Highlights:
- The largest field program to date at the Cisco Lithium Project has started, with the summer program targeting approximately 20,000 metres of drilling:
- Priority is on infill drilling of the main Cisco deposit area to convert existing Inferred resources to Indicated.
- Significant expansion and regional exploration-scale drilling is also planned around the resource area and on additional untested high priority targets.
- A Preliminary Economic Assessment study has been initiated, utilizing information from the Inferred Mineral Resource Estimate, and is expected to be published in Fall-2026.
- Advanced metallurgical test work is underway, with results expected over the coming months.
- Environmental baseline studies have commenced.
- Assays are pending on the 17 drill holes completed during the 2026 winter drill program.
- Q2 is well positioned having just completed a C$70M financing, providing optionality to significantly accelerate activities as needed.
VANCOUVER, British Columbia, May 27, 2026 (GLOBE NEWSWIRE) -- Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) ("Q2" or the "Company") is pleased to announce the commencement of the 2026 Summer Exploration Program at the Cisco Lithium Project (the "Project" or the "Cisco Project"), located within the greater Nemaska traditional territory of the Eeyou Istchee, James Bay region of 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.
The current Inferred Mineral Resource Estimate on the Cisco Project (the "MRE") outlines 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.
Alicia Milne, Q2 President and CEO, stated: "2026 has already been a transformational year for Q2 Metals and one that will see us achieve two key benchmarks in our continuing evolution. Just last month, we moved from early exploration to resource-stage, with our inaugural Inferred MRE positioning Cisco among the world's leading spodumene lithium projects. Now, with the successful completion of a $70 million dollar bought deal financing backed by strong institutional support validating our vision for Cisco, we are embarking on our next phase of growth with significant momentum against the backdrop of a strong lithium market. We are launching our most ambitious exploration program to date, accompanied by advanced metallurgy, environmental baseline studies and road permitting, and with an inaugural PEA expected this fall.
"The Cisco Project is increasingly being recognized as a premier lithium asset, distinguished by its exceptional scale and grade, strategic location, favourable jurisdiction and outstanding access to transportation and infrastructure. We expect an extremely busy and productive year ahead as we advance the Cisco Project."
Neil McCallum, Q2 VP Exploration and Director, said: "We have now transitioned our focus toward expansion and infill drilling aimed at upgrading portions of the current Mineral Resource Estimate from the Inferred category to Indicated. The MRE established the Cisco Project as a leading spodumene pegmatite asset while also highlighting the substantial exploration upside and discovery potential that exists across the broader project area. Importantly, the Cisco Deposit remains open in all directions and several known spodumene pegmatite outcrops in and around the Cisco Deposit have yet to be drill tested, reinforcing the potential for continued resource growth.
"In parallel, we have commenced our baseline environmental studies and advanced metallurgical test work as part of our ongoing efforts to support the continued advancement and development of the Cisco Project."
2026 Summer Exploration Program
Infill and Exploration Drill Program
A program of approximately 20,000 metres ("m") of infill and exploratory drilling is planned for the 2026 Summer Drill Program. The focus for June through September will be on infill drilling of the Cisco Deposit to convert and advance the resource towards an Indicated classification.
Priority targets of potential zones of high-grade and/or near surface mineralization within the Cisco Deposit as well as near-deposit expansion drilling is planned. Drill testing prospective targets around the CO2 outcrop as well as the southern portion of the deposit area are also planned.
Drilling will commence mid-June 2026 with the four diamond core drill rigs that are currently at site. Two additional rigs will be mobilized mid-summer to enhance the work program. The drilling is intended to inform an update to the MRE as the Company advances the Inferred resource toward an Indicated classification.
