Mr. Scott Petsel reports

METALLIC MINERALS ANNOUNCES OPTION AGREEMENT WITH ARGYLE RESOURCES ON MCKAY HILL PROPERTY, YUKON

Metallic Minerals Corp. has entered into an option agreement with Argyle Resources Corp., pursuant to which Argyle may earn a 100-per-cent interest in the company's McKay Hill property, located 50 kilometres north of the Keno Hill silver district, Yukon. Total consideration under the option is $2.25-million, consisting of cash payments, common shares and exploration expenditures on the property.

"We are pleased to enter into this agreement with Argyle, which provides dedicated capital to advance McKay Hill while allowing Metallic to retain meaningful upside through equity participation and royalties," stated Greg Johnson, chairman and chief executive officer of Metallic Minerals. "This transaction supports our strategy of focusing capital and management effort on our core high-grade Keno silver and La Plata projects while unlocking value from non-core assets. McKay Hill hosts multiple kilometre-scale targets with strong silver-gold polymetallic potential in a region with a long history of significant silver and gold production."

Terms of the Argyle McKay Hill option agreement

Under the terms of the agreement, Argyle may earn a 100-per-cent interest in the property over a three-year period by completing a combination of cash payments, common share issuances and exploration expenditures to Metallic as summarized below:

• Cash payments totalling $450,000;
• Share issuances valued at $600,000 (priced at a 10-day volume-weighted average price);
• Work expenditures totalling $1.2-million;
• Total consideration of $2.25-million.

Following receipt of Canadian Securities Exchange approval, Argyle has completed its initial cash payment and issued 1,332,149 common shares to Metallic Minerals.

Argyle may accelerate the exercise of the option at its discretion by completing the required commitments ahead of schedule.

Upon exercise of the option, Metallic will retain exposure to the property through its equity ownership in Argyle and a net smelter return royalty, resulting in an aggregate 3.5-per-cent NSR, including an existing underlying royalty and a royalty retained by Metallic. A portion of this NSR will be subject to buyback provisions.

McKay Hill property overview

The McKay Hill property is a 55-square-kilometre land package located approximately 50 kilometres north of the high-grade Keno Hill silver district in Yukon territory. The project hosts district-scale potential for silver-gold-copper-lead-zinc mineralization and includes historical production.

Exploration completed by Metallic has identified:

• Six-kilometre-scale target areas defined by soil and rock geochemistry;
• 37 high-grade polymetallic structures with limited modern exploration;
• Multiple new clusters of mineralization identified through regional programs, including work supported by the Yukon mineral exploration program.

Recent work has focused on data compilation and target refinement, positioning the project for follow-up exploration.

About Argyle Resources Corp.

Argyle Resources is a mineral exploration company engaged in acquiring, exploring and evaluating natural resource properties across North America. Argyle holds 100-per-cent interests in the Pilgrim Islands, Matapedia, Lac Comporte and Saint Gabriel quartzite silica projects in Quebec, the Sundance Bear Lodge rare earth element project in Crook county, Wyoming, and the Bovill silica project in Bovill, Idaho, together with an option on the McKay Hill silver project in the Mayo mining district of central Yukon. Argyle is also engaged in a research partnership with the INRS, a research and training institute funded by the Quebec government.

About Metallic Minerals Corp.

Metallic Minerals is a resource-stage exploration and development company focused on advancing copper, silver, gold, platinum group elements and other critical minerals at La Plata project in southwestern Colorado and high-grade silver 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 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 nations, 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. Global Commodities Expo, Washington, D.C. -- Washington, D.C., United States, May 17 to May 19, 2026;
2. Global Commodities Expo Florida -- Fort Lauderdale, Fla., United States, May 20 to May 22, 2026;
3. Western Mining Summit 2026 -- Denver, Colo., United States, May 20 to May 22, 2026.

Qualified person

The scientific and technical information contained in this news release 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.

We seek Safe Harbor.