Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) announced that its La Plata project in Colorado has been selected to participate in a U.S. Department of Energy-supported research initiative led by the Colorado School of Mines to develop next-generation artificial intelligence technologies for critical minerals exploration.
The collaborative project, Agentic GeoAI for Precision Mineral Exploration (AGAPEX), is part of the DOE's Genesis Mission, which brings together government, industry, academia, and philanthropy to advance scientific discovery through artificial intelligence, high-performance computing, and advanced scientific research. According to the company, AGAPEX was selected as one of 278 awards under the Genesis Mission after more than 5,000 applications were received.
Metallic said La Plata was selected as one of two initial test systems for the development and validation of AI-assisted exploration technologies. The project will compare two contrasting geological systems, with the Arizona Copper Triangle representing a calc-alkaline porphyry setting and La Plata representing an alkalic polymetallic system hosting copper, silver, gold, platinum, palladium, and other critical mineral co-products currently under study.
The initiative is led by Dr. Sebnem Düzgün, Fred Banfield Distinguished Endowed Chair in Mining Engineering at Colorado School of Mines. Project partners include the National Laboratory of the Rockies, formerly the National Renewable Energy Laboratory, the Colorado Geological Survey, and Metallic Minerals, represented by President Scott Petsel and Vice President of Exploration Regina Molloy.
According to the company, AGAPEX is intended to integrate geological knowledge, geoscience datasets, physics-constrained AI, uncertainty analysis, and economic decision-making into a unified exploration workflow. Rather than producing a conventional mineral prospectivity map, the system is designed to evaluate and rank potential exploration activities, including geophysical surveys, geochemical sampling, and drilling, based on expected reductions in geological uncertainty relative to cost.
Metallic said it will contribute its exploration datasets and geological expertise while gaining access to the Genesis Mission Platform, which includes AI agent frameworks, advanced AI models, and high-performance computing resources across the DOE's National Laboratories. The company said the initiative extends its existing use of advanced data analytics, including previous AI-based target generation work and multi-element re-analysis and re-logging of the La Plata dataset.
Greg Johnson, Chairman and CEO of Metallic Minerals, stated, "La Plata was selected for this work because of the quality and completeness of the geological, geochemical, and geophysical database we have assembled through years of systematic exploration, and because its alkalic polymetallic character makes it a demanding test of these new methods." He added, "Working alongside Colorado School of Mines, the National Laboratory of the Rockies and the Colorado Geological Survey gives our technical team access to AI and computing capability well beyond what a company of our size could develop independently, applied directly to our own datasets."
Analysts Highlight Resource Growth, Metallurgical Progress, and Royalty Expansion
In a May 27 research report, Couloir Capital maintained its BUY rating on Metallic Minerals and gave the company a fair value estimate of CA$1.15 per share, compared with a share price of CA$0.31 at the time of publication.
The firm cited recent progress at the company's La Plata project, including an updated and expanded NI 43-101 mineral resource estimate outlining an inferred resource of 181.4 million tonnes grading 0.36% copper equivalent. Couloir also highlighted metallurgical testing conducted with Columbia University that achieved nearly 70% copper recovery from whole sulphide material while producing 99.9% pure copper.
Couloir said the company's 2026 plans at the Keno Silver project include a drill program focused on resource expansion and exploration. The report noted that the current inferred resource totals 18.2 million silver equivalent ounces and stated that all deposits remain open for additional exploration. It also observed that prevailing silver prices are well above the US$22.50 per ounce assumption used in the 2024 mineral resource estimate.
The report also discussed Metallic Minerals' Yukon alluvial royalty portfolio, noting that the company has expanded its producing royalty operations across the Klondike and Mayo districts. Couloir stated it expects 2026 to be a record year for royalty production and cash flow, building on royalty gold value generated since 2023.
On May 20, Peter Krauth of Silver Stock Investor also discussed the company's Yukon alluvial gold royalty business. He wrote that Metallic Minerals has expanded from a single operating royalty to a multi-operator platform across the Klondike and Mayo goldfields.
Krauth noted that agreements are in place for the 2026 production season with operators at Australia Creek, Dominion Creek, and South Keno/Granite Creek, with all three properties preparing for production. He wrote that Australia Creek has generated more than CA$1.1 million in royalty gold value since 2023, with 2025 marking its strongest year to date. He added that he expects 2026 to be a record year for royalty production and cash flow as multiple operations enter production. Krauth also referenced ongoing drilling at Australia Creek to expand production areas, Dominion Creek's transition toward full production, and continued development at South Keno/Granite Creek.
According to Krauth, the royalty model allows mine operators to fund mining activities while Metallic Minerals receives royalties ranging from 10% to 15%, providing near-term cash flow as the company advances its Keno Silver and La Plata projects.
Krauth disclosed his personal investment in the company, writing, "I own a position because this can help fund operations, while the team advances its Keno Silver and La Plata projects."
Research Program Advances and Project Activities
Metallic said additional details regarding the AGAPEX project and its milestones will be provided as work progresses.
The company stated that the collaboration with Colorado School of Mines combines the university's expertise in artificial intelligence, mineral systems, and computational geoscience with Metallic's district-scale geological database. The initiative also includes participation from the National Laboratory of the Rockies and the Colorado Geological Survey, with activities centered in Colorado.
