Mr. Fiore Aliperti reports

METALLIS ANNOUNCES $2,000,000 NON-BROKERED PRIVATE PLACEMENT

Metallis Resources Inc. has arranged a non-brokered private placement of up to $2-million. The financing will consist of up to 13.33 million units at a price of 15 cents per unit. Each unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share at a price of 20 cents per share for a three-year period.

Shares and warrants issued on closing will be subject to a trading hold period expiring four months plus one day from the date of issuance. Closing of the private placement is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange.

Use of proceeds

Proceeds from the financing will be used to advance exploration activities at the company's Greyhound project in Idaho and for general working capital purposes.

The preliminary 2026 exploration program at Greyhound is expected to include up to 3,000 metres of diamond drilling, a property-wide VLF (very-low-frequency) drone geophysical survey, surface mapping, trenching, and geochemical sampling of rocks and soils.

The planned drill program will focus on the Rufus zone, where the company's 2025 drilling confirmed a 30-to-40-metre-wide shear zone hosting multiple mineralized quartz veins associated with anomalous gold, silver, lead, zinc and antimony values. Drill holes in 2026 will target interpreted high-grade shoots along the Rufus zone indicated from historical chip and rock sampling along the Lower Rufus adit.

The survey will provide comprehensive coverage of the property and improve the company's understanding of the Greyhound shear and associated structural controls. The survey will test the continuity and orientation of known faults, veins and conductive structures, while also identifying additional structurally similar targets for follow-up exploration. VLF is a rapid and cost-effective technique capable of penetrating 20 to 50 metres or more, making it well suited to Greyhound's vertically and laterally extensive mineralized zones, many of which are exposed at surface. Results from the survey, combined with surface geochemical soil and rock sampling, will help define trends for trenching and future diamond drilling. Additional mapping, trenching and sampling programs will also focus on advancing targets, including the Republican, Bulldog, Akita, Idaho, Ridgecut and Birdie toward drill-ready status.

About the Greyhound property

In February, 2024, the company optioned the Greyhound property, located in Custer county, Idaho, approximately 42 kilometres (km) northwest of the town of Stanley and 35 km 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 km Greyhound shear. In 2024, the company staked additional land around Greyhound for a total current property size of 673 hectares.

The 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 (m) 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 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, U.S.

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.

We seek Safe Harbor.