More Tons, More Metals: Copper & Silver Resource Expands and Adds PGEs

1. Metallic Minerals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Metallic Minerals Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
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.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

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 an updated NI 43-101 Mineral Resource Estimate (2026 MRE) at the Allard deposit within its La Plata project in southwestern Colorado. The 2026 MRE increased the Inferred Resource tonnage by 23% and incorporated platinum, palladium, and gold for the first time. This update was supported by an additional 4,530 meters of diamond drilling completed since the 2023 estimate.

The updated resource totals 181.4 million tonnes at an average grade of 0.36% copper equivalent (CuEq), including 0.33% copper and 2.9 grams per tonne silver. It contains 1,307 million pounds of copper and 17.0 million ounces of silver, or 1,455.1 million pounds CuEq. A subset of 45.4 million tonnes includes 272,000 ounces of platinum group elements plus gold (91,000 oz platinum, 121,000 oz palladium, and 60,000 oz gold) grading 0.18 g/t PGE+Au.

The 2026 MRE includes two adjoining mineralized shells: a copper-silver shell based on historical drilling from the 1950s–1970s, and a copper-silver-platinum-palladium-gold shell based on Metallic Minerals' recent core sampling. Results from 8,240 meters of drilling and underground sampling between 2021 and 2023 support the PGE+Au-bearing subset, which accounts for 25% of total resource tonnage. The inclusion of these precious metals raised the copper-equivalent grade for the subset by 17%.

According to the company, the deposit remains open to expansion at depth and along strike, with multiple drill holes terminating in higher-grade mineralization. Additionally, sixteen untested porphyry centers and other targets with potential for high-grade epithermal mineralization have been identified across the broader La Plata project area.

"The updated and expanded resource estimate at the Allard deposit is an important milestone for the company, and further validates La Plata as a large, multi-metal, district-scale system," stated Greg Johnson, Chairman and CEO of Metallic, in a company news release.

Copper Scarcity Deepens as Silver Surges to Historic Highs

Copper prices continued to rise in late January, supported by a combination of macroeconomic factors and constrained supply conditions. According to Couloir Capital on January 26, copper gained 2.1% during the week and added another 0.4% that day, buoyed by "a weaker U.S. dollar and concerns over the economic impact of U.S.-EU trade tensions."

The firm also noted that better-than-expected economic data from China lifted expectations for industrial demand.

Bloomberg reported the same day that copper had rallied nearly 50% over the prior eight months, attributing the move to rising demand across multiple sectors, including manufacturing, the energy transition, and artificial intelligence infrastructure.

Mining Analyst Taylor Combaluzier described the new estimate as a "positive MRE" that incorporated platinum group elements for the first time — adding that the Allard deposit was now "one of the few development-stage projects in the US that contain PGEs."

The article stated that "years of chronic underinvestment have left global mine capacity stretched to its limits," with unencumbered inventories "drawn down to unprecedentedly low levels."

Bloomberg cited TD Securities' Daniel Ghali, who described the market as facing "an unprecedented level of copper scarcity."

On the silver side, Kitco wrote on January 26 that silver prices had recently surged above US$100 per ounce, reaching as high as US$110.899. They stated that "the silver price rally has become the most extreme since 1980," and warned that the metal was showing "overbought conditions" from a technical perspective. Despite this, speculative futures positioning remained well below historic peaks.

While investor interest in silver remained strong, Heraeus observed that high prices were beginning to affect industrial demand. "In photovoltaics, manufacturers are reducing silver intensity and substituting towards copper-based metallisation," they said, noting that copper-based solutions had already entered commercial production in China.

Couloir Capital also tracked silver's sharp move, reporting a 14.5% gain during the week and an additional 8.1% rise that day. The firm pointed to "persistent geopolitical risks, a weaker U.S. dollar, and strength in gold prices" as contributing factors. However, they noted that easing tensions between the U.S. and Europe and developments around Greenland reduced immediate safe-haven demand.

