Metallic Minerals Announces Upsize of Bought Deal LIFE Private Placement for Gross Proceeds of C$10 Million

TSX.V: MMG | OTCQB: MMNGF | FSE: 9MM1

Metallic Minerals Announces Upsize of Bought Deal LIFE Private Placement for Gross Proceeds of C$10 Million

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / June 3, 2026 / Metallic Minerals Corp. (TSXV:MMG) (OTCQB:MMNGF) (FSE:9MM1) (“Metallic” or the “Company”) is pleased to announce that as a result of strong investor demand, the Company has increased the gross proceeds of its previously announced “bought deal” private placement (the “UnderwriOen Offering”) from C$8,000,230 to C$10,000,620. The Company has entered into an amended agreement with Red Cloud SecuriHes Inc. (“Red Cloud”), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collecHvely, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase for resale, with the right to arrange for subsHtute purchasers to purchase, the following:

• 17,858,000 units of the Company (each, a “Unit”) at a price of C$0.28 per Unit (the “Unit Price”) for gross proceeds of C$5,000,240 from the sale of Units; and
• 12,988,000 flow-through units of the Company (each, a “Charity FT Unit”, and collecHvely with the Units, the “Offered SecuriTes”) at a price of C$0.385 per Charity FT Unit (the “Charity FT Unit Price”) for gross proceeds of C$5,000,380 from the sale of Charity FT Units.

Each Unit will consist of (i) one common share of the Company (a “Unit Share”) and (ii) one-half of one common share purchase warrant of the Company (each whole warrant, a “Unit Warrant”). Each Charity FT Unit will consist of (i) one common share of the Company (each, a “Charity FT Unit Share”) and (ii) one-half of one common share purchase warrant of the Company (each whole warrant, a “Charity FT Unit Warrant”). Each Charity FT Unit Share and each half of one Charity FT Unit Warrant comprising a Charity FT Unit will qualify as a “flow-through share” within the meaning of subsecHon 66(15) of the Income Tax Act (Canada) (the “Income Tax Act”). Each whole Unit Warrant and Charity FT Unit Warrant shall enHtle the holder to purchase one common share of the Company on a non-flow-through basis (each, a “Warrant Share”) at a price of C$0.40 at any Hme during the period beginning on the date that is 61 days following the Closing Date (as defined herein) and ending on the date which is 36 months following the Closing Date.

The Company will grant to the Underwriters an opHon, exercisable in full or in part, up to 48 hours prior to the Closing Date, to purchase for resale up to that number of addiHonal Offered SecuriHes in any combinaHon of Units and Charity FT Units at their respecHve offering prices for addiHonal gross proceeds of up to C$2,000,000 (the "Underwriters’ OpTon", and together with the Underwri^en Offering, the “Offering”).

The Company intends to use the net proceeds from the sale of Units for the exploraHon and advancement of the Company’s La Plata Project in southwestern Colorado, as well as for general corporate purposes and working capital.

The gross proceeds from the sale of Charity FT Units will be used by the Company to incur eligible “Canadian exploraHon expenses” that qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (the “Qualifying Expenditures”) related to the Company’s Keno Silver Project in the Yukon Territory on or before December 31, 2027. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units effecHve December 31, 2026.

Subject to compliance with applicable regulatory requirements and in accordance with NaHonal Instrument 45- 106 – Prospectus Exemp3ons (“NI 45-106”), the Offered SecuriHes will be offered for sale to purchasers in the provinces of Alberta, BriHsh Columbia, Manitoba, Ontario, Saskatchewan and, only with the Company's prior wri^en consent, Québec pursuant to the listed issuer financing exempHon under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemp3ons from Certain Condi3ons of the Listed Issuer Financing Exemp3on. The securiHes issuable from the sale of Offered SecuriHes are expected to be immediately freely tradeable under applicable Canadian securiHes legislaHon if sold to purchasers resident in Canada. The Units will also be offered in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exempHons from the registraHon requirements provided for under the United States SecuriHes Act of 1933, as amended (the “U.S. SecuriTes Act”), and in jurisdicHons outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registraHon statement or other similar document is required to be filed in such jurisdicHon.

