Mr. Scott Petsel reports

METALLIC MINERALS LAUNCHES FIRST PHASE DRILL PROGRAM AT THE LA PLATA COPPER-SILVER-GOLD-PGE PROJECT IN SOUTHWEST COLORADO, USA

Metallic Minerals Corp. has begun the 2023 exploration and drill campaign at the La Plata copper-silver-gold-PGE (platinum group element) project, located in southwest Colorado.

In May, 2023, Newcrest Mining Ltd. completed a 9.5-per-cent strategic equity investment into Metallic Minerals with the goal of accelerating advancement of the La Plata porphyry project. This financing will support a two-phase drill campaign in 2023 that will build on the success from work in 2022. The initial phase is expected to consist of approximately 5,000 metres of diamond core drilling, primarily focused on resource expansion at the Allard porphyry deposit.

A top priority for the program will be to conduct stepout drilling from the major discovery in drill hole 22-04 which intersected 816 metres of 0.41 per cent copper equivalent (0.30 per cent Cu, 2.47 grams per tonne silver, 0.038 g/t gold, 0.055 g/t palladium and 0.093 g/t Pd) from surface and ended in 5.39 per cent CuEq over 5.2 m (2.44 per cent Cu, 18.7 g/t Ag and 5.0 g/t Au plus platinum group elements). Hole 22-04 did not reach target depth and ended in mineralization due to mechanical issues. Drilling in 2023 will test the lower limits of mineralization and some holes are scheduled for as deep as 1,200 metres.

Scott Petsel, Metallic Minerals' president, stated: "We see a real opportunity for world-class scale and grade at La Plata and have confidence in our ability to quickly grow the existing resources. Hole 22-04 was not only the widest and highest-grade drill hole ever drilled on the project, it was also one of the top holes drilled in the last several years at any copper project in North America. We also expect to be able to increase the overall grade of the resource moving forward as we include precious metals credits previously not accounted for. Our exploration work over the past two years has defined 16 additional untested porphyry targets across the greater property, which appear to have very similar characteristics to the Allard deposit and could result in additional new discoveries. The drill is currently mobilizing to site."

The Allard deposit remains open to significant expansion within the resource area to the east, north and west and to depth, with the potential to add gold, platinum and palladium to the current copper and silver resource with the completion of additional exploration drilling. In addition, the larger porphyry system at the La Plata project, which covers an area of over 10 square kilometres, remains underexplored with the potential for new discoveries of both additional copper porphyry centres, as well as high-grade epithermal silver and gold systems.

Yukon Mining Alliance 2023 property tours

Metallic Minerals will be participating in the Yukon Mining Alliance property tours and investment conference in Dawson City on July 19. Select tour participants will visit Metallic's Australia Creek alluvial gold royalty property in the Klondike gold district, currently under lease to Parker Schnabel's Little Flake Mining as seen on Discovery Channel's Gold Rush television program. More information whereabout the YMA property tours and conference can be found on-line. For more information about Metallic's lease agreement with Little Flake Mining, go on-line.

About Metallic Minerals Corp.

Metallic Minerals is a leading exploration and development stage company focused on copper, silver, gold and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. The company's objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing its projects toward development.

In 2023, the company announced a 9.5-per-cent strategic investment by Newcrest Mining for the continued advancement of the company's La Plata project in southwestern Colorado. The inaugural National Instrument 43-101 mineral resource estimate, announced in 2022, identified a significant porphyry copper-silver resource containing 889 million pounds copper and 15 million ounces of silver and an updated estimate is currently being finalized. Notably, Colorado was recently ranked fifth globally for investment attractiveness and second in the United States in the 2023 Fraser Institute's Annual Survey of Mining Companies.

In Canada's Yukon territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining's operations, with more than 300 million ounces of high-grade silver in past production and current measured and indicated resources. Hecla Mining, the largest primary silver producer in the United States and third largest in the world, completed the acquisition of Alexco Resources and its Keno Hill operations in September, 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic Minerals is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

The company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Mr. Schnabel of Little Flake Mining from the hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a record of discovery and exploration success, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

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