Copper‑Silver Resource Grows as Platinum and Palladium Join the Mix

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2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metallic Minerals Corp.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTC) has reported an updated NI 43-101 Mineral Resource Estimate (2026 MRE) at the Allard deposit, part of its La Plata project in southwestern Colorado. The company announced that the new estimate marks a 23% increase in inferred resource tonnage and includes platinum, palladium, and gold for the first time. The revision is based on 4,530 meters of additional diamond drilling completed since the 2023 resource.

The updated resource comprises 181.4 million tonnes averaging 0.36% copper equivalent (CuEq), including 0.33% copper and 2.9 grams per tonne silver. Contained metals total 1,307 million pounds of copper and 17.0 million ounces of silver, or 1,455.1 million pounds CuEq. Within this, a 45.4 million tonne subset contains 272,000 ounces of combined platinum group elements and gold — specifically 91,000 oz platinum, 121,000 oz palladium, and 60,000 oz gold — grading 0.18 g/t PGE+Au.

The 2026 model includes two adjoining mineralized zones: one copper-silver shell informed by drilling from the 1950s through the 1970s, and a second shell with copper, silver, platinum, palladium, and gold supported by 8,240 meters of core sampling and drilling completed between 2021 and 2023. The company reported that the precious metals-bearing subset accounts for 25% of total tonnage and raises the copper-equivalent grade of that subset by 17%.

Metallica Minerals stated that the Allard deposit remains open for expansion, both at depth and along strike. Several drill holes have ended in higher-grade mineralization. Additionally, sixteen untested porphyry centers and multiple targets with potential for high-grade epithermal systems have been identified across the broader La Plata property.

"The updated and expanded resource estimate at the Allard deposit is an important milestone for the company, and further validates La Plata as a large, multi-metal, district-scale system," said Greg Johnson, Chairman and CEO of Metallic, in a company news release.

Copper Scarcity Deepens as Silver Surges to Historic Highs

Copper prices continued trending higher in late January, driven by a combination of macroeconomic trends and supply constraints. Couloir Capital reported on January 26 that copper rose 2.1% during the week and added another 0.4% that day, citing "a weaker U.S. dollar and concerns over the economic impact of U.S.-EU trade tensions." The firm also said better-than-expected Chinese economic data helped raise expectations for industrial demand.

Bloomberg added that copper prices had climbed nearly 50% in the previous eight months, fueled by growing demand from sectors such as manufacturing, energy transition infrastructure, and artificial intelligence. The report noted that "years of chronic underinvestment have left global mine capacity stretched to its limits," and referenced TD Securities' Daniel Ghali, who described copper markets as facing "an unprecedented level of copper scarcity."

Peter Krauth of Silver Stock Investor called Metallic Minerals "one of the stocks that I feel offer the best value right now."

Kitco reported on January 26 that silver had climbed above US$100 per ounce, reaching a high of US$110.899. Analysts at Heraeus described it as "the most extreme" silver price rally since 1980 and cited technical indicators showing overbought conditions. Despite elevated prices, speculative futures positioning remained well below historic highs.

Heraeus also pointed to shifting industrial usage as high prices prompted manufacturers to reduce silver content in photovoltaics and adopt copper-based metallization, some of which had already entered commercial production in China.

Couloir Capital attributed silver's 14.5% weekly gain and an additional 8.1% daily increase to ongoing geopolitical risks, a soft U.S. dollar, and strength in the gold market. However, the firm added that de-escalation in U.S.-Europe trade tensions and developments around Greenland had begun to temper safe-haven buying.

Analysts Outline Resource Expansion Focus and Valuation Framework

Red Cloud Securities reviewed Metallic Minerals Corp. following its presentation at the firm's Fall Mining Showcase on November 7. Vice President and Mining Analyst Taylor Combaluzier noted that CEO Greg Johnson referenced how gold developers have historically seen valuation multiples increase from around US$20 per ounce to US$200 per ounce gold equivalent as projects mature from early exploration to feasibility stages.

Johnson also reiterated Metallic's goal to grow the Keno Hill silver-equivalent resource from 18 million ounces to a potential range of 50 million to 100 million ounces through continued exploration. The company outlined plans for additional surface sampling, geophysical surveys, and vein density mapping across several untested targets.

According to Red Cloud, key upcoming milestones include follow-up drilling and geophysics at Keno Hill, a resource update at La Plata that includes the PGE zone, and developments tied to the company's alluvial gold royalty business.

In a January 27 exploration update, Red Cloud described the new 2026 MRE at La Plata as a "positive MRE" and highlighted Allard as "one of the few development-stage projects in the US that contain PGEs." The updated inferred resource totaled 181.4 million tonnes at 0.36% CuEq, with a 45.4 million tonne PGE+Au subset holding 272,000 ounces. The firm noted that mineralization extended over 1.5 kilometers in depth and remained open. It also referenced the potential to expand the PGE footprint due to limited historic assaying and identified 16 untested porphyry centers.

Red Cloud added that the company's Keno project in Yukon, which currently hosts 18.16 million ounces AgEq, is open for expansion. Drill campaigns at both Keno and La Plata are planned for 2026. While the firm has not issued a formal rating or target, it stated that continued exploration progress could "support a re-rating."

On January 7, Peter Krauth of Silver Stock Investor called Metallic Minerals "one of the stocks that I feel offer the best value right now." He said the company had "enjoyed good gains," though less than some peers, and indicated that it remained a value opportunity in the junior mining space.

Metallurgical Testing and 2026 Drilling Program Underway

According to the company's January investor presentation, metallurgical testing is underway in partnership with Columbia University. The study aims to evaluate electro-hydrometallurgical recovery methods targeting copper, PGEs, and a range of critical minerals, including rare earth elements, vanadium, scandium, gallium, rubidium, and cesium.

Field work during 2025 included extensive mapping, soil and rock sampling, and hundreds of meters of chip-channel sampling. Metallic also employed AI-assisted targeting through the VRIFY platform and completed a copper-isotope surface-water sampling program to refine 2026 drill plans.

The 2026 campaign will include 5,000 to 10,000 meters of drilling focused on expanding the Allard resource and testing porphyry and high-priority targets such as Evening Star and Morning Star. Additional sampling and geophysics are planned to advance other targets to drill-ready status.

Environmental baseline studies and permitting for the 2026 field season are ongoing, supporting continued exploration across the broader La Plata district. 

Ownership and Share Structure¹

Ownership of the company breaks down as follows: management and associates hold 15%, Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) owns 9.5%, Eric Sprott has 10.5%, and high-net-worth investors hold 15%. Institutional ownership stands at 20%, with the remaining 30% in retail.

Metallic Minerals had approximately 212.8 million shares outstanding. Its market capitalization was about CA$81.9 million, based on recent share prices. The company's 52-week trading range was approximately CA$0.14 to CA$0.45 per share, according to the latest available market data.