Metallis raises $2,000,000 in non-brokered placement

Canada NewsWire VANCOUVER, BC , June 1, 2026 /CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) ("Metallis" or the "Company") announces a non-brokered private placement (the "Financing") of up to $2 million. The Financing will consist of up to 13.33 million units at a price of $0.15 per unit. Each unit will consist of one common share and ½ of one non-transferable share purchase warrant.

Each full warrant will entitle the holder to purchase one additional common share at a price of $0.20 per share for a 3-year period. Shares and warrants issued on closing will be subject to a trading hold period expiring four months plus one day from the date of issuance. Closing of the private placement is subject to receipt of all necessary regulatory approvals and final acceptance by the TSXV.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirement. Use of Proceeds Proceeds from the Financing will be used to advance exploration activities at the Company's Greyhound Project in Idaho and for general working capital purposes. The preliminary 2026 exploration program at Greyhound is expected to include up to 3,000 metres of diamond drilling, a property-wide VLF drone geophysical survey (or "Survey"), surface mapping, trenching, and geochemical sampling of rocks and soils.

The planned drill program will focus on the Rufus Zone, where the Company's 2025 drilling confirmed a 30-40-metre-wide shear zone hosting multiple mineralized quartz veins associated with anomalous gold, silver, lead, zinc, and antimony values. Drill holes in 2026 will target interpreted high-grade shoots along the Rufus Zone indicated from historical chip and rock sampling along the Lower Rufus adit. The Survey will provide comprehensive coverage of the property and improve the Company's understanding of the Greyhound Shear and associated structural controls.

The Survey will test the continuity and orientation of known faults, veins, and conductive structures, while also identifying additional structurally similar targets for follow-up exploration. VLF is a rapid and cost-effective technique capable of penetrating 20-50 metres or more, making it well suited to Greyhound's vertically and laterally extensive mineralized zones, many of which are exposed at surface. Results from the survey, combined with surface geochemical soil and rock sampling, will help define trends for trenching and future diamond drilling.

Additional mapping, trenching, and sampling programs will also focus on advancing targets including the Republican, Bulldog, Akita, Idaho, Ridgecut and Birdie towards drill-ready status. About   the Greyhound   Property   In February 2024, the Company optioned the Greyhound Property, located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley and 35 km south of Perpetua Resources' Stibnite Mine. The property was the center of an active silver mining camp in the early 1900's and at one point contained a smelter and two active mines situated along the 3.5 km Greyhound shear. In 2024, the Company staked additional land around Greyhound for a total current property size of 673 hectares.