Analysts Outline Resource Expansion Focus and Valuation Framework

Red Cloud Securities reviewed Metallic Minerals Corp. following the company's presentation at the firm's 2025 Fall Mining Showcase on November 7. In a recap of the event, Vice President and Mining Analyst Taylor Combaluzier summarized management's strategy, noting that President and CEO Greg Johnson discussed how mining companies have historically seen valuation changes as projects advance along the development curve. Johnson stated that gold companies have typically traded at higher per‑ounce valuations as they move from exploration toward feasibility, referencing a range from approximately US$20 per ounce to US$200 per ounce on a gold‑equivalent basis.

Johnson also restated Metallic's objective to grow its existing 18 million ounce silver‑equivalent resource at the Keno Hill Mining District. He said the company was targeting an expanded resource in the range of 50 million to 100 million ounces through continued exploration. Planned work cited in the presentation included surface sampling, vein density mapping, and geophysical surveys across multiple untested targets within the district.

According to Red Cloud, upcoming milestones discussed during the presentation included follow‑up drilling and geophysical programs at Keno Hill, a future mineral resource update at La Plata that would incorporate the platinum group element zone, and ongoing activity related to the company's alluvial gold royalty portfolio.

On January 27, Red Cloud Securities released an exploration update following the company's announcement of a 2026 Mineral Resource Estimate (MRE) at the La Plata project in Colorado. Vice President and Mining Analyst Taylor Combaluzier described the new estimate as a "positive MRE" that incorporated platinum group elements for the first time — adding that the Allard deposit was now "one of the few development-stage projects in the US that contain PGEs." The updated inferred resource increased 23% over the 2023 MRE, totaling 181.4 million tonnes grading 0.36% CuEq and containing 1.455 billion pounds of copper equivalent, including a 45.4 million tonne subset with 272,000 ounces of combined platinum, palladium, and gold.

Red Cloud emphasized that mineralization at Allard extends from surface to over 1.5 kilometers in depth and remains open in multiple directions. The resource is defined by two modeled shells: a copper-silver shell based on historical drilling and a copper-silver-PGE-gold shell supported by new assays. The firm also noted 16 untested porphyry centers and the potential to significantly expand the footprint of PGEs, which had not been routinely assayed in historic drilling.

In addition to La Plata, Combaluzier referenced the company's Keno silver project in Yukon, which hosts 18.16 million ounces AgEq and remains open for expansion. Drilling programs are planned for both Keno and La Plata in 2026. Although no formal rating or target price was issued, Red Cloud stated that exploration progress could "continue to support a re-rating."

On January 7, Peter Krauth of Silver Stock Investor highlighted Metallic Minerals Corp. as one of the junior mining companies he believed offered "the best value right now." He stated that while the company had "enjoyed good gains," they had been "less than several peers," positioning the stock as a potential opportunity relative to others in the sector. Krauth has previously pointed to Metallic's exploration-stage projects and silver leverage as key factors in his analysis.

Metallurgical Testing and 2026 Drilling Program Underway

According to the company's investor presentation, key next steps at La Plata include the completion of metallurgical test work with Columbia University, which is scheduled for the first quarter of 2026. This work is focused on regenerative electro-hydrometallurgical technologies aimed at recovering copper, precious metals, and critical minerals such as rare earth elements, vanadium, scandium, gallium, rubidium, and cesium.

During 2025, Metallic Minerals conducted a comprehensive field program that included mapping, soil and rock sampling, and over several hundred meters of chip-channel sampling near the Allard resource. The company also used AI-assisted data integration through the VRIFY platform and completed a copper-isotope surface-water sampling program to refine 2026 drill targets.

Planning is underway for a 2026 diamond drilling campaign of 5,000 to 10,000 meters focused on expanding the Allard resource and testing new porphyry and high-priority targets, including Evening Star and Morning Star. Additional surface sampling, vein density mapping, and geophysical work are planned to advance other targets to drill-ready status.

The company is also progressing baseline environmental studies and permitting efforts for the 2026 field season and beyond, with the aim of supporting future drilling and development across newly identified target areas.

Ownership and Share Structure¹

Ownership of the company breaks down this way: management and associates own 15%, Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) 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.