Exploration Co. Advances Significant Silver, Copper Resources

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Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) provided a corporate and project update looking back over its achievements in 2024 and its expected catalysts for 2025.

All in 2024, the company released an inaugural National Instrument 43-101 inferred mineral resource estimate (MRE) at the Keno Silver project, released results from 4,530 meters of drilling at the La Plata project in Colorado (financed by a strategic 9.5% investment by Newmont Corp.), undertook district-scale exploration at La Plata, received royalty payments from gold production at the Australia Creek property in the Klondike District of the Yukon, and appointed former Newmont Senior Vice President of Worldwide Exploration Dr. Stephen Enders to its Board of Directors.

"We are very pleased with the significant achievements across our portfolio over the past two years, highlighted by our inaugural inferred resource estimate at Keno Silver and the strategic partnership with Newmont Corp. to advance our La Plata project," Metallic Minerals Chairman and Chief Executive Officer Greg Johnson said. "The upcoming year promises to be transformative for Metallic Minerals as we anticipate key catalysts that include: an updated resource estimate for La Plata, which will incorporate precious metals analyses not previously included; results from our 2024 Keno Silver drill program; and continued growth in our gold royalty production in the Yukon."

Johnson noted the large and mid-cap mining indices are "breaking above downtrend lines which extend back to the peak of the last commodity cycle in 2011, there's strong evidence that the sector has moved into a new cycle. Couple this with the venture index, which seems poised to follow, Metallic Minerals is exceptionally well positioned to capitalize on the favorable market dynamics for both copper and precious metals."

Exploration Continues in Yukon, Colorado

In the Yukon, the Keno Silver Project's MRE detailed 18.2 million ounces silver equivalent (Moz Ag Eq) contained within 2.5 million tonnes with an average grade of 233 grams per tonne (g/t) Ag Eq, including 120 g/t Ag, 0.10 g/t gold (Au), and 0.80% lead (Pb), and 1.77% zinc (Zn).

Over 40 additional targets have been identified and advanced on the project through surface sampling or drilling, which highlights the opportunities for continued new discoveries and the development of new resource areas, the company said.

Metallic Minerals also said it completed 718 meters of drilling at the project in 2024, focusing on resource expansion at the Formo deposit and advanced multiple new targets including the strategically located Rain and Shine prospect near Hecla Mining's district mining and milling operations. Results from drilling and surface sampling will be released as part of an upcoming Keno Silver project update in a future news release, the company said.

At La Plata in Colorado, Metallic Minerals released results from the Newmont-funded diamond drilling there.

"These results confirmed and extended significant copper-precious metals mineralization with all holes intersecting continuous porphyry style mineralization over their entire length (up to 1,350 meters)," the company said in a release.

The NI 43-101 inferred mineral resource estimate for the project defined 1.21 billion pounds of copper and 17.6 Moz Ag with 147.3 million tonnes at an average grade of 0.37% copper and 3.72 g/t Ag, including 0.41% Cu Eq (copper equivalent) using a 0.25% cent copper equivalent cut-off grade, the company said.

"Delays on lab results for platinum group element analyses have been resolved for surface samples and drill core from La Plata," Metallic Minerals noted. "These data, along with results from the most recent drilling incorporating new geologic modeling of the deposit, are being incorporated in an updated mineral resource estimate anticipated to be completed in Q2 2025. The updated resource estimate will include platinum, palladium and gold, in addition to copper and silver, for the portion of the deposit that contains these elements."

In collaboration with Newmont's technical team, Metallic Minerals said it "completed extensive district-scale exploration and target prioritization work in 2024," resulting in the advancement of four new targets to a drill-ready status, with over 20 additional target areas identified within the 25-square-kilometer porphyry system.

Results from this sampling and mapping work are being interpreted and are anticipated to be released in the coming weeks, the company said.

Catalysts for 2025

For 2025, Metallic Minerals said it expects many near-term and development catalysts, including exploration programs at La Plata and Keno Silver, and in the  Klondike.

