Mining Co. Expands Critical Minerals Resource to 1.3B lbs Copper, 17 Moz Silver, and 272k oz PGE+Au at Colorado Project

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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) announced it has officially filed the National Instrument 43-101 technical report for its La Plata project in Southwestern Colorado, according to a March 16 release.

The report, prepared by SLR USA Advisory Inc. with an effective date of January 23, details the Allard Cu-Ag-PGE-Au (copper-silver-platinum group elements-gold) Porphyry Deposit and marks a pivotal advancement in the project, the company said.

"The recently filed 2026 NI 43-101 Mineral Resource Estimate at the La Plata project marks a major milestone for the company," Chairman and Chief Executive Officer Greg Johnson said. "The updated estimate expands the Inferred resource tonnage by approximately 23% to 181.4 Mt (million tonnes) at 0.36% copper equivalent, containing 1,307 million pounds of copper and 17 Moz (million ounces) of silver (1,455 million pounds CuEq). Importantly, this updated estimate incorporates platinum, palladium and gold for the first time, with a 45.4 Mt subset now reporting 91,000 ounces Pt (platinum), 121,000 ounces Pd (palladium) and 60,000 ounces Au (gold) totaling ~272,000 ounces of platinum group elements plus gold, which enhances the overall value and metal diversity of the deposit."

The La Plata project, located in an area rich in critical minerals, is recognized as a strategically important mineral system for the U.S., hosting a variety of critical minerals that are vital for U.S. supply chains and currently face severe supply vulnerabilities, according to the release. The project's mineral wealth includes not only copper and silver but also platinum group elements, gold, and a range of critical minerals like gallium and scandium, among others.

Recent metallurgical work in collaboration with Columbia University has shown promising results, with electrochemical recovery processes achieving 99.9% pure copper from La Plata mineralization, the company said. These findings are encouraging the exploration of alternative processing technologies that could complement traditional mineral processing methods.

Two Mineralized Shells

The January 2026 Mineral Resource Estimate (MRE) for La Plata highlighted two adjoining mineralized shells, one primarily copper-silver and the other enriched with platinum, palladium, and gold, derived from extensive drilling and sampling conducted by Metallic from 2021 to 2023. This multi-element approach has not only increased the copper-equivalent grade but also underscored the potential for further enhancement across the deposit with additional exploration.

The Allard resource, part of the La Plata project, stands out as one of only three PGE-bearing development-stage resources in the USA and remains open for expansion. The area also hosts multiple untested potential porphyry centers and high-grade epithermal mineralization targets, offering extensive opportunities for resource growth and new discoveries.

Looking ahead, the project team at Metallic Minerals is gearing up for the next phases of exploration, which will focus on expanding the resource further and drilling new priority targets throughout 2026, the company said.

The comprehensive technical report by Brian Hartman, M.S., P. Geo of SLR, an independent Qualified Person, is accessible on SEDAR+ and the company’s website, providing detailed insights into the promising future of the La Plata project.

The company has disclosed that its current initiatives are focused on enhancing the efficiency of copper recovery. This involves refining the process of sulphide pre-concentration and tweaking the parameters involved in the leaching process. Efforts are also being made to measure the energy required in these processes and the efficiency with which reagents can be regenerated and reused.

Further, the company is undertaking a thorough analysis and tracking of the mass balance of various valuable elements such as silver, gold, platinum group elements, rare earth elements, and other co-products that are present in the iron-rich residue, the company has said. This detailed characterization aims to optimize the recovery and management of these elements.

Work is also underway to develop specialized methods for the selective extraction of rare earth elements, platinum group elements, and other critical minerals from the residual material. These efforts are crucial for maximizing the value extracted from the mining processes.

Moreover, the company has indicated that moving these developments from the laboratory to pilot-scale validation is a key component of their upcoming phase of work. This step is essential for testing the viability of these processes on a larger scale and moving closer to commercial application.

Considerable Potential for More Resource Increases

According to a research report on the company by Couloir Capital's Research Team on January 29, the company has reported significant progress across its various projects. Notably, the company has achieved key exploration milestones at La Plata and its Keno Silver Project. Additionally, MMG is now generating royalty income from alluvial gold claims at its Australia Creek property located near Dawson City, Yukon, in the renowned Klondike gold district.

At the La Plata project, the 2026 mineral resource estimate (MRE) shows a 23% increase in inferred resource tonnage compared to the 2023 MRE, supported by 4,350 meters of drilling. The updated MRE indicates that the inferred resources now stand at 181.4 Mt, containing 1.3 billion pounds of copper at 0.33% and 17 million ounces of silver at 2.9 grams per tonne (g/t). Additionally, a subset of 45.4 million tonnes includes 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.

