Mr. Fiore Alipert reports

METALLIS ANNOUNCES ADOPTION OF AMENDED & RESTATED 2024 SECURITY BASED COMPENSATION PLAN

At the annual and special meeting of shareholders held on Nov. 21, 2024, disinterested shareholders approved Metallis Resources Inc.'s amended and restated 2024 security-based compensation plan. The 2024 plan replaces and supersedes the company's amended and restated 2023 stock option plan.

The 2024 plan was presented to shareholders for their annual approval at the company's most recent annual and special meeting held on Nov. 13, 2025, where it received shareholder approval.

The 2023 plan was a 10-per-cent rolling stock option plan that reserved for issuance up to 10 per cent of Metallis's issued and outstanding common shares from time to time.

The newly adopted 2024 plan introduces a broader, dual-component structure consisting of the following:

• A rolling stock option component reserving for issuance up to 10 per cent of the company's issued and outstanding common shares as at the date of any stock option grant; and
• A fixed restricted share unit component reserving 1.5 million RSUs in aggregate.

Summary of key features of the 2024 plan

Stock options

Under the option component of the 2024 plan, directors, officers, employees, consultants and eligible investor relations personnel may receive stock options, all administered by the board based on compensation committee recommendations. The option pool represents up to 10 per cent of Metallis's issued and outstanding shares. Options may be granted for terms of up to 10 years at an exercise price not less than the market price at the time of grant, and are subject to vesting conditions set by the board. Options are non-transferable and subject to standard termination provisions, and any insider and investor relations grants remain within the customary sublimits.

Restricted share units

The RSU component provides for a fixed pool of up to 1.5 million RSUs, each subject to a minimum one-year vesting period. Once vested, RSUs may be settled in shares, cash or a combination thereof, based on a fair market value at the time of settlement.

RSU grants are subject to standard insider and consultant limits, termination provisions, and non-transferability, and any unvested RSUs are generally forfeited on termination unless otherwise determined by the company. The RSU component is subject to disinterested shareholder approval.

About Metallis Resources Inc.

Metallis is a Vancouver-based company focused on the exploration for gold, copper and silver on its flagship 100-per-cent-owned Kirkham property in Canada, situated in northwestern British Columbia's Golden Triangle, and on the Greyhound property, a gold/silver/antimony target in Idaho, United States.

Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB exchange and 0CVM on the Frankfurt Stock Exchange, and has 85,580,003 common shares outstanding.

We seek Safe Harbor.