Mr. Scott Petsel reports

METALLIC MINERALS EXPANDS RESOURCE AT LA PLATA COPPER-SILVER-GOLD-PGE PROJECT IN SOUTHWESTERN COLORADO, USA

Metallic Minerals Corp. has released an updated National Instrument 43-101 mineral resource estimate representing a 25-per-cent increase in contained metal based on an additional 1,730 metres of diamond drilling completed at its La Plata project in 2022. Inferred mineral resources at the Allard deposit now total 1,211,000 pounds (lb) of copper (Cu) and 17.6 million ounces (Moz) of silver (Ag) in a constrained model with 147.3 million tonnes (Mt) at an average grade of 0.41 per cent copper equivalent (CuEq) (0.37 per cent Cu and 3.72 grams per tonne (g/t) Ag) using a 0.25 per cent CuEq cut-off grade (see the notes to the table entitled "2023 updated La Plata inferred mineral resource estimate at a base case cut-off grade of 0.25 per cent CuEq with grade and contained metal sensitivity analysis at various CuEq cut-off grades").

The expansion from the inaugural resource to the current 1,317,000 lbs CuEq is largely driven by the major discovery in drill hole LAP22-04 (drilled in 2022), which intersected 816 metres of 0.41 per cent CuEq recovered (0.30 per cent Cu, 2.47 g/t Ag, 0.038 g/t Au (gold), 0.055 g/t Pd (palladium) and 0.093 g/t Pd) bottoming in 5.39 per cent CuEq recovered over 5.2 m (2.44 per cent Cu, 18.7 g/t Ag, five g/t Au plus PGE (platinum group elements)). Follow-up drilling is currently under way to test the extent of this newly discovered high-grade mineralizatio and, at the time of this news release, the first offset drill hole was drilling in porphyry mineralization and had reached approximately 500 m depth.

The Allard deposit resource remains completely open to expansion laterally and to depth. Future mineral resource estimates will add gold, platinum and palladium to the copper and silver resource with additional drilling. These metals were not previously assayed for in historic drilling but add significant value to the recent drill intercepts. Furthermore, the greater La Plata copper-silver-gold-PGE project remains underexplored and open to new discoveries of both additional copper porphyry centres, as well as high-grade epithermal silver, gold and telluride mineralization that were the focus of historic mining in the district.

Highlights:

• Inferred mineral resources at the Allard deposit now total 1,211,000 pounds of copper and 17.6 million ounces of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41 per cent CuEq (0.37 per cent Cu and 3.72 g/t Ag) using a 0.25 per cent CuEq cut-off grade.
• Contained copper equivalent metal has increased by 25 per cent to 1,317,000 pounds and the overall grade of the deposit also increased 5 per cent to 0.41 per cent CuEq.
• Significant upside exists for both increases in equivalent grade and precious metal ounces due to limited historic assaying for gold, platinum and palladium. These metals, which are found in high concentrations in the 2022 drilling but are not included in the current resource estimate, are anticipated to be added with additional drilling. The precious metals component of LAP22-04 (silver, gold, platinum and palladium) can add 50 per cent or more in equivalent value above the copper-only values in that hole.
• The Allard resource remains open to expansion at depth and along strike with the discovery drill hole LAP22-04 being the easternmost hole drilled in the deposit.
• Sixteen untested potential porphyry centres have been identified on the greater La Plata project area, as well as target areas with potential for significant high-grade epithermal silver, gold and telluride mineralization.
• Resource expansion drilling in 2022 totalled 1,780 m, bringing the project total to 16,930 m in 59 drill holes.

An NI 43-101-compliant technical report on the 2023 La Plata resource will be filed on SEDAR within 45 days.

Scott Petsel, Metallic Minerals' president, states: "The current expansion of the La Plata resource is an early first step in realizing the true potential of the project and the fact that we were able to achieve a 25-per-cent increase over the inaugural resource with a modest amount of drilling in 2022 speaks to the well-mineralized yet underexplored nature of the project. Hole LAP22-04 resulted in the discovery of new, extremely rich mineralization that is unconstrained to the east, north and at depth, and clearly requires follow up drilling to understand the true size and nature of the Allard resource. Metallic Minerals, in collaboration with our strategic investor Newcrest Mining, is excited to pursue expansion on this discovery in 2023 and have secured a drill capable of penetrating well beyond the current resource extent. The continuity of mineralization starting from surface, coupled with the very high grades at depth, represent significant upside to both scale and grade in future resource updates. We expect considerable expansion of the contained precious metals and copper with subsequent drilling, and envision the potential scale for a tier 1 asset. In addition, numerous high-priority untested targets have been identified outside of the resource area that we hope to begin testing in 2023."

