Mr. Greg Johnson reports

METALLIC MINERALS PROVIDES CORPORATE AND PROJECT UPDATE INCLUDING KEY CATALYSTS FOR 2025

Metallic Minerals Corp. has provided a corporate and project update covering the key goals and achievements over the past year together with the outlook for anticipated catalysts in 2025 across its portfolio of projects in established mining districts in Canada and the United States.

Key corporate and project highlights:

• Released inaugural National Instrument 43-101 inferred mineral resource estimate at the Keno silver project of 18.2 million ounces silver equivalent contained within 2.5 million tonnes with an average grade of 233 grams per tonne (g/t) silver equivalent (120 g/t silver, 0.10 g/t gold, 0.80 per cent lead and 1.77 per cent zinc).
• Released results from 4,530 metres of a drill program at the La Plata project in Colorado financed by Newmont Corp.'s strategic 9.5-per-cent equity investment.
• Undertook district-scale exploration and target prioritization work at the La Plata project in collaboration with Newmont's technical team to advance and prioritize new targets to a drill-ready status.
• Received additional royalty payments from gold production at the Australia Creek property in the Klondike district of the Yukon with significant project development work to support expanded production in 2025.
• Appointed Dr. Stephen Enders, former senior vice-president of worldwide exploration for Newmont, to the board of directors.

Greg Johnson, chairman and chief executive officer of Metallic Minerals, stated: "We are very pleased with the significant achievements across our portfolio over the past two years, highlighted by our inaugural inferred resource estimate at Keno Silver and the strategic partnership with Newmont Corp. to advance our La Plata project. The upcoming year promises to be transformative for Metallic Minerals as we anticipate key catalysts that include: an updated resource estimate for La Plata, which will incorporate precious metals analyses not previously included, results from our Keno silver drill program, and continued growth in our gold royalty production in the Yukon. With the large and mid-cap mining indices breaking above downtrend lines which extend back to the peak of the last commodity cycle in 2011, there's strong evidence that the sector has moved into a new cycle. Couple this with the venture index which seems poised to follow, Metallic Minerals is exceptionally well positioned to capitalize on the favourable market dynamics for both copper and precious metals."

Corporate developments

Metallic Minerals has made significant progress on the corporate front over the past two years, securing a strategic 9.5-per-cent equity investment from Newmont Corp. in 2023, followed by two subsequent top-up financings by Newmont in 2024. The company established a joint technical committee with Newmont to provide expertise and collaboration on the La Plata project, leveraging Newmont's considerable experience with similar deposits in their portfolio including their world-class Cadia and Red Chris mines. Additionally, the company strengthened its board of directors with the appointment of Dr. Stephen Enders, who brings valuable industry expertise from his previous roles as senior vice-president of worldwide exploration for Newmont, president of Phelps Dodge Exploration Corp., and department head for geology and geological and mining engineering at the Colorado School of Mines.

La Plata copper-silver-gold-PGE (platinum group element) project, Colorado, United States

At the La Plata project, the company released results in 2024 from 4,530 metres of diamond drilling funded by Newmont's strategic investment. These results confirmed and extended significant copper-precious metals mineralization with all holes intersecting continuous porphyry style mineralization over their entire length (up to 1,350 metres). The NI 43-101 inferred mineral resource estimate for the project defined 1.21 billion pounds of copper and 17.6 million ounces of silver with 147.3 million tonnes at an average grade of 0.37 per cent copper and 3.72 g/t silver (0.41 per cent copper equivalent) using a 0.25 per cent copper equivalent cut-off grade.

Delays on lab results for platinum group element analyses have been resolved for surface samples and drill core from La Plata. These data, along with results from the most recent drilling incorporating new geologic modelling of the deposit, are being incorporated in an updated mineral resource estimate anticipated to be completed in Q2 2025. The updated resource estimate will include platinum, palladium and gold, in addition to copper and silver, for the portion of the deposit that contains these elements.

Metallic Minerals completed extensive district-scale exploration and target prioritization work in 2024 in collaboration with Newmont's technical team, resulting in the advancement of four new targets to a drill-ready status, with over 20 additional target areas identified within the 25-square-kilometre porphyry system footprint. Results from this sampling and mapping work are being interpreted and are anticipated to be released in coming weeks.

Working with researchers at Cardiff University, the company has initiated mineralogical testwork and analysis of copper, silver, gold and platinum group metal mineralization at La Plata.

In addition, the USGS (United States Geological Survey) announced the release of its high-resolution airborne magnetic and radiometric survey over the La Plata mining district. These surveys were completed as part of the USGS earth mapping resource initiative focused on areas that have been identified as potential critical minerals resources for the United States. The La Plata deposit hosts a suite of four elements including copper, platinum, palladium and tellurium, that are now listed as critical minerals in the United States.