There is an amended and restated offering document (the “Amended Offering Document”) related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.metallic-minerals.com. ProspecHve investors should read this Amended Offering Document before making an investment decision.

The Offering is scheduled to close on June 22, 2026 or such other date as the Company and Red Cloud may agree (the “Closing Date”). CompleHon of the Offering is subject to certain condiHons including, but not limited to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The securiHes being offered pursuant to the Offering have not been, nor will they be, registered under the U.S. SecuriHes Act or any U.S. state securiHes laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registraHon or an applicable exempHon from the registraHon requirements. This news release shall not consHtute an offer to sell or the solicitaHon of an offer to buy nor shall there be any sale of the securiHes in any jurisdicHon in which such offer, solicitaHon or sale would be unlawful.

About Metallic Minerals

Metallic Minerals Corp. is a resource-stage exploraHon and development company advancing copper, silver, gold, plaHnum group elements, and other criHcal minerals at the La Plata project in southwestern Colorado, and highgrade silver, gold, lead and zinc exploraHon at the Keno Silver project in the Yukon Territory, adjacent to Hecla Mining's Keno Hill silver operaHons. The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a producHon royalty business through partnerships with experienced mining operators. Metallic is led by a team with a strong track record of discovery and exploraHon success across mulHple precious and base metal deposits in North America and is backed by strategic investment by Newmont CorporaHon and Eric Spro^. The Company integrates advanced data analyHcs into its exploraHon process to support target generaHon, accelerate discovery, and unlock value across its porrolio.

Metallic's project districts have a history of significant mineral producHon and benefit from exisHng infrastructure, including road access and nearby power. The Company's team has been recognized for environmental stewardship pracHces and is commi^ed to responsible and sustainable resource development, engaging and collaboraHng with Canadian First NaHons, U.S. Tribal and NaHve CorporaHons, and local communiHes to support long-term project advancement.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: metallic-minerals.com Phone: 604-629-7800 Email: [email protected] Toll Free: 1-888-570-4420

Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements included in this press release includes, but is not limited to, statements with respect to the expectaHon that the Offering will close in the Hmeframe and on the terms as anHcipated by management, statements regarding the Offering, the anHcipated closing date of the Offering, the intended use of proceeds of the Offering, the approval of the Offering by the TSX Venture Exchange. All statements in this release, other than statements of historical facts including, without limitaHon, statements regarding potenHal mineralizaHon, historic producHon, esHmaHon of mineral resources, the realizaHon of mineral resource esHmates, interpretaHon of prior exploraHon and potenHal exploraHon results, the Hming and success of exploraHon acHviHes generally, the Hming and results of future resource esHmates, permitng Hmelines, metal prices and currency exchange rates, availability of capital, government regulaHon of exploraHon operaHons, environmental risks, reclamaHon, Htle, statements about expected results of operaHons, royalHes, cash flows, financial posiHon and future dividends as well as financial posiHon, prospects, and future plans and objecHves of the Company are forward-looking statements that involve various risks and uncertainHes. Although Metallic Minerals believes the expectaHons expressed in such forwardlooking statements are based on reasonable assumpHons, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumpHons. The Company notes that Newmont CorporaHon ("Newmont") is a shareholder; however, Newmont's parHcipaHon in prior financings should not be construed as a commitment to future funding, operaHonal involvement, or endorsement of the Company's plans. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploraHon results, unsuccessful operaHons, changes in project parameters as plans conHnue to be refined, results of future resource esHmates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business condiHons, risks associated with regulatory changes, defects in Htle, availability of personnel, materials and equipment on a Hmely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanHcipated environmental impacts on operaHons and costs to remedy same and other exploraHon or other risks detailed herein and from Hme to Hme in the filings made by the Company with securiHes regulators. Readers are cauHoned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploraHon, development of mines and mining operaHons is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more informaHon on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at sedarplus.ca.

Neither the TSX Venture Exchange nor its Regula3on Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.