Metallic Minerals Corp. · TSXV:MMG
Metallic Minerals — Investor Presentation (February 2026)
52 slides from Metallic Minerals's investor presentation, February 2026
Slide 1: Advancing District-Scale Copper & Silver Assets in the USA & Canada
ADVANCING DISTRICT-SCALE COPPER & SILVER ASSETS IN THE USA & CANADA WITH GOLD, PLATINUM GROUP METALS, AND OTHER CRITICAL MINERALS CRITICAL MINERALS La Plata Project Colorado, USA Corporate Presentation February 2026 TSX.V: MMG | OTCQB: MMNGF 1
Slide 2: Forward-Looking Information
TSX-V: MMG OTCQB: MMNGF 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 source, Metallic Minerals Inc
Slide 3: Value Through Discovery
TSX-V: MMG OTCQB: MMNGF COPPER, SILVER, GOLD & 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 value through a systematic, ent
Slide 4: Copper Production Shortage Forecasted
TSX-V: MMG OTCQB: MMNGF COPPER PRODUCTION SHORTAGE FORECASTED Fewer major discoveries Operating mines are depleting, Demand is rising from global economic have limited new production and global grades are declining growth, energy-transition, grid expansion, coming online AI & data centers, and defen
Slide 5: Exploration Discovery Drought
• Exploration expenditures down >60% from 2012 peak with new discoveries at 60-year lows • Junior Explorer/Developers — the “R&D engine” of the sector — nearly starved of capital over past decade • Mining Industry at the lowest relative valuations in over a century Exploration Discovery Drought Mini
Slide 6: Gold, Large Cap Gold Equities and Small Cap Venture Index Since 1996
TSX-V: MMG OTCQB: MMNGF XAU Large Cap Gold CDNX Venture Last cycle highs: 2025 Current Levels Equities Small Cap Index Gold 1900 Gold 5000 163% higher than 2011 Spot Gold XAU 232 XAU 434 87% above 2011 levels $5000/oz Venture 3400 Venture 1094 3x gap to match highs Venture Index 17 Year Generational
Slide 7: A Collaboration of Leading, Independent Exploration Companies
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 with the discovery
Slide 8: Metallic Group Team Experience with NovaGold
TSX-V: MMG OTCQB: MMNGF Metallic Group Team Experience with NovaGold – Discovery, Expansion and Advancement to Feasibility Donlin1 1 Donlin2 Galore3 Ambler4 Resource Resource Resource M&I Resource Market Cap M&I Resource Acquisition M&I Resource Market Cap Growth Growth Growth 2.4 Blbs Cu3 12 Blbs C
Slide 9: Enterprise Value Increase and Value Creation by Development Stage
Development Stages Resource Stage PEA Stage PFS Stage Feasibility Stage Production (Preliminary Economic (Pre-Feasibility Study) & Value Creation Assessment) Strategic Equity Investment by Majors for projects that show exceptional potential Transition to Production Often a pause in value growth as p
Slide 10: Leadership
LEADERSHIP Scott Petsel, P.Geo, MBA President TSX-V: MMG OTCQB: MMNGF 35+ years experience in global exploration, mine geology, project Greg Johnson management and advancement. Senior roles with NovaGold, Trilogy Rebecca Moriarty CPA, CA Chief Executive Officer & Board Chairman Metals (NovaCopper),
Slide 11: 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 12: Leveraging geologic expertise and new technologies
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 of over $7.3 million mapping the historic La Plata
Slide 13: Powering the future of minerals with new technologies
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 Silver Project (Yukon) with te
Slide 14: La Plata, Keno Silver, Klondike Gold
TSX-V: MMG OTCQB: MMNGF LA PLATA KENO SILVER KLONDIKE GOLD COPPER-SILVER-PGM-GOLD PROJECT SILVER-LEAD-ZINC-GOLD PROJECT ALLUVIAL PRODUCTION Precious Metals Rich Porphyry High-Grade Silver Gold and Silver Royalties 1.31 Blbs Cu 18.2 Moz AgEq Royalty agreements in place with 17.0 Moz Ag Inaugural Infe
