Metallic Minerals Year-End Overview and 2026 Outlook

As we move into 2026, Metallic Minerals enters the year with strong momentum following a year of meaningful progress across our portfolio. We would like to provide an overview on our activity over the past year and outline how we are building on this foundation, while sincerely thanking our shareholders for their continued support.

Throughout 2025, our team made significant advancements at our two key district-scale copper and silver assets in the US and Canada: the La Plata copper-silver-gold and platinum group elements, critical minerals project in Colorado, and the Keno Silver project in the high-grade Keno Hill silver district in Yukon. In addition, 2025 was a record year for the company’s gold production royalties at its Klondike Gold alluvial project in Yukon.

• Robust Polymetallic Critical Minerals & Base Metals Resource: The La Plata system hosts 1.2 B lbs of copper and 17.6 M oz of silver, plus gold and platinum group elements along with co-occurring rare earth elements and strategic metals (Ga, Sc, Te, V) enhancing project value.
• Updated Mineral Resource Estimate Being Finalized: An expanded Allard copper and silver resource update is expected in Q1 2025 and will include gold and platinum group elements adding La Plata to a very small number of US based mineral districts with PGE mineralization.
• 2026 Drill Plans: Planning is underway for resource expansion drilling at the Allard Resource along with testing of multiple new priority surface targets including Morning Star and Evening Star.
• Advancing New Targets: The 2026 exploration program will also focus on advancing multiple newly identified areas to a drill-ready stage with 10 additional porphyry targets and 15 high-grade epithermal targets within the 25 km² porphyry system footprint.
• Metallurgical Testwork: Testing is currently underway focused on metallurgical recovery of copper, precious metals and critical minerals.
• Strategic Collaboration: Strategic investor, Newmont Corporation, has provided assistance through the technical committee to advance exploration and expand resources. Newmont has also made additional top-up equity investments in 2024 and 2025.
• Supportive Critical Minerals Policy Landscape: Recent U.S. policy initiatives focused on strengthening domestic mining and mineral production highlight the strategic relevance of La Plata as a potential future U.S. source of critical minerals. Including the USGS adding copper and silver to its list of critical minerals.

La Plata Project continues to grow as an emerging critical mineral and copper project in southwest Colorado.

“Better In Our Back Yard commends Metallic Minerals for its responsible approach to stakeholder engagement and sustainable resource development.”

Read our May update here.

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  Metallic Minerals Holds a 171 km² Project in the Historic, High‑Grade Yukon Keno Hill Silver District: Directly adjacent to Hecla Mining’s high-grade Keno Hill operations hosting 300 M+ oz of high‑grade silver production and reserves.

• Strong Foundational Resource: The project includes a 2024 inaugural NI 43‑101 Inferred Resource of ~18.2 Moz silver equivalent (223 g/t Ag Eq) across four deposits (Formo, Fox, Caribou, Homestake), focused on shallow, low-cost, bulk-tonnage mineralization with room to grow.
• Preparations for Drilling in 2026: Field work in 2025 included detailed mapping, rock/soil sampling and geophysics across high‑priority targets to prepare for a robust 2026 drill campaign aimed at expanding resources and advancing new discoveries.
• Strong Target Pipeline: Metallic Minerals currently has 11 targets with positive drill results requiring follow‑up and ~40 additional undrilled, highly prospective targets on the Keno Silver project.
• District Momentum with Neighboring Success: Hecla Mining’s ongoing operations and delineation of deeper high‑grade mineralization highlights the district’s scale and long-term development opportunity.

• Historic Klondike Positioning: Metallic Minerals is one of the largest holders of alluvial claims in Yukon. Its Australia Creek holdings are recognized by the Yukon Geological Survey as the eastern continuation of the prolific Klondike Goldfields, a region that has produced over 20 Moz of gold historically.
• Expanded Australia Creek Royalty Position: In April 2025, Metallic Minerals signed an additional alluvial gold production royalty agreement at Australia Creek, expanding leased ground to over two miles and supporting multiple gold operations in 2025 with experienced operators.
• Record Royalty Growth Potential: At Australia Creek, higher gold prices and continued operator activity supports the potential for increased royalty revenues.
• Ongoing Drill and Survey Work: In 2025, a 30‑hole sonic drill program extended gold‑bearing horizons beyond current pits. In addition, a new 25‑hole program along with passive seismic surveys were initiated to define additional mineralized zones for future production.
• Dominion Creek Test Mining Underway: In October 2025, a new exploration agreement was signed at nearby Dominion Creek to begin test mining and infrastructure development further expanding Metallic Minerals’ alluvial royalty and production pipeline.

Last April, we attended the Invest Stuttgart Conference alongside Axino Capital, connecting with investors and industry professionals across Europe to discuss Metallic Minerals’ portfolio and growth strategy. The event provided an excellent opportunity to showcase our high-quality projects, highlight our disciplined exploration approach, and engage with investors seeking exposure to strategically important precious and critical metals.

