An anonymous director reports

METALLIC MINERALS ANNOUNCES FLOW-THROUGH PRIVATE PLACEMENT FINANCING

Metallic Minerals Corp. has arranged a non-brokered private placement of up to five million flow-through common shares of the company at a price of 40 cents per FT common share for gross proceeds of up to $2-million. Red Cloud Securities Inc. of Toronto, Ont., has been engaged on a best efforts basis for the offering.

Proceeds from the offering are intended to be used toward eligible Canadian exploration expenses, within the meaning of the Income Tax Act (Canada), at the company's high-grade Keno Silver project and the company's alluvial gold royalty portfolio in Canada's Yukon.

The company may pay finders' fees under the offering, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Closing is expected to occur on or around June 24, 2024. All securities issued are subject to a hold period of four months and one day from their date of issuance under applicable Canadian securities laws. The completion of the private placement is subject to TSX-V final approval.

About Metallic Minerals Corp.

Metallic Minerals is a resource-stage mineral exploration company focused on copper, silver, gold and platinum group elements in top North American mining jurisdictions. 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 expanded National Instrument 43-101 mineral resource estimate highlights a significant porphyry copper-silver resource containing 1.2 billion pounds of copper and 17.6 million ounces of silver, with numerous additional targets showing potential for a district-scale porphyry system. In May, 2023, the company announced a 9.5-per-cent strategic investment by Newmont Corp. (previously Newcrest Mining, which was acquired by Newmont in November, 2023). The United States Geological Survey (USGS) has identified the La Plata mining district as a potential critical-minerals resource area under the Earth Mapping Resources Initiative program, and in 2023 completed significant geologic and geophysical studies to enhance understanding of the critical-mineral occurrence in the district.

In Canada's Yukon, Metallic Minerals has the second-largest land position in the historical, high-grade Keno Hill silver district, directly adjacent to Hecla Mining Company's operations, with more than 300 million ounces of high-grade silver in past production and current M&I (measured and indicated) resources. The new 2024 resource estimate at the company's Keno Silver project adds 18.2 million ounces of silver equivalent to the company's total resources. Hecla is the largest primary silver producer in the United States, and soon to be Canada's largest with full production at its Keno Hill operations in 2024.

The company 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.

Metallic Minerals is led by a team with a record of discovery and exploration success on several major precious metals and base metals deposits in North America, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team is committed to responsible and sustainable resource development and has worked closely with Canadian first nation groups, U.S. tribal/native corporations and local communities to support successful project development.

We seek Safe Harbor.