Vancouver, British Columbia--(Newsfile Corp. - June 18, 2024) - Quest Critical Metals Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR0) ("Quest Critical Metals" or the "Company") is pleased to announce that, further to its press release dated May 22, 2024, it has closed the first tranche of a non-brokered private placement offering (the "Private Placement"), pursuant to which the Company issued an aggregate 3,068,163 units (each, a "Unit") at a price of $0.22 per Unit, generating gross proceeds of $674,996.

Each Unit is comprised of one common share in the authorized share structure of the Company (each, a "Common Share") and one Common Share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one additional Common Share (a "Warrant Share") of the Company at a price of $0.35 per Warrant Share for a period of two (2) years from the date of closing.

In connection with the first tranche closing of the Private Placement, the Company has paid cash finders' fees totaling $17,316 to eligible finders that have introduced subscribers to the Company.

The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval from the CSE.

All securities issued in connection with the first tranche closing of the Private Placement will be subject to a statutory hold period in accordance with applicable Canadian securities laws, and may not be traded until October 19, 2024. The Company intends to close the second tranche of the Private Placement in the near future.

The gross proceeds of the Private Placement will be used for an initial drill program at the Company's Tisvoa Klingenthal copper/cobalt property, and for general corporate and working capital purposes. The Tisvoa property is drill ready, following a geophysical survey that identified a very large, untested anomaly and confirmed the reinterpretation of the deposit as a Volcanic Massive Sulphide (VMS) style deposit. The Tisova project covers over 120km² straddling the German/Czech border near the Czech town of Kraslice and the German town of Klingenthal in the Erzgebirge mountain range.

Quest Critical Metals Inc.

James Newall, President and CEO
T: (604) 639-4472

Forward-Looking Statements

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 Company's ability to complete the Private Placement on the terms and on the proposed closing timeline announced or at all and the use of proceeds of 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.