Slide 15: La Plata Updated NI 43-101 Resource Estimate
TSX-V: MMG OTCQB: MMNGF LA PLATA COPPER-SILVER-GOLD-PGE PROJECT Updated NI 43-101 Resource Estimate January 2026 1.31 BLB CU1 17.0 MOZ AG1 272 Koz PGE+Au (0.37% Cu, 3.92 g/t Ag 0.05 g/t PGE+Au) 1) See Metallic Minerals News Release January 26, 2026, on updated 43-101 Resource Estimate 15
Slide 16: Giant Porphyry Cu Deposits
Giant Porphyry Cu Deposits Worldwide locations of large, giant and super giant porphyry deposits Porphyry Copper deposits are the world’s major source of Cu with ∼75% of production from only 400 deposits 30% are precious metals rich La Plata deposits producing ~20% of the world’s Au and ~15% of Ag w
Slide 17: La Plata
TSX-V: MMG OTCQB: MMNGF Bingham Canyon La Plata Lisbon Valley Questa Lonestar/Safford Morenci TSX: PGE.V OTCQB: 17 PGEZF Kucks, Robert P., 1999, Isostatic residual gravity anomaly data grid for the conterminous US FSE: 5D32
Slide 18: World Class Metallogenic Province for Copper, Silver, Gold, and Critical Minerals
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 Valley Au Gold, and Critical Minerals Leadv
Slide 19: Alkaline Porphyry Deposits
TSX-V: MMG OTCQB: MMNGF 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 De ve Rio Tinto stalop ge me nt Alkaline Porphyry Deposits Bingham Canyon (Utah, USA) Galore Creek (BC, Can
Slide 20: La Plata – Potential District Scale Porphyry Corridor
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 n Allard how e S Resource Lin n c tio Se Cadia Exploration Similarities to other Target Concept large sca
Slide 21: Exploration Target Areas
TSX-V: MMG OTCQB: MMNGF 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 Rd Renegade
Slide 22: La Plata surface rock sample results over soil geochemistry contours
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 Morning Star • High Au-Ag-Te epithermal 5.12% CuE
Slide 23: La Plata district significant surface rock sample results
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 porphyry and epithermal targets Copper Hill Porphyry 6.43 0.01 6
Slide 24: La Plata Project looking North towards Spiller Peak
TSX-V: MMG OTCQB: MMNGF La Plata Project looking North towards Spiller Peak N 25 Km2 Area of Alteration Century Legend Allard Resource Area s Polari Little Kate Advance-Stage Targets Narrow Boren Gulch Gauge Group Dolly-B Early-Stage Targets Divide Rock/Soil anomalies T-29 Dolly Morning Star Evening
Slide 25: La Plata Project Plan Map with Significant Drill Intervals
La Plata Project Allard Resource Area 2026 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 * CuEq (%) includes a La Plata metal recovery factor CA-01 Open AC-08 Project Plan 88 Dril
Slide 26: Isometric X-Section - Allard Deposit
ISOMETRIC X-SECTION - ALLARD DEPOSIT TSX-V: MMG OTCQB: MMNGF The Allard resource, as currently defined, is open for expansion with addition drill testing. Section looks NW Southwest (Azimuth 210⁰). Extension Potential: Copper Age/West Allard Targets with exposed mineralization, channel sampled in 20
Slide 27: Updated resource outline cross-section
TSX-V: MMG OTCQB: MMNGF D Looking Northwest D’ SW NE 2026 blocks (Cu %) • Updated NI 43-101 mineral resource estimate dated January 2026 newly includes Pt + Pd +Au: • 23% increase in tonnage 2022 Resource Outline • 10% increase in CuEq metal EN OP • 272 Koz PGE+Au in new subset Proposed area of reso
Slide 28: Regional Infrastructure and Access
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 Hwy 20-minute drive from 550 Mancos Mayday Durango via highway Hwy 160 and County Road 160 CR
