Q2 Metals (TSXV:QTWO | OTCQB: QUEXF | FSE: 458) has expanded its exploration and drilling activities at the Cisco Lithium Project, located in the Eeyou Istchee James Bay region of Quebec, following the completion of a $26 million flow-through private placement financing on August 14, 2025. The project area falls within the greater Nemaska traditional territory and comprises a total of 801 claims across 41,253 hectares.
Alicia Milne, President & CEO of Q2 Metals, commented in a press release: “Strong institutional support enabled us to complete the $26 million financing in August, which has allowed us to significantly ramp-up activities at Cisco. These funds have enabled Q2 to greatly accelerate our drill program, continue regional mapping and sampling programs, and expand on metallurgical test work. With three drill rigs now operating, our immediate focus is to advance the Cisco Project towards an initial inferred Mineral Resource estimate.”
Highlights from the results are as follows:
- $26 million flow-through financing completed in August 2025.
- Drilling at the Cisco Project has been ongoing since June 2025, and a total of 46 holes for 20,138 metres has been drilled to date. Assays are pending on all drill holes completed this summer.
- Three (3) drill rigs are currently operating at Cisco with a fourth expected to commence operation in November.
- Current drilling is focused on infill scale spacing of the main mineralized zone as the Company works towards an initial inferred Mineral Resource estimate at Cisco.
- Additional metallurgical test work is ongoing.
- Regional geological sampling and mapping work continues.
The Cisco Project, which Q2 describes as having district-scale potential, has become the focal point of a significantly expanded summer 2025 exploration campaign, particularly around a known northeast-southwest trending mineralized zone stretching approximately 1.5 kilometers. This zone has been under active investigation since June 2025 and is now being tested more intensively with three drill rigs on-site. A fourth drill rig is expected to commence operations in November 2025.
Drilling Program and Exploration Target
The summer drilling program was initially launched using a single drill rig, with a primary focus on infill drilling along the mineralized strike length. As of early September, three rigs are active on-site, increasing the intensity and density of drilling aimed at tightening the existing drill spacing. This work is intended to support an initial inferred Mineral Resource estimate under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).
The project’s mineralized zone is being evaluated based on an Exploration Target prepared by independent consultant BBA Inc., which estimates a potential range of 215 to 329 million tonnes of lithium-bearing material grading between 1.0% and 1.38% lithium oxide (Li₂O). Q2 Metals notes that this estimate is conceptual in nature. The company also emphasized that there has been insufficient exploration to define a Mineral Resource at this time, and it remains uncertain whether future work will support a formal resource delineation.
In addition to infill drilling, the company’s expanded program includes testing of additional outcrop zones, aided by geophysical targeting. Orientation-style geophysical surveys have already been conducted over a section of the Mineralized Zone to evaluate the effectiveness of these methods in guiding exploration. Further geophysical work may be expanded based on the results of these preliminary surveys.
Metallurgical Testing
In parallel with drilling, Q2 is conducting metallurgical testing to assess the recoverability of lithium from core samples. Preliminary results from the first phase of test work, carried out by SGS Canada Inc. on samples collected during the 2024 drill program, have confirmed that strong recoveries are possible using a dense media separation (DMS) circuit.
A second phase of metallurgical testing is now in the planning stage and is expected to begin in September 2025. This next phase will build upon the initial findings and is intended to provide more comprehensive data on processing characteristics.
Q2’s geology team is also continuing with a regional mapping and rock sampling initiative across the broader Cisco Project area. The objective of the regional work is to identify additional zones of interest within the 41,253-hectare land package. Rock samples from these newly assessed areas have been submitted to a laboratory, and results are currently pending.
The mapping work is aimed at refining exploration targets that could be incorporated into future drilling campaigns. The company has indicated that if the orientation-style geophysical surveys currently underway prove effective, they may be extended to other parts of the project.
The Cisco Project is located approximately 6.5 kilometers from the Billy Diamond Highway, which runs through the project area, providing direct road access. The town of Matagami, which serves as the railhead of the Canadian National Railway, lies about 150 kilometers to the south. This proximity to infrastructure may have implications for future development potential, although the project remains in early-stage exploration.
Q2 Metals is continuing its exploration activities with an eye toward completing an initial inferred Mineral Resource estimate. Rolling assay results from the ongoing drill campaign are expected in the coming weeks and months. The company has indicated that mineralization at the Cisco Project remains open at depth and along strike, suggesting the potential for further expansion.
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