Mr. Fiore Aliperti reports

METALLIS ADVANCES GEOLOGICAL INTERPRETATION OF GREYHOUND SHEAR AND REFINES TARGETING MODEL FOR 2026 DRILL PROGRAM

Metallis Resources Inc. has provided an update on its continuing technical review and reinterpretation of the Greyhound silver-gold-antimony project in Idaho, United States. Following the completion of the 2025 drill program, the company has undertaken a comprehensive evaluation of geological, geochemical and historical underground data to further refine its exploration model and identify priority drill targets for the 2026 field season.

The company's updated interpretation builds on a strong foundation of historical exploration and recent drilling. By integrating legacy underground data with modern 3-D modelling and recent surface and drill results, Metallis has enhanced its understanding of the structural controls on mineralization and the distribution of higher-grade zones across the project.

Metallis's vice-president of exploration, Dave Nuttall, commented: "The updated geological interpretation represents an important step forward in understanding how mineralization is distributed at Greyhound and helps explain the variability observed in the 2025 drill results. By pulling historical underground information, recent drilling and surface sampling into 3-D space, our team has developed a clearer picture of the geometry of the mineralized system and where higher-grade concentrations of silver, gold, lead, zinc and antimony are most likely to occur.

"This improved understanding allows us to more precisely target the high-grade portions of the system as we plan the 2026 drill program. We have identified multiple priority target areas along the 3.5 km trend, along with new geochemical anomalies that suggest the system may extend beyond what was previously recognized. With a strengthened geological model and more clearly defined targeting criteria, we are entering the upcoming season with increased confidence in the scale of the opportunity and the potential to continue building long-term value at Greyhound."

Highlights

• Refined vein models indicate the Greyhound shear system comprises multiple southwest-dipping shear veins, improving understanding of vein geometry and structural controls on high-grade mineralization.
• Ore shoots are interpreted to be associated with dilation zones related to cross-cutting faults, structural bends and premineral dike contacts.
• Reinterpreted soil geochemistry outlines new anomalies and suggests the Greyhound trend may extend north and northwest beyond the currently defined 3.5-kilometre strike extent.
• A 2026 drill program of approximately 3,000 metres is planned, focused on high-grade shoots within the Rufus zone, and surface mineralization at Birdie, Bulldog and Idaho.

Refined 3-D structural model

The technical review has resulted in a meaningful advancement in the company's understanding of structural controls on mineralization at Greyhound. Using the historical underground surveys of the Lower and Upper Rufus adits, Metallis has identified and corrected spatial inaccuracies in the historical data set georeferencing, which previously placed the adits 30 m northeast of the corrected locations. This work has led to a revised interpretation of the main Rufus shear zone, which is now understood to dip steeply to the southwest rather than to the northeast as previously modelled.

This updated structural framework is supported by results from drill holes completed in 2025. Holes GH-25-05, -06 and -07 did not return grades and widths consistent with the high-grade shoots identified in historical underground chip sampling, however the holes successfully intersected the shear zone and support a southwest dip orientation. Importantly, these holes also identified additional adjacent veins carrying elevated silver, gold, lead, zinc and antimony values within an envelope measuring 30 to 40 m wide, revealing a broader, multivein mineralized system than previously interpreted.

While hole GH-25-07 intersected the primary Rufus vein, it is interpreted to have tested a portion of the vein system outside of the higher-grade shoots identified in historical underground workings, where the company sees average grades above 400 g/t Ag and one g/t Au. comparison of the intercept from hole GH-25-07 (94.76 g/t Ag and 0.34 g/t Au over 15.45 m; three to four m true thickness) with underground chip sampling indicates that the grades encountered are more consistent with mineralization between higher-grade shoots, reinforcing the importance of structural controls in localizing high-grade zones.

Building on this work, Metallis has developed a new 3-D geological model of the Greyhound system extending from surface to approximately 300 m depth. Within this model, the company has identified priority high-grade shoot targets along the Rufus shear zone, including the 500, 1000 and 1350 zones. These targets represent subvertically oriented mineralized shoots linking historical underground workings with surface geochemical anomalies and mapped vein exposures.

