Quebec Precious Metals Receives Payment of $1.125 M; Lomiko Acquires 100% of the La Loutre Graphite Project

MONTREAL, February 1, 2021 - Quebec Precious Metals Corp. ("QPM" or the "Company") (TSXV:QPM)(OTCQB:CJCFF)(FSE:YXEP) is pleased to inform that it has received recently a payment of $ 1,125,000 from Lomiko Metals Inc. ("LMR") in connection with the acquisition by LMR of an additional undivided 20% interest in the La Loutre graphite project's mining rights forming part of the project. LMR now owns 100% interest in the project. In addition, QPM has also been issued 1,000,000 LMR common shares as part of the transaction.

Normand Champigny, CEO of QPM, stated: "The monetization of our non-core assets provides funding for the Company's exploration program at its 100%-owned Sakami gold project and other gold projects in the James Bay area, with no dilution for our shareholders."

Other non-core assets that the Company expects to monetize over the short and medium term are: Kipawa (rare earths and including the Zeus claims), Matheson Joint Venture (gold, Ontario) and Somanike (nickel). Information on these non-core assets is available on the Company's web site www.qpmcorp.ca.

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.

For more information, please contact:

Jean-François Meilleur
President
Tel.: 514 951-2730
jfmeilleur@qpmcorp.ca

Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca