MetalQuest Mining Inc. announced the completion of an agreement signed with Wasayao Strategy Group. The group specializes in developing relationships with First Nations in the region of Northern Quebec. Wasayao are based in Nemaska, Quebec and are associated with the Cree Nation.

Robert Kitchen, CEO of Wasayao is a former Chief of the Cree Nation of Waswanipi and has over 20 years of experience in conjunction with First Nations and mining companies. Jeremy Diamond, Chief Operating Officer of Wasayao, and CEO of SD Mines also has many years of experience in conjunction with mining and First Nation affairs. The Lac Otelnuk Iron Ore project is one of the largest undeveloped Iron ore projects in North America.

It is located in Quebec in the world-famous Labrador Trough, where most North American Iron ore is mined. MetalQuest Mining owns 100% of Lac Otelnuk which includes 306 claims. From 2005 to 2018, approximately $150 was expended on the property including a NI 43- 101 Mineral Resource Estimate and a Feasibility Study that was completed in 2015 by previous operators. All 306 claims are subject to a 2.5% royalty with an option to buy-down the royalty to 0.7%.

The claims remain in good standing with assessment credits totaling approximately $30 million. In February 2023, the Quebec government transferred the claims from the previous owner to MQM.