At the Rufus zone, high-grade shoots -- characterized by increased vein thickness and elevated Au (gold), Ag (silver), Pb (lead), Zn (zinc) and Sb (antimony) -- are interpreted to be spatially associated with cross-cutting faults, local changes in shear orientation and premineral dike contacts. Documentation of these features in historical underground mapping has enabled improved constraint of shoot geometry and represents an important advancement in drill targeting. Planned drill holes oriented to the northeast will be designed to intersect these interpreted ore shoot corridors within the multivein Rufus shear zone.

Depth potential

Depth extent provides a key driver of exploration potential at Greyhound. Surface and underground sampling indicate anomalous Au, Ag and Sb mineralization over a vertical extent of at least 600 metres between mineralized outcrops at the Ridge Cut and General Grant showings.

The implied vertical continuity, combined with a 3.5 km strike extent, supports potential for a vertically and laterally extensive mineralized system. The refined model highlights compelling targets for testing down plunge of the 1350, 1000 and 500 zones, as well as below underexplored zones along trend, including Idaho, Akita, Bulldog, Republican and Birdie.

Geochemistry highlights new targets

A re-evaluation of 2024 soil geochemistry using zinc as a pathfinder element -- based on its strong correlation (r equals 0.75; n equals 536) with silver in rock samples -- successfully delineates all known mineralized zones, including General Grant, Birdie, Rufus, Idaho, Bulldog, Akita and Republican.

A significant new anomaly measuring approximately 900 by 600 m has been identified north of the Republican zone. This anomaly is comparable in size to the footprint of the Rufus soil anomaly, which encompasses collectively the Rufus, Birdie and General Grant showings, and it is located off axis from the main trend, potentially reflecting a structural dilation zone where the shear trend may bend toward the north.

This previously untested area represents a compelling new target and will be prioritized for trenching, mapping and sampling in 2026. The company also plans to extend the soil grid to the north and northwest to fully define the extent of this anomaly.

2026 exploration program

Metallis is planning a comprehensive exploration program to test the refined geological model and expand known mineralization.

Drilling will focus on the Rufus zone with objectives to:

• Test the southwest-dipping multivein architecture of the shear zone;
• Target grades and widths associated with historical production areas (high-grade shoots) in the upper and lower Rufus adits;
• Extend mineralization along strike and at depth.

Additional drill targeting at Bulldog, Birdie, Idaho and Republican will follow detailed structural mapping and model refinement.

Surface exploration will include mapping, trenching, and expanded rock and soil sampling, with emphasis on defining structural controls and advancing new geochemical targets to drill-ready status.

Summary

The updated geological model at Greyhound represents a significant step forward in understanding the controls on high-grade mineralization and provides a more predictive framework for exploration. By integrating historical data with recent drilling and surface work, Metallis has strengthened its targeting approach and identified multiple high-priority opportunities across the project.

With a refined exploration strategy, strong geochemical support, and demonstrated continuity of mineralization along a 3.5 km trend, the company is entering the 2026 field season with increased confidence, positioning Greyhound as a compelling discovery-stage asset with meaningful upside potential.

Analytical techniques

Core samples taken for assay were halved with a diamond saw with one half being sent to ALS Labs (an independent ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory), with the other half being retained on site for future reference. ALS uses four-acid digestion and inductively coupled plasma atomic emission spectroscopy for analytical analysis. All samples were analyzed using the ME-MS61 methodology (four-acid ICP super trace analysis). In addition, selectively samples were fire assayed for gold and silver (ME-GRA21) with 30-gram sample and a gravimetric finish.

Metallis followed industry standard procedures for the work carried out on the Greyhound project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Other than some recovery problems at the top of the Bulldog holes, the company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

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 km south of Perpetua Resources' Stibnite mine. The property was the center 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 km 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 centimeters to as much as six m. The average varies from 1.2 to 1.8 m 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

Dave Nuttall, 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 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 northwest British Columbia's Golden Triangle, and at the Greyhound property, a gold/silver/antimony property 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 92,992,503 common shares issued and outstanding.

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