Investment Highlights
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- Metallic Minerals Corp. (TSXV: MMG) (“MMG,” or “Company”) has achieved multiple exploration milestones at its La Plata Copper Project and Keno Silver Project. The Company is now earning royalty monies on alluvial gold claims at its Australia Creek property near Dawson City, Yukon, in the historic Klondike gold district.
- 23% Resource Expansion at La Plata: The updated 2026 mineral resource estimate (“MRE”) expands inferred tonnage by 23% versus the 2023 MRE supported by 4,350 meters of drilling. The updated MRE has increased inferred resource tonnage to 181.4 Mt, containing 1.3B lb of copper at 0.33% and 17M oz of silver at 2.9 g/t. The updated resource includes a 45.4 Mt subset containing 91,000 oz of platinum, 121,000 oz of palladium, and 60,000 oz of gold, totaling 272,000 oz of PGE and gold at 0.18 g/t.
- Additional expansion potential: We see meaningful upside for additional increases in copper-equivalent grade and precious-metal content across the broader Allard deposit with further drilling, given limited historic assaying for gold, platinum, and palladium. The resource remains open both along strike and at depth, with sixteen untested porphyries identified across the La Plata project. Management plans a 2026 drill program to test these targets and further evaluate expansion potential.
- We maintain our BUY rating and update our fair value per share estimate to $1.24 (earlier $0.80). The increase reflects an expanded resource base and higher peer group multiples.
- Keno offers leverage to silver upside: Preparations for the 2026 drill campaign at the Keno Silver Project are underway, with multiple targets identified. With silver prices gaining momentum, upcoming drilling provides MMG with increasing leverage to a constructive silver market backdrop.
Overview
The updated and expanded mineral resource estimate at the Allard deposit represents a meaningful milestone for Metallic Minerals, further validating La Plata as a large, district-scale porphyry system with multi-metal optionality. The 23% increase in inferred resource tonnage lifts total inferred resources to 181.4 Mt. Notably, the updated resource introduces platinum, palladium and gold for the first time, with a 45.4 Mt subset hosting a combined 272,000 oz of PGE and gold, materially broadening La Plata’s metal mix and enhancing its multi-metal profile.
Beyond the near-term resource growth, La Plata continues to offer meaningful resource expansion optionality, with mineralization remaining open along strike and at depth, and sixteen untested porphyry centres identified across the broader project area. Limited historic assaying for platinum, palladium and gold supports the potential for further increases with additional drilling. Furthermore, Metallic’s Keno Silver Project in the Yukon provides additional leverage to a strengthening silver price environment, with preparations underway for the 2026 drill campaign and multiple targets identified.
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