Metallis Announces Impressive Silver/gold Assay Results From Phase Two Program At Greyhound Property, Idaho

VANCOUVER, Dec. 5, 2024 - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to announce impressive silver and gold results from the Company's second field exploration program (the "Program") completed at the Company's Greyhound Property (the "Property"). The Greyhound Property is a high-grade silver/gold/antimony project within the historic Stibnite (antimony mineral) Mining Camp, located in central Idaho, USA. The Program included 129 soil samples, 61 geological mapping points and 44 rock samples, that have delivered multiple high-grade silver and gold assays further refining the mineralized zones. These results will enable the Company to optimize the scheduled drilling planned for early 2025. Antimony assays are still pending and will be released once available.

Fiore Aliperti, Metallis' CEO and President, commented, "Results from our second field program at the Greyhound are incredibly encouraging and a testament to the work our technical team have been delivering. The soil sampling, geological mapping, and rock sampling are helping us to refine our drill targets and lay the foundations for an impactful 2025 exploration campaign. The continued development of the Greyhound Project is a key focus for Metallis, and we are optimistic about the potential this underexplored asset holds." He went on to add, "Additionally, attending the 2024 Idaho Mining Conference was a fantastic opportunity to deepen our connections and relationships within Idaho's ever-growing mining and exploration community, along with other stakeholders including government representatives. The knowledge gained and relationships established will undoubtedly play a pivotal role as we continue to advance the Property. We were thrilled to meet these key stakeholders and look forward to leveraging these connections as we move this project forward."

Key updates:

• A total of 44 rock samples were collected, with results up to 4590 g/t Ag and an impressive silver grade that averaged 504 g/t Ag across all samples.
• Remarkable gold assays up to 18.15 g/t validate the underappreciated gold benefit at this historic silver mine.
• The Company recently attended the 2024 Idaho Mining Conference and engaged with drilling companies, social governance professionals, government officials and multiple technical experts to aid the advancement of the Greyhound project; and
• Soil sampling defined several large multi-element soil anomalies that envelope all of the promising prospects. Together with geological mapping and rock sampling has prioritized the Birdie, the Bulldog and the 1350' zone as the initial focus for drill targeting.

Rock sampling results

Rock sampling was completed at known showings to help validate the structures that contain elevated silver, gold and antimony and further refine the mineralized zones. A total of 44 rock samples returned significant silver assays and impressively gold grades (See Map 1 Below) that point to high-grade gold potential which appears to have been overlooked historically. Sampling was focused on The Birdie, The Bulldog and the Akita. Two grab samples and two concentrate samples taken historically from underground at the high-grade 1350' zone were delivered by the property owner and sampled during this program, although those assays are pending.

The Bulldog provides one of the most developed targets on the property with sampling from this program returning very elevated assays from a specific high-grade vein. This 10 to 20 cm vein outcrops at surface for 13m and returned silver assays up to 3360 g/t with an average silver grade of 1624 g/t. This vein occurs within a wide shear zone that returned strong grades from the previous chip-sampling program. Gold grades from 0.14 to 1.09 g/t were also present along with base metals grades averaging from 1% to 5%. See table below of the 4 rock samples from this vein.

At the Birdie target where two trench cuts are located 70 m along strike from each other, significant gold and silver results were also returned. At the Upper Birdie, the highest silver grades from this program returned a significant 4900 g/t Ag from an 80 cm angular boulder dug up from the historic trenching. Gold grades were also substantial at the Upper Birdie (See Map 2 Below) with the 7 samples averaging 3.0 g/t Au. At the lower Birdie, a rock sample taken from a 50 cm quartz sulphide vein returned 18.15 g/t Au and 6 out of 7 samples were above 1.8 g/t Au. These elevated gold results from the Birdie highlight the substantial gold grades at this target.

Rock grab sampling around the newly discovered Akita showing also highlights a new zone 200 m to the north of the Akita. Two samples returned 5.0 and 7.3 g/t Au Eq* and are located in the northern part of a newly established soil anomaly. At the Ridge Cut, two more grab samples from the spoils pile returned 1280 and 1740 g/t Ag respectively. Further work at the 1350' surface trench returned 2 grab samples of 5.5 and 8.6 g/t Au Eq*.

