Alicia Milne

Q2 Metals - Key Leadership Hires, 50,000m Drilled, and the Upcoming PEA At The Cisco Lithium Project

• Top takeaway Milne argues Q2 is evolving from an exploration-stage company — operating through the lithium winter — into a project-development company as it builds out a VP-level bench.
• She frames the current 20,000-meter program as designed to convert inferred mineral resources into indicated categories, feeding the upcoming PEA and then a PFS.
• She stresses Q2 is well funded with ~$70 million in treasury and plans continuous drilling through fall into winter, noting the James Bay wildfire season slowed progress for the whole camp.
• She describes continued team buildout beyond the VPs — more geologists and GeoTex staff — saying Q2 has grown 3-4x in headcount over recent months amid a tight James Bay labour market.

Q2 Metals is shifting from exploration to development at Cisco, adding VPs of Technical Services and Environmental/Regulatory Affairs ahead of its PEA. The Quebec lithium project has now crossed 50,000 meters of drilling in two years, with four rigs turning and assays expected in the near term. A 20,000-meter summer drill program aims to upgrade Inferred resources to Indicated, the resource category required for the upcoming PEA. The treasury sits near $70 million after a May raise led by Canaccord plus warrant proceeds, funding a multi-season drill cadence. Wildfire-season delays in James Bay pushed fieldwork into fall and winter, but the cash balance and rig plan keep momentum going.

Q2 Metals - Cisco Lithium Project: High Grade Drill Results, 20,000M Program Underway, PEA This Fall

• Top takeaway She argues Cisco is a large, continuous spodumene body whose wide intervals should let the company convert a good majority of the inferred resource to indicated at about 75-metre drill spacing, possibly down to 50 metres in places.
• She frames the company's strategy as shifting from resource growth to a development story, concentrating on the main Cisco deposit while treating outcrop targets as optional upside.
• She points out the April 2026 maiden resource used only data received through December 31, 2025, so none of the winter program assays are reflected in it.
• She prioritizes near-surface mineralization in the current drilling because it enters a mine plan sooner, with an underground portion wrapping the open-pit shell.
• She is still weighing whether second-phase metallurgical results feed into the PEA or are held for a PFS or the feasibility study.

Final winter assays at Cisco hit wide spodumene (the lithium ore mineral) intervals, including about 137 metres in hole 88 with a 40-metre high-grade core. The maiden resource, published in April, is entirely Inferred; drilling at 120-metre centres, tightening toward 75 metres, aims to convert most of it to Indicated. A 20,000-metre summer program runs to mid-September and resumes in late October, feeding a resource update targeted for early 2027. A PEA (Preliminary Economic Assessment — an early-stage mine study) based on the maiden resource is due this fall, with feasibility the next likely step. A May financing raised $70 million, lifting cash to roughly $75 million — enough, management says, to fund drilling and studies through feasibility.

Q2 Metals is Expanding on the 4th Largest Hard Rock Lithium Deposit Globally

• Top takeaway Milne argues the maiden inferred resource at Cisco is 'a huge milestone' that validates the summer-through-fall drilling campaign, and frames Cisco as the fourth-largest hard rock lithium deposit globally.
• She presents the full $70 million raise, including the $10 million over-allotment, as evidence of demand for the story, noting the company marketed heavily in April ahead of the resource release.
• Her strategy view is that continued drilling is the main data engine, feeding a preliminary economic assessment and then either a pre-feasibility study or straight to feasibility, with baseline studies and metallurgy work running in parallel.
• She points investors to the still-unreleased assays from roughly 10,000 meters of winter drilling as the next thing to watch, alongside continued de-risking of Cisco.
• On ownership, she characterizes the last six months as a favourable shift from retail 'mom and pops' to institutional funds she hopes will hold long-term.

Q2 Metals' maiden 295Mt inferred resource at Cisco makes it, in the CEO's view, the fourth-largest hard rock lithium deposit globally. The C$70M raise closed weeks after the resource news, shifting the shareholder base from retail investors toward institutions. That cash funds a 20,000-metre summer drill campaign, with the CEO targeting 60,000 metres over two years to expand Cisco. Investors are waiting on assays from 10,000 metres of winter drilling, the clearest near-term test of the deposit. Hard rock lithium comes from spodumene-bearing pegmatite, crushed and converted, a more predictable process than South American brine.

Q2 Metals - 20,000-Meter Summer Drilling Program, Closed $70Million Financing

Q2 Metals launches a fully-funded 20,000-meter summer drilling program at the Cisco Lithium Project in Quebec, balancing infill drilling with expansionary targets. The company successfully closed a C$70 million financing backed by strong institutional interest, providing a substantial runway to a feasibility study by late 2026. Upcoming catalysts include winter drill results and the completion of a Preliminary Economic Assessment (PEA) for the district-scale lithium play.

Q2 Metals - Maiden Resource Estimate At The Cisco Lithium Property: 295Mil Tonnes Grading 1.36% Li2O

Q2 Metals announced a landmark 295 million tonne maiden resource at 1.36% Li2O, positioning Cisco as a premier hard rock lithium deposit in the Americas. The project boasts significant logistical advantages in James Bay, Quebec, with strong infrastructure access and expansion potential in all directions. The company is fully funded for its upcoming summer drill program aimed at upgrading resources and advancing toward a Preliminary Economic Assessment.