Silver Explorer Advances 18.2Moz Resource in Yukon

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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:OTC) shared a strategic update in a February 10 release on its fully owned, 171 square-kilometer Keno Silver project in Canada's Yukon Territory, a region renowned for its high-grade silver deposits, boasting over 300 million ounces (Moz) of past production and current reserves and resources.

The project is situated next to Hecla Mining Company's Keno Hill mining and milling operations, the largest and highest-grade primary silver producer in Canada.

"With gold and silver prices reaching new highs in January 2026 and silver prices having more than tripled over the past year to current levels, investors are refocusing on high-quality, low political-risk primary silver opportunities," said Chairman and Chief Executive Officer Greg Johnson. "Metallic's Keno Silver project is a district-scale exploration and resource growth opportunity anchored by an NI 43-101 mineral resource, with multiple known deposits open for expansion and a growing pipeline of high-priority targets. Importantly, the project directly adjoins Hecla's producing Keno Hill operations, where ongoing exploration and mine development continue to highlight the exceptional endowment and discovery potential of the broader Keno Hill district."

The Keno Silver project is a "core component of Metallic's twin-asset district-scale portfolio, providing exceptional growth potential and leverage to silver prices, alongside our copper-silver-gold-PGE La Plata project in Colorado and our growing portfolio of Yukon alluvial gold and silver production royalties," Johnson continued. "We are advancing our assets through ongoing exploration, resource expansion, and technical evaluation as interest in silver and broader critical mineral supply continues to strengthen."

District-Scale Exposure to Silver in a Well-Established Mining Area

The Keno Silver project provides unique, district-scale exposure to primary silver in a well-established mining area with existing regional infrastructure and an operational mill nearby, offering a clear path from discovery to production, the company said. Since 2016, Metallic has consolidated the eastern and southern portions of the district next to Hecla, completing over 19,701 meters of drilling across 168 holes.

The project boasts a total NI 43-101 Inferred Mineral Resource of 18.2 Moz of silver equivalent at 223 grams per tonne silver equivalent (g/t Ag Eq) across four deposits (Formo, Fox, Caribou, and Homestake). The 2024 NI 43-101 mineral resource was estimated for near-surface material using a conservative silver price of US$22.50/oz, with significant resource expansion upside at today's materially higher silver prices. Resources have been defined on only four of 12 advanced target areas tested so far, with 40 additional target areas identified and ready for drilling.

Drill results indicate potential for bulk-tonnage, low-cost, scalable silver production, along with selective high-grade mining opportunities, with mineralization starting at surface to less than 250 meters depth. Notable past drill results include FOR23-03, which returned 46.1 meters grading 249.6 g/t Ag Eq, with multiple internal higher-grade zones. Recent drilling has uncovered a previously unrecognized gold-rich vein system at Formo, with multiple multi-gram gold intercepts.

In 2026, Metallic said it launched a VRIFY AI and machine-learning workflow to refine and prioritize drill targets, integrating 2025 geologic mapping and new interpretations of structural and stratigraphic controls on mineralization. The planned 2026 exploration at Keno Silver will focus on resource expansion drilling at the four current resource areas, resource definition drilling at additional advanced stage targets, and testing of newly identified high-priority targets, with a planned program of approximately 5,000 meters.

All known deposits have been assessed mainly through shallow drilling and remain open for further exploration along strike and at depth. The deepest drilling so far, at the Formo deposit, reached approximately 250 meters in vertical depth. To date, Metallic has completed 19,701 meters of drilling in 168 holes across the project. The contained Ag Eq ounces outlined in the 2024 MRE translate to roughly 1,000 Ag Eq ounces per meter drilled, highlighting the productivity of the Keno Hill district and the effectiveness of the systematic targeting approach.

Formo is the largest contributor to the current resource estimate, having yielded numerous wide, high-grade intercepts from 2020 through 2024, providing a robust foundation for continued resource growth.

A Larger, Phased Drilling Program for 2026

Since the 2024 drilling campaign and MRE, Metallic has been advancing Keno Silver through methodical fieldwork, data integration, and target refinement to support a larger, phased drilling program planned for 2026, the company said. During the 2025 field season, Metallic conducted detailed mapping and systematic rock and soil sampling across multiple high-priority targets. These efforts refined existing drill targets and expanded the inventory of priority areas for follow-up, especially where broad silver-lead-zinc geochemical anomalies align with interpreted structures and geophysical trends.

Metallic has also initiated a VRIFY AI and machine-learning workflow to integrate datasets and prioritize targets for drilling.

Based on these findings, the company said preparations are underway for a 2026 drill program focused on: (1) expanding resources at known deposits, (2) follow-up drilling on newly identified mineralized zones, and (3) initial drilling of high-priority untested targets identified through integrated exploration work. Current silver prices may support an updated Mineral Resource Estimate in 2026 and, depending on results and market conditions, a scoping-level evaluation of potential production scenarios at Formo later in the year.

