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Quest critical metals provides update on EU HORIZON-Funded EIS project and advances in critical minerals exploration

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Quest Critical Metals Inc. (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, 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.

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“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.”

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.

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