METALLIS ANNOUNCES $1,100,000 NON-BROKERED PRIVATE PLACEMENT
MWN-AI** Summary
Metallis Resources Inc. (TSXV: MTS; OTCQB: MTLFF) has announced a non-brokered private placement aimed at raising up to $1.1 million. This financing initiative will involve the issuance of non-flow-through units and flow-through shares. Specifically, the company plans to sell up to 3.75 million non-flow-through units priced at $0.16 each, potentially generating $600,000, alongside 2.5 million flow-through shares priced at $0.20 each, which could yield an additional $500,000.
Each non-flow-through unit will comprise one common share and a warrant allowing for the purchase of an additional share at $0.26 for a three-year period. Funds raised through the flow-through shares are earmarked for Canadian exploration expenses, particularly targeting the Kirkham Property in northwestern British Columbia, while proceeds from non-flow-through units will bolster exploration activities at both the Kirkham and Greyhound projects.
The Kirkham Property, located within the prominent Golden Triangle area, has previously shown significant gold and copper targets, warranting renewed exploration efforts due to improved market conditions. Metallis plans comprehensive geological work, including mapping, geophysical surveys, and soil sampling aimed at refining exploration targets.
At the Greyhound Project, located in Idaho, the 2026 exploration program includes a geophysics component to assess structural continuity and uncover new targets.
The private placement closing is contingent on obtaining regulatory approvals, and issued shares will be subject to a hold period of four months plus a day from issuance. This strategic financing effort showcases Metallis' commitment to advancing its exploration portfolio amid favorable market dynamics.
MWN-AI** Analysis
Metallis Resources Inc. has announced a non-brokered private placement raising up to $1.1 million, comprised of both non-flow-through units and flow-through shares aimed at funding exploration activities at their Kirkham property in British Columbia and general corporate purposes. The financing structures include incentives like share purchase warrants, enhancing potential returns for investors.
As a financial analyst, it's important to gauge the investment landscape surrounding Metallis and its renewed focus on the Kirkham project, an area historically rich in gold and copper. With the context of strengthening gold and copper prices, this strategic redirection is promising.
The planned activities, including geological mapping, surface geochemical sampling, and trenching at the Kirkham property, should hone in on known mineralization areas. Investors should understand that while the property boasts historical significance with proximity to the Eskay Creek mine and Seabridge Gold's KSM deposits, exploration resource investments are inherently risky. The outlined programs aim to capitalize on this potential, yet success hinges on geological findings and exploration results.
For investors, it may be wise to closely monitor the progression of this financing, particularly the uptake of the flow-through shares, which typically attract tax incentives for Canadian investors. The valuation metrics could shift positively if exploration results yield favorable discoveries aligned with current market trends.
With an issuance structure that allows for liquidity in the form of shares and warrants, potential upside exists. However, considerations around execution risks and the broader market dynamics are crucial. It could be beneficial to maintain a vigilant stance on Metallis’ performance indicators and the overall commodities market, utilizing these insights to inform investment decisions going forward. Diversification and a long-term view might mitigate risks associated with this venture in a volatile sector.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
VANCOUVER, BC, Feb. 24, 2026 /CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) ("Metallis" or the "Company") is pleased to announce a non-brokered private placement (the "Financing") of up to $1.1 million. The Financing will consist of up to 3.75 million non-flow-through units at a price of $0.16 per unit for proceeds of up to $600,000, and up to 2.5 million flow-through shares at a price of $0.20 per share for proceeds of up to $500,000.
Each non-flow-through unit will consist of one common share and one non-flow-through, non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.26 per share for a 3-year period.
The flow-through shares will qualify as "flow-through shares" for the purpose of the Income Tax Act (Canada) (the "Act"). The proceeds of the flow-through private placement will be incurred on "Canadian exploration expenses" (within the meaning of the Act). The Company will renounce these expenses to the purchasers with the effective date no later than December 31, 2026, and as required under the Act.
Shares and warrants issued on closing will be subject to a trading hold period expiring four months plus one day from the date of issuance. Closing of the private placement is subject to receipt of all necessary regulatory approvals and final acceptance by the TSXV.
Use of Proceeds
The proceeds from the flow-through shares will be used for qualifying expenditures at the Kirkham Property in northwest British Columbia. Proceeds from the non-flow-through units will be used to advance exploration activities at both the Company's Greyhound and Kirkham projects, as well as for general corporate purposes.
