Mr. Greg Johnson reports

METALLIC MINERALS REPORTS SUCCESSFUL ELECTROCHEMICAL RECOVERY OF 99.9% PURE COPPER METAL FROM LA PLATA SULPHIDE MINERALIZATION

Metallic Minerals Corp. has released initial results from its research collaboration with Columbia University under its Mines of the Future initiative. The study demonstrates the successful electrochemical recovery of high-purity copper metal directly from sulphide mineralized material at the company's La Plata copper/silver/gold/platinum group element critical minerals project in southwestern Colorado.

Researchers at Columbia University's Gadikota Research Group have established proof-of-concept for an ambient-temperature electrochemical oxidative leaching process applied directly to whole La Plata chalcopyrite-dominant sulphide material without prior flotation concentration. Chalcopyrite is widely recognized as the most abundant copper sulphide mineral and one of the more refractory primary copper sulphide phases.

In initial laboratory-scale testing, approximately 70 per cent of the copper contained in sulphide from drill samples was selectively solubilized within four hours at ambient temperature without prior flotation, roasting or pressure oxidation. The dissolved copper was subsequently recovered through controlled electrodeposition, producing 99.9-per-cent-pure metallic copper, as confirmed by X-ray diffraction analysis. Near-complete recovery of copper from solution was achieved during the electrodeposition step.

Significance of results

These results demonstrate, for the first time on La Plata mineralized samples, that direct electrochemical oxidative leaching can effectively dissolve copper from chalcopyrite-dominant sulphide mineralization under mild conditions. This demonstrates early-stage, laboratory-scale proof-of-concept for a potential electrochemical copper recovery pathway, where copper may be produced directly through electrowinning rather than through conventional concentrate production and transport to a smelter.

Importantly, under the leaching conditions employed, silver, rare earth elements (REEs), platinum group elements (PGEs) and gold do not report to the copper solution. Instead, these metals partition into an iron-rich solid residue formed during the process. This natural metal partitioning enables high-purity copper recovery in a streamlined two-stage process -- leaching followed by electrodeposition -- while simultaneously generating a separate iron-REE-PGE-enriched residue for subsequent downstream recovery.

The tests were conducted on mineralized drill core material without prior concentration as an initial feasibility step. Based on the sulphide mineralogy and established metallurgical principles, the company anticipates that preconcentration of the sulphide fraction through conventional flotation and other upgrading processes could materially enhance copper recoveries in subsequent optimization work. Achieving approximately 70-per-cent leach recovery of copper under ambient conditions and short reaction times is notable given the chalcopyrite-dominant sulphide mineralization tested.

The electrochemical system utilizes in situ generation of hydrogen peroxide to promote oxidation of less soluble Cu+ species to soluble Cu2+, enabling selective dissolution. Following copper electrodeposition, the leaching reagents are regenerated in situ without additional pretreatment, supporting a closed-loop system design with potential operating and capital efficiency benefits.

Platform for multimetal recovery

Removal of copper from solution represents the first stage of a broader comprehensive mineral valorization strategy being evaluated with Columbia University. The selective partitioning of REEs, PGEs, silver and gold into an iron-rich residue provides a defined secondary feedstock for subsequent recovery of these critical minerals. Continuing research is focused on developing selective extraction pathways for REEs, PGEs and other critical minerals from this iron-rich residue, representing a second phase of technology development and intellectual property advancement. Intellectual property protection strategies are being evaluated covering these process innovations.

The company believes this electrochemical platform may offer the potential to:

• Produce high-purity copper metal directly from sulphide mineralized material through a streamlined two-stage process;
• Reduce reliance on third party smelting and associated concentrate transportation and emissions;
• Enable domestic refining of strategic metals and retain more value-added processing within the region;
• Establish a defined pathway for recovery of Ag, PGEs, Au and REEs from iron-rich residues;
• Support lower-energy, regenerative processing through reagent recycling and ambient-temperature operation.

Greg Johnson, chief executive officer and chairman, stated: "These results demonstrate that copper can be selectively dissolved from La Plata's chalcopyrite-dominant sulphide mineralization and recovered directly as 99.9-per-cent-pure metal in a streamlined two-stage electrochemical process. Importantly, silver, rare earth elements, platinum group metals and gold remain in an iron-rich residue, creating a natural partitioning of metals that simplifies downstream recovery pathways.

"As we continue to optimize and expand this work, our objective is to evaluate whether this technology can enhance overall metal recoveries while supporting a regenerative, lower-energy processing pathway. If successfully advanced, this approach may enable value-added metal production closer to the source -- helping to retain more economic benefits locally, reduce reliance on high-temperature smelting, and support a more circular and responsible model of resource development."

Next steps

The current results represent laboratory-scale proof of concept. Continuing work is directed toward:

• Optimization of copper recovery through sulphide preconcentration and refinement of leach parameters;
• Quantification of energy intensity and reagent regeneration efficiency;
• Detailed characterization and mass balance tracking of Ag, Au, PGEs, REEs and other co-products within the iron-rich residue;
• Development of selective recovery pathways for REEs, PGEs and other critical minerals from the residue;
• Advancement toward pilot-scale validation.

While these results are encouraging, the laboratory-scale results represent an early-stage technical evaluation and do not constitute a mineral processing study, economic assessment or development plan. Further engineering and economic analysis will be required to assess scalability and commercial viability and competitiveness relative to conventional flotation and smelting routes.

About Metallic Minerals Corp.

Metallic Minerals is a resource-stage exploration and development company advancing copper, silver, gold, platinum group elements and other critical minerals at the La Plata project in southwestern Colorado and high-grade silver exploration at the Keno silver project in Yukon, adjacent to Hecla Mining's Keno Hill silver operations. The company is also one of the largest holders of alluvial gold claims in Yukon and is building a production royalty business through partnerships with experienced mining operators.

Metallic is led by a team with a strong record of discovery and exploration success across multiple precious and base metal deposits in North America and is backed by strategic investment by Newmont Corp. and Eric Sprott. The company integrates advanced data analytics into its exploration process to support target generation, accelerate discovery and unlock value across its portfolio.

Metallic's project districts have a history of significant mineral production and benefit from existing infrastructure, including road access and nearby power. The company is committed to responsible and sustainable resource development, engaging and collaborating with Canadian first nation groups, U.S. tribal and native corporations, and local communities to support long-term project advancement.

Coming events

Metallic's management team will be attending several coming key industry events over the coming months and welcomes the opportunity to meet with investors and stakeholders:

1. Red Cloud Pre-PDAC 2026 Showcase -- Toronto, Canada, Feb. 26 to 27, 2026;
2. Metals Investor Forum -- Toronto, Canada, Feb. 27 to 28, 2026;
3. PDAC 2026 -- Toronto, Canada, March 1 to 4, 2026;
4. Swiss Mining Institute Conference -- Zurich, Switzerland, March 18 to 19, 2026;
5. SAFE Summit 2026 -- Washington, D.C., United States, April 27 to 28, 2026.

Qualified person

The disclosure in this news release of scientific and technical information regarding metallurgical testing of samples from Metallic Minerals' La Plata property has been reviewed and approved by Scott Petsel, MS, CPG, PGeo, president of Metallic Minerals, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Petsel is not independent of the company.

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