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At La Plata, the company delivered two major milestones in 2026 through a significantly expanded NI 43-101 resource and a metallurgical breakthrough that successfully produced 99.9% pure copper directly from sulphide material. In our view, the results materially de-risk the project’s future processing pathway while strengthening the long-term development case for a large-scale U.S.-based critical minerals system. At the same time, MMG continues to unlock additional value through expansion drilling at Keno Silver and the rapid scaling of its Yukon alluvial royalty platform, which management expects to deliver a record production and cash flow year in 2026.
Investment Highlights
- Metallic Minerals Corp. (TSXV: MMG) (“MMG,” or “Company”) is advancing its La Plata Copper Project and Keno Silver Project and growing Yukon alluvial royalty portfolio.
- La Plata Continues to De-Risk with Updated NI 43-101 Resource and Metallurgical Breakthrough. MMG’s updated NI 43-101 confirmed an inferred resource of 181.4Mt at 0.36% CuEq. Recent Columbia University metallurgical testing achieved nearly 70% copper recovery directly from whole sulphide material and produced 99.9% pure copper, advancing the project’s processing and near-site metallization potential.
- Keno Silver Project Offers Additional Upside Potential. MMG confirmed a 5,000m 2026 drill program targeting resource expansion and new discoveries across the high-grade Keno Silver project. The program builds on the existing 18.2Moz AgEq inferred resource, with all deposits remaining open along strike and at depth. Current silver prices remain well above the US$22.50/oz assumption used in the 2024 MRE, supporting potential resource growth and a future update.
- Alluvial Royalty Platform Expanded Meaningfully. MMG tripled its producing alluvial royalty portfolio from one to three operations across the Klondike and Mayo districts. Management is targeting a record 2026 production and cash flow year, building on more than $1.1 million in cumulative royalty gold value generated since 2023.
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