Mr. Dave Nuttall reports

METALLIS DISCOVERS NEW SILVER-GOLD VEINS AND EXPANDS EXPLORATION TARGETS AT GREYHOUND

Metallis Resources Inc. has provided a mid-season update on the surface exploration component of its broader 2026 exploration program at the Greyhound property in central Idaho.

Geological mapping, rock and soil sampling, and trenching completed as part of the 2026 surface exploration program are expanding the company's understanding of the Greyhound vein system. To date, the program has identified several previously undiscovered veins, extended known veins, and returned high-grade silver, gold and antimony values from multiple areas of the property.

2026 surface exploration highlights

• Systematic mapping has revealed an expanding exploration footprint, with identifying the Corso, Tanager and Shiba veins, extending the Akita vein, and demonstrating multiple, parallel veins and shears within alteration zones up to 80 metres (m) wide along the Greyhound shear zone.
• The newly identified Corso vein has been traced approximately 175 m along strike near Greyhound Ridge. Sampling returned 566 g/t (grams per tonne) Ag (silver), 1.0 g/t Au (gold), 0.46 per cent Sb (antimony), 0.83 per cent Pb (lead) and 0.17 per cent Zn (zinc) from a two m chip sample at the discovery outcrop, while a second grab sample 50 m along strike returned 447 g/t Ag, 1.1 g/t Au, 0.11 per cent Sb and 1.1 per cent Pb.
• The Ridge Cut vein was exposed in the new Ridge trench, allowing its orientation to be measured and providing evidence for a potential extension to approximately 280 m of strike. A grab sample of float from an old trench along strike returned 1,425 g/t Ag, 0.10 g/t Au, 0.35 per cent Sb and 2.10 per cent Pb.
• The newly interpreted Shiba vein structure, located approximately 40 m west of Akita, is inferred from a track of vein float extending approximately 40 m north-south. A grab/float sample returned 243 g/t Ag, 0.22 g/t Au, 1.62 per cent Sb and 1.76 per cent Pb.
• The Akita vein has been extended approximately 50 m north along strike. Samples from the extended trend returned up to 998 g/t Ag, 0.11 g/t Au, 0.17 per cent Sb, 0.69 per cent Pb and 0.70 per cent Zn, with additional sampling returning 284 g/t Ag, 0.75 g/t Au, 1.23 per cent Sb, 1.51 per cent Pb and 0.15 per cent Zn.

Dave Nuttall, vice-president of exploration, commented:

"The 2026 surface exploration program is providing important new information about the scale and complexity of the Greyhound system. This is the first program to systematically map the veins across the property in detail, and the discovery of the new veins demonstrate the value of this work.

"At Greyhound Ridge, mapping and trenching are demonstrating that the Greyhound shear zone hosts multiple stacked veins within an alteration zone that reaches approximately 80 m in width. Corso is one of several areas where we are seeing strong silver, gold, and antimony values while continuing to identify and extend prospective structures.

"The combination of mapping, trenching and expanded geochemical coverage is providing a stronger geological framework for prioritizing exploration targets. The surface program is continuing to identify and advance additional areas for future exploration and drill testing."

Expanding the Greyhound vein system

The 2026 program represents the first detailed, systematic mapping campaign across the Greyhound property. This work has identified new veins, established structural trends, and improved the understanding of vein stacking, dilation zones and areas of increased vein width.

At Greyhound Ridge, the Corso and Tanager veins have been traced approximately 175 m and 150 m along strike, respectively. Prior to trenching, the exposed portions of the veins extended approximately 130 m and 65 m. A 100 m long trench excavated along the ridge exposed extensions of the Corso, Tanager and Ridge Cut veins within a broad zone of clay-altered granodiorite.

To the northwest, the Corso vein trends toward the Idaho showing, where historical grab samples have returned up to 1,775 g/t Ag, 1.03 g/t Au, 1.56 per cent Pb and 2.31 per cent Zn. Situated between the northwest extend of the Corso vein and the Idaho showing is a 2024 grab sample from a quartz-sulphide vein which returned 277 g/t Ag, 1.16 g/t Au, 0.24 per cent Sb, 0.28 per cent Pb and 0.44 per cent Zn. These historical results have not been independently verified by the qualified person and are provided for geological context.