According to the company's July 2026 corporate presentation, La Plata is also part of a broader AI exploration strategy that includes applying AI and machine learning across its project portfolio. The presentation states that the company has integrated AI-assisted discovery workflows with geological data analysis and that La Plata will participate in the DOE's Genesis Mission as part of those efforts.
Streetwise Ownership Overview*
Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 09/13/16 | MAN:TSX-V | 1 | MMG:TSX-V | 1 |
| 06/12/06 | SWI.H:TSX-V | 1 | MAN:TSX-V | 2 |
| 02/14/05 | SWI:TSX-V | 1 | SWI.H:TSX-V | 1 |
| 08/01/01 | AEX:TSX-V | 1 | SWI:TSX-V | 4 |
The presentation also outlines continued exploration work at La Plata, including drilling for resource expansion and testing of new porphyry targets during 2026 and 2027. It states that new targets have been refined through mapping and surface sampling, while previous drilling funded by Newmont was incorporated into the company's 2026 resource update. The presentation further notes that the Allard resource remains open for expansion, with additional drilling planned to test extension, lateral, depth, and nearby discovery targets.
On July 21, 2026, The Company announced Newmont Corporation, through a wholly owned subsidiary pursuant to its participation rights under the Investor Rights Agreement (“IRA”) dated May 18, 2023. Newmont subscribed for 3,224,700 units (each, a “Unit”) of the Company at a price of $0.28 per Unit, for gross proceeds of $902,916, reflecting the same terms as the Company’s recently closed $10.3 million bought deal financing in June.
Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of $0.40 per share for a period of 36 months, commencing 61 days following the closing date.
This private placement is the 5th investment by Newmont since 2023 into Metallic and maintains their approximately 9.2% ownership interest in the Company. The Company intends to use the net proceeds to advance exploration and development activities at its La Plata copper-silver-PGE-gold and associated critical minerals project in southwestern Colorado, USA, as well as for working capital and general corporate purposes.
Ownership and Share Structure1
Metallic Minerals Corp. has a market cap of CA$48.49million, with 245.45 million shares outstanding. The company's 52-week range is CA$0.20-CA$0.47.
Insiders and Management own 10% of shares, while Institutions own 27%. Strategic Investors, including Newmont (9.2%) and Eric Sprott (8.7%), own approximately 17.9%, and the remaining 45.1% of shares are held by Retail.
Frequently Asked Questions
What is the AGAPEX project?
AGAPEX, or Agentic GeoAI for Precision Mineral Exploration, is a U.S. Department of Energy-supported research initiative led by the Colorado School of Mines. The project is designed to develop next-generation artificial intelligence technologies for critical minerals exploration by combining geological data, AI, uncertainty analysis and exploration decision-making into a unified workflow.
Why was the La Plata project selected for AGAPEX?
According to Metallic Minerals, the La Plata project was selected because of its district-scale alkalic polymetallic mineral system, extensive geological, geochemical and geophysical database, and diverse suite of critical minerals. The project will serve as one of two initial geological systems used to develop and validate AI-assisted exploration technologies.
What is the DOE Genesis Mission?
The DOE Genesis Mission is a U.S. Department of Energy initiative that brings together government, industry, academia and philanthropy to accelerate scientific discovery using artificial intelligence, high-performance computing and advanced scientific research. AGAPEX was selected as one of 278 awards under the Genesis Mission.
Who is leading the AGAPEX research initiative?
The AGAPEX project is led by Dr. Sebnem Düzgün, Fred Banfield Distinguished Endowed Chair in Mining Engineering at the Colorado School of Mines. Project partners include the National Laboratory of the Rockies, the Colorado Geological Survey and Metallic Minerals.
What role will Metallic Minerals play in the AGAPEX project?
Metallic Minerals said it will contribute exploration datasets and geological expertise while working with researchers from the Colorado School of Mines, the National Laboratory of the Rockies and the Colorado Geological Survey. The company also expects to access AI frameworks, advanced AI models and high-performance computing resources through the Genesis Mission Platform.
How will artificial intelligence be used at the La Plata project?
According to the company, AGAPEX is designed to integrate geological knowledge, geoscience datasets, physics-constrained AI, uncertainty analysis and economic decision-making into a single exploration workflow. Rather than producing a traditional mineral prospectivity map, the system is intended to evaluate and rank exploration activities such as geophysical surveys, geochemical sampling and drilling.
Where is the La Plata project located?
Metallic Minerals' La Plata project is located in Colorado. The initiative is anchored in Colorado, with the Colorado School of Mines and the National Laboratory of the Rockies located in Golden and the Colorado Geological Survey participating as a project partner.
What minerals are found at the La Plata project?
According to the company, the La Plata project hosts copper, silver, gold, platinum, palladium and a range of critical mineral co-products that are currently under study.
What organizations are participating in the AGAPEX initiative?
The AGAPEX initiative includes the Colorado School of Mines, the National Laboratory of the Rockies, the Colorado Geological Survey and Metallic Minerals.
Will Metallic Minerals provide updates on the AGAPEX project?
Yes. The company stated that additional details regarding the AGAPEX project and project milestones will be provided as work progresses.
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Important Disclosures:
- 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.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metallic Minerals Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- 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.
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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.
