Metallic Minerals Corp. · TSXV:MMG
Metallic Minerals — Investor Presentation (November 2025)
58 slides from Metallic Minerals's investor presentation, November 2025
Slide 1: Silver, Gold, Copper & Critical Minerals in La Plata and Keno Hill Districts
SILVER, GOLD, COPPER & CRITICAL MINERALS IN THE HIGH-GRADE LA PLATA AND KENO HILL MINING DISTRICTS CRITICAL MINERALS La Plata Project Colorado, USA Corporate Presentation November 2025 TSX.V: MMG | OTCQB: MMNGF 1
Slide 2: Forward Looking Statements
TSX-V: MMG OTCQB: MMNGF FORWARD LOOKING STATEMENTS Forward-Looking Information Third-Party Information This presentation contains certain forward-looking statements that reflect the current views and/or expectations of Where this presentation quotes any information or statistics from any external so
Slide 3: Value Through Discovery
TSX-V: MMG OTCQB: MMNGF COPPER, SILVER, GOLD & CRITICAL MINERALS: CRITICAL MINERALS Metallic Minerals is lead by an experienced management team with a track record of Tier 1 discoveries as co-founders of VALUE NovaGold and other leading companies. Our objective is to create shareholder THROUGH value
Slide 4: The Metallic Group
The Metallic Group A Collaboration of Leading, Independent Exploration Companies TSX.V: MMG TSX.V: PGE OTCQB: MMNGF OTCQB: PGEZF Experience with leading Building on a Proven Model for A Track Record of explorers, developers and Value Creation Discoveries producers Board and Management with Credited
Slide 5: The Metallic Group: Strategy & Approach Built on the NovaGold Model
The Metallic Group A Collaboration of Leading, Independent Exploration Companies TSX.V: MMG TSX.V: PGE OTCQB: MMNGF OTCQB: PGEZF Strategy & Approach to Business Built on the NovaGold Model Leadership Properties Acquisitions Technology Value Infrastructure Experienced Identify Potential Make Acquisit
Slide 6: Track Record of Value Creation
Track Record of Value Creation TSX-V: MMG OTCQB: MMNGF Metallic Group Team Experience with NovaGold – Discovery, Expansion and Advancement to Feasibility Donlin1 1 Donlin2 Galore3 Ambler4 Resource Market Cap / Market Cap / Resource Market Cap / M&I Resource M&I Resource M&I Resource Growth Purchase
Slide 7: Enterprise Value Increase
Exploration / Development Value Curve Typical Enterprise Values by Stage Development Stages Resource Stage PEA Stage PFS Stage Feasibility Stage Production & Value Creation Strategic Equity Investment by Majors for projects that show exceptional potential Transition to Production Often a pause in va
Slide 8: Leadership
LEADERSHIP Scott Petsel, P.Geo, MBA TSX-V: MMG OTCQB: MMNGF Greg Johnson Rebecca Moriarty CPA, CA President Chief Executive Officer & Board Chairman 35+ years experience in global exploration, mine geology, project Chief Financial Officer 35+ years in industry with a track record of exploration disc
Slide 9: Newmont Strategic Investment
NEWMONT STRATEGIC INVESTMENT TSX-V: MMG OTCQB: MMNGF 9.5% Strategic Level investment into Metallic Minerals Totalling $7.3 Million To Date $6.3 million initial investment by Newcrest (acquired by Newmont in November 2023) at a subscription price of C$0.40 per unit. Additional $6.5 million in proceed
Slide 10: Industry Collaborations