Planned work at Kirkham for the 2026 field season will mark the Company's return to the property following its 2024 decision to prioritize the Greyhound Project in response to capital availability and broader market conditions. Considering improved market conditions and strengthening gold and copper prices, the Board has approved renewed exploration at Kirkham, a Golden Triangle property where prior work identified multiple large-scale gold and copper targets warranting further follow-up. The 2026 program will consist of geological mapping, surface geochemical sampling, trenching and geophysical surveys designed to further refine and prioritize multiple target areas across the property. At the CT Zone, work will focus on detailed mapping to better define silicified and late-stage gold zones, expansion of soil geochemical coverage to the east, trenching to expose mineralized bedrock within the silicified zone, and extension of induced polarization ("IP") surveying to improve the definition of subsurface chargeability and resistivity features. At the King East Zone, IP surveys over coincident geochemical anomalies and silicified zones will be complemented by mapping and sampling to evaluate the potential for an upper portion of a porphyry copper-gold system. Across the broader Kirkham property, the Company plans to reinterpret existing ZTEM data using a Snip North signature-based model and is evaluating the cost and potential application of magnetotelluric ("MT") surveying to enhance deeper subsurface targeting.
At the Greyhound Project, the 2026 program will include a geophysics component with the execution of a VLF survey. VLF is intended to test the continuity and orientation of known structures, faults and vein systems across the project area, while also identifying additional structurally similar targets for follow-up. VLF surveys have historically been used to trace narrow conductors that can be weakly conductive faults and clay zones to more strongly conductive massive sulphide units. VLF can easily penetrate the top 20 to 50 m or more depending on conditions. As our targets are vertically and laterally extensive zones that are, in places, exposed at surface, this is an ideal quick and cost-effective survey technique. Combined with our surface geochemical soil and rock samples we expect to be able to identify trends that we can follow by trenching or diamond drilling.
About the Kirkham Property
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 contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain Project to the north and Eskay Mining Corp. to the east. It is located along a strategic geological boundary – the "Red-line" exposed on the western margin of the Eskay Rift system and is prospective for multiple mineral deposit types. The Kirkham Property is within 20 km of the past producing 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.
About the Greyhound Property
In February 2024, the Company optioned the Greyhound Property, located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley and 35 km south of Perpetua Resources' Stibnite Mine. The 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 the 3.5 km Greyhound shear. In 2024, the Company staked additional land around Greyhound for a total current property size of 673 hectares.
The Greyhound mineralization is hosted by prominent shear zones with polymetallic quartz-sulphide veins containing elevated concentrations of gold, silver, antimony (a critical mineral), lead, and zinc.
Greyhound shares certain geological characteristics with the Lucky Friday Mine in northern Idaho. Both properties exhibit vein mineralization occurring as fracture-fillings, disseminations, and tabular masses of galena and tetrahedrite along with accessory pyrite in a gangue of siderite, calcite, and quartz. The Lucky Friday zone is a singular, curved tabular body that dips almost vertically. The vein at Lucky Friday has a strike length of up to 450 m and a width that varies from centimeters to as much as 6 m. The average varies from 1.2 to 1.8 m over the full length (SLR, 2022).
Metallis states that while the Lucky Friday Mine may share some geological similarities with the Greyhound Property, no representation is made that comparable results will be achieved at Greyhound.
References
SLR, 2022 Technical Report Summary on the Lucky Friday Mine, Idaho, USA S-K 1300 Report Hecla Mining.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver at its 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's Golden Triangle, and at the Greyhound Property, a gold/silver/antimony property 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 85,730,003 common shares issued and outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
Web: www.metallisresources.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
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 numerous 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.sedarplus.ca. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX-V Stock Exchange has neither approved nor disapproved of the contents of this news release.
SOURCE Metallis Resources Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2026/24/c6815.html
FAQ**
What specific exploration activities does Metallis Resources Inc MTLFF plan to fund with the proceeds from the $1.1 million private placement, especially at the Kirkham Property?
How will the financial market conditions influence the exploration strategy of Metallis Resources Inc MTLFF, particularly in relation to prioritizing the Kirkham Project?
What potential geological features at the Kirkham Property prompted Metallis Resources Inc MTLFF to resume activities after prioritizing the Greyhound Project in previous years?
Can you elaborate on how the financing structure—specifically the non-flow-through units and flow-through shares—will impact the capital allocation for Metallis Resources Inc MTLFF's upcoming projects?
**MWN-AI FAQ is based on asking OpenAI questions about Metallis Resources Inc (OTC: MTLFF).
NASDAQ: MTLFF
MTLFF Trading
0.0% G/L:
$0.1286 Last:
2,500 Volume:
$0.1286 Open:
