Second Chances Don't Come Often in Mining but This Copper / Silver Junior Might Be Worth Watching
Contributed Opinion

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John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

Occasionally, the market offers a second look at a company that has already delivered and may be setting up to do it again.

I've followed Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) since before its last major move in 2020–2021, when the stock broke out and exceeded my technical targets at $0.45, $0.75, and $0.90. That move wasn't luck. It was backed by strong technical patterns and a catalyst in the form of the company's copper-silver-gold discovery potential in Colorado.

Now, after a long pullback and a retest of key support levels, MMG is showing signs of life again. A new base is forming above the Fibonacci .618 retracement level — a zone where many bullish reversals begin, and volume is quietly increasing. For investors who can look past the daily noise and understand the cadence of exploration, this could be a textbook "second chance" setup.

But what's changed fundamentally?

A Lot

 'Critical Copper in Colorado' The La Plata Opportunity

Metallic Minerals' flagship La Plata Project sits in southwestern Colorado, right at the intersection of two prolific structural trends, the Colorado Mineral Belt and the Bingham-Tintic Belt. It's an alkalic porphyry system, geologically like Newmont's Cadia mine in Australia.

The Allard deposit, which forms the basis of the current resource, hosts 147 Mt at 0.41% CuEq, equating to 1.2 billion lbs of copper and 17.6 million oz of silver. A 2025 resource update is in the works, which is expected to incorporate gold and PGEs for the first time. If the grades hold up, this could be a re-rating event.

But the real prize might lie beyond the current resource.

La Plata boasts a 25 km² alteration halo, an anomaly in soil geochemistry and geology so large that it exceeds the footprint of Cadia itself. Within that zone, MMG has identified 25+ untested target areas, including three high-priority Ridgeway-style porphyry zones that are already permitted for drilling.

These are compact, high-grade porphyry systems, exactly the kind that majors like Newmont prefer to mine using block cave methods.

And Newmont isn't just watching from the sidelines. The world's largest gold producer owns 9.5% of MMG, maintained through its acquisition of Newcrest. Newmont's technical team participates in field work and quarterly reviews. This is a strategic relationship — not a token investment.

Technical Picture: A New Buy Zone

The chart has caught my attention again.

After a healthy correction, MMG.V has pulled back into a clear support zone, found footing at the Fibonacci 0.618 retracement level, and begun forming higher lows — a signal of accumulation. Volume patterns and momentum indicators are starting to firm up.

If momentum returns, the following targets are in play:

First target: $0.55

Second target: $1.20

Third target: $1.65

Big picture target: $1.90

This would represent a 6–7x return from current levels — not guaranteed, but well within the bounds of technical precedent, especially if paired with drill success and a resource expansion.

Five Reasons This Story May Deserve a Second Look

1. Strong Strategic Backing
   Newmont (9.5%) and Eric Sprott (12.5%) are significant shareholders. These are not passive positions; both have reputations for supporting companies that can deliver discoveries.
2. Large, Open Resource with Expansion Upside
   The current inferred resource could grow meaningfully with the inclusion of gold and PGEs. Drilling in 2025 is expected to target higher-grade extensions and new zones.
3. Permitted, Untested Targets in a World-Class System
   Over 25 targets, with three already permitted, in a Cadia-scale system. The Ridgeway-style zones are compact, high-grade, and drill-ready.
4. Silver Leverage through the Keno Project
   MMG's Yukon-based Keno Silver project borders Hecla's high-grade operation and holds 18.2 Moz AgEq in inferred resources. It's a strategic second leg with upside if silver moves.
5. Non-Dilutive Cash Flow from Royalties
   Alluvial gold royalties in the Yukon are modest, but they help reduce G&A dilution , rare among juniors at this stage and helpful in keeping the treasury intact.

Final Word

Exploration investing is never without risk. But every once in a while, a junior with the right assets, the right backers, and the right timing gets a second chance to show what it can do.

With an oversubscribed financing in progress, a portfolio rich in copper, silver, and gold exposure, and a chart setup that echoes 2020, Metallic Minerals could be entering its next act.

The opportunity is shaping up again in the junior mining and exploration space, if you're paying attention.