Soil sampling results

Soil sampling during this program was focused on extending coverage and further defining known targets including the Birdie, Bulldog, and Akita. A total of 129 soils were collected across 8 selected lines (See Map 3 below) taken perpendicular to the strike of the Greyhound Shear. Results demonstrated strong anomalies in silver, zinc, lead and gold. A new extension to the Akita soil anomaly, 300 m east of the mapped Greyhound shear, further validates the strength of the mineralization around Akita (a new discovery this year) and demonstrates the potential of other parallel, underexplored shears. Zinc soil anomalies provide the best pathfinder element for identifying silver mineralization and highlight a 600 m long by 200 m wide anomaly around the Birdie and the 1350' zone. At the Akita, a 300 m long by 200 m wide zinc anomaly has been outlined and, at the Bulldog, the highest silver grade soil samples were returned.

Idaho Mining Conference

A Metallis delegation of Fiore Aliperti, CEO and President; Dave Dupre, Vice President of Exploration; and Carl Ryan, Project Geologist, recently attended the Idaho Mining Conference 2024. The event drew over 700 participants, including exploration companies, researchers, consultants, policymakers, government officials and other regulatory professionals from across Idaho. Metallis introduced the Company to a very receptive audience amongst the key players and stakeholders in Idaho's expanding mining and exploration community. Significant connections were made with local drilling companies, social governance professionals, and various Idaho geological experts. These connections will be critical in the development of Greyhound through the stages of exploration, with the goal of establishing an economic mineral deposit.

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.

QAQC

All the rock samples were kept under the control of Metallis staff until they were delivered directly to the ALS sample preparation facility in Twin Falls, Idaho. Analyses were then completed by ALS Laboratories Ltd. in Vancouver, an independent certified laboratory. Blanks and standards have been added to the samples stream by ALS along with internal QAQC protocol. All the samples were initially analyzed by the Ultra Trace technique. Results that returned values greater than a pre-determined threshold were then analyzed by element - specific methods as noted below.

• ME-MS 41: Ultra Trace Aqua Regia ICP-MS.
• ME-GRA21: Au, Ag 30g Fire Assay - Gravity Finish
• Pb-OC46: Ore Grade Pb - Aqua Regia
• Zn-OC46: Ore Grade Zn - Aqua Regia
• Sb-ICP08: Sb - KCl/HCl digestion ICP-MS
• As-OC46: Ore Grade As - Aqua Regia

Soil samples were collected predominantly of B horizon at predetermined locations across the property. Once at the lab, samples were dried and crushed to 80 mesh (prep 41) before analysis by the Ultra Trace technique. Gold Analysis was completed by aqua regia digestion with a 25g aliquot (AuME-TL43).

Reference Information:

A grab sample is taken from a rock outcrop that is being assessed for the presence of valuable elements. While taking the grab sample, the best-looking rock is chosen. Grab samples are by definition selective. Grab samples are solely designed to show the presence or absence of mineralization and are not intended to provide nor should be construed as a representative indication of grade or mineralization at the Project.

Chip sampling involves taking contiguous rock chip samples along a line to define the width and grade of a zone. Commonly, these are taken perpendicular to the strike of the mineralized zones

*Gold and Silver equivalent values are derived from the following prices in USD; Au $2500, Ag $28, Pb $0.90, Zn $1.20

About the Greyhound Property

The Company acquired the Greyhound Property located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley, in February 2024. The Company entered into an option to earn a 100% interest in Greyhound with staged payments and exploration expenditures over a ten-year period of US $670,000 and US $10,000,000, respectively. Full terms are disclosed in the annual and quarterly financial statements filed in 2024 and in a press release from the signing of the agreement on February 27, 2024. This 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 a 3.6 km mineralized shear zone. Since 1910, the property has seen limited exploration and only minor development when the Greyhound Mine was reactivated and mined sporadically from 1980-1991. The last remaining ore from this period was shipped to a smelter in 2000 and the property remains substantially underexplored.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver on its flagship 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's Golden Triangle, and on the Greyhound Property, a gold/silver/antimony target 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 75,305,003 common shares outstanding.

On behalf of the Board of Directors:

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

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SOURCE Metallis Resources Inc.