Mr. Greg Johnson reports

METALLIC MINERALS ANNOUNCES CLOSING ON $3 MILLION IN OVERSUBSCRIBED FLOW-THROUGH PRIVATE PLACEMENT

Metallic Minerals Corp. has closed its recently announced non-brokered private placement resulting in gross proceeds of $3-million through the issuance of 3,896,104 flow-through common shares of the company at a price of 77 cents per FT common share.

Proceeds from the financing are intended to be used toward eligible Canadian exploration expenses, within the meaning of the Income Tax Act (Canada), at the company's high-grade Keno silver project in the Yukon territory.

Greg Johnson, chief executive officer and chairman, noted: "We are pleased to complete this oversubscribed flow-through private placement at a significant premium to our current share price. Funds raised will be directed toward 2021 exploration and development activities at our Keno silver project in the high-grade, historic Keno Hill silver district of Canada's Yukon territory, as well as at our other earlier-stage Yukon projects."

Metallic engaged Canaccord Genuity Corp. to act as its financial adviser for the offering and has agreed to pay finders' fees totalling $142,405.77 cash and issuing 184,942 finders warrants, each exercisable into a common share at 77 cents each until Nov. 26, 2022.

The private placement is subject to final TSX Venture Exchange approval and the FT shares are subject to a hold period of four months and one day from their date of issuance, under applicable Canadian securities law.

Shareholder rights plan

Metallic Minerals's board of directors has adopted a shareholder rights plan in order to ensure, to the extent possible, that all shareholders are treated fairly and equally in connection with any takeover bid or other acquisition of control of the company. The rights plan has not been adopted in response to any specific takeover bid or other proposal to acquire control of Metallic and the company is not aware of any such pending or contemplated proposals.

At the close of business today, one right will be issued and attached to each common share of Metallic Minerals outstanding at such time. The rights will automatically attach to the common shares and no further action will be required by shareholders. A right will also automatically attach to each common share of Metallic issued hereafter.

Subject to the terms of the rights plan and to certain exceptions provided therein, the rights will become exercisable in the event that any person, together with joint actors, acquires or announces its intention to acquire 20 per cent or more of Metallic Minerals's outstanding common shares without complying with the permitted bid provisions of the rights plan or in circumstances where the application of the rights plan is waived in accordance with its terms. The permitted bid provisions prevent the dilutive effects of the rights plan from operating if a takeover bid is made to all holders of common shares of Metallic (other than the bidder) by way of a takeover bid circular that remains open for acceptance for a minimum of 105 days and satisfies certain other conditions. In circumstances where a takeover bid does not comply with the requirements of the rights plan or where the application of the rights plan is not waived in accordance with its terms, the rights holders (other than the acquiring person and joint actors) will be entitled to purchase additional common shares of Metallic Minerals at a significant discount to the market price.

The rights plan has been conditionally approved by the TSX Venture Exchange and is subject to ratification by the shareholders of Metallic within six months of its effective date. Metallic Minerals intends to recommend the ratification of the rights plan for approval by its shareholders at the next annual meeting of shareholders. If ratified by the shareholders, the rights plan will have an initial term of three years. If the rights plan is not approved by shareholders within six months of the effective date, it, together with the outstanding rights, will terminate and cease to be effective.

A copy of the rights plan agreement will be made available under Metallic Minerals's profile on SEDAR.

About Metallic Minerals Corp.

Metallic Minerals is a growth-stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. Its objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district and Klondike gold district through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a record of discovery and exploration success on several major precious- and base-metal deposits, as well as having large-scale development, permitting and project financing expertise.

We seek Safe Harbor.