There is considerable potential for further increases in copper-equivalent grade and precious-metal content across the broader Allard deposit with additional drilling, especially given the limited historic assaying for gold, platinum, and palladium. The resource remains open for expansion both along strike and at depth, with sixteen untested porphyry centers identified across the La Plata project area, Couloir said. Management has planned a 2026 drilling program to explore these targets and assess further expansion possibilities.

"We maintain our BUY rating and update our fair value per share estimate to CA$1.24 (earlier CA$0.80)," the firm said in the note. "The increase reflects an expanded resource base and higher peer group multiples."

Couloir said it anticipated that upcoming catalysts such as news from the 2026 exploration programs at La Plata, Keno Silver, and the Klondike, as well as any significant financing-related news or potential delays in exploration, development, or permitting timelines, could materially impact its valuation estimate of the company.

In a January 27 analysis, Red Cloud Analyst Taylor Combaluzier provided insights into the  La Plata resource expansion, labeling it as a "positive update." Combaluzier highlighted the significance of the project, noting its rarity as one of the few development-stage projects in the United States that includes platinum group elements (PGEs). He emphasized the added economic value and the enhancement of the project's critical minerals profile through the inclusion of PGEs and rare earth elements. Combaluzier expressed optimism about the project's future, stating, "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."

The Catalyst: China's Demand Plummets

As of March 17, the global copper market is experiencing a significant divergence between soaring speculative prices and a dramatic decline in industrial demand from China, the world's largest consumer of the metal, according to a report by MarketMinute published on the site Financial Content on March 17.

Early in the year, copper futures on the London Metal Exchange (LME) broke through the US$13,000 per tonne barrier, reaching an all-time intraday high of US$14,527 by late January. However, this surge in prices has led to a substantial "price rejection" by Chinese industrial buyers, who find themselves unable to transfer these steep costs to their customers. This has resulted in a sharp drop in physical copper transactions and an unprecedented accumulation of inventory.

The consequences of this disparity are profound, with the difference between futures pricing and physical premiums expanding to levels not witnessed in decades. Despite financial markets betting on a long-term scarcity of copper due to factors like the energy transition and the proliferation of AI data centers, the immediate physical market has been paralyzed. In response to the untenable situation, Chinese fabricators have prolonged holiday shutdowns, and smelters, which have seen their processing margins completely eroded, are now exporting excess metal back into the global exchange system. This activity suggests that the current elevated price levels may not be sustainable for the real economy.

Gold and silver prices were trading lower near midday Monday, although they had recovered somewhat from their daily lows, according to Jim Wyckoff writing for Kitco News on March 16. The decline in precious metals prices was influenced by a sell-off in the crude oil market and a strong recovery in U.S. stock indexes. Concerns about escalating inflation due to the ongoing war in the Middle East have also dampened investor interest in gold and silver. Specifically, April gold dropped by US$56.30 to US$5,005.30, while May silver decreased by US$0.308 to US$81.01.

Market sentiment improved early in the day, coinciding with an interview of U.S. Treasury Secretary Bessent by CNBC in Paris. During the interview, Bessent mentioned that despite the geopolitical tensions, some oil tankers, including those from Iran and India, were navigating through the Strait of Hormuz. This news contributed to a rally in stock indexes and a downturn in crude oil prices.

Additionally, the Trump administration has initiated a significant reduction of the U.S. emergency oil reserves, requesting an exchange of 86 million barrels of crude oil, as reported by Bloomberg. According to a statement from the Energy Department released last Friday, deliveries from the Strategic Petroleum Reserve are set to commence by the end of this week. This action is part of a broader 400 million-barrel initiative, coordinated with other nations, aimed at reducing the prices of crude oil, gasoline, diesel, and jet fuel, which have surged since the U.S.-Israel invasion of Iran.

Copper prices had been poised for their largest annual rise in more than a decade, according to a report by Sam Meredith for CNBC dated December 30, 2025. Analysts had anticipated that copper prices will continue to climb throughout the year, fueled by persistent concerns over supply constraints and the rapid growth of global data centers.

In his report, Meredith emphasized that copper demand is often seen as an indicator of economic vitality. The metal plays a vital role in several key industries that are integral to the energy transition. This includes the production of electric vehicles, the development of power grids, and the construction of wind turbines. Furthermore, the push towards electrification, the expansion of power grids, and the establishment of data centers all depend heavily on copper for critical functions like wiring, power transmission, and cooling systems.

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%, institutions own 20%, and high net worth and retail investors own 45%.

Metallic Minerals Corp. had approximately 212.82 million issued and outstanding shares. Its market capitalization was about CA$73.25 million based on the current share price. The company's 52‑week trading range was about CA$0.17 to CA$0.47 per share. This reflects the most recent share count and price data available from multiple market sources.