In September, we were pleased to welcome the community, shareholders, and industry partners to Colorado for a series of site tours and open houses at our La Plata project. These events provided a valuable opportunity to showcase our responsible exploration practices, the scale and geological potential of the district, while reviewing historical and recent exploration work firsthand. We also discussed how La Plata fits into Metallic Minerals’ broader growth strategy. The strong turnout and high level of engagement reinforced the growing interest from community and industry, and we appreciated the thoughtful discussions and feedback shared during these visits.

In the fall of 2025, we had the opportunity to speak in New York City at a Columbia University–hosted event, engaging with students, faculty, and industry professionals on the evolving role of critical and precious metals in the global economy. The discussion highlighted Metallic Minerals’ approach to responsible exploration, the growing strategic importance of copper and silver, and the need for secure North American supply chains. Events like these are an important platform for sharing our story, building awareness with the next generation of leaders, and strengthening our presence within the broader investment and academic communities.

In October of last year, Metallic Minerals’ President Scott Petsel spoke to all 50 appointed State Geologists at the AASG meeting in San Antonio, Texas. Metallic introduced the La Plata project to a national geoscience audience and reviewed the benefits of the USGS Earth MRI designation of the La Plata district as a location of critical mineral potential.

In November, we were pleased to present in Zurich to a group of global family offices at a Prestel & Partner–hosted event, sharing our strategy, project pipeline, and disciplined approach to value creation. The discussion focused on the growing importance of high-quality precious and critical metal assets and the opportunity to build long-term value through responsible exploration.

Also in November, it was a pleasure to present at the 53rd Yukon Geoscience Forum & Trade Show, speaking about Metallic’s Keno Silver project and the district-scale opportunity in one of Canada’s most famous high-grade silver districts.

During 2025, Metallic Minerals strengthened its financial position, successfully completing an $8 million financing with Newmont as the single largest participant to support ongoing exploration and strategic initiatives. We also continued to expand our technical team and corporate infrastructure, ensuring the Company is well positioned to advance projects efficiently and create long-term value for shareholders.

Our North American projects are located in highly prospective jurisdictions with established infrastructure and clear pathways for responsible development. Copper and silver fundamentals continue to reflect constrained supply growth alongside persistent global demand, underscoring the scarcity of large, high-quality copper and silver assets, like La Plata and Keno Silver.

At La Plata, ongoing technical studies and target refinement continue to unlock the potential of this large copper-silver-gold and PGE system. The Keno Silver project remains one of the world’s highest-grade silver districts, offering multiple opportunities for resource growth and new discoveries. Meanwhile, the Klondike Gold Alluvial project adds a unique gold production revenue opportunity to our portfolio, further diversifying our asset base.

This progress underscores the strength and depth of Metallic Minerals’ portfolio and the disciplined, technically focused approach our team applies to our project. We remain committed to advancing exploration, expanding known resources, and generating long-term shareholder value across all assets.

Looking into 2026, we anticipate a series of key updates, including drilling results, technical milestones, and strategic initiatives. With strong fundamentals in the copper, silver, gold and PGE markets, we believe the coming year presents an exciting opportunity for growth

We invite you to read our January 2026 corporate presentation that details our plans at the Keno Silver project and the La Plata project: https://metallic-minerals.com/…

Thank you again for your continued confidence in Metallic Minerals. On behalf of our entire team, I wish you and your families a joyful and prosperous year ahead.

Kind regards,

Greg Johnson
Chairman & Chief Executive Officer
Metallic Minerals Corp.

• Metallic Minerals Partners with VRIFY to Advance AI-Assisted Discovery and Resource Expansion at La Plata and Keno Hill (October 21, 2025)
• Metallic Minerals Undertakes Drill Programs at South Keno and Klondike Gold and Silver Properties and Provides Exploration Update for Keno Silver Project in Yukon Territory (October 8, 2025)
• Metallic Minerals Announces Closing of Final Private Placement Financing (August 26, 2025)
• Metallic Minerals Announces Follow Up Exploration Results at its La Plata Project Including New Targets and High-Grade Rock Samples (June 17, 2025)
• Metallic Minerals Highlights Significant Critical Minerals Potential Including Rare Earth Elements and Other Strategic Metals at La Plata Project in Colorado (May 1, 2025)
• Metallic Minerals Signs Additional Production Royalty Agreement on Australia Creek Gold Claims (April 15, 2025)

• Greg Johnson Speaks with Peter Spina at GoldSeek TV (November 25, 2025)
• Metallic Minerals Presents at Precious Metals Summit in Zurich (November 11, 2025)
• Metallic Minerals Update – Yukon Gold Alluvial Claims, Keno Silver & La Plata Copper-Silver Projects (October 30, 2025)
• Metallic Minerals Corp. Overview with Greg Johnson (CEO & Chairman) (October 13, 2025)
• Exploring La Plata: Interview with Metallic Minerals CEO Greg Johnson (September 22, 2025)
• Metallic Minerals: La Plata Critical Minerals & Keno Silver | RCTV Beaver Creek 2025 (September 22, 2025)
• Watch the Velocity: Don Durrett & John Feneck on Market Trends, Interview Metallic Minerals (September 19, 2025)
• Metallic Minerals Presents at Precious Metals Summit in Beaver Creek (September 11, 2025)