High-Grade Results Lead To Buy Rating
Research Report

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Disclosures for Couloir Capital, Metallic Minerals Corp., September 8, 2025

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage. 2 The views of the Analyst are personal. 3 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 4 The Analyst does not maintain a financial interest in the securities or options of the Company. 5 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated hedge fund entity. 6 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.

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COULOIR CAPITAL SUBSCRIBE TO RESEARCH is a research-driven investment dealer focused on emerging companies in the natural resources sector Vancouver 604 609 6190 • Toronto 416 460 2960 • admin@couloircapital.com We employ a fundamental-based analysis with the goal of discovering a company’s fair value in the context of Macro factors facing each company. In doing so we generate actionable ideas in underfollowed companies where a small number of market participants can rapidly close the gap between price and fair value. Our research reports are disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists. 

On September 8, 2025, Couloir Capital Research Team maintained a Buy rating on Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB), while raising the target price to CA$0.80 from CA$0.57, representing 168% upside from the current share price at the time of the report of CA$0.30.

The analysts cited high-grade surface results at the La Plata Copper Project, upcoming resource updates, and anticipated royalty growth as key drivers for the improved valuation.

Recent Exploration Results and Strategic Developments

Metallic Minerals Corp. announced compelling high-grade surface results from its district-scale exploration program at the La Plata Copper Project in Colorado. Working in collaboration with Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX), the program identified four new untested target zones: Lower Boren, Middle Bedrock, New Star, and T29 Extension, in addition to 25 previously identified target areas within the 25-square-kilometer porphyry system footprint.

Surface assays returned exceptional grades, with the Evening Star target yielding up to 6.68% copper equivalent (7.38% copper, 3.0 grams per tonne silver) and the Copper Age North target returning 5.94% copper equivalent (6.2% copper, 36 grams per tonne silver with gold and platinum group elements). The analysts noted that "across the campaign, the top 30 samples averaged a robust 1.68% CuEq, with multiple samples above 1% CuEq."

The discovery of light and heavy rare earth elements at La Plata further enhances the project's strategic value. Recent geochemical studies confirmed the presence of critical minerals including gallium, scandium, vanadium, tellurium, and fluorine alongside high-grade copper and precious metals.

Financial Position and Recent Financing

The company completed a flow-through private placement financing in August 2025, raising CA$8 million with participation from Newmont Corporation. The funding will primarily support development and exploration work at the La Plata, Keno Silver, and Klondike Gold projects.

As of the third quarter 2025, Metallic Minerals reported cash of CA$91,362 and a working capital deficit of CA$92,839. The company's current ratio of 0.88x demonstrated insufficient current assets to cover current liabilities. Monthly cash burn for the three months ended April 30, 2025, was CA$107,598, marginally lower than the prior year period, primarily due to decreased exploration expenditure.

The company has 15.17 million options outstanding with a weighted average exercise price of CA$0.33 per share and 28.61 million warrants with a weighted average exercise price of CA$0.42 per share. Currently, 6.32 million options and 1.25 million warrants are in-the-money, potentially raising CA$1.62 million if exercised.

Royalty Operations and Revenue Generation

Metallic Minerals is among the largest holders of alluvial gold mining claims in the Yukon Territory, holding 3,640 hectares along Australia Creek and 160 hectares along Dominion Creek in the historic Klondike Gold District. The company has signed new production royalty agreements and completed project infrastructure upgrades to support higher production in 2025.

The analysts project that "MMG expects to receive royalties in the range of 10%-15% and more than 10 operators will produce gold within the claims." Total cash flow from royalties associated with alluvial claims is projected at CA$18.2 million over the 2025-2029 period.

Resource Base and Development Pipeline

At the Keno Silver project, the company continues expanding resources that include 18.16 million ounces of silver-equivalent from four deposits: Formo, Fox, Caribou, and Homestake. Over 40 additional targets have been identified and advanced through surface sampling or drilling.

An updated mineral resource estimate for La Plata is expected in 2025, incorporating expanded precious metals analyses, including the first inclusion of platinum, palladium, and gold alongside copper and silver. Future exploration programs will target 5,000 to 10,000 meters of diamond drilling to extend higher-grade portions of the Allard Resource and test new drill-ready priority targets.

Valuation Methodology and Investment Outlook

The analysts employ a sum-of-the-parts valuation approach, assigning CA$0.45 per share to the La Plata project based on copper comparables, CA$0.23 per share to Keno Silver using silver comparables, and CA$0.08 per share to alluvial claims via discounted cash flow analysis. Combined with net cash value, the total fair value estimate reaches CA$0.80 per share.

Key catalysts include news regarding 2025 exploration programs at La Plata, Keno Silver, and the Klondike, expansion of the resource base at La Plata, and financing developments that could alter the company's capital structure.

The analysts maintain their Buy rating based on the "high potential for new discoveries and continued resource growth at both La Plata and Keno Silver, coupled with the anticipated increase in royalty production from Australia Creek operations."