Metallis Resources Inc. Closes First Tranche of Private Placement

METALLIS RESOURCES INC. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

May 8, 2017

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) (the “Com pany” or “Metallis

Resources”) announces further to its news release dated April 6, 2017, the Company has

closed the first tranche of its private placement raising gross proceeds of $338,980.

The Company has issued 1, 591,559 Units at a price of $0.18 per Unit for gross proceeds of

$286,480 and 210,000 Flow-Through Units at a price of $0.25 per Flow-Through Unit for gross

proceeds of $52,500. Each $0.18 Unit consists of one (1) common share of the Company (each,

a “Share”) and one -half (1/2) of one non -transferable share purchase warrant (each whole

warrant, a “Warrant”). Each Warrant is exercisable for the purchase of one (1) additional Share

at a price of $0.35 per Share for a period of two (2) years. Each $0.25 Flow -through Unit

consists of one (1) flow through common share of the Company (each, a “Flow -through Share”)

and one -half (1/2) of one non -transferable non -flow-through share purchase warrant (each

whole warrant, a “Warrant”). Each Warrant is exercisable for the purchase of one (1) additional

Share at a price of $0.35 per Share for a period of two (2) years.

All warrants issued in connection with this financing are subject to an acceleration clause. If in

the two year period and after the expiry of the 4 month hold period, the Company may

accelerate the expiry date to 30 days after the last of ten (10) consecu tive days if and whereby

the closing price of the Company’s shares is greater than or equal to $0.50 per share.

All secu rities issued under the private placement are subject to a hold period expiring four

months and one day from the date of issuance pursu ant to applicable Canadian securities laws

and the rules of the TSX Venture Exchange. Directors and management subscribed for $52,000

of the first tranche closing.

Proceeds from the private placement will be used for further exploration of the Company’s

wholly-owned Kirkham Property, situated in the Golden Triangle region of Northwestern British

Columbia, and for general working capital.

The closing of the Private Placement is subject to TSX Venture Exchange approval. The

Company was granted an extension by the TSX Venture Exchange whereby the deadline for

filing final document ation for the Private Placement is now on or before June 8, 2017.

On behalf of the Board of Directors:

/s/ “Fiore Aliperti”

Chief Executive Officer, President and Director

For further information:

Tel: 604-688-5077

Email: [email protected]

Web: www.metallisresources.com

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 the contents of this news release.