MetalQuest Mining Completes Technical Gap Analysis for Lac Otelnuk Iron Project
Rockport, Ontario — February 18, 2026 — Leads & Copy —
MetalQuest Mining (TSXV:MQM) has completed a technical gap analysis for its Lac Otelnuk Iron Project. The analysis, conducted by AtkinsRéalis, validates the project’s development potential and alignment with current regulations.
Harry Barr, Chairman and CEO, stated the review identified no issues precluding the project’s advancement and outlined recommended next steps.
Key priorities from the Gap Analysis include:
- Targeted validation of historical geological work and QA/QC.
- Refinement of the mine plan, including evaluation of productivity-enhancing technologies.
- Assessment of modern processing improvements and equipment upgrades.
- Advancement of infrastructure and logistics planning.
- Strengthening ESG readiness, permitting progress, and stakeholder engagement.
- Updating project economics and financial modeling.
Barr said the company now has a clearly defined pathway to advance the Lac Otelnuk Project toward the next stage of feasibility work, following AtkinsRéalis’ review.
Management intends to progress subsequent project phases in alignment with environmental, social, regulatory, and market requirements, aiming to create long-term stakeholder value.
The company is advancing the project through a phased approach, re-assessing the plan with stakeholders, and optimizing the delivery system and market analysis through trade-off studies.
The Lac Otelnuk Iron Project is wholly owned by MetalQuest Mining and is one of North America’s largest historical NI 43-101 Technical Reports. It is located in the Labrador Trough.
Recent geopolitical developments have increased attention on high-quality jurisdictions like Quebec. The company and the project are seeing stronger interest from potential financing partners.
Canadian Prime Minister Mark Carney emphasized the strategic importance of critical minerals at the World Economic Forum in Davos on January 20, 2026. He noted the need for strategic autonomy across energy, food, critical minerals, finance, and supply chains.
Harry Barr and Max Kaczmer, Exploration Manager, will travel to Japan during the week of February 16–20 to meet with mining, metals trading, and manufacturing companies.
AtkinsRéalis completed the Gap Analysis focused on identifying gaps in the 2015 Feasibility Study for the Lac Otelnuk Iron Ore Project in June 2025.
Previous project owners invested approximately $120 million in resource delineation and the original FS. MetalQuest Mining intends to build on this foundation through a cost-effective and targeted approach.
The Gap Analysis confirmed extensive metallurgical and geometallurgical work has been conducted historically, providing a strong technical foundation.
A path forward has been outlined to address the findings and recommendations. The basis of this path forward is to address the main points in a logical sequence, optimize costs, and define a path forward that can best attract potential investors by using a staged approach.
Barr stated that the analysis underscores the generational importance of the Lac Otelnuk project to Canada. The company is now poised to responsibly advance the deposit with a strategic partner, aligning with modern expectations and creating long-term value.
Alexandr Beloborodov, P.Geo., an independent Qualified Person, has reviewed and approved the technical information in the release.
MetalQuest Mining owns 100% of Lac Otelnuk. The Lac Otelnuk Iron Project is located in Quebec’s Labrador Trough and is approximately 165 km by air northwest of the Town of Schefferville, and 1200 km northeast of Montreal by air.
MetalQuest Mining (MQM) announced the acquisition of the ROF-1 Project, a critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares, ~52,000 acres) on December 3rd, 2025.
The Company also owns ~1.8 million free trading shares and 2.5 million warrants at a strike price of $0.125 of Canadian Copper (CCI) as of the closing of trading on January 30th, 2026, CCI shares were trading at $0.78.
Two NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, New Brunswick, Eastern Canada.
Investors are invited to visit the MetalQuest Mining website. Any questions or comments can be directed to Harry Barr or Max Kaczmer.
Source: MetalQuest Mining
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