INDUSTRY COLLABORATIONS TSX-V: MMG OTCQB: MMNGF Leveraging geologic expertise and new technologies U.S. Geological Survey (USGS) and the Colorado Geological Survey and USGS 9.5% Strategic Investment Colorado Geological Survey are have identified the La Plata district as an Announced May 2023 mapping
Slide 11: Leveraging AI in Exploration
LEVERAGING AI IN EXPLORATION TSX-V: MMG OTCQB: MMNGF Powering the future of minerals with new technologies Overview • Strategic partnership with VRIFY Technology to apply AI and machine learning across Metallic’s project portfolio. • Focused on the La Plata Cu-Ag-Au-PGE Project (Colorado) and Keno S
Slide 12: Three Key Assets
THREE KEY ASSETS TSX-V: MMG OTCQB: MMNGF LA PLATA KENO SILVER KLONDIKE GOLD COPPER-SILVER-GOLD PROJECT SILVER-LEAD-ZINC-GOLD PROJECT ALLUVIAL PRODUCTION Precious Metals Rich Porphyry High-Grade Silver Gold Royalties 1.21 Blbs Cu 18.2 Moz AgEq $$$ Royalty agreements in place with 17.6 Moz Ag producti
Slide 13: La Plata
TSX-V: MMG OTCQB: MMNGF LA PLATA COPPER-SILVER-GOLD-PGE PROJECT Updated NI 43-101 Inferred Resource Estimate Announced July 2023 1.21 BLBS CU1 17.6 MOZS AG1 (0.37% Cu, 3.92 g/t Ag) 1) See Metallic Minerals News Release July 31, 2023, on updated 43-101 Resource Estimate 13
Slide 14: Copper Demand: Production Shortage Forecasted
COPPER DEMAND TSX-V: MMG OTCQB: MMNGF PRODUCTION SHORTAGE FORECASTED Fewer major discoveries Operating mines are depleting, Demand is rising from have limited new production and global grades are declining electrification, modernizing the coming online grid, and global development Projected Global C
Slide 15: La Plata Copper-Silver-Gold-PGE Project
LA PLATA COPPER-SILVER-GOLD-PGE PROJECT TSX-V: MMG OTCQB: MMNGF Rio Tinto Bingham Copper King Bingham Tintic Belt Cu-Au Canyon Continental Scale Structures (Gravity and Magnetics) Tintic District Henderson Climax World Class Metallogenic Global HQ Province for Copper, Silver, Central City Lisbon Val
Slide 16: La Plata Project Location
LA PLATA PROJECT LOCATION Transparency Professionalism Commitment TSX-V: MMG OTCQB: MMNGF REGIONAL INFRASTRUCTURE AND ACCESS The La Plata Project is located in the La Plata Mountains between Cortez and Durango Hermosa Cortez FSR 567 550 20-minute drive from Mancos Mayday Durango via highway 160 160
Slide 17: La Plata – Project History
LA PLATA – PROJECT HISTORY TSX-V: MMG OTCQB: MMNGF A long history of mining in the La Plata district ▪ Ancestral use: area used for traditional gathering and ochre sites ▪ 1700s: Silver discovered by Spanish explorers in La Plata Mountains ▪ 1870s – 1940s: High-grade silver and gold production from
Slide 18: Alkaline Porphyry Deposits
TSX-V: MMG OTCQB: MMNGF ALKALINE PORPHYRY DEPOSITS Precious metal rich copper porphyries are multi-generational assets Deposit class includes some of the world’s largest, highest-grade and longest-lived copper producers Rio Tinto Alkaline Porphyry Deposits Bingham Canyon (Utah, USA) Galore Creek (BC
Slide 19: La Plata Copper-Silver-Gold-PGE Project
LA PLATA COPPER-SILVER-GOLD-PGE PROJECT TSX-V: MMG OTCQB: MMNGF La Plata 6km La Plata – Potential District Scale Porphyry Corridor La Plata Allard Au >0.1g/t in soils Cu >500ppm in soils 0.2% CuEq (Cu & Mo >20ppm in soils Ag) cut off Allard Resource Cadia Exploration Similarities to other Target Con
Slide 20: La Plata – Exploration Target Areas
