New Research Report: US Copper-Silver Resource Up 23% With First Addition of PGEs
Research Report

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Disclosures for Coulior Capital, Metallic Minerals Corp., January 29, 2026

DISCLAIMER This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage only. 2 The issuer has no control over the content of this report. 3 The views of the Analyst are personal. 4 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 5 The Analyst does not maintain a financial interest in the securities or options of the Company. 6 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness. 

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Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTC) updated the mineral resource estimate for the Allard deposit at its La Plata copper project in southwestern Colorado, reported the Couloir Capital research team in a Jan. 29 research note. Couloir raised its fair value target price on the Canadian mineral explorer by 55% to reflect an expanded resource base and higher peer group multiples.

"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 multimetal optionality," Couloir analysts wrote.

188% Return Implied

Couloir Capital's new fair value target price on Metallic Minerals is CA$1.24 per share (CA$1.24/share), up from CA$0.80/share before, noted the analysts. In comparison, at the time of their report, the mining junior was trading at about CA$0.43/share.

The difference between the new target and the share prices implies a potential return for investors of 188%.

Metallic Minerals remains a Buy.

The company has 212.8 million shares outstanding. Its market cap is CA$91.5 million (CA$91.5M).

Resource Tonnage Increased

Metallic Minerals' new MRE on Allard is notable for 23% more tonnage in the Inferred category than the previous 2023 version, the analysts noted. The new total, 181,400,000 tons (181.4 Mt), contains 1,300,000,000 pounds of 0.33% copper and 17,000,000 ounces (17 Moz) of 2.9 grams per ton (2.9 g/t) silver.

Also of significance, the updated MRE encompasses platinum, palladium, and gold, never included before, the Couloir team pointed out. Specifically, a 45.4 Mt subset of the Inferred resource contains 91,000 ounces (91 Koz) of platinum, 121 Koz of palladium, and 60 Koz of gold. This totals 272 Koz of platinum group elements (PGEs) and gold at 0.18 g/t. These metals in the resource boost Metallic Minerals' multimetal profile.

"The updated resource confirms the Allard deposit as one of only three PGE-bearing, development-stage resources in the United States," wrote the analysts. "The growing contribution from platinum and palladium highlights the unique geological character of La Plata and strengthens its positioning as a potential domestic U.S. source of copper, precious metals and critical minerals."

Expansion Upside Remains

The analysts wrote that with additional drilling, the British Columbia-based explorer could increase the copper equivalent grade and the precious metals content of the Allard deposit resource. The resource remains open both along strike and at depth, and limited assaying for gold, platinum, and palladium was done historically.

Outside of Allard, the broader La Plata district is largely underexplored. Throughout the property, 16 porphyry centers have been identified, as well as multiple high-grade epithermal silver, gold, and telluride targets, and none have been drill tested. Metallic Minerals plans to carry out a 2026 drill program this year.

Rare Earth Elements Present

Heavy and light rare earth elements are present at La Plata, proximal to Allard, the analysts noted. This was confirmed through a 2022 sampling, mapping, and geophysical program led by the U.S. Geological Survey and through drilling by Metallic Minerals.

"The presence of REEs alongside high-grade copper and precious metals materially enhances the value proposition, positioning La Plata not only as a future base and precious metals producer but also as a strategic source of critical minerals in the U.S.," wrote the analysts.

Update on Keno Silver

Metallic Mineral's Keno Silver project in Yukon is "an underappreciated strategic asset" with material rerating potential, given it offers leverage to strengthening silver prices, the