Quest Critical Metals Provides Update on EU Horizon Funded Exploration Information Systems (EIS) Project

Rhea-AI Summary

Quest Critical Metals Inc. receives EU HORIZON-funded grant to enhance Europe's self-sufficiency in critical raw materials. The company's Klingenthal/Tisova property, straddling the German/Czech border, is a key focus. The EIS Project aims to develop advanced exploration concepts and tools while raising awareness of the importance of critical raw materials.

Positive

• EU Funding Boost: Quest Critical Metals has now received three tranches of EU grant funding.
• Top European Collaboration: The Company has benefitted from leading geologists and geophysicists in Europe looking in detail at the project.
• Tisova Project Advancement: The EIS project is moving into its testing phase in 2024 and Klingenthal/Tisova is the only test site where drilling is planned, both in Germany and Czech.
• EIS Project Awareness Campaign: Raising Awareness of the Importance of Critical Minerals
• Engagement: Governments, corporations (including end users), and stakeholders targeted, with a culmination at the EU Raw Minerals Week in November 2024 in Brussels.

Negative

• Stock market volatility
• Environmental regulation
• Competition for skilled personnel and supplies
• Changes in tax laws and incentive programs

Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Quest Critical Metals Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR0) (formerly Canadian Palladium Resources Inc.) ("Quest Critical Metals" or the "Company") is pleased to update its shareholders on the latest progress of the EU HORIZON-funded Exploration Information Systems (EIS) Project (the "Project"), which it participates through its wholly-owned Czech subsidiary, Golden Pet SRO. Quest Critical Metals' property, Klingenthal/Tisova, straddles the German/Czech border with approximately 70km² in each country.

The EU HORIZON €7.5m funded EIS Project aims to enhance Europe's self-sufficiency in critical raw materials (CRM). The Project is focused on developing advanced exploration concepts and data tools to aid mineral exploration and reduces its impact on nature, making exploration more sustainable. The EIS Project also aims to raise awareness of the importance of critical raw materials and the challenges of exploring for them in the EU.

James Newall, CEO of Quest Critical Metals, commented, "To have such a wealth of geological and geophysical experience analysing our Klingenthal/Tisova project, all funded by the EU, is an incredible privilege. Not only do they bring their own insights, but their approval of our current geological interpretation is very reassuring. In addition, our inclusion as the case study for one of the three key themes of the EIS Awareness Campaign will bring our story to a far wider audience than we could ever reach ourselves.

Taken in combination with our recent acquisition of licences, prospective for lithium, in Brazil's 'Lithium Valley' and our successful exploration campaign and resource at East Bull, this is an exciting time for both management and shareholders."

For more information, visit the EIS Project Website at: https://eis-he.eu/.

Key Highlights:

• EU Funding Boost: Quest Critical Metals has now received three tranches of EU grant funding.

• Top European Collaboration: During this process the Company has benefitted from some of the leading geologist and geophysicists in Europe looking in detail at the project. For example, the work of Professor Jiri Zacharias of Charles University, Prague, on the evolution of the ore body at Tisova and its cobalt bearing phases.

• Data Contribution: The Company's data has been used to help create the VMS identifying model.

• Tisova Project Advancement: The EIS project is moving into its testing phase in 2024 and Klingenthal/Tisova is the only test site where drilling is planned, both in Germany and Czech.

EIS Project Awareness Campaign: Raising Awareness of the Importance of Critical Minerals

• Objective: Raising awareness of the importance of Critical Minerals and the challenges of exploring for them in the EU (using Golden Pet, our wholly owned subsidiary, as a case study).

• Engagement: Governments, corporations (including end users), and stakeholders targeted, with a culmination at the EU Raw Minerals Week in November 2024 in Brussels.

• Workshop: A dedicated workshop at PDAC 2024, led by EIS Project partners. Prospectors & Developers Association of Canada (PDAC), is the annual Convention that hosts the world's premier mineral exploration and mining companies in Toronto, Canada.

NOTE

Quest Critical Metals' Klingenthal/Tisova property, of just over 140km², is split equally between Germany and the Czech Republic in the Erzgebirge mountain range., The project is in the State of Saxony on the German side and the Sokolov District on the Czech side. On the German side the project is managed by the renowned Beak Consultants, who are based in Freiberg, and who arranged the EIS's second project meeting in Dresden in November 2022. At this meeting Quest Critical Metals' CEO, James Newall, was able to meet key figures in the German raw materials sector including the mining Oberberghauptmann of Saxony and the Akademischer Oberrat from the Deutsche Rohstoff Agentur (https://eis-he.eu/2023/01/26/catching-up-on-our-progress-the-eis-progress-meeting-at-dresden/).

Quest Critical Metals Inc.

James Newall, President and CEO

T: (604) 639-4472

Reader Advisory

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed timing and completion of the private placement and the proposed use of proceeds from the private placement. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196098

FAQ

What is the ticker symbol for Quest Critical Metals Inc.?

The ticker symbol for Quest Critical Metals Inc. is DCNNF.

What is the focus of the EU HORIZON-funded Exploration Information Systems (EIS) Project?

The Project aims to enhance Europe's self-sufficiency in critical raw materials and raise awareness of their importance.

What is the current status of the EIS Project?

The EIS project is moving into its testing phase in 2024, and Klingenthal/Tisova is the only test site where drilling is planned, both in Germany and Czech.

What is the objective of the EIS Project Awareness Campaign?

The objective is to raise awareness of the importance of Critical Minerals and the challenges of exploring for them in the EU.

What are some of the risks associated with the forward-looking information in the press release?

Some of the risks include general economic conditions, industry conditions, stock market volatility, competition for skilled personnel and supplies, changes in tax laws, and more.