La Plata property overview

Metallic Minerals' La Plata project covers 44 square kilometres 20 km north of Mancos, Colo., within the historic La Plata mining district, that is in the southwest portion of the prolific Colorado mineral belt. The La Plata project is easily accessible by highways and improved gravel roads, and is near significant power transmission lines.

The La Plata district has a long and rich history of mining, with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from mineralized deposits at over 90 individual mines and prospects. From the 1950s to 1970s, major miners, including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge), explored the district, focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization. Freeport-McMoRan retained ownership of claims in the district until 2002, when it sold the holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 17,215 metres in 59 drill holes has been drilled on the property from the 1950s to present; this drilling has demonstrated the presence of a large multiphase porphyry system with copper, silver and gold, with more recent discoveries highlighting the potential for significant PGEs, rare earth minerals and tellurium. This large-scale mineralized system is associated with a 10-square-kilometre strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least eight km by two km that hosts 56 identified mineralized veins, and replacement and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold.

Copper mineralization with associated silver, gold, platinum and palladium is hosted by a large-scale, Late Mesozoic age, alkalic porphyry system with related silver, gold, telluride epithermal vein, breccia and replacement deposits hosted in adjacent sedimentary rocks. Porphyry copper systems are some of the largest sources of copper and precious metals production worldwide and are frequently cornerstone tier 1 assets for the major mining companies. The subtype of porphyry systems, known as alkalic porphyry deposits, commonly contain higher-grade precious metal content like at La Plata and can demonstrate significant scale.

Critical minerals

The Allard deposit at La Plata is a significant potential source of copper and silver, both important industrial metals used for modern technologies broadly, and particularly in renewable and clean energy applications. Recent and historical work has also demonstrated that the broader La Plata district is also a potential source of other critical minerals identified by the United States government as requirements for economic and national security. Drilling by Metallic Minerals in 2022 returned multigram intervals of platinum group elements, with individual grades up to five g/t platinum and palladium, as well as critical minerals such as vanadium and rare earth elements. Tellurium, another element on the critical mineral list, was a byproduct of historic high-grade gold and silver production in the district. The potential for these critical minerals to add additional economic value to the La Plata project will be evaluated as part of continuing exploration efforts.

U.S. Geological Survey Earth Mapping Resources Initiative

The U.S. Geological Survey (USGS) is funding the Colorado Geological Survey for geological studies in the La Plata Mountains as part of the Earth Mapping Resources Initiative. The work to be carried out by the Colorado Geological Survey includes geologic mapping, as well as geochemical and mineralogical studies in the La Plata mining district to generate a greater understanding of the area's potential to host critical minerals. See USGS news release dated Jan. 25, 2023.

About SGS Geological Services

SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modelling of deposits of all types, and practical and theoretical experience, having realized hundreds of assessments for clients. The SGS team consists of a multidisciplinary group of qualified persons with a strong understanding of the disclosure requirements for mineral resources set out in the NI 43-101 -- Standards of Disclosure for Mineral Projects (2016), CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards for Mineral Resources and Mineral Reserves (2014), and a strong understanding of the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines 2019.

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 Yukon. The company's objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development.

At the company's La Plata project in southwestern Colorado, the new 2023 NI 43-101 mineral resource estimate identifies a significant porphyry copper-silver resource containing 1,211,000 pounds copper and 17.6 Moz of silver. Results from 2022 expansion drilling providing the basis for the updated resource, included the longest and highest-grade interval ever encountered at La Plata, and one of the top intersections for any North American copper project in the past several years. In May, 2023, the company announced a 9.5 per cent strategic investment by Newcrest Mining Ltd. to accelerate the advancement of the company's La Plata project. In the 2023 Fraser Institute's annual survey of mining companies, Colorado ranked fifth globally for investment attractiveness and second in the United States.

In Canada's Yukon, 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 Company, 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 is anticipating the announcement of inaugural mineral resource estimate at Keno silver in the second half of 2023.

Metallic Minerals is also one of the largest holders of alluvial gold claims in Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker 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 on several major precious and base metal deposits in the region, 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.

Qualified persons

The La Plata copper-silver project 2023 mineral resource estimate was prepared by Allan Armitage, PGeo, of SGS Geological Services, an independent qualified person, in accordance with the guidelines of the Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, with an effective date of July 10, 2023. Mr. Armitage conducted a site visit to the property on Aug. 13, 2021, and again on April 18 and 19, 2023. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Mr. Cary is a senior geologist and La Plata project manager for Metallic Minerals.

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