Metallis closes financing, appoints exploration VP

Executive Summary

• Metallis Resources Inc. has closed a non-brokered private placement raising total gross proceeds of $1,262,000, consisting of both non-flow-through units and flow-through common shares.
• The company appointed Dave Nuttal, PGeo, as its new Vice-President of Exploration, succeeding Dave Dupre, who will transition to the technical advisory board after 13 years of service.
• The Board approved the grant of 1.85 million incentive stock options to directors, officers, and consultants, bringing the total outstanding options to 7.8 million.

Key Details

• Financing Structure & Proceeds:
  • Total Gross Proceeds: $1,262,000.
  • Non-Flow-Through Units: 4,762,500 units issued at $0.16 per unit, generating $762,000.
  • Flow-Through Shares: 2,500,000 shares issued at $0.20 per share, generating $500,000.
  • Total Shares Issued: 7,262,500 shares.
• Warrant Terms:
  • Each non-flow-through unit includes one non-transferable share purchase warrant.
  • Warrant Exercise Price: $0.26 per share.
  • Warrant Term: Three years.
• Flow-Through Terms:
  • Proceeds used for qualifying Canadian exploration expenses at the Kirkham property.
  • Expenses to be renounced to purchasers with an effective date no later than December 31, 2026.
• Use of Proceeds:
  • Flow-through proceeds: Qualifying expenditures at the Kirkham property (BC).
  • Non-flow-through proceeds: Advancing exploration at Greyhound (Idaho) and Kirkham (BC) projects, plus general corporate purposes.
• Finders' Fees:
  • Cash fees: $37,280 paid to registered finders.
  • Warrants: 45,500 finders' warrants issued, exercisable at $0.26 per share for a three-year period.
• Trading Restrictions:
  • Shares and warrants are subject to a trading hold period of four months plus one day from the date of issuance.
• Corporate Appointments:
  • New Hire: Dave Nuttal, PGeo, appointed Vice-President of Exploration. He brings experience from Serac Exploration, Geo Exploration, Walker River Resources, and Scottie Resources Corp.
  • Outgoing: Dave Dupre, PGeo, stepping down as VP of Exploration after 13 years; remains on the technical advisory board.
• Stock Option Grant:
  • Aggregate grant: 1,850,000 incentive stock options.
  • Exercise Price: $0.18 per share.
  • Term: Five years.
  • Recipients: Directors, officers, and certain consultants.
  • Post-Grant Status: Total outstanding options increased to 7,800,000, representing 8.39% of outstanding common shares.
  • Status: Subject to regulatory approval from the TSX Venture Exchange.
• Asset Updates:
  • Kirkham Property: 106 sq km wholly owned property in the Golden Triangle, BC, contiguous to Garibaldi Resources' E&L Nickel Mountain project and Eskay Mining Corp.
  • Greyhound Property: Optioned property in Custer County, Idaho, totaling 673 hectares. Hosts polymetallic quartz-sulphide veins with gold, silver, antimony, lead, and zinc.

Notable Quotes

• "With great pleasure, we welcome Dave to the Metallis team. With planned work at both our Greyhound and Kirkham projects, 2026 is shaping up to be an exciting year for the company, and Dave's technical expertise and leadership will strengthen our exploration capabilities as we continue advancing our projects." — Fiore Aliperti, Chief Executive Officer