To the southeast, the Ridge trench exposed not only extensions of the Corso, Tanager and Ridge Cut veins, but also numerous smaller shears and linking structures. The exposure of the Ridge Cut vein allowed direct sampling and measurement of its orientation, whereas previous sampling had largely relied on float material associated with a poorly preserved historical excavation.

Approximately 130 m northwest along strike of the Ridge Cut vein, an old adit was identified extending approximately 10 m into the steep hillside and exposing a 30- to 50-centimetre-wide vein. A 50 cm chip sample (K225244) collected from the adit returned 37 g/t Ag, 0.58 g/t Au and 0.2 per cent Pb. Approximately 100 m southeast of the Ridge Cut vein, a grab sample of float vein material from an old trench returned 1,425 g/t Ag, 0.10 g/t Au, 0.35 per cent Sb and 2.10 per cent Pb, potentially extending the Ridge Cut vein to approximately 280 m of strike.

The Ridge trench indicates that the Greyhound shear zone can host multiple veins, shears, linking structures and localized disseminated sulphides within an alteration zone now known to be approximately 80 m wide. This expands the previous interpretation of the Greyhound shear zone as a narrower deformation zone, approximately one to 15 m wide, containing just a single vein.

Within the Akita trend, mapping extended the Akita vein approximately 50 m north. Sample K225277 returned 998 g/t Ag, 0.11 g/t Au, 0.17 per cent Sb, 0.69 per cent Pb and 0.70 per cent Zn. Approximately 40 m west of Akita, a new Shiba vein structure is inferred from a track of vein float extending approximately 40 m north-south. Sample K225279 returned 243 g/t Ag, 0.22 g/t Au, 1.62 per cent Sb and 1.76 per cent Pb.

A total of 110 rock samples have been collected to date, of which analytical results have been received for 92 samples. Table 1 presents selected significant results received to date.

Expanded geochemical coverage and continuing exploration

The company has also expanded soil sampling beyond the existing geochemical grid toward the property boundaries. The program is designed to identify geochemical signatures associated with known mineralized structures, as well as potential extensions and previously unrecognized areas for follow-up mapping and sampling. A total of 406 soil samples have been collected to date.

Surface exploration will continue with geological mapping, rock and soil sampling, trenching, and follow-up evaluation of newly identified veins and structural targets. Results from the surface program will be integrated with the company's existing geological, geochemical and geophysical data sets to refine the geological model, prioritize existing targets, and identify additional areas for future exploration and drill testing.

About the Greyhound property

In February, 2024, the company optioned the Greyhound property, located in Custer county, Idaho, approximately 42 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 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.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Dave Nuttall, PGeo, vice-president of exploration of Metallis Resources, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Mr. Nuttall has reviewed the technical information and underlying data supporting the disclosure in this news release, including geological observations, sampling information and analytical results.

Quality assurance/quality control

2026 rock and chip samples were collected by company geologists under supervision from a PGeo and delivered to an accredited independent analytical laboratory (ALS Labs). Samples were bagged and sealed with security straps at the Greyhound site and shipped to ALS Labs in Twin Falls, Idaho.

At the laboratory, samples were crushed to 70 per cent passing two millimetres, split by Boyd rotary splitter and pulverized to a 250 g aliquot at 85 per cent passing 75 micrometres. Samples were analyzed for 48 elements using four-acid digestion and ICP-MS (ME-MS61), with gold analyzed from a 30 g sample by fire assay with gravimetric finish (ME-GRA21). Antimony overlimits were analyzed using KClO3/HCl digestion and ICP-AES (Sb-ICP08). Ore-grade lead and zinc were analyzed using four-acid digestion and ICP-AES finish (Pb-OG62 and ME-OG62).

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 100,822,836 common shares issued and outstanding.

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