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Resources

La Plata - Colorado, USA

Metallic Minerals announced an inaugural NI 43-101 mineral resource estimate for the La Plata project in a news release dated April 26, 2022. The project currently hosts 985 million pounds of copper equivalent (115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade)* central Allard copper-silver porphyry deposit which remains open to expansion. In addition, the greater La Plata silver-gold-copper project remains underexplored and open to new discoveries of both additional copper porphyry centers as well as high-grade epithermal silver and gold 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

Class

CuEq (%)

Tonnes

Cu

Ag

CuEq (%)

Cut-off

Grade (%)

Mlbs

Grade (g/t)

Ounces

Grade (%)

Mlbs

Inferred

0.15

151,327,000

0.31

1,040

3.68

17,888,000

0.35

1,154

Inferred

0.2

142,378,000

0.32

1,008

3.77

17,273,000

0.36

1,118

Inferred

0.25

115,731,000

0.35

889

4.02

14,975,000

0.39

985

Inferred

0.3

86,986,000

0.38

733

4.31

12,056,000

0.42

810

Inferred

0.35

60,752,000

0.42

565

4.61

9,000,000

0.46

622

*The 2022 Mineral Resource Estimate has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards - For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/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. Cu Eq calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate.

The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

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