An anonymous director reports

METALLIC MINERALS ANNOUNCES UPSIZE TO BOUGHT DEAL FINANCING TO C$8 MILLION

Metallic Minerals Corp. has amended the terms of its previously announced offering of units. Under the amended terms of the offering (as defined herein), Canaccord Genuity Corp., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Red Cloud Services Inc. and Mackie Research Capital Corp., has agreed to purchase, on a bought deal private placement basis, 20 million units of the company at a price of 40 cents per unit for gross proceeds of $8-million. There will no longer be an option for the underwriters to increase the size of the offering.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be transferrable and entitle the holder to acquire one common share of the company for 24 months from the closing of the offering at a price of 60 cents.

The net proceeds received from the offering will be used for the company's exploration and development activities as well as for general corporate purposes.

It is anticipated that the closing of the offering will occur in mid-August, 2020, or such other date as the company and the lead underwriter may agree. The offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a hold period of four months and one day from the applicable closing date, in accordance with applicable securities laws.

In consideration for their services, the underwriters will receive a cash commission equal to 6 per cent of the gross proceeds of the offering (reduced to 3 per cent for purchasers on the president's list) and brokers' warrants in an amount equal to 6 per cent of the number of units issued under the offering (reduced to 3 per cent for purchasers on the president's list). The brokers' warrants are exercisable for a period of 24 months at the issue price.

About Metallic Minerals Corp.

Metallic Minerals is a growth-stage exploration company focused on high-grade silver and gold in underexplored brownfields mining districts.

We seek Safe Harbor.