US Copper-Silver Company Secures CA$10 Million Financing as Exploration Plans Advance

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 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. 
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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 entered into an engagement letter with Red Cloud Securities Inc., acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters, for a bought deal private placement with aggregate gross proceeds of CA$8,000,230. The company later announced that as a result of strong investor demand, the Company has increased the gross proceeds of its previously announced “bought deal” from CA$8.0 million to CA$10.0 million.

Under the upsized offering, the underwriters agreed to purchase 17,858,000 units at CA$0.28 per unit for gross proceeds of CA$5,000,240 and 12,988,000 flow-through units at CA$0.385 per unit for gross proceeds of CA$5,000,380.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each flow-through unit will consist of one flow-through common share and one-half of one flow-through warrant. Each whole warrant will entitle the holder to purchase one common share at CA$0.40 beginning 61 days after closing and continuing for 36 months following the closing date.

The company also granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase additional securities in any combination of units and flow-through units for up to CA$2.0 million in additional gross proceeds.

According to the company, net proceeds from the sale of units are intended for exploration and advancement of the La Plata project in southwestern Colorado, as well as general corporate purposes and working capital. Gross proceeds from the flow-through units are intended to fund eligible Canadian exploration expenses related to the Keno Silver Project in Yukon Territory on or before December 31, 2027, with those expenditures to be renounced in favor of subscribers effective December 31, 2026.

The offering is expected to be completed under the listed issuer financing exemption in Canada, with units also being offered in the United States through applicable private placement exemptions and in certain jurisdictions outside Canada and the United States in accordance with applicable laws.

The company stated, "The Offering is scheduled to close on June 22, 2026, or such other date as the company and Red Cloud may agree."

Completion of the offering remains subject to customary conditions, including receipt of required regulatory approvals and approval from the TSX Venture Exchange.

Copper and Silver Markets Supported by Supply and Infrastructure Trends

According to a June 1 report from Investing.com, Citi adopted a bullish outlook on copper after several months of maintaining a broadly neutral stance. Analyst Tom Mulqueen reported that the bank raised its near-term copper price forecast to US$14,500 per metric ton and targeted US$15,000 per ton within six to twelve months. Citi stated that "U.S. copper tariff fears can remain supportive through June" and cited tighter supply conditions and demand from energy transition and AI infrastructure as key factors influencing the market. The report also noted that Citi became more conservative on copper supply growth, assuming that both scrap and mine output would underperform through 2026 and 2027, resulting in a forecast market deficit of approximately 360,000 metric tons in 2027. On the demand side, Citi highlighted that improvements in global manufacturing PMIs pointed to "upside for cyclical consumption."

Additional commentary on June 2 from Investing.com highlighted copper's role in supporting expanding AI infrastructure. During Computex 2026, Nvidia Chief Executive Officer Jensen Huang stated, "We should use copper as much as we can, for as long as we can, but copper has its limits." Huang added, "So you use optics wherever you must, you use copper wherever you can." The report noted that photonics and optical technologies were becoming increasingly important as AI workloads scaled, while also emphasizing the continued role of copper in data center connectivity and infrastructure.

Bloomberg reported on June 3 that copper prices had reached a three-week high before retreating amid escalating tensions in the Middle East. The publication noted that copper closed at US$14,040.50 per ton on June 2, its highest level since May 13, before easing to US$13,916 per ton. Bloomberg also reported that traders remained focused on a potential U.S. tariff decision affecting copper imports and noted that inventories of the metal in the United States had increased ahead of any such decision, tightening supply in other markets. Despite near-term volatility, copper continued to trade near recent highs as market participants monitored geopolitical developments, tariff policy, and supply conditions.

Couloir Capital Maintained Buy Rating and Raised Fair Value Estimate

On May 20, Peter Krauth of Silver Stock Investor highlighted Metallic Minerals' growing Yukon alluvial gold royalty business, noting that the company had expanded from a single operation into what he described as a multi-operator platform across the Klondike and Mayo goldfields. Krauth pointed to the company's agreements with operators at Australia Creek, Dominion Creek, and South Keno/Granite Creek for the 2026 production season, stating that all three properties were mobilizing for production. He also noted that Australia Creek had generated more than CA$1.1 million in royalty gold value since 2023, with 2025 representing its strongest year to date.

Krauth wrote that the combination of multiple operations entering production and a 64-square-kilometer land position created the potential for a record year of royalty production and cash flow in 2026. He highlighted ongoing drilling at Australia Creek to expand future production areas, Dominion Creek's transition toward full production, and South Keno/Granite Creek's advancement as a drill-supported gold system entering development. According to Krauth, the royalty model allowed operators to fund mining activities while Metallic collected royalties of 10% to 15%, supporting near-term cash flow as the company continued advancing its Keno Silver and La Plata projects. He concluded, "I own a position because this can help fund operations, while the team advances its Keno Silver and La Plata projects."

According to a May 27 report from the Couloir Research Team, Couloir Capital maintained its BUY rating on Metallic Minerals and adjusted its fair value estimate to CA$1.15 per share from a current share price of CA$0.31. The report stated that the revised valuation represented projected upside of 272.1%.

The firm highlighted progress at the company's La Plata project, noting that an updated NI 43-101 resource estimate confirmed an inferred resource of 181.4 million tonnes grading 0.36% copper equivalent. Couloir wrote that recent metallurgical testing conducted with Columbia University achieved "nearly 70% copper recovery directly from whole sulphide material and produced 99.9% pure copper, advancing the project's processing and near-site metallization potential."

In discussing the Keno Silver project, the report noted that the company confirmed a 5,000-meter drill program targeting resource expansion and new discoveries. Couloir stated that the program would build on an existing inferred resource of 18.2 million ounces of silver equivalent and that "all deposits remain open along strike and at depth." The firm also noted that current silver prices remained "well above the US$22.50/oz assumption used in the 2024 MRE, supporting potential resource growth and a future update."

The report also highlighted growth in the company's Yukon alluvial royalty portfolio. Couloir wrote that the company had "tripled its producing alluvial royalty portfolio from one to three operations across the Klondike and Mayo districts." The firm noted that management was targeting a "record 2026 production and cash flow year," building on more than CA$1.1 million in cumulative royalty gold value generated since 2023.

Regarding the La Plata project, Couloir stated that the company delivered "two major milestones in 2026 through a significantly expanded NI 43-101 resource and a metallurgical breakthrough that successfully produced 99.9% pure copper directly from sulphide material." The firm added, "In our view, the results materially de-risk the project's future processing pathway while strengthening the long-term development case for a large-scale U.S.-based critical minerals system."

Exploration Programs and Resource Expansion Activities

Additional information provided by the company indicated that work at the La Plata project includes resource expansion and exploration activities. The June 2026 corporate presentation noted that a January 2026 updated NI 43-101 resource estimate outlined 1.31 billion pounds of copper, 17.0 million ounces of silver, and 272,000 ounces of PGE+Au at the project.

The presentation also outlined 2026 activities at La Plata, including resource expansion drilling, drilling on high-priority targets outside the resource area, metallurgical test work for copper, precious metals, and critical mineral recovery, and baseline environmental work for an expanded Phase II permit. Additional work includes new target definition and prioritization.

At the Allard resource area within the La Plata Project, the company reported that Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX)-funded 4,500 meters of drilling were included in the 2026 resource update. The company also noted that new targets were refined through mapping and surface sampling, with 2026 drilling planned for resource expansion and new porphyry targets. 

For the Keno Silver project, the presentation outlined 2026 exploration programs that include resource expansion drilling and follow-up drilling on high-priority targets outside existing resource areas. The company also referenced Keno Silver drilling as part of its 2026 activities.

The presentation further noted that royalty agreements are in place at the company's Klondike gold assets, with production continuing in 2025 and additional royalty agreements in progress.

Ownership & Share Structure¹

Metallic Minerals Corp. has a market cap of CA$70.47 million, with 213.53 million shares outstanding. The company's 52-week range is CA$0.20-CA$0.47.

Insiders & Management own 15% of shares, while Institutions own 20%. Strategic Investors, including Newmont and Eric Sprott, own 30%, and the remaining 45% of shares are held by Retail.