Slide 29: Allard Resource Area Looking West
TSX-V: MMG OTCQB: MMNGF • Scale of alteration and similarities to other giant porphyry systems like Cadia and Galore highlight potential for world-class Cu-Ag system • Updated mineral resource estimate with latest drill data • Addition of Au plus PGEs • Higher confidence geologic model for deposit •
Slide 30: Updated NI 43-101 Inferred Mineral Resource Estimate
TSX-V: MMG OTCQB: MMNGF Updated NI 43-101 Inferred Mineral Resource Estimate Base case - NSR Cut-off $18.00 Announced Jan 2026 Tonnes Grades Contained Metal Domain (Mt) CuEq% Cu% Ag g/t Pt g/t Pd g/t Au g/t PGE+Au g/t Cu Mlbs Ag Moz Pd Koz Pt Koz Au Koz PGE+Au Koz 1.31 BLB CU1 Cu-Ag Shell 136 0.35 0
Slide 31: Keno Silver
TSX-V: MMG OTCQB: MMNGF KENO SILVER SILVER-LEAD-ZINC-GOLD PROJECT Inaugural NI 43-101 Inferred Resource Estimate 18.2 MOZ AGEQ1 (120 g/t Ag, 0.10 g/t Au, 0.80% Pb, 1.77% Zn) 31 1) See Metallic News Release February 26,2024
Slide 32: Excellent access & power infrastructure
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 Deep sea, year-round
Slide 33: Keno Hill Mill Complex
TSX-V: MMG OTCQB: MMNGF 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 commercial production 2025 Keno Hill Hig
Slide 34: Keno Hill District
WESTERNWestern KENOKeno HILL HillDISTRICT District Central Keno Hill District EASTERN KENO HILL DISTRICT Eastern Keno Hill District 1,2 (New Discoveries) (205 Moz Ag) (220 Moz Ag) 1,2 (100 Moz Ag) 1,2 (New Discoveries) N Cobalt Hill West Avenue Cobalt Fox 2020 Rumtum Beauvette Formo Sadie Vancouver
Slide 35: Keno Silver Project Target Areas
KENO SILVER TSX-V: MMG OTCQB: MMNGF PROJECT TARGET AREAS 4 Resource areas and expansion targets 12 Advanced-stage targets Large-scale soil anomalies 40+ (above 5 g/t Ag Eq) - including 22 early-stage targets 8 Historic Producing Mines Historic Mines on MMG Claims1 Historic Mine Grade Ag oz/t Ag g/t
Slide 36: Regional scale thrust faults are an important control for mineralization
TSX-V: MMG OTCQB: MMNGF Transition of magnetic low to magnetic high demonstrates close proximity with mineralization West Cobalt Avenue Cobalt Hill Beauvette Sadie Lucky Ladue Queen Rumtum Pick Axe Caribou Vancouver Lightning Blanco Duncan Creek N. Fox Formo Keno Faith Fox Hill Gold Galkeno Hill Zon
Slide 37: Keno Hill silver district and 2026 exploration plans
TSX-V: MMG OTCQB: MMNGF • Keno Hill silver district is Canada’s largest primary silver producer and Hecla’s highest-grade silver operation • Historic production of over 220 Moz of high-grade silver with 130 Moz in current resources and reserves • Metallic Minerals’ eastern half of the Keno Hill dist
Slide 38: Inaugural NI 43-101 Inferred Mineral Resource Estimate
TSX-V: MMG OTCQB: MMNGF Inaugural NI 43-101 Inferred Mineral 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 (AgEq Tonnes AgEq (g/t) Ag (g/t) Au (g/t) P
Slide 39: Klondike Gold
KLONDIKE GOLD ALLUVIAL ROYALTY PROJECT Active Production Royalties Focus on expanded production in 2026 following record year in 2025
Slide 40: Revenue Generating Production Royalties in Place
TSX-V: MMG OTCQB: MMNGF 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 be Operations will received by Metallic pote
Slide 41: US Copper Projects by Market Cap and Resource Size
Market Cap (M) Iv an $100 $200 $300 $400 $500 $600 $700 $800 $900 $- $1,000 h oe El ec Tr tri ilo c gy M C$3.0B Ar et al izo na s So no Fa ra ra n da y Co Sa pp nd er fir eA m er ica He rc Hi ul gh es la nd Pre-resource* Co M pp et Company all er ic M Lio in n er al Co s Am pp er er ica & n Go Pa ld
