Metallis closes $1,174,550 first tranche non-brokered placement

Canada NewsWire VANCOUVER, BC , June 16, 2026 /CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) ("Metallis" or the "Company") announces the Company has closed the first tranche (the "First Tranche") of its previously announced non-brokered private placement (the "Financing") of up to $2,000,000 (See News Release dated June 1, 2026). The First Tranche consists of 7,830,333 units at a price of $0.15 per unit for gross proceeds of $1,174,550, Each unit consists of one common share and ½ of one non-transferable share purchase warrant. Each full warrant entitles 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 are subject to a trading hold period expiring four months plus one day from the date of issuance. The closing of the First Tranche is subject to receipt of all necessary regulatory approvals and final acceptance by the TSXV. The proceeds are for exploration at the Greyhound Property and working capital.

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. Finders' fees paid to registered finders consists of $83,764 and 558,426 full warrants, also exercisable at $0.20 per share for a 3-year period. 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. The Greyhound mineralization is hosted by prominent shear zones with polymetallic quartz-sulphide veins containing elevated concentrations of gold, silver, antimony (a critical mineral), lead, and zinc. Greyhound shares certain geological characteristics with the Lucky Friday Mine in northern Idaho.

Both properties exhibit vein mineralization occurring as fracture-fillings, disseminations, and tabular masses of galena and tetrahedrite along with accessory pyrite in a gangue of siderite, calcite, and quartz. The Lucky Friday zone is a singular, curved tabular body that dips almost vertically. The vein at Lucky Friday has a strike length of up to 450 m and a width that varies from centimeters to as much as 6 m.

The average varies from 1.2 to 1.8 m over the full length (SLR, 2022). Metallis states that while the Lucky Friday Mine may share some geological similarities with the Greyhound Property, no representation is made that comparable results will be achieved at Greyhound. References    SLR, 2022 Technical Report Summary on the Lucky Friday Mine, Idaho, USA S-K 1300 Report Hecla Mining.