Mr. Fiore Aliperti reports

METALLIS ANNOUNCES 2026 DRILL PROGRAM UNDERWAY AT GREYHOUND PROJECT, IDAHO

Diamond drilling is now under way at Metallis Resources Inc.'s Greyhound property in central Idaho, marking the next phase of the company's 2026 exploration program.

Following the successful completion of mobilization activities announced last week, construction of the exploration camp has been completed and the site is now fully operational. The diamond drill arrived at camp on July 8, and has since been commissioned, with the company's geological team completing final drill collar surveying and staking in preparation for the season's first drill hole.

The 2026 drill program will initially focus on the Rufus zone, where the company's 2025 exploration campaign confirmed a broad mineralized shear zone hosting multiple quartz-sulphide veins carrying anomalous gold, silver, lead, zinc and antimony mineralization. Geological interpretation completed over the winter has refined the structural model of the system and identified several priority targets designed to better define the geometry and continuity of interpreted higher-grade mineralized shoots.

The first drill hole of the season, GH26-12, is targeting the 1350 zone adjacent to the Lower Rufus Adit. The hole will test the principal Rufus vein together with interpreted mineralized structures located both above and below the vein. Drilling at the 1350 zone will evaluate the continuity, grade, thickness and structural geometry of the mineralized system, and provide critical information to guide subsequent drilling throughout the Rufus zone.

Following drilling at the 1350 zone, the company plans to advance testing of the 1100, 1000 and 500 zones, targeting interpreted high-grade shoots identified from historical underground chip sampling and the company's geological modelling which was updated following the 2025 exploration program.

Dave Nuttall, vice-president of exploration, commented: "Interpretation work of our 2025 drill season has fundamentally improved our understanding of the Greyhound shear and, in particular, the structural controls on mineralization at Rufus. As a result, the program this season is far more targeted than in 2025. Rather than simply testing mineralization, we are now drilling specific structural positions where we believe higher-grade shoots may develop. Beginning at the 1350 zone allows us to test our updated geological model while collecting critical information that will guide the remainder of the program."

While drilling represents the primary focus of the current phase of exploration, geological mapping, trenching and surface geochemical sampling will continue throughout the field season. These programs are designed to further refine existing targets and continue advancing the Republican, Bulldog, Akita, Idaho, Ridge Cut and Birdie target areas toward future drill testing.

Fiore Aliperti, president and chief executive officer of Metallis, added: "Seeing the first drill turning at Greyhound is an exciting milestone for the company. Last year's inaugural drill program confirmed the presence of a significant mineralized system, Dave Nuttall's interpretation has provided the geological understanding necessary to design a much more focused exploration campaign. We believe the 2026 program represents an important step in unlocking the broader potential of the property, and we look forward to providing shareholders with regular updates as drilling progresses."

The planned 2026 exploration program includes approximately 3,000 metres of diamond drilling, complemented by geological mapping, trenching and geochemical sampling. Together, these programs are designed to improve the company's understanding of the Greyhound shear zone, expand known mineralization and identify additional drill-ready targets across the broader property.

The company expects drilling to continue throughout the summer exploration season, with assay results to be released as they become available.

About the Greyhound property

In February, 2024, the company optioned the Greyhound property, located in Custer county, Idaho, approximately 42 kilometres northwest of the town of Stanley and 35 km south of Perpetua Resources' Stibnite mine. The property was the center 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-kilometre Greyhound shear. In 2024, the company staked additional land around Greyhound for a total current property size of 673 hectares.

The 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 centimeters 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

Dave Nuttall, PGeo, vice-president -- exploration and the qualified person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.

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, U.S.

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 101,018,836 common shares issued and outstanding.

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