Slide 42: North American Silver Companies by Market Cap and Resource Size
TSX-V: MMG OTCQB: MMNGF North American Silver Companies by North American Silver Projects Market Cap by Resource Size C$1.7B $1,000 160 $900 140 $800 120 Resource Size (Moz) $700 Market Cap (MM) 100 $600 $500 80 $400 Pre-resource* Pre-resource* 60 $300 Pre-resource* Pre-resource* 40 $200 $100 20 $-
Slide 43: Project timeline and 2026 programs
TSX-V: MMG OTCQB: MMNGF La Plata Resource Expansion Drilling Drilling on high-priority targets outside of resource area LA PLATA Metallurgical testwork for copper, precious Colorado metals and critical Exploration & Inaugural Resource New Target Updated Resource mineral recovery Project Target Resou
Slide 44: Potential Exponential Increase in Value from Resource Growth
TSX-V: MMG OTCQB: MMNGF Potential Exponential Increase in Value from Resource Growth Through Feasibility Feasibility Stage Producer Valuations La Plata – A Company Making Asset Avg $200/oz +$400/oz AuEq AuEq Typically reflect Profit Margin/oz or Profit Margin/lb Explorer / Developer Valuations PFS S
Slide 45: Strategic Investments & Relative Performance
TSX-V: MMG OTCQB: MMNGF Strategic Investments Spot COPPER Spot GOLD MMG.V Spot SILVER & RELATIVE PERFORMANCE Recent Share Price (February 1, 2026) C$0.37 Shares Issued & Outstanding 212.2M Options (avg. price: $0.33) 18.0M SHAREHOLDER COMPOSITION* Mgmt / Newmont Insiders Eric Sprott Warrants (avg. p
Slide 46: World Class Asset Checklist
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 Potential for Signi
Slide 47: Major Commodity Cycles over Last 50 years
TSX-V: MMG OTCQB: MMNGF Typical trough to peak periods have been 6-10 years Major Commodity Cycles over Last 50 years Value Gap Current levels TSX: PGE.V 47 OTCQB: 47 PGEZF FSE: 5D32
Slide 48: The latest commodity cycle has seen an exceptionally long bear market
TSX-V: MMG OTCQB: MMNGF The latest commodity cycle has seen an exceptionally long bear market phase Commodity Cycle Peak 10 Year 15 Year Bull Market Bear Market Precious Metals / S&P500 Base Metals / S&P500 5 Year Precious Metals Index Bear Market Base Metals Index Oil & Gas Energy Index Long Term M
Slide 49: Trading Range Reset Doubles Copper Prices
TSX-V: MMG OTCQB: MMNGF Spot Copper 20 Year Upper Range Breakout 20 Year Upper Trading Range $4.50/lb Trading Range Reset Doubles Copper Prices and Establishes New Long-Term Trading Ranges 20 Year Upper Range Breakout 20+ Year Upper Trading Range $1.40/lb 50 Year Spot Copper Price 1976 through 2025
Slide 50: Trading Range Breakout Establishes New Long-Term Silver Ranges
TSX-V: MMG OTCQB: MMNGF $185/oz All Time Inflation Adjusted Silver Price $185/oz in 2026 dollars 20 Year Inflation Adj Upper Trading Range $100 /oz Range Breakout Trading Range Breakout $70/oz Silver Establishes New Long-Term Trading Ranges $50/oz $35/oz 2005 Upper Range $25/oz Breakout 20 Year Uppe
Slide 51: Gold:Silver and Gold:Copper Ratio Since 1976
TSX-V: MMG OTCQB: MMNGF $5000/oz Au Gold : Copper Ratio Gold : Silver Ratio $5000/oz Au $100/oz Ag $6.00/lb Cu $50/oz $7/lb Gold:Copper Ratio Gold:Silver Ratio $60/oz $10/lb $75/oz Long Term Mean Long Term Mean $12.5/lb $100/oz $18/lb $150/oz $300/oz Gold:Silver and Gold:Copper Ratio Since 1976 (50
Slide 52: Contact Information
TSX-V: MMG OTCQB: MMNGF FSE: 9MM1 CONTACT INFORMATION Corporate Head Office: Colorado Office: Yukon Office: WWW.METALLIC-MINERALS.COM 904 – 409 Granville Street 799 Tech Center Drive Unit A2 434 - 108 Elliott Street Vancouver, BC V6C 1T2 Durango, CO 81301 Whitehorse, Yukon Y1A 6C4 Phone: 604-629-780
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