Near-term catalysts include district-wide surface sampling at La Plata showing development of high-priority drill targets in addition to resource expansion potential at the Allard resource area; mineralogical test work at La Plata in collaboration with researchers at Cardiff University; an updated resource estimate for La Plata incorporating recent drilling financed by Newmont incorporating expanded precious metals analyses (including the first inclusion of platinum, palladium and gold, in addition to copper and silver, in the mineral resource estimate); and results from resource expansion drilling at Keno.

For development catalysts, the company said that in addition to the planned exploration at La Plata and Keno, both projects have "high potential for new discoveries and resource growth."

Also, the company said it anticipates increased royalties from Australia Creek operations and the potential for new royalty agreements.

The Catalyst: Experts Still See Silver Breakout

Both silver and copper are important metals for the switch to green energy, and both seem poised for breakouts.

In addition to being a precious metal, silver is the most conductive element in nature. It's important to the green economy transition because it's used to coat electrical contacts in computers, phones, cars, and appliances. It's also an important element in solar technology.

Silver prices declined for a second consecutive session on Thursday, retreating after forming a minor top at US$34.24, James Hyerczyk of FX Empire reported on March 20. A break above US$34.24 would indicate renewed upside momentum, with the next target range between US$34.87 and US$35.40. Until then, traders are watching for potential downside pressure as investors reassess the broader macroeconomic landscape.

Chen Lin of What Is Chen Buying? What Is Chen Selling? told Streetwise Reports that he is especially bullish on silver as the second quarter starts. Adding to the mix is U.S. President Donald Trump's new tariffs against Canada and Mexico, both huge suppliers of the metals to the country.

"Whatever the outcome of the tariff chaos, it has added to the awakening of the silver bulls," Chen wrote in February in his newsletter. "The simple fact is that global consumption of it continues to exceed supply. Remember, while miners and recyclers can supply about a billion ounces of silver annually the current demand stands above 1.2 billion ounces. This fundamental supply-demand deficit can only increase silver's US$32 per ounce price, which is why I remain confident that it will continue to offer positive, long-term opportunities for investors. Gold may be the metal of kings, but silver remains the people's metal."

Mordor Intelligence noted that silver is expected to register a compound annual growth rate (CAGR) of more than 5% between 2024 and 2029.

Copper Hits Key Threshold

Copper is also needed in huge quantities because of its conductivity. It pushed past a key threshold of US$10,000 a ton after weeks of global trade dislocation triggered by President Donald Trump's push for tariffs on the crucial industrial metal, Bloomberg reported on March 20.

Copper on the London Metal Exchange rose as much as 0.6% to $10,046.50 a ton on Thursday — the highest level since October — while prices on New York's Comex neared a record high, Bloomberg noted.

With just about every leg of the energy transition depending on copper and its importance as an electrical conductor, the hunt for the red metal "has been accelerating, as companies involved in all parts of the copper supply chain realize the structural supply deficit," wrote Rick Mills, author of the newsletter Ahead of the Herd.

According to a report in EV Magazine by Stella Nolan, "With copper mines often requiring years to begin production, immediate investments in exploration are necessary to secure future supply chains."

The Swiss bank UBS estimates that the copper supply deficit will exceed 200,000 tons by 2025, she wrote. The International Energy Forum adds that, to meet the growing demand, more than a billion tons of new copper mining capacity will be needed annually until 2050.

Ownership and Share Structure

About 17% of Metallic Minerals is owned by management and insiders, including CEO Greg Johnson with 4 %, Independent Director Gregor Hamilton with 0.93%, and the president, Scott Petsel, with 0.48%.

About 34% is owned by strategic investors, including Newmont's 9.5% and mining financier Eric Sprott, who owns 14.5%.

About 22% is owned institutionally. The rest, 27%, is retail.

Its market cap is CA$39.43 million, with 178.91 million shares outstanding, 130.31 million free-floating. It trades in a 52-week range of CA$0.40 and CA$0.13.