Major Resource Expansion and Revenue Initiatives Underway at Emerging Silver Developer

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2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metallic Minerals Corp.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) stated that it was not aware of any undisclosed material changes or company-specific developments that would account for recent fluctuations in its share price. The company issued the clarification following investor inquiries related to recent market volatility.

"We believe the market activity is broadly consistent with heightened short-term volatility in metals and mining equities and in precious and base metals pricing," said CEO and Chairman Greg Johnson in the release. He reiterated that Metallic remained focused on advancing exploration and development across its copper and silver projects in Colorado and Yukon.

Ongoing priorities include finalizing an updated NI 43-101 mineral resource estimate at the La Plata copper-silver-gold-platinum group elements (PGE) project in Colorado and preparing for a new drill campaign at the Keno Silver project in Yukon. The company also reported that 2025 was a record year for royalty revenue from its alluvial gold and silver holdings.

The State of Copper and Silver Exploration and Development

In a December 29 article, The Guardian reported that "everything driving the world's economies needs more copper, in the face of persistent constraints on mine supply," citing demand growth from data centers and renewable infrastructure. The report also noted that "copper had also joined silver and gold as a safe haven asset" amid global uncertainty and a weakening US dollar. According to the International Energy Agency, "data centers alone could consume over 500,000 tonnes of copper annually by 2030."

Writing on December 31 in Excelsior Prosperity, Shad Marquitz observed copper's strong year-end close, calling it evidence of "the demand growth need for more global supply to come online." He highlighted how stronger prices had improved project economics, helped secure financing, and supported continued de-risking efforts ahead of feasibility-level studies.

E.B. Tucker, in a January 1 edition of The Great Equalizer, explained that silver's recent price volatility was primarily driven by leveraged futures trading rather than physical demand. "Physical silver demand from investors has almost nothing to do with the price," he wrote, pointing to sharp margin hikes that triggered a pullback from ~US$83 per ounce to US$70. "As the price shot to ~US$80/oz," he added, "the exchange raised that US$4.40/oz margin requirement to US$5.00/oz, then again to US$6.50/oz."

On January 4, Richard Mills remarked that 2025 was the first time in 45 years that gold, silver, and copper all rose sharply in the same year. He reported silver's 157% gain to US$72.25 per ounce, crediting the rally in part to China's move to restrict exports in 2026. Mills quoted analyst Adam Hamilton, who said silver mining stocks "skyrocketed an epic 148.9%," and pointed to elevated trading volume and persistent supply deficits as additional market drivers. Analyst Gary Wagner called the increased silver futures activity "a key indicator of silver's emerging importance in the investment landscape."

Analysts Highlight Pathway to Resource Expansion and Re‑Rating Potential

According to Red Cloud Securities, Metallic Minerals Corp. presented a strong investment case during the 2025 Fall Mining Showcase. Vice President and Mining Analyst Taylor Combaluzier reported that President and CEO Greg Johnson believed the company's valuation could "continue to re-rate as it moves up the value creation curve." Johnson noted that comparable gold-focused companies often see per-ounce valuations grow from US$20 per ounce to US$200 per ounce AuEq between exploration and feasibility stages.

He also reaffirmed plans to grow the company's current 18 million ounce silver-equivalent resource to a target of 50 to 100 million ounces within the Keno Hill district. To support that goal, the company intended to conduct additional surface sampling, geophysical surveys, and mapping work across untested targets. Red Cloud listed several potential milestones, including drilling and geophysics at Keno Hill, a resource update for La Plata with the PGE zone included, and ongoing production developments from the company's gold royalty portfolio.

Advancing Key Milestones Across District-Scale Copper and Silver Projects

According to the company's investor presentation, the upcoming mineral resource update at La Plata will incorporate 2023 drill data, including 4,500 meters funded by Newmont Corporation. The July 2023 estimate already includes 1.21 billion pounds of copper and 17.6 million ounces of silver in inferred resources. The company anticipates expanding this base through follow-up drilling in 2026, targeting extensions and new zones near the Allard deposit.

Notable past drill intercepts included LAP22-04, which returned 816 meters at 0.41% copper equivalent, and LAP23-05, which yielded 909 meters at 0.26% copper equivalent, including 206 meters at 0.41%. Additional drilling will test targets such as the Evening Star and Morning Star areas.

The La Plata project also benefits from Newmont's 9.5% equity stake and technical support on alkalic porphyry systems. Metallurgical studies are being conducted in partnership with Columbia University to assess advanced recovery options for copper and associated critical minerals.

At Keno Hill, Metallic plans to follow up its February 2024 inferred resource of 18.2 million silver-equivalent ounces with new drilling at the Formo, Fox, Caribou, and Homestake zones, alongside several high-priority regional targets identified through geophysics and geochemistry.

Other 2026 initiatives include environmental baseline studies to support permitting, AI-based exploration planning through VRIFY, and increased visibility through appearances at events such as the Metals Investor Forum, PDAC, and the Swiss Mining Institute. 

Ownership and Share Structure¹

Ownership of the company is distributed as follows: management and associates held 15%, Newmont Corp. held 9.5%, and Eric Sprott held 10.5%. High net worth individuals accounted for another 15%. Institutional investors collectively held 20%, while the remaining 30% was held by retail shareholders.

As of the most recent data, Metallic Minerals Corp. had approximately 212.8 million issued and outstanding shares. The company's market capitalization stood at approximately CA$81.9 million, with a 52-week trading range between CA$0.14 and CA$0.45 per share.