Announcement • Jan 27
Metallic Minerals Corp. Expands La Plata Copper-Silver Inferred Resource by 23% and Adds Platinum, Palladium and Gold Metallic Minerals Corp. announced an updated NI 43-101 Mineral Resource Estimate at the Allard deposit within its La Plata project in southwestern Colorado. The 2026 MRE expands the Inferred Resource tonnage by 23% and adds platinum, palladium and gold, supported by an additional 4,530 metres of diamond drilling completed since the previous resource estimate reported in 2023. The 2026 MRE now totals 181.4 million tonnes ("Mt") at an average grade of 0.36% copper equivalent ("CuEq") The 2026 MRE consists of two continuous, adjoining mineralized shells: (i) a copper-silver shell based largely on 1950 to 1970s-era drill holes; and (ii) a copper-silver-platinum-palladium-gold shell supported by Metallic's multi-element drill core sampling. Metallic-era drill results of 8,240 m from the 2021 to 2023 drill and underground sampling programs support the estimation of a Cu-Ag-PGE+Au bearing subset that represents 25% of the total resource tonnage. An NI 43-101-compliant technical report on the 2026 La Plata Resource will be filed on sedarplus.ca within 45 days. During 2025, the Company completed an extensive mapping, soil and rock sampling program to advance target definition and prioritization across the La Plata district, including several hundred meters of continuous chip-channel sampling over mineralized porphyry adjacent to the Allard resource area. Building on these results, Metallic is planning a 2026 drill program focused on resource expansion at Allard and testing new high-priority targets that could support future resource growth and development. In parallel, a copper-isotope surface-water sampling program was completed to assist in vectoring toward higher-value mineralization and to enhance drill targeting ahead of the planned 2026 drill campaign. New Risk • Dec 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.8m free cash flow). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (CA$80.8m market cap, or US$58.9m). New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (CA$68.0m market cap, or US$48.3m). 
