Metallis Announces $1,100,000 Non- Brokered Private Placement
METALLIS ANNOUNCES $1,100,000 NON-
BROKERED PRIVATE PLACEMENT
VANCOUVER, BC
,
Feb. 24, 2026
/CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF)
("Metallis" or the "Company") is pleased to announce a non-brokered private placement (the
"Financing") of up to $1.1 million. The Financing will consist of up to 3.75 million non-flow-through
units at a price of $0.16 per unit for proceeds of up to $600,000, and up to 2.5 million flow-through
shares at a price of $0.20 per share for proceeds of up to $500,000.
Each non-flow-through unit will consist of one common share and one non-flow-through, non-
transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional
common share at a price of $0.26 per share for a 3-year period.
The flow-through shares will qualify as "flow-through shares" for the purpose of the Income Tax Act
(Canada) (the "Act"). The proceeds of the flow-through private placement will be incurred on
"Canadian exploration expenses" (within the meaning of the Act). The Company will renounce these
expenses to the purchasers with the effective date no later than December 31, 2026, and as
required under the Act.
Shares and warrants issued on closing will be subject to a trading hold period expiring four months
plus one day from the date of issuance. Closing of the private placement is subject to receipt of all
necessary regulatory approvals and final acceptance by the TSXV.
Use of Proceeds
The proceeds from the flow-through shares will be used for qualifying expenditures at the Kirkham
Property in northwest British Columbia. Proceeds from the non-flow-through units will be used to
advance exploration activities at both the Company's Greyhound and Kirkham projects, as well as
for general corporate purposes.
Planned work at Kirkham for the 2026 field season will mark the Company's return to the property
following its 2024 decision to prioritize the Greyhound Project in response to capital availability and
broader market conditions. Considering improved market conditions and strengthening gold and
copper prices, the Board has approved renewed exploration at Kirkham, a Golden Triangle property
where prior work identified multiple large-scale gold and copper targets warranting further follow-up.
The 2026 program will consist of geological mapping, surface geochemical sampling, trenching and
geophysical surveys designed to further refine and prioritize multiple target areas across the
property. At the CT Zone, work will focus on detailed mapping to better define silicified and late-
stage gold zones, expansion of soil geochemical coverage to the east, trenching to expose
mineralized bedrock within the silicified zone, and extension of induced polarization ("IP") surveying
to improve the definition of subsurface chargeability and resistivity features. At the King East Zone,
IP surveys over coincident geochemical anomalies and silicified zones will be complemented by
mapping and sampling to evaluate the potential for an upper portion of a porphyry copper-gold
system. Across the broader Kirkham property, the Company plans to reinterpret existing ZTEM data
using a Snip North signature-based model and is evaluating the cost and potential application of
magnetotelluric ("MT") surveying to enhance deeper subsurface targeting.
At the Greyhound Project, the 2026 program will include a geophysics component with the execution
of a VLF survey. VLF is intended to test the continuity and orientation of known structures, faults and
vein systems across the project area, while also identifying additional structurally similar targets for
follow-up. VLF surveys have historically been used to trace narrow conductors that can be weakly
conductive faults and clay zones to more strongly conductive massive sulphide units. VLF can easily
penetrate the top 20 to 50 m or more depending on conditions. As our targets are vertically and
laterally extensive zones that are, in places, exposed at surface, this is an ideal quick and cost-
effective survey technique. Combined with our surface geochemical soil and rock samples we expect
to be able to identify trends that we can follow by trenching or diamond drilling.
About the Kirkham Property
The wholly owned, 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in
the heart of the Golden Triangle's prolific Eskay (Sulphurets) Camp. The Property is contiguous to
Garibaldi Resources Corp.'s E&L Nickel Mountain Project to the north and Eskay Mining Corp. to the
east. It is located along a strategic geological boundary – the "Red-line" exposed on the western
margin of the Eskay Rift system and is prospective for multiple mineral deposit types. The Kirkham
Property is within 20 km of the past producing Eskay Creek mine while the eastern border is within
12 – 20 km of Seabridge Gold's KSM deposits and Newcrest Mining's producing Brucejack mine.
About the Greyhound Property
In February 2024, the Company optioned the Greyhound Property, located in Custer County, Idaho,
approximately 42 km northwest of the town of Stanley and 35 km south of Perpetua Resources'
Stibnite Mine. The property was the center of an active silver mining camp in the early 1900's and at
one point contained a smelter and two active mines situated along the 3.5 km Greyhound shear. In
2024, the Company staked additional land around Greyhound for a total current property size of 673
hectares.
The Greyhound mineralization is hosted by prominent shear zones with polymetallic quartz-sulphide
veins containing elevated concentrations of gold, silver, antimony (a critical mineral), lead, and zinc.
Greyhound shares certain geological characteristics with the Lucky Friday Mine in northern Idaho.
Both properties exhibit vein mineralization occurring as fracture-fillings, disseminations, and tabular
masses of galena and tetrahedrite along with accessory pyrite in a gangue of siderite, calcite, and
quartz. The Lucky Friday zone is a singular, curved tabular body that dips almost vertically. The vein
at Lucky Friday has a strike length of up to 450 m and a width that varies from centimeters to as
much as 6 m. The average varies from 1.2 to 1.8 m over the full length (SLR, 2022).
Metallis states that while the Lucky Friday Mine may share some geological similarities with the
Greyhound Property, no representation is made that comparable results will be achieved at
Greyhound.
References
SLR, 2022 Technical Report Summary on the Lucky Friday Mine, Idaho, USA S-K 1300 Report
Hecla Mining.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper
and silver at its 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's
Golden Triangle, and at the Greyhound Property, a gold/silver/antimony property in Idaho, USA.
Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB
Exchange, and 0CVM on the Frankfurt Stock Exchange, and has 85,730,003 common shares issued
and outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
Web:
www.metallisresources.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute 'forward-looking' statements, including
statements regarding the plans, intentions, beliefs and current expectations of the Company, its
directors, or its officers with respect to the future business activities and operating performance of
the Company. The words "may," "would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking statements. Investors are cautioned that any such forward-
looking statements are not guarantees of future business activities or performance and involve risks
and uncertainties, and that the Company's future business activities may differ materially from those
in the forward-looking statements because of numerous factors. Such risks, uncertainties and
factors are described in the periodic filings with the Canadian securities' regulatory authorities,
including quarterly and annual Management's Discussion and Analysis, which may be viewed on
SEDAR at
www.sedarplus.ca
. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned, anticipated, believed, estimated,
or expected.
Although the Company has attempted to identify important risks, uncertainties and factors which
could cause actual results to differ materially, there may be others that cause results not to be as
intended, planned, anticipated, believed, estimated, or expected. The Company does not intend, and
does not assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. The TSX-V Stock Exchange has neither approved nor disapproved of the contents of this
news release.
SOURCE Metallis Resources Inc.
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For further information:
For further information contact Mr. Aliperti at: Tel: 604-688-5077, Email:
CO: Metallis Resources Inc.
CNW 08:00e 24-FEB-26