Copper and Silver Explorer Enters 2026 With Resource Update and Drill Programs Ahead

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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.
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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) announced that it is not aware of any undisclosed material changes or company-specific developments that would explain recent fluctuations in its share price. The Vancouver-based company issued the update in response to investor inquiries following short-term 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 press release. He emphasized that the company remains focused on delivering exploration and development milestones across its copper and silver projects in Colorado and Yukon.

Key initiatives underway include the completion of an updated NI 43-101 mineral resource estimate for the La Plata copper-silver-gold-platinum group elements (PGE) project in Colorado, and preparations for a 2026 drill campaign at the Keno Silver project in Yukon. The company also noted that 2025 marked a record year for royalty income from its alluvial gold and silver portfolio.

The State of Copper and Silver Exploration and Development

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

A December 31 update by Shad Marquitz in Excelsior Prosperity emphasized copper's year-end rally, stating that it "lent credence to the demand growth need for more global supply to come online." He focused on exploration and development activity, noting that rising copper prices improved project economics, enabled financing, and supported companies working to "derisk the project ahead of PFS."

On January 1, E.B. Tucker released The Great Equalizer, explaining that silver's dramatic price movements were largely driven by leveraged futures trading rather than physical demand. "Physical silver demand from investors has almost nothing to do with the price," he wrote, citing margin requirement hikes as the catalyst for the recent correction from a high of ~US$83 per ounce to US$70. He explained that "as the price shot to ~US$80/oz, 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 noted that 2025 marked the first time in 45 years that gold, silver, and copper all rose significantly in the same year. He reported silver's 157% gain to US$72.25 per ounce, attributing its record high of US$83.62 to China's 2026 export restrictions. He cited analyst Adam Hamilton, who said silver mining stocks "skyrocketed an epic 148.9%," outperforming even tech stocks. Mills added that 2025 was the fifth consecutive year of silver supply deficits, and highlighted data from analyst Gary Wagner showing that silver futures trading volume neared that of gold, calling it "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 compelling investment case during the firm's 2025 Fall Mining Showcase held on November 7. Vice President and Mining Analyst Taylor Combaluzier recapped the company's strategy and noted that President and CEO Greg Johnson believed the company's stock price should "continue to re-rate as it moves up the value creation curve." Johnson pointed out that, on a per-ounce basis, gold mining companies typically increase their trading values from US$20 per ounce to US$200 per ounce AuEq as they advance from the exploration stage to feasibility.

Johnson also reiterated the company's objective to expand its current 18 million ounce silver-equivalent resource to between 50 million and 100 million ounces in the Keno Hill Mining District. To support this goal, the company planned additional follow-up work, including surface sampling, vein density mapping, and geophysics across multiple untested targets. Red Cloud identified upcoming catalysts such as follow-up drilling and geophysical surveys at Keno Hill, an updated mineral resource estimate incorporating the PGE zone at La Plata, and ongoing developments from Metallic's alluvial gold royalty portfolio.

Advancing Key Milestones Across District-Scale Copper and Silver Projects

As cited in the company's investor presentation, the most significant upcoming development is the updated mineral resource estimate at La Plata, targeted for release in the first quarter of 2026. This update will incorporate results from 2023 drilling, including 4,500 meters funded by Newmont Corporation. According to the company's July 2023 resource estimate, La Plata already hosts 1.21 billion pounds of copper and 17.6 million ounces of silver in inferred resources. Metallic expects to expand this base through drilling of additional high-priority zones adjacent to the Allard deposit.

Several recent drill holes ended in mineralization, such as LAP22-04, which intersected 816 meters at 0.41% copper equivalent, and LAP23-05, which returned 909 meters at 0.26% copper equivalent, including 206 meters at 0.41%. Follow-up drilling in 2026 is expected to test lateral and depth extensions while targeting new areas such as Evening Star and Morning Star.

Beyond resource growth, the La Plata project benefits from a strategic relationship with Newmont, which holds a 9.5% equity stake in Metallic Minerals. This includes access to a technical committee with experience in similar alkalic porphyry systems. Additionally, work is ongoing with Columbia University on advanced metallurgical processes to recover copper, precious metals, and critical minerals.

At the Keno Silver project, Metallic plans a new drill campaign focused on expanding its February 2024 inferred resource of 18.2 million silver-equivalent ounces. Targets include the Formo, Fox, Caribou, and Homestake zones, as well as several high-priority untested areas identified through mapping, geophysics, and geochemical sampling.

Other 2026 initiatives include further environmental baseline work to support future permitting, integration of artificial intelligence tools through its partnership with VRIFY, and increased engagement with stakeholders and local communities. Metallic will also present at key industry conferences, including the Metals Investor Forum, PDAC, and Swiss Mining Institute, over the next several months. 

Ownership and Share Structure¹

Ownership of the company breaks down this way: management and associates own 15%, Newmont Corp. holds 9.5%, Eric Sprott has 10.5% and high net worth individuals own 15%.

Institutional ownership totals 20%. The remainder, 30%, is in retail.

Metallic Minerals Corp. had approximately 212.8 million issued and outstanding shares. Its market capitalization was about CA$81.9 million based on the current share price. The company's 52‑week trading range was about CA$0.14 to CA$0.45 per share. This reflects the most recent share count and price data available from multiple market sources.