Mr. Fiore Aliperti reports

METALLIS CLOSES $1,262,000 PRIVATE PLACEMENT AND APPOINTS NEW VP OF EXPLORATION

Metallis Resources Inc. has closed its non-brokered private placement and appointed a new vice-president of exploration. Details announcing the financing can be found in the company's previous news releases dated Feb. 24, 2026, and Feb. 25, 2026. The financing remains subject to final acceptance by the TSX Venture Exchange.

Total proceeds from the financing are $1,262,000, resulting in the issuance of 4,762,500 non-flow-through units at a price of 16 cents per unit for proceeds of $762,000 and 2.5 million flow-through common shares at a price of 20 cents per share for proceeds of $500,000. The financing resulted in the issuance of a total of 7,262,500 shares.

Each non-flow-through unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share at a price of 26 cents per share for a period of three years.

The flow-through shares issued will qualify as flow-through shares for the purpose of the Income Tax Act (Canada). All flow-through proceeds will be used to incur Canadian exploration expenses (within the meaning of the act). The company will renounce these expenses to the purchasers with the effective date of no later than Dec. 31, 2026, in accordance with the requirements of the act.

Shares and warrants issued on closing are subject to a trading hold period expiring four months plus one day from the date of issuance.

Finders' fees of $37,280, along with 45,500 finders' warrants, also exercisable at a price of 26 cents per share for a period of three years, were paid to registered finders.

Use of proceeds

The proceeds from the flow-through shares will be used for qualifying expenditures at the Kirkham property in northwestern British Columbia. Proceeds from the non-flow-through units will be used to advance exploration activities at both the company's Greyhound and Kirkham projects, as well as for general corporate purposes.

Corporate update

The company is also very pleased to announce the appointment of Dave Nuttal, PGeo, as its vice-president of exploration.

Mr. Nuttall is a professional geoscientist registered with Engineers and Geoscientists British Columbia with extensive experience leading and advancing mineral exploration projects and contributing to multiple mineral discoveries across Canada and the United States. Mr. Nuttall brings a strong blend of field, technical and leadership expertise gained through senior roles, including president of Geo Exploration, vice-president of exploration at Serac Exploration, technical adviser at Walker River Resources and chief geologist at Scottie Resources Corp. Throughout his career, he has managed multidisciplinary exploration teams and overseen programs ranging from project evaluation and early-stage target generation through advanced resource definition and production drilling in both open-pit and underground operations.

Mr. Nuttall completed his education at the University of British Columbia, where his research focused on magma chamber dynamics within the Coast plutonic complex of British Columbia. During his academic career, he received several prestigious awards, including the Shell Mapping Award, the Economic Geology Scholarship, the Endeavour Silver Scholarship and the GAC Logan Award.

Mr. Nuttall has played key roles in multiple new mineral discoveries and significant extensions to known mineralized zones, with experience spanning a broad range of precious and base metal deposit types, including epithermal, orogenic, Carlin-type, porphyry, VMS (volcanogenic massive sulphide), skarn, sedex (sedimentary exhalative) and IOCG (iron oxide, copper and gold) systems. He has contributed directly to new and extension discoveries, including the Blueberry contact zone, the Gulley, Wolf, Road and Serac zones (Scottie Resources), Krakatoa (BMC Minerals), and the Fork, Wedge and South Austin extensions (Pure Gold).

The company believes Mr. Nuttall's combination of technical expertise, discovery experience and leadership in advancing exploration projects will play an important role in refining exploration targets and advancing the discovery potential of Metallis's Greyhound and Kirkham projects in northwestern British Columbia.

Fiore Aliperti, chief executive officer of Metallis Resources, commented: "With great pleasure, we welcome Dave to the Metallis team. With planned work at both our Greyhound and Kirkham projects, 2026 is shaping up to be an exciting year for the company, and Dave's technical expertise and leadership will strengthen our exploration capabilities as we continue advancing our projects."

The board would also like to thank Dave Dupre for his 13 years of dedicated service as vice-president of exploration. Mr. Dupre has played a key role in advancing the company's exploration initiatives, and has served Metallis and its shareholders with professionalism, knowledge and integrity. Mr. Dupre will continue to support the company as a member of its technical advisory board.

The company also announces that, pursuant to the terms of the company's stock option plan, the board of directors has approved the grant of an aggregate of 1.85 million incentive stock options to its directors, officers and certain consultants at an exercise price of 18 cents per share, exercisable for a five-year period. The options are subject to regulatory approval from the TSX Venture Exchange. Along with previously granted and unexercised stock options that remain outstanding, the company now has 7.8 million outstanding stock options, representing 8.39 per cent of the company's outstanding common shares.

About the Kirkham property

The wholly owned, 106-square-kilometre Kirkham property is located about 65 kilometres north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay (sulphurets) camp. The property is contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain project to the north and Eskay Mining Corp. to the east. It is located along a strategic geological boundary -- the "red line" exposed on the western margin of the Eskay Rift system and is prospective for multiple mineral deposit types. The Kirkham property is within 20 kilometres of the past producing Eskay Creek mine while the eastern border is within 12 to 20 kilometres of Seabridge Gold's KSM deposits and Newcrest Mining's producing Brucejack mine.

About the Greyhound property

In February, 2024, the company optioned the Greyhound property, located in Custer county, Idaho, approximately 42 kilometres northwest of the town of Stanley and 35 kilometres south of Perpetua Resources' Stibnite mine. The property was the centre of an active silver mining camp in the early 1900s, and at one point contained a smelter and two active mines situated along the 3.5-kilometre Greyhound shear. In 2024, the company staked additional land around Greyhound for a total current property size of 673 hectares.

Greyhound mineralization is hosted by prominent shear zones with polymetallic quartz-sulphide veins containing elevated concentrations of gold, silver, antimony (a critical mineral), lead and zinc.

Greyhound shares certain geological characteristics with the Lucky Friday mine in northern Idaho. Both properties exhibit vein mineralization occurring as fracture-fillings, disseminations, and tabular masses of galena and tetrahedrite along with accessory pyrite in a gangue of siderite, calcite and quartz. The Lucky Friday zone is a singular, curved tabular body that dips almost vertically. The vein at Lucky Friday has a strike length of up to 450 metres and a width that varies from centimetres to as much as six metres. The average varies from 1.2 to 1.8 metres over the full length (SLR, 2022).

Metallis states that while the Lucky Friday mine may share some geological similarities with the Greyhound property, no representation is made that comparable results will be achieved at Greyhound.

Qualified person

David Dupre, PGeo, vice-president, exploration, and the qualified person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Metallis Resources Inc.

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

Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB and 0CVM on the Frankfurt Stock Exchange, and has 92,992,503 common shares issued and outstanding, after giving effect to the financing.

We seek Safe Harbor.