Keno's exploration portfolio now includes more than a dozen targets with promising early results and numerous additional undrilled targets, emphasizing the project's district-scale potential in a proven, high-grade silver camp, the release noted.

Analyst: Co. Has Reached Several Exploration Milestones

According to an updated research note by the Couloir Capital research team on January 29, Metallic Minerals has reached several exploration milestones at its La Plata Copper-Silver-Gold and Platinum-Group Elements (PGE) Project and its Keno Silver Project. The company is also now generating royalty income from alluvial gold claims at its Australia Creek property near Dawson City, Yukon, located in the historic Klondike gold district.

The updated 2026 La Plata MRE showed a 23% increase in inferred tonnage compared to the 2023 MRE, supported by 4,350 meters of drilling, the analysts noted. The revised MRE has raised the inferred resource tonnage to 181.4 million tonnes, containing 1.3 billion pounds of copper at 0.33% and 17 million ounces of silver at 2.9 g/t. This updated resource includes a subset of 45.4 million tonnes containing 91,000 ounces of platinum, 121,000 ounces of palladium, and 60,000 ounces of gold, totaling 272,000 ounces of PGE and gold at 0.18 g/t.

"We see meaningful upside for additional increases in copper-equivalent grade and precious-metal content across the broader Allard deposit with further drilling, given limited historic assaying for gold, platinum, and palladium," Couloir said in the note. "The resource remains open both along strike and at depth, with 16 untested porphyries identified across the La Plata project. Management plans a 2026 drill program to test these targets and further evaluate expansion potential."

The firm maintained its Buy rating on the stock and updated its fair value per share estimate to CA$1.24 (previously CA$0.80). This increase reflects an expanded resource base and higher peer group multiples, Couloir said.

In an update on January 27, Red Cloud Analyst Taylor Combaluzier called the La Plata MRE a "positive update" making Allard one of the few development-stage projects in the U.S. with PGEs.

"Besides adding economic value, PGEs and rare earth elements (REEs) enhance the project's critical minerals profile," Combaluzier wrote. "We believe that further drilling success and ongoing support from strategic investors like Newmont should boost the attractiveness of this bulk-tonnage porphyry deposit as the U.S. seeks to develop its domestic critical mineral resources."

Combaluzier said Red Cloud does not yet have a rating or target price on Metallic Minerals.

"Continued exploration success and advancement of the La Plata and Keno projects should help re-rate the stock," he noted.

The Catalyst: Gold's Perennial Sidekick

Much like Robin to gold's Batman, silver often plays the role of the perennial sidekick in the realm of precious metals, frequently overshadowed by its more glamorous counterpart, according to a February 10 research post by J.P. Morgan.

Despite its significant industrial uses, such as in the paste for solar panels and arrays to collect and transport electricity, the gold-to-silver price ratio has sometimes exceeded 100 to 1, the article said. Currently, however, the ratio is the closest it has been in 15 years, as both gold and silver prices experience significant volatility at the start of 2026.

Notably, there was a period where silver's net appreciation outpaced that of gold. J.P. Morgan Global Research projects that silver prices will average US$81 per ounce in 2026. This follows a dramatic 2025, during which silver's value surged nearly 130%, beginning the year at US$29 per ounce and climbing to over US$70 per ounce by year-end.

One reason gold experiences more consistent demand compared to silver is its broader buyer base, which includes international central banks, said Gregory Shearer, head of Base and Precious Metals Strategy at J.P. Morgan, according to the article.

These institutions purchase gold to diversify their USD reserve holdings and because of its qualities as an inflation hedge and a liquid asset without counterparty risk. Silver, on the other hand, lacks this foundational demand, making it more challenging to determine a fair price for silver.

"Without central banks as structural dip buyers as in gold, we do think there remains the risk for a further move back higher in the gold to silver ratio," Shearer predicted.

Silver is trading with a downward tendency on Tuesday, as mild profit-taking occurs following an over 8% surge on Monday, according to Vishal Chaturvedi writing for FX Street on February 10.

Additionally, increased volatility in the precious metals market is dampening speculative interest, making traders hesitant to place aggressive new bets after recent sharp price movements, he noted.

From a technical perspective, Silver reached a record high of US$121.66 on January 29 after a parabolic rally pushed prices into extremely overbought territory. This was swiftly followed by a sharp and disorderly correction of nearly 47%, driven by widespread profit-taking and forced liquidation. Despite the recent recovery, Silver is still more than 33% below its January peak, with technical indicators suggesting the metal might be entering a short-term consolidation phase after the recent period of extreme volatility.

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 212.82 million issued and outstanding shares. Its market capitalization was about CA$87.26 million based on the current share price. The company's 52‑week trading range was about CA$0.17 to CA$0.45 per share. This reflects the most recent share count and price data available from multiple market sources.