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Resource Estimates

La Plata - Colorado, USA

Metallic Minerals announced an updated NI 43-101 Inferred Mineral Resource Estimate for the La Plata project in July 2023, representing a 25% increase in tonnage based on an additional 1,730 m of diamond drilling completed in 2022. Inferred Mineral Resources at the Allard deposit now total 1,211 Mlbs of Cu and 17.6 Moz of Ag in a constrained model with 147.3 Mt at an average grade of 0.41% CuEq (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade1.

The expansion from the inaugural Inferred Mineral Resource to the current 1,317 Mlbs CuEq (0.37% Cu and 3.72 g/t Ag)1 is largely driven by the major discovery in drill hole LAP22-04 (drilled in 2022), which intersected 816.0 m of 0.41% CuEq (0.30% Cu, 2.47 g/t Ag, 0.04 g/t Au, 0.06 g/t Pt and 0.09 g/t Pd) ending the hole in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 0.47 g/t Au, 1.76 g/t Pt and 2.78 g/t Pd)2.

The greater La Plata Cu-Ag-Au project remains underexplored and open to new discoveries of both additional porphyry Cu centers as well as high-grade epithermal Ag and Au systems.

La Plata Inferred Mineral Resource Estimate at a Base Case Cut-off Grade of 0.25% CuEq with Grade and Contained Metal Sensitivity Analysis at Various CuEq Cut-off Grades, July 12, 20233

Class

CuEq (%)

Tonnes

Cu

Ag

CuEq (%)

Cut-off

Grade (%)

Mlbs

Grade (g/t)

Ounces

Grade (%)

Mlbs

Inferred

0.15

212,243,000

0.32

1,480

3.24

22,131,000

0.34

1,613

Inferred

0.20

187,173,000

0.34

1,391

3.42

20,597,000

0.37

1,515

Inferred

0.25

147,344,000

0.37

1,211

3.72

17,604,000

0.41

1,317

Inferred

0.30

116,438,000

0.41

1,041

3.95

14,783,000

0.44

1,130

Inferred

0.35

87,871,000

0.44

854

4.20

11,861,000

0.48

925

Keno Silver - Yukon, Canada

An inaugural NI 43-101 Inferred Mineral Resource Estimate was announced in February 2024 showing the Keno Silver project to host 18.2 Moz AgEq grading 223 g/t AgEq (120 g/t Ag, 0.10 g/t Au, 0.80% Pb and 1.77% Zn)4 in four shallow deposits, each of which remains completely open at depth and along strike (click here for full mineral resource estimate).

Underground Inferred Mineral Resources, restricted to the Formo deposit, are estimated at 1.08 Mt grading 206 g/t Ag, 0.08 g/t Au, 1.52% Pb, and 2.79% Zn (369 g/t AgEq)4. The Estimate includes 7.11 Moz of Ag, 3,000 Oz of Au, 36.02 Mlbs of Pb, and 66.14 Mlbs of Zn (12.8 Moz AgEq at a 150 g/t AgEq cut-off)4. Formo is the largest and highest-grade contributor to the 2024 Estimate.

In-Pit Inferred Mineral Resources are estimated at 1.46 Mt grading 58 g/t Ag, 0.12 g/t Au, 0.28 % Pb, and 1.02% Zn (115 g/t AgEq) and include resources of 2.70 Moz of Ag, 5,500 Oz of Au, 8.86 Mlbs of Pb, and 32.95 Mlbs of Zn (5.40 Moz AgEq at a 50 g/t AgEq cut-off).4

The resource is the culmination of 19,701 m of drilling from 168 drill holes over six active field seasons. Subsequent campaigns, anticipated to commence in the 2025 field season, will focus on resource expansion through the drilling of extensions to current deposits, definition drilling of very prospective early-stage drilled targets to new resources, as well as targeting new discoveries at high-priority targets that have yet to be drill tested.

Keno Project Inferred Mineral Resource Estimates at an In-Pit Base Case Cut-off Grade of 50 g/t AgEq and Underground Base Case Cut-off Grade of 150 g/t AgEq, February 1, 20245

Deposit

Cut-off Grade (AgEq g/t)

Tonnes

AgEq (g/t)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

AgEq (Moz)

Ag (Moz)

Au (oz)

Pb (Mlbs)

Zn (Mlbs)

Caribou

50

589,000

149

94

0.09

0.50

0.82

2.82

1.78

2,000

6.46

10.60

Fox

50

793,000

83

28

0.02

0.09

1.26

2.11

0.73

500

1.53

22.04

Homestake

50

78,000

187

77

1.10

0.50

0.18

0.47

0.19

3,000

0.87

0.31

Sub-Total

50

1,460,000

115

58

0.12

0.28

1.02

5.40

2.70

5,500

8.86

32.95

Formo

150

1,075,000

369

206

0.08

1.52

2.79

12.77

7.11

3,000

36.02

66.14

Total

2,535,000

223

120

0.10

0.80

1.77

18.16

9.81

8,500

44.88

99.08

Footnotes:

  1. See La Plata News Releasedated July 31, 2023 and Technical Report dated September 14, 2023.
  2. SeeLa Plata News Releasedated February 28, 2023.
  3. The Allard deposit Inferred Mineral Resource Estimate:
  1. Uses an effective date of July 12, 2023.
  2. Were estimated by Allan Armitage, Ph.D., P.Geo of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101.
  3. Are classified using the CIM Definition Standards - For Mineral Resources and Mineral Reserves (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  4. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in the apparent summation differences between tonnes, grade, and contained metal content.
  5. May be mined using a large-scale underground bulk mining method.
  6. Are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.75/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. CuEq % = Cu % + (Ag g/t x Ag price/gram).
  7. Values in the Mineral Resource table reported above and below the base-case cut-off 0.25% CuEq are only presented to show the sensitivity of the block model estimate.
  8. Composites of 3.05 m in length, constrained to the Allard domain, are used for the resource estimation procedure. Grades for Cu and Ag were interpolated into blocks by the Inverse Distance Squared (ID2) calculation method.
  9. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  1. See Keno Silver News Release dated February 26, 2024 and Technical Reportdated April 11, 2024.
  2. The Keno Project Inferred Mineral Resource Estimate:
    1. Uses an effective date of February 1, 2024.
    2. Were estimated by Allan Armitage, Ph.D., P.Geo of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101.
    3. Are classified using the CIM Definition Standards - For Mineral Resources and Mineral Reserves (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
    4. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in the apparent summation differences between tonnes, grade, and contained metal content.
    5. Caribou, Fox and Homestake deposits may be mined using open-pit mining methods and are reported at a base case cut-off grade of 50 g/t AgEq based on metal prices of $22.50/oz Ag, $1,800/oz Au, $1.00/lb Pb and $1.30/lb Zn, and considers metal recoveries of 95% for Ag, 50% for Au, 94% for Pb and 88% for Zn. AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram).The deposits consider a mining cost of US$2.20/t mined, and processing, treatment, refining, G&A and transportation cost of USD$25.00/t of mineralized material.
    6. The Formo deposit may be mined using underground mining methods and is reported at a base case cut-off grade of 150 g/t AgEq based on the same metal prices and metal recoveries. Formo is envisioned to be mined using a combination of underground mining methods including sub-level stoping (SLS) and/or cut and fill (CAF) mining with a mining cost of US$65.00/t mined, and processing, treatment, refining, G&A and transportation cost of USD$25.00/t of mineralized material.
    7. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

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