CORPORATE OVERVIEW

Quest is a Canadian exploration and development company focused on the development of its important Strange Lake rare earth (REE) deposit in northeastern Québec, the identification and discovery of new REE deposit opportunities, and the engineering and construction of a processing facility in southern Québec.

Quest’s objective is to become a major stable global supplier of rare earth products. It has a preliminary agreement for the supply of zirconium product, and is continuing discussions with major industrial users of REE in Europe and North America. Quest is poised to establish a major new North American industrial sector of global importance, able to address the chronic HREE+Yttrium (HREE+Y) supply deficit over a long period of time.

Preliminary Economic Assessment as a Revision to the Strange Lake Pre-Feasibility Study

On April 9, 2014 Quest announced the completion of a Preliminary Economic Assessment (“PEA”) based on a revised development plan for its Strange Lake Rare Earth Project. The new development plan significantly reduces the market, operational and financial risks of the Strange Lake Project. The PEA estimates construction capital costs of approximately $1.321 billion (excluding the rare earth separation plant), a decrease of an approximately $1.23 billion in construction capital from the pre-feasibility study published by Quest in October, 2013 (“PFS”), and savings of $182 million in sustaining capital. These anticipated improvements will be further evaluated during the definitive Feasibility Study (“FS”) to be initiated in the fall of 2014. A National Instrument 43-101(“NI 43-101”) compliant technical report summarizing the PEA, prepared by Micon International Limited (“Micon International”), has been filed under Quest’s SEDAR profile at www.sedar.com and on EDGAR at www.sec.gov/edgar. The PEA reflects Quest’s revised development plan for the Strange Lake Rare Earth Project and, as such, it supersedes the PFS.

Exploration Strategy

The Corporation’s 2009 exploration program led to the discovery of a major new REE deposit, the B-Zone, on the Corporation’s Strange Lake property. In September 2010, the Corporation completed a mineral resource estimate as well as a Preliminary Economic Assessment of the Strange Lake B-Zone deposit. Drilling on 60 m by 80 m centres over the defined limits of the deposit in the summer of 2010 allowed Quest to develop a revised Indicated and Inferred Resource Estimate in April 2011. The report was used as the basis to develop a program of definition drilling and to commence a pre-feasibility study program at Strange Lake in 2011. Quest believes Strange Lake has the potential to be one of the world's largest and highest-grade heavy rare earth (HREE) mining projects.

The Strange Lake property comprises a total of 504 claims all located in Québec. The property, located 220 km northeast of Schefferville and 125 km west of the Voisey’s Bay Nickel-Copper-Cobalt Mine (Figure 1), covers an area of 22,479 hectares. Exploration work on the Strange Lake Project has been focused around the Strange Lake B-Zone REE deposit discovered by Quest in 2009 and around additional REE showings identified by Quest crews on the property.

Quest’s exploration strategy combines prospecting and strong geological expertise with the use of leading-edge geophysical and geochemical techniques to search for mineral deposits. The Corporation also believes in conducting exploration through joint ventures with other mining firms, in order to share exploration risk and to benefit from its partners’ capabilities in mine development and production. In support of the Strange Lake development project work, Quest is currently in the process of building a rare earth and rare metal mine development team.

The Corporation’s shares are listed for trading on the Toronto Stock Exchange (TSX) under the trading symbol QRM. Additional information regarding Quest can be found on SEDAR www.sedar.com, www.sec.gov and on Quest’s web site (www.questrareminerals.com).