Mr. Fiore Aliperti reports

METALLIS CLOSES $1,174,550 IN FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Metallis Resources Inc. has closed the first tranche of its previously announced non-brokered private placement of up to $2-million (see news release dated June 1, 2026). The first tranche consists of 7,830,333 units at a price of 15 cents per unit for gross proceeds of $1,174,550, Each unit consists of one common share and one-half of one non-transferable share purchase warrant. Each full warrant entitles 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 are subject to a trading hold period expiring four months plus one day from the date of issuance. The closing of the first tranche is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange. The proceeds are for exploration at the Greyhound property and working capital.

Finders' fees paid to registered finders consists of $83,764 and 558,426 full warrants, also exercisable at 20 cents per share for a three-year period.

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 centimetres 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.

Reference

SLR, 2022 technical report summary on the Lucky Friday mine, Idaho, S-K 1300 report, Hecla Mining.

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 exchange and 0CVM on the Frankfurt Stock Exchange, and has 100,822,836 common shares issued and outstanding, including the first tranche.

We seek Safe Harbor.