Mr. Greg Johnson reports

NEWMONT EXERCISES PARTICIPATION RIGHTS TO PURCHASE ADDITIONAL SHARES OF METALLIC MINERALS

Metallic Minerals Corp. has completed a non-brokered private placement with Newmont Corp. through a wholly owned subsidiary pursuant to its participation rights under the investor rights agreement dated May 18, 2023. Newmont subscribed for 3,224,700 units of the company at a price of 28 cents per unit for gross proceeds of $902,916, reflecting the same terms as the company's recently closed $10.3-million bought deal financing in June.

Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder to acquire one common share at a price of 40 cents per share for a period of 36 months, commencing 61 days following the closing date.

This private placement maintains Newmont's approximately 9.2-per-cent ownership interest in the company. The company intends to use the net proceeds to advance exploration and development activities at its La Plata copper-silver-platinum-group-element-gold and associated critical mineral project in southwestern Colorado, United States, as well as for working capital and general corporate purposes.

The recently updated 2026 National Instrument 43-101 mineral resource estimate at its La Plata project marks a major milestone for the company. The updated estimate expands the inferred resource to 181.4 million tonnes at 0.36 per cent copper equivalent, containing 1,307 million pounds of copper and 17.0 million ounces of silver (1,455 Mlb copper equivalent). This updated estimate incorporates platinum, palladium and gold for the first time, with a 45.4-million-tonne subset reporting 91,000 oz Pt, 121,000 oz Pd and 60,000 oz Au totalling approximately 272,000 ounces of platinum group elements plus gold, which along with additional priority critical minerals designated by the U.S. government, enhance the overall value and metal diversity of the deposit.

Greg Johnson, chairman and chief executive officer, said: "Newmont has been a valued strategic shareholder since 2023, and we have appreciated the collaboration with their technical team via our IRA technical committee. The recently updated and expanded Allard resource remains open to expansion, and the district-scale La Plata project has another 20 developing surface targets, which may represent additional porphyry centres. With these financing activities complete, field programs are being initiated with additional updates to follow. The fundamentals for copper and critical minerals remain very strong and underscore La Plata's potential to emerge not only as a significant copper and precious metal (Ag, Au, Pt and Pd) resource, but also as a strategic source of critical minerals in the U.S. that are essential to support advanced technologies, energy transition and domestic economic development."

No fees or commissions were paid related to the private placement. The securities issued under the private placement are subject to a statutory hold period expiring four months and one day following the closing date in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The private placement is subject to final acceptance of the TSX Venture Exchange.

About Metallic Minerals Corp.

Metallic is a resource-stage exploration and development company advancing copper, silver, gold, platinum group elements and other critical minerals at its La Plata project in southwestern Colorado, and high-grade silver, gold, lead and zinc exploration at the Keno silver project in the Yukon territory, adjacent to Hecla Mining's Keno Hill silver operations. The company is also one of the largest holders of alluvial gold claims in the 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 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's team has been recognized for environmental stewardship practices, and is committed to responsible and sustainable resource development, engaging and collaborating with Canadian first nations, U.S. tribal and native corporations, and local communities to support long-term project advancement.

Qualified person

The scientific and technical information contained in this news release relating to the company's La Plata project mineral resource estimate and the associated National Instrument 43-101 technical report has been reviewed and approved by Scott Petsel, MS, CPG, PGeo, president of Metallic, 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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