Mr. Greg Johnson reports

NEWMONT EXERCISES TOP-UP RIGHTS TO PURCHASE ADDITIONAL SHARES OF METALLIC MINERALS

Newmont Corp. has elected to exercise its top-up right to purchase additional common shares in Metallic Minerals Corp. in order to maintain its 9.5-per-cent interest pursuant to its investor rights agreement (IRA) dated May 18, 2023. Under the terms of the IRA, Newmont will purchase an aggregate of 577,776 common shares at a price of 36 cents per share, reflecting the company's July financing and certain other transactions completed over the past six months.

The top-up financing remains subject to customary closing conditions, including final approval by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months and one day from their date of issuance.

Newmont financed a 4,500-metre drill program at Metallic Minerals' La Plata copper-silver-gold-platinum group element project in southwestern Colorado through a $6.3-million strategic equity investment announced May, 2023. Results from that program announced in May, 2024, demonstrate the potential of the La Plata project to be a district-scale, precious-metal-rich porphyry system with multiple holes returning from 500 metres to 900 metres of continuous mineralization starting from surface and including some of the highest grade-thickness values for copper drill holes in the United States over the past year. Resource modelling is currently under way to integrate the recent drilling results into an updated resource estimate at the Allard deposit for the project.

Newmont has provided technical support and expertise to the La Plata project team through the joint technical committee, which has included multiple site visits and assistance with geologic and geophysical interpretations and hyperspectral data acquisition. These contributions are continuing, with Newmont providing experienced personnel to the project for enhancing surface data acquisition, geologic mapping and geophysics.

Metallic Minerals' chief executive officer and chairman, Greg Johnson, stated: "We are very pleased to continue the advancement of our excellent working relationship with the Newmont team. Metallic has worked closely with Newmont via our technical committee and appreciates the collaboration with their technical team at the site. The main Allard deposit remains open to expansion at depth and along trend, with more than 20 new surface targets identified, which may represent additional porphyry centres. Work is currently under way on the Allard resource, which will include adding gold, platinum and palladium to the existing copper and silver resource. The resource update is targeted to be complete in Q4 2024. Metallic has also been collaborating with Newmont personnel on follow-up surface sampling at the newly identified targets to advance the highest-priority targets to the first drill-testing stage outside of the Allard resource area in 2025."

In addition, Mr. Johnson continued: "Based on our attendance last week at the Precious Metals Summit in Beaver Creek, Colo., one of the keystone annual events for mining exploration companies and investors, we were pleased to see the interest in Metallic's projects and the recognition of incredible value opportunity represented by the junior explorer/developer market with gold moving to new all-time highs and the recent breakouts of the mid-cap and large-cap miners. Sentiment at the event was positive, with expectations that the current deep value level of the junior market would lead to outsized future returns reflecting the scarcity of world-class discoveries and assets in copper, silver and gold currently under development in a period of such strong demand fundamentals."

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 2023 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. The company announced a 9.5-per-cent strategic investment by Newmont in May, 2023. The U.S. Geological Survey has identified the La Plata mining district as a critical mineral resource area under the Earth Mapping Resources Initiative program and has completed significant geologic and geophysical studies to enhance understanding of the critical mineral occurrence in the district. The La Plata project is located between the communities of Mancos and Durango, Colorado, north of Highway 160.

In Yukon, Canada, Metallic Minerals has the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla'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 silver equivalent to the company's total resources. Hecla is the largest primary silver producer in the United States and is 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 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.