Metallic Minerals also held its first community open house events and launched a project website as part of its engagement with the local stakeholders, communities and tribal groups associated with the La Plata project.

Keno silver project, Yukon Territory

A major milestone at the Keno silver project was the announcement of an inaugural NI 43-101 inferred mineral resource estimate totalling 18.2 million ounces silver equivalent contained within 2.5 million tonnes at a grade of 223 g/t silver equivalent (120 g/t silver, 0.10 g/t gold, 0.80 per cent lead and 1.77 per cent zinc) across four separate deposits: Formo, Fox, Caribou and Homestake. Over 40 additional targets have been identified and advanced on the project through surface sampling or drilling, which highlights the opportunities for continued new discoveries and the development of new resource areas.

The company also completed 718 metres of drilling in 2024, focusing on resource expansion at the Formo deposit and advanced multiple new targets including the strategically located Rain and Shine prospect near Hecla Mining's district mining and milling operations. Results from drilling and surface sampling will be released as part of an upcoming Keno silver project update in a future news release.

Klondike gold royalty portfolio

Metallic Minerals is one of the largest owners of alluvial gold mining claims in the Yukon Territory and is focused on building a portfolio of gold royalties in the historic Klondike gold district to provide a revenue stream to complement its exploration activities. The company has realized royalty revenue from alluvial gold production in both 2023 and 2024 and is seeking new operators for its significant additional claim holdings.

The company has made substantial recent progress on new production royalty agreements and has completed project infrastructure development to support increased production in 2025. Metallic Minerals has also initiated the permit renewal process on its existing operations and has filed new applications on additional undeveloped claims to support expanded royalty production.

Anticipated catalysts for 2025

Results from surface sampling, mineralogical testing and an updated resource estimate for the La Plata project are in process, as well as drill results from the Keno silver project. In addition, planning is under way for exploration programs in 2025 at La Plata, Keno Silver and the Klondike.

Near-term catalysts (Q2 2025)

• District-wide surface sampling at La Plata showing development of high-priority drill targets in addition to resource expansion potential at the Allard resource area;
• Mineralogical testwork at la Plata in collaboration with researchers at Cardiff University;
• Updated resource estimate for La Plata incorporating recent drilling financed by Newmont. This update will incorporate expanded precious metals analyses, including first inclusion of platinum, palladium and gold, in addition to copper and silver, in the mineral resource estimate;
• Results from resource expansion drilling at Keno silver.

Development catalysts in 2025

• Planned exploration programs at both La Plata and Keno silver projects;
• High potential for new discoveries and continued resource growth at both La Plata and Keno silver;
• Anticipated increase in royalty production from Australia Creek operations and potential for new royalty agreements.

Market context and commodity outlook

The fundamental outlook for both copper and precious metals remains highly constructive. The large and mid-cap mining indices are outperforming the general market, supporting that the sector has moved into the early stages of a new major commodity cycle. The venture index, which is dominated by exploration and development companies like Metallic Minerals, is also on the verge of breaking out and demonstrates the exceptional value present in resource stage companies today.

Copper market dynamics are being driven by:

• Accelerating demand from global electrification and renewable energy adoption;
• Supply constraints from aging mines and lack of new major discoveries;
• Critical role in clean energy transition and infrastructure development.

Precious metals markets are supported by:

• Continuing macroeconomic uncertainty and inflation concerns;
• Central bank purchasing activity;
• Supply-demand fundamentals particularly for copper and silver.

Metallic Minerals is well positioned with its portfolio of copper and precious metals projects in top-tier North American jurisdictions to capitalize on these favourable market dynamics through 2025.

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 projects toward development.

At the company's La Plata project in southwestern Colorado, the expanded 2023 National Instrument 43-101 inferred mineral resource estimate highlights a significant porphyry copper-silver resource containing 1.21 billion pounds of copper and 17.6 million ounces of silver, with numerous additional targets showing potential for a district-scale porphyry system. Newmont Corp. is a 9.5-per-cent strategic investor in Metallic Minerals, and provides expertise and collaboration on the La Plata project through a joint technical committee. The U.S. Geological Survey has identified the La Plata mining district as a critical minerals 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.

In Canada's Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the 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 M&I resources. The 2024 inferred mineral resource estimate at the company's Keno silver project adds 18.2 million ounces silver equivalent grading 223 g/t silver equivalent (120 g/t silver, 0.10 g/t gold, 0.80 per cent lead and 1.77 per cent zinc) 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.

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 has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

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