Metallis Completes 2022 Exploration Program At Kirkham

VANCOUVER, Nov. 4, 2022 - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") today announces the completion of the Company's 2022 exploration program (the "Program") at its 100%-owned Kirkham Property situated in the prolific Eskay Camp of the Golden Triangle, northwestern British Columbia, a district known worldwide for the past producing Eskay Creek and Snip gold mines, Seabridge's KSM porphyry deposits, and Newcrest Mining's producing Brucejack gold mine.

Dave Dupre P. Geo., Metallis' Vice President of Exploration stated "The 2022 exploration program has been the most efficient thus far and was conducted in a very competent manner by all involved. I am proud of our crew's accomplishments and must say thanks to all contractors who went above and beyond in delivering on our teams goals and deliverables. I trust that the upcoming results will substantiate what we believe has been a successful campaign."

Exploration Program Highlights:

• Four diamond drill holes totaling 1,961 m successfully intersected chalcopyrite-mineralized porphyry below the highest copper and gold grades encountered by the Company's previous drill campaigns as well as massive pyrite and pyrrhotite veining attributed to the late gold event;
  
  
• 2 drill holes were relogged and 5 holes reviewed from the South Cliff target area to bring further conformity to the project's drilling database, evaluate the current geologic model, and to reassess the use of applying a geochemical signature towards locating concentrations of mineralization vectors and improving the geologic model; and
  
  
• First-pass soil sampling and prospecting of several ZTEM features resembling the Cliff-Miles Half-Graben (Click Here to View News Release), as well as select additional targets on the property were carried out (Click Here to View Map).

The 2022 drill program occurred at the South Cliff area of the Cliff-Miles porphyry corridor and was designed to undercut and extend the best drill results on the property, occurring within the Hawilson Porphyry Complex (KH18-16 with 0.8 g/t AuEq over 118 m, including 0.96 g/t AuEq over 84 m and KH19-30 with 0.5 g/t AuEq* over 126.55 m). The geological team utilized a single cost and time efficient drill pad to drill four holes between two fans to avoid costly weather-related delays as had been experienced by Metallis and other projects in 2021, and by many surrounding projects in 2022.

In addition to drilling, first-pass soil sampling and rock sampling took place along the Hawilson Trend - an 11 km long series of ZTEM features that lie on trend with and resemble the Cliff-Miles Half Graben, as well as over the "Max" magnetic anomaly.

All drill core and surface samples have been submitted to ALS Labs. Assay results will be reported after they have been subjected to QA/QC validation.

Qualified Person

David Dupre, P.Geo, Vice President - Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this release.

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 prospective for multiple mineral deposit types and is located along a strategic geological boundary - the "Red-line" exposed on the western margin of the Eskay Rift system in the Golden Triangle, northwestern British Columbia.

The Kirkham Property is contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. Eskay Mining Corp has been discovering new precious metals-rich VMS deposits in Hazelton Group rocks exposed in multiple fault blocks on their adjoining property to the east. Eskay's property is within 12 km of the 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.

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel, and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle. The Property is prospective for multiple mineral deposit types and is located along a strategic geological boundary - the "Red-line" exposed on the Western margin of the Eskay Rift system in the Golden Triangle, Northwestern British Columbia.

Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange.

On behalf of the Board of Directors:

/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director

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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 various 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.sedar.com. 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.

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SOURCE Metallis Resources Inc.