TSX-V: MMG OTCQB: MMNGF LA PLATA – EXPLORATION TARGET AREAS La Plata project area looking south. Target areas shown in white italics. Mancos, Co Cortez, Co Durango, Co Allard Resource 25 km2 Porphyry Complex Madden Alteration Signature Morning Star Copper Age Allard Tunnel Evening Star East Mancos R
Slide 21: La Plata – Soil Contours & Rock Sample Results
LA PLATA – SOIL CONTOURS & ROCK SAMPLE RESULTS TSX-V: MMG OTCQB: MMNGF • La Plata Project showing surface Boren Gulch rock sample results over soil 6.37% CuEq, 0.71% Cu, 426 g/t Ag, geochemistry contours 1.92 g/t Au, 41.3 g/t Te Little Kate 27.57% CuEq, • Copper >200 ppm 32.0 g/t Au Gold >0.1 ppm Mo
Slide 22: La Plata – Highlight Surface Rock Samples
LA PLATA – HIGHLIGHT SURFACE ROCK SAMPLES TSX-V: MMG OTCQB: MMNGF CuEq Cu Ag Au Pt Pd Au+PGE Te • La Plata project district significant surface rock sample results over Target Style (% Rec) (%) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) 18.36 17.9 169.31 1.18 0.09 0.11 1.37 undrilled targets Copper Hill Po
Slide 23: La Plata – Alteration Footprint & Target Areas
TSX-V: MMG OTCQB: MMNGF LA PLATA – ALTERATION FOOTPRINT & TARGET AREAS La Plata Project looking North towards Spiller Peak N 25 Km2 Area of Alteration Century Legend Porphyry (Cu, Ag + Au, Pt and Pd) Little Kate Narrow Boren Gulch Skarns / Replacements (Ag, Gauge Group Dolly-B Pb, Zn + Au and Cu) Di
Slide 24: La Plata Project Plan Map with Significant Drill Intervals
La Plata Project Allard Resource Area 2023 Allard Drillhole Traces = CuEq (%) LAP23-08* Inferred Mineral N 551m @ 0.28% CuEq 2 Incl. 72 m @ 0.51% CuEq 2 112.8m @ 0.40% Cu Open Resource ending in mineralization La Plata * CuEq (%) includes a metal recovery factor CA-01 Open AC-08 Project Plan 88 Dril
Slide 25: La Plata – Isometric Section Looking SW
LA PLATA - ISOMETRIC SECTION LOOKING SW TSX-V: MMG OTCQB: MMNGF 3 3 2 1 2 2 1) See Metallic Minerals News Release February 28, 2023, on 2022 drill results 2) See Metallic News Release April 16, 2024, on 2023 drill results 3) See Technical disclosure slide 51 for calculation of CuEq of historic resul
Slide 26: La Plata Significant Drill Intercepts
LA PLATA COPPER-SILVER-GOLD-PGE PROJECT TSX-V: MMG OTCQB: MMNGF Drill From Length Au-PGE To (m) CuEq %4 Cu % Ag g/t Au g/t Pt g/t Pd g/t Hole (m) (m) g/t La Plata Project LAP23-08 87 638 551 0.28 0.25 2.17 0.029 0.009 0.02 0.058 Significant Drill Intercepts including 639 711 72 0.51 0.47 4.12 0.029
Slide 27: La Plata – LAP22-04 Significant Intercepts
LA PLATA COPPER-SILVER-GOLD-PGE PROJECT TSX-V: MMG OTCQB: MMNGF Length Au-PGE Drill Hole From (m) To (m) CuEq %4 Cu % Ag g/t Au g/t Pt g/t Pd g/t LAP22-04 (m) g/t LAP22-04 0.0 815.95 815.95 0.41 0.30 2.48 0.038 0.055 0.093 0.186 Significant intercepts 141.73 239.27 97.54 0.31 0.29 2.51 0.029 0.004 0
Slide 28: La Plata – Inferred Mineral Resource Estimate
LA PLATA – INFERRED MINERAL RESOURCE ESTIMATE TSX-V: MMG OTCQB: MMNGF Cu % in Rocks D D’ N Looking Northwest < 0.10 NE 0.10 – 0.25 SW 0.25 – 0.50 2023 Cu % blocks 0.50 – 0.75 0.75 – 1.00 D’ > 1.00 OPEN >0.500 OPEN Cu soil contour >200 ppm 0.400 D 2022 Inferred Resource 0.300 Proposed area of resourc
Slide 29: La Plata – 2025-2026 Exploration Plans
LA PLATA – 2025-2026 EXPLORATION PLANS (NEXT 12 TO 18 MONTHS) TSX-V: MMG OTCQB: MMNGF • Update mineral resource estimate with latest drill data • Addition of Au plus PGEs • Higher confidence geologic model for deposit • Complete baseline environmental work to support a larger phase II EA level permi
Slide 30: La Plata Project Enhancement Opportunities – Critical Minerals
LA PLATA PROJECT TSX-V: MMG OTCQB: MMNGF ENHANCEMENT OPPORTUNITIES – CRITICAL MINERALS Metallic Tellurium USGS Critical Minerals Resource Area ▪ The USGS has designated the La Plata mining district as a Critical Minerals Resource area under the Earth MRI program due to its alkalic porphyry system an
Slide 31: La Plata: A New Copper-Silver Resource
TSX-V: MMG OTCQB: MMNGF Updated NI 43-101 Inferred Mineral Resource Estimate LA PLATA A NEW COPPER-SILVER RESOURCE Announced July 2023 La Plata 2023 updated Inferred Mineral Resource Estimate Cut-off Grade = 0.25% CuEq (Sensitivity Analysis Shown at Various CuEq Cut-off Grades) 1.21 B LBS CU1 Class
Slide 32: Keno Silver
TSX-V: MMG OTCQB: MMNGF KENO SILVER SILVER-LEAD-ZINC-GOLD PROJECT Inaugural NI 43-101 Inferred Resource Estimate Announced Feb. 2024 18.2 MOZ AGEQ1 (120 g/t Ag, 0.10 g/t Au, 0.80% Pb, 1.77% Zn) 32 1) See Metallic News Release February 26,2024
Slide 33: Yukon Mining Industry
YUKON MINING INDUSTRY TSX-V: MMG OTCQB: MMNGF Excellent access & power infrastructure KENO SILVER PROJECT ALLUVIAL GOLD Mining is the Yukon’s #1 economic sector with a well-defined regulatory system ALASKA Keno City Existing road access along Yukon highway 11 and 2 Yukon Canada NORTHWEST TERRITORIES
Slide 34: Adjacent Keno Hill Mine & Economics
TSX-V: MMG OTCQB: MMNGF ADJACENT KENO HILL MINE & ECONOMICS Keno Hill Mill Complex • Hecla completed acquisition of Alexco Resources in September 2022 • Keno is the highest grade mine in Hecla’s portfolio and will be Canada’s largest silver producer • Production restarted in Q3 2023, ramping to comm
Slide 35: Main Keno-Style Mineralization
TSX-V: MMG OTCQB: MMNGF MAIN KENO-STYLE MINERALIZATION Typical High-Grade Silver, Lead and Zinc Vein Systems High-grade Ag-Pb-Zn Vein ▪ Deposits occur along major Keno Hill structural trends, with Quartzite mineralization in quartzite and greenstone host rocks Second-Phase Folding ▪ Typical minerali
Slide 36: Keno Hill Silver District
KENO HILL WESTERNWestern KENOKeno HILL HillDISTRICT District Central Keno Hill District EASTERN KENO HILL Eastern DISTRICT Keno Hill District (205 Moz Ag) (220 Moz 1,2 Ag) 1,2 (100 Moz Ag) 1,2 (New Discoveries) (New Discoveries) N SILVER West Cobalt Fox 2020 Cobalt Hill DISTRICT Avenue Beauvette Rum
Slide 37: Keno Silver: A New Silver Resource
TSX-V: MMG OTCQB: MMNGF Inaugural NI 43-101 Inferred Mineral KENO SILVER A NEW SILVER RESOURCE Resource Estimate Announced Feb. 2024 Keno Silver 2024 Inaugural Inferred Mineral Resource Estimate Cut-off Grade = 50 g/t AgEq open-pit & 150 g/t AgEq underground 18.2 MOZS Deposit Cut-off Grade Tonnes Ag
Slide 38: West Keno Hill Silver District
TSX-V: MMG OTCQB: MMNGF WEST KENO HILL SILVER DISTRICT Formo WEST KENO HILL SILVER DISTRICT Historic producer, Formo is Cream and Jean Miller primary host of current resources N Galkeno Sime Keno No Cash City Hector- ▪ The Formo deposit hosts 12.8 Moz AgEq1 Husky Dixie Calum et Eagle Flame & Moth (2
Slide 39: Formo Target
TSX-V: MMG OTCQB: MMNGF FORMO TARGET Formo Zone Cross Section – Looking NE 135m Section Slice SE Formo Zone NW 900 m FOR20-006: 2.2m @ 740.6 g/t Ag Eq1 Incl. 0.7m @ 2,255.9 g/t Ag Eq1 800 m FOR21-06: Drill Hole Samples 11.4m @ 413.7 g/t Ag Eq2 g/t Ag Eq. Incl. 4.6m @ 938.3 g/t Ag Eq2 <1 and 1m @ 3,2
Slide 40: Central Keno Hill Silver District
TSX-V: MMG OTCQB: MMNGF CENTRAL KENO HILL SILVER DISTRICT CENTRAL KENO HILL SILVER DISTRICT Caribou, Homestake Deposits and Avenue Beauvette Nabob Target N Vancouver Vancouver Rumtum Bounty ▪ Caribou – currently hosts 2.8 Moz AgEq2 (94 g/t Ag, 0.09 g/t Blanco Teach Silver Basin Lightning Creek Au, 0
Slide 41: East Keno Hill Silver District
TSX-V: MMG OTCQB: MMNGF EAST KENO HILL SILVER DISTRICT EASTERN KENO HILL SILVER DISTRICT Cobalt West Bulk Minable Potential as starter Beauvette Cobalt N Avenue resource defined at Fox Deposit Vancouver Bounty Rumtum ▪ Historically an unconsolidated and underexplored area with Teach Silver Basin Lig
Slide 42: Klondike Gold
KLONDIKE GOLD ALLUVIAL ROYALTY PROJECT Active Production Royalties Focus on new pit development for expanded production in 2025
Slide 43: Klondike Gold Production Royalties
KLONDIKE GOLD TSX-V: MMG OTCQB: MMNGF PRODUCTION ROYALTIES >1000 oz of 2023 Gold production1 on alluvial gold claims at Metallic’s Australia Creek property in the Klondike Gold District. Parker Schnabel Parker Schnabel holds nugget gold from Australia Creek 1) 2023 gold production from Australia Cre
Slide 44: Klondike Gold District Production Royalties
KLONDIKE GOLD DISTRICT TSX-V: MMG OTCQB: MMNGF PRODUCTION ROYALTIES Revenue Generating Production Royalties in Place Royalty gold production began in August 2023 on Australia Creek. Royalties continued in 2024 with focus on new pit development for expanded production in 2025 10-15% 10+ Royalties to
Slide 45: US Based Copper Peer Comparison
LA PLATA PROJECT TSX-V: MMG OTCQB: MMNGF US BASED COPPER PEER COMPARISON US Copper Projects by Market Cap US Copper Projects by Resource Size C$3.0B C$1.9B $1,000 10,000 $900 9,000 $800 8,000 $700 7,000 Resources (MM) Market Cap (M) $600 6,000 Pre-resource* $500 5,000 $400 4,000 $300 3,000 Pre-resou
Slide 46: US and Canadian Based Silver Peer Comparison
US AND CANADIAN BASED SILVER TSX-V: MMG OTCQB: MMNGF PEER COMPARISON North American Silver Companies by North American Silver Projects by Market Cap Resource Size C$1.5B $1,000 160 $900 140 $800 120 Resource Size (Moz) $700 Market Cap (MM) 100 $600 $500 80 $400 Pre-resource* Pre-resource* 60 Pre-res
Slide 47: Recent Milestones and Catalysts
RECENT MILESTONES AND TSX-V: MMG OTCQB: MMNGF CATALYSTS Resource Expansion Drilling Drilling on high- priority targets LA PLATA outside of resource Updated Colorado Exploration Inaugural Resource New Target Resource Baseline Project environmental & Target Resource Expansion Prioritization Estimate A
Slide 48: Metallic Minerals: World Class Investment Opportunity
METALLIC MINERALS TSX-V: MMG OTCQB: MMNGF WORLD CLASS INVESTMENT OPPORTUNITY Experienced Leadership Proven track record of discovery, growth and advancement of Tier 1 assets World Class Asset Backed by Strategic Investors Checklist Opportunity to co-invest along with Newmont Mining and Eric Sprott P
Slide 49: Value Creation Through Project Advancement
TSX-V: MMG OTCQB: MMNGF VALUE CREATION THROUGH PROJECT ADVANCEMENT Potential 5-10x Increase in Enterprise Value from Resource Growth Through Feasibility Producer Valuations La Plata – A Company Making Asset Feasibility Stage Typically reflect Profit Margin/oz or Profit Margin/lb Explorer / Developer
Slide 50: Capital Structure & Relative Performance
TSX-V: MMG OTCQB: MMNGF CAPITAL Strategic Investments Spot GOLD Spot SILVER STRUCTURE MMG.V & RELATIVE PERFORMANCE Spot COPPER Recent Share Price (as of October 30, C$0.34 2025) Shares Issued & Outstanding 212.2M Options (avg. price: $0.33) 18.0M SHAREHOLDER COMPOSITION* Mgmt / Newmont Insiders Eric
Slide 51: Exceptional Value Opportunity in 2025
TSX-V: MMG OTCQB: MMNGF EXCEPTIONAL VALUE OPPORTUNITY IN 2025 Current Levels Gold 3448 +81% higher than 2011 SMALL-CAP JUNIOR MINING EQUITIES XAU GDXJ 249 7% above 2011 levels 80 40% below 2011 levels Venture 830 400% below 2007 levels Venture, GDXJ and XAU Index vs Gold Since 1998 Spot Gold CDNX Ve
Slide 52: Commodity Cycle vs US and Canadian Dollar Cycles
TSX-V: MMG OTCQB: MMNGF COMMODITY CYCLE VS US AND CANADIAN DOLLAR CYCLES AT A GENERATIONAL INFLECTION POINT US and Canadian Dollar vs Goldman Sachs Commodity Index:S&P500 Ratio Since 1998 US Dollar Canadian Cycle High Dollar Cycle US Dollar Highs Cycle Highs Major 18 Yr Trend Reversal Points? Commod
Slide 53: Relative Value of Precious & Base Metals, Energy vs General Market
TSX-V: MMG OTCQB: MMNGF RELATIVE VALUE OF PRECIOUS & BASE METALS, ENERGY VS GENERAL MARKET OVER LAST COMMODITY CYCLE Goldman Sachs Commodity Sub-Index for Precious Metals, Base Metals and Energy vs S&P 500 Since 1995 Last Commodity Cycle Peak GSCI Base Metals Sub-Index GSCI Precious Metals Sub-Index
Slide 54: Commodities Cycles vs Trade Weighted Dollar
TSX-V: MMG OTCQB: MMNGF COMMODITIES CYCLES VS TRADE WEIGHTED DOLLAR Major Commodity Cycles over Last 50 years Value Gap Current levels TSX: PGE.V 54 OTCQB: 54 PGEZF FSE: 5D32
Slide 55: Environmental Social & Governance
METALLIC MINERALS TSX-V: MMG OTCQB: MMNGF ENVIRONMENTAL SOCIAL & GOVERNANCE ESG GOAL Stay up to date on best ESG practices, creating transparent goals which follow clear requirements to ensure accountability to all stakeholders We shall seek to follow SASB Sustainability Disclosure Topics such as: M
Slide 56: Notes on Referenced Resources & Reserves
TSX-V: MMG OTCQB: MMNGF *NOTES ON REFERENCED RESOURCES & RESERVES The term “reserve” means an estimate of tonnage and grade or quality of indicated and measured mineral Keno Hill Silver District – Hecla Mining resources that, in the opinion of the qualified person, can be the basis of an economicall
Slide 57: Technical Disclosure
TSX-V: MMG OTCQB: MMNGF TECHNICAL DISCLOSURE Metal Equivalency Statements Metallic Minerals metal equivalent calculation for reporting purposes only. Mineral Resources The Mineral Resource estimates are in conformity with CIM Estimation of Mineral For general La Plata Project reporting of copper-equ
Slide 58: Contact Information
TSX-V: MMG OTCQB: MMNGF FSE: 9MM1 CONTACT INFORMATION Corporate Head Office: Yukon Office: WWW.METALLIC-MINERALS.COM 904 – 409 Granville Street 3151C Third Ave. Vancouver, BC V6C 1T2 Whitehorse, YT - Y1A 1G1 Phone: 604-629-7800 PO Box 31215 Whitehorse, YT - Y1A 5P7 Toll Free: 888-570-4420 Email: inf
Metallic Minerals — Investor Presentation (November 2025) on 6ix