diamond Highway, providing access to rail infrastructure in the Town of Matagami, ~150 km to the south, with connections to deep seaports beyond.
The current Inferred Mineral Resource Estimate on the Cisco Deposit outlines a pit-constrained resource of 270 Mt grading 1.36% Li2O at a 0.4% Li2O cut-off grade and an additional underground-constrained resource of 24 Mt grading 1.34% Li2O Inferred at a 0.7% Li2O cut-off grade. Together, these support a combined inferred mineral resource of 295 Mt grading 1.36% Li2O. The Cisco Deposit remains open along strike, with several additional high-priority targets identified across the broader 41,253 ha project area.
The 2026 exploration program is ongoing, with a primary focus on infill drilling aimed at advancing the resource toward an indicated classification. The program also includes targeted expansion drilling and regional exploration designed to evaluate high priority targets surrounding the Cisco Deposit and across the broader project area.
