Mr. Greg Johnson reports

METALLIC MINERALS CLOSES FINAL TRANCHE OF $2 MILLION FLOW-THROUGH PRIVATE PLACEMENT FINANCING

Metallic Minerals Corp. has closed the second and final tranche of its previously announced non-brokered private placement. Under the final tranche, investors subscribed for an additional 1,062,500 flow-through common shares of the company at a price of 40 cents per FT common share for gross proceeds of $425,000, bringing the total offering to $2,025,000.

Greg Johnson, chief executive officer, and chairman, stated: "We are pleased to complete this funding round for our Keno silver and Klondike gold projects. Preparations are under way to begin drilling on the Keno silver project, with a priority on resource expansion and potential new discoveries. Work will start at the Formo target, which is the largest of the four deposits contributing to the initial resources announced earlier this year. The company also intends to direct funds toward development of our alluvial gold royalty properties in the Yukon's storied Klondike gold district. Also, as previously announced, field activities are under way at our La Plata project in southwest Colorado, and we look forward to providing further updates on each of our programs and initiatives as they advance."

Proceeds from the offering will be used toward eligible Canadian exploration expenses, within the meaning of the Canadian Income Tax Act. The company may pay finders' fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. All securities issued pursuant to the offering are subject to a hold period of four months and one day from their date of issuance, under applicable Canadian securities laws. Completion of the offering is subject to the acceptance of the TSX-V.

The FT common shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

Certain directors and officers of the company subscribed for 127,500 shares of the offering for gross proceeds of $51,000. Participation of the officers and directors in the offering is considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority approval requirements in Multilateral Instrument 61-101 as neither the fair market value of the securities to be issued, nor the fair market value of the consideration for the securities to be issued, insofar as it involves such insiders, exceeds 25 per cent of the company's market capitalization.

About Metallic Minerals Corp.

Metallic Minerals is a resource-stage mineral exploration company, focused on copper, silver, gold and platinum group elements in districts that have the potential to host Tier 1 deposits in the United States and Canada. Its 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 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 Corporation in November, 2023). The U.S. 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 Territory, Metallic Minerals has the second-largest land position in the historic 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 measured and indicated resources. The new 2024 resource estimate at the company's Keno silver project adds 18.2 Moz 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 the 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 and base metal 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 is working collaboratively with Canadian first nation groups, U.S. tribal/native corporations, and local communities to support successful exploration at our projects.

We seek Safe Harbor.