Metallis Resources arranges $1.1-million financing

Executive Summary

• Metallis Resources Inc. has arranged a non-brokered private placement of up to $1.1 million, consisting of non-flow-through units and flow-through shares.
• The financing includes 3.75 million non-flow-through units at 16 cents per unit ($600,000) and 2.5 million flow-through shares at 20 cents per share ($500,000).
• Proceeds will fund exploration at the Kirkham property in British Columbia and the Greyhound project in Idaho, with specific plans for the 2026 field season including mapping, geochemical sampling, and geophysical surveys.

Key Details

• Financing Structure:
  • Non-Flow-Through Units: Up to 3.75 million units at $0.16 per unit, generating up to $600,000 in proceeds.
  • Flow-Through Shares: Up to 2.5 million shares at $0.20 per share, generating up to $500,000 in proceeds.
  • Total Gross Proceeds: Up to $1,100,000.
• Warrant Terms: Each non-flow-through unit includes one non-flow-through, non-transferable share purchase warrant. Warrants allow the purchase of one additional common share 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.
• Regulatory Conditions: Closing is subject to receipt of necessary regulatory approvals and final acceptance by the TSX Venture Exchange.
• Use of Proceeds:
  • Flow-Through Proceeds: Used for qualifying Canadian exploration expenses at the Kirkham property. Expenses will be renounced to purchasers with an effective date no later than Dec. 31, 2026.
  • Non-Flow-Through Proceeds: Used to advance exploration at the Greyhound and Kirkham projects and for general corporate purposes.
• Kirkham Property (BC) 2026 Plan:
  • Return to exploration following a 2024 prioritization of the Greyhound project. Activities: Geological mapping, surface geochemical sampling, trenching, and geophysical surveys.
  • CT Zone: Detailed mapping of silicified/late-stage gold zones, expansion of soil geochemical coverage, trenching to expose mineralized bedrock, and extension of induced polarization (IP) surveying.
  • King East Zone: IP surveys over coincident geochemical anomalies and silicified zones, complemented by mapping and sampling to evaluate porphyry copper-gold potential.
  • Broader Property: Reinterpretation of existing ZTEM data using a Snip North signature-based model; evaluation of magnetotelluric (MT) surveying for deeper subsurface targeting.
• Greyhound Property (Idaho) 2026 Plan:
  • Execution of a Very Low Frequency (VLF) geophysics survey to test continuity of structures, faults, and vein systems.
  • VLF intended to identify structurally similar targets for follow-up via trenching or diamond drilling.
• Property Details:
  • Kirkham: 106-square-kilometre wholly owned property in the Golden Triangle, BC, near the Eskay Creek mine and KSM deposits.
  • Greyhound: 673 hectares optioned in Custer County, Idaho, featuring polymetallic quartz-sulphide veins with gold, silver, antimony, lead, and zinc. Geologically similar to the Lucky Friday mine.

Notable Quotes

• No direct quotes from management were included in the provided text.