Yukon-Focused Critical Minerals Explorer Triples Gold Royalty Portfolio
Research Report

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Disclosures for Couloir Capital, Metallic Minerals Corp., May 27, 2026

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. This report has been prepared in the English language; any version of this report in German, French or any other language has been translated using artificial intelligence (AI) and has not been independently verified for accuracy. The analyst may have used AI to complete certain sections of this report. Couloir Capital Ltd. assumes no responsibility for any errors or omissions generated by AI or AI translation services. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/ or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage only. 2 The issuer has no control over the content of this report. 3 The views of the Analyst are personal. 4 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 5 The Analyst does not maintain a financial interest in the securities or options of the Company. 6 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.

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On May 27, 2026, the Couloir Research Team at Couloir Capital reiterated a BUY rating and a CA$1.15 fair value estimate on Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB), implying upside of roughly 272% from the report's CA$0.31 reference price, following a metallurgical breakthrough and an expanded resource at the La Plata copper project alongside growth in the company's Yukon silver and alluvial royalty platforms.

La Plata Copper Project

The most significant catalyst was a metallurgical breakthrough announced on February 26, 2026, developed with Columbia University's Gadikota Research Group. Proof-of-concept testing of an ambient-temperature electrochemical oxidative leaching process applied directly to chalcopyrite-dominant sulphide material—without flotation, roasting, or pressure oxidation—achieved roughly 70% copper solubilization within four hours, followed by electrodeposition that produced 99.9% pure metallic copper confirmed via X-ray diffraction. Notably, rare earth elements, PGEs, silver, and gold partitioned into an iron-rich residue, which Couloir views as a potential secondary feedstock for future multi-metal recovery. The firm frames the results as an important de-risking milestone with implications for lower capital intensity, a reduced surface footprint, and near-site metallization.

Building on this, MMG filed an updated NI 43-101 technical report in March 2026, expanding the inferred resource by approximately 23% to 181.4 Mt grading 0.36% CuEq, containing 1.3 billion pounds of copper and 17.0 Moz of silver. The estimate incorporated platinum, palladium, and gold for the first time, with a 45.4 Mt subset containing ~272 Koz of combined Pt-Pd-Au, lifting the copper-equivalent grade 17% versus copper-silver-only calculations. The Allard deposit remains open at depth and along strike, with 16 additional untested porphyry centers across the district. Couloir values La Plata at a 30% premium to its copper-comparables peer average, assigning an enterprise value of CA$145.6 million, or CA$0.67 per share.

Keno Silver Project

MMG confirmed a 5,000-meter 2026 exploration program targeting resource expansion across the Formo, Fox, Caribou, and Homestake areas, plus newly identified high-priority targets, while evaluating more than 40 earlier-stage targets district-wide. The program builds on the February 2024 inferred resource of 18.2 Moz AgEq grading 223 g/t AgEq across 2.54 Mt, with all four shallow deposits open at depth and along strike.

The Formo deposit is the highest-grade component, holding 12.77 Moz AgEq grading 369 g/t AgEq. Couloir notes that prevailing silver prices are now more than triple the conservative US$22.50/oz assumption used in the 2024 MRE, supporting the case for a potential updated estimate later in 2026. The firm assigns Keno Silver an enterprise value of CA$63.5 million, or CA$0.29 per share, valuing it at a premium to its silver-comparables peer group, given its lower-risk Yukon, Canada jurisdiction.

Alluvial Royalty Portfolio

In a May 14, 2026, corporate update, MMG announced royalty agreements with three operators for the 2026 season, tripling its producing operations from one to three. The portfolio now covers Australia Creek and Dominion Creek in the Klondike Goldfields and the newly added South Keno/Granite Creek property (~25.7 km²) in the Mayo district, where 2025 RC drilling confirmed gold-bearing gravels in all seven holes drilled with an average horizon thickness of 14.8 meters. Australia Creek is the most advanced operation, currently producing with expansion drilling underway across a 37.8+ km² package.

Cumulative royalty value since the platform's 2023 inception has surpassed CA$1.1 million, with management targeting a record production and cash flow year in 2026. Couloir's DCF assumes a ramp to 10 operators by 2029—each on five-year deals paying a 15% revenue royalty, producing 1,500 oz Au per year at CA$5,000/oz and a 10% discount rate—projecting total royalty cash flow of CA$37.2 million through 2033, valued at CA$0.17 per share.

Portfolio Optimization

MMG optioned its non-core McKay Hill asset to Argyle Resources under a CA$2.25 million earn-in agreement while retaining equity exposure and a 3.5% NSR royalty, a move Couloir views as supporting capital allocation discipline and sharpening management focus on La Plata and Keno Silver.

Financials

For the six months ended in fiscal Q2-2026 (FYE Aug. 31), MMG reported cash of CA$1,830,034 (down from CA$4,865,265 in 2025), working capital of CA$2,961,003, mineral assets of CA$6,622,161, and total assets of CA$10,350,950. The six-month net loss narrowed to CA$672,173 from CA$1,500,790 a year earlier.

Shares outstanding total 213,559,195, and market capitalization is approximately CA$66.2 million.

Valuation and Outlook

On a sum-of-the-parts basis—La Plata at CA$0.67, Keno Silver at CA$0.29, alluvial claims at CA$0.17, and net cash at CA$0.01—Couloir arrives at a fair value of CA$249.2 million, or CA$1.15 per share, implying the stock trades at a discount to fair value.

Key catalysts include 2026 exploration news from La Plata, Keno Silver, and the Klondike, and royalty production updates from Australia Creek, Dominion Creek, and Granite Creek.

Risks

Couloir flags poor drilling and exploration results that could erode mineral potential, permitting uncertainty leading to delays or budget overruns, market price exposure affecting funding-dependent exploration, and capital structure deterioration from ongoing cash burn that could force dilutive equity issuance.