Q2 Metals Confirms Discovery of 8 New Mineralized Pegmatite Zones with Assay Results from Its 2023 Mapping and Sampling Program at the Mia Lithium Property

Highlights:

• Validation of Eight (8) new mineralized discoveries including:
  • The new MIA-3 Zone with six (6) samples averaging 1.50% Li₂O
  • The new MIA-5 Zone with three (3) samples averaging 0.78% Li₂O
  • The new MIA-8 Zone with nine (9) samples averaging 2.07% Li₂O
  • The new MIA-9 Zone with three (3) samples averaging 1.90% Li₂O
• Five (5) spodumene-bearing boulders discovered beside the Carte Zone.
  
• Twenty-six (26) samples from the Mia Trend returned lithium assays above 1.00% Li₂O.
• Eleven (11) mineralized zones have now been defined along the Mia Trend.
• Field sampling assays have identified new spodumene bearing pegmatites and continue to confirm mineralization throughout the > 10 km long Mia Trend.
• Discovery of a new trend (Lady Trend) approximately 1.2 km south and parallel to the Mia Trend.
• Q2 remains well funded which will enable the Company to focus on advancing the new lithium pegmatite discoveries at the Mia Property.

Vancouver, December 13, 2023 - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") is pleased to announce the results from the 2023 surface exploration program on its wholly owned, 8,668-ha Mia Lithium Property (the "Property" or "Mia Property") located in the Eeyou Istchee James Bay Territory of Quebec. The Property is host to the approximately 10-kilometre-long Mia Lithium Exploration Trend (the "Mia Trend") and is situated proximal to major hydro-powerline and all-season road infrastructure.

Due to the extreme wildfires in northern Quebec this past summer, the Company completed an abbreviated prospecting, mapping and rock sampling program from September 1 to September 15 at the Property (see news releases of September 13 and 27, 2023). A total of 219 samples were collected during the two weeks and the field work resulted in the discovery of eight (8) new mineralized zones.

"The results of our ground mapping and sampling campaign highlight the considerable potential of the Mia Property and we were able to make several new lithium discoveries in a short amount of time," said Q2 Metals VP of Exploration, Neil McCallum. "These new discoveries present many additional drill targets on the Mia Trend. We are rapidly advancing the Mia Property and are well into our inaugural 10,000 metre drill campaign testing these new mineralized zones."

The Mia Trend continues to remain the Company's primary focus with 11 defined mineralized zones (Figures 1 and 2). Table 1 summarizes the results collected from each zone for samples that contain greater than 100 ppm Li.

The mineralized Mia Trend now includes:

• The new MIA-3 Zone with six (6) samples averaging 1.50% Li₂O and 131 ppm Ta₂O₅.
• The new MIA-5 Zone with three (3) samples averaging 0.78% Li₂O and 126 ppm Ta₂O₅.
• The new MIA-8 Zone with nine (9) samples averaging 2.07% Li₂O and 30 ppm Ta₂O₅.
• The new MIA-9 Zone with three (3) samples averaging 1.90% Li₂O and 66 ppm Ta₂O₅.
• The previously known MIA-1 Zone with six (6) samples averaging 1.8% Li₂O and 40 ppm Ta₂O₅.
• The previously known MIA-2 Zone with eight (8) samples averaging 1.17% Li₂O and 31 ppm Ta₂O₅.
• The previously known Carte Zone with two (2) samples averaging 1.68% Li₂O and 51 ppm Ta₂O₅.

Minimal field work was completed at the Bruce Trend to the north and a new high-priority trend (the "Lady Trend") located to the south of the Mia Zone during the program. The geochemical results (tantalum, rubidium and cesium) from both the Bruce Trend and the Lady Trend affirm each trend as being prospective for lithium-bearing LCT-style pegmatite mineralization.

The Bruce Trend contains three (3) samples with background lithium, but elevated tantalum (up to 70.2 ppm Ta₂O₅), rubidium (2,470 ppm Rb) and cesium (64.7 ppm Cs). One pegmatite sample contains a potassium-rubidium ratio of 16.2.

The newly discovered pegmatite on the Lady Trend, located approximately 1.2 km south and parallel to the Mia Zone, contains three (3) samples with anomalous geochemistry. One (1) sample contains elevated lithium (214 ppm Li), and another contains elevated tantalum (up to 75.3 ppm Ta₂O₅), rubidium (582 ppm Rb) and cesium (32.6 ppm Cs). One pegmatite sample contains an anomalous potassium-rubidium ratio of 40.3.

Immediately beside the Carte Zone, five (5) spodumene-bearing boulders were discovered (Figure 2). With the understanding that the glacial transport direction is from the northeast- to the southwest, the preliminary interpretations of these boulders are that:

• They are sourced from MIA-10, being the only known other mineralized zone to the northeast; or
• There is a new and as-yet to be discovered zone present to the northeast.

Elevated cesium (Cs), rubidium (Rb) and tantalum (Ta) are considered indicator elements that the pegmatites are highly fractionated and thus likely to contain lithium nearby. Potassium-rubidium (K/Rb) ratios have also been an effective tool to map out the level of fractionation of pegmatites. Together, these indicator elements (Cs, Rb, Ta) and K/Rb ratios have been an incredibly useful tool to vector towards lithium mineralized zones in spodumene-pegmatite districts.

Follow-up work will be conducted on the Bruce Trend, the Lady Trend and the spodumene bearing boulders adjacent to the Carte Zone during the spring/summer 2024.

Figure 1. 2023 Sampling Summary, West End

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Figure 2. 2023 Sampling Summary, East End

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Table 1 Summary of Elevated Lithium Samples from September 2023 Fieldwork

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The Company's inaugural drill program commenced on October 23, 2023 with two drill rigs testing the nearly 10-kilometre-long Mia Trend.

The Company announced the details of the first five drill holes that had been processed and sent to the assay lab on November 16, 2023. All drill holes intercepted pegmatite with visual indications of spodumene mineralization.

Q2 remains well funded, which will enable the Company to focus on advancing the new lithium pegmatite discoveries at the Property.

Sampling, Analytical Methods and QA/QC Protocols

All rock samples collected were shipped to SGS Canada's preparation facility in Val D'Or, Quebec, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).

Management cautions that prospecting surface rock samples and associated results, as discussed herein, are selective by nature and therefore may not necessarily be fully representative of the mineralized horizon sampled.

Qualified Person

Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.

About Q2 Metals Corp

Q2 Metals Corp. is a Canadian mineral exploration company currently advancing exploration of its 8,668-ha flagship Mia Lithium Property in the Eeyou Istchee James Bay Territory of Quebec, Canada which is host to the Mia Li-1 and Mia Li-2 lithium occurrences. The Company also owns the Stellar Lithium Property with 77 claims totaling 3,972-ha, located approximately six kilometres north of its Mia Lithium Property.

Q2 is also exploring the highly prospective Big Hill and Titan gold projects covering approximately 110 km² in the Talgai Goldfields of the broader Warwick-Texas District of Queensland, Australia. The Big Hill Gold Project is host to 54 high-grade historical gold mines.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Alicia Milne
President & CEO
Alicia@Q2metals.com

Jason McBride
Corporate Communications
Jason@Q2metals.com

Telephone: 1 (800) 482-7560
E-mail: info@Q2metals.com

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Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-Looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company's properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-Looking statements are based on a number of material factors and assumptions.

Forward-Looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-Looking statements in this news release include, but are not limited to, the scale, scope and location of future exploration and drilling activities, the focus of the Company's current and future exploration and drill programs, the Company's expectations in connection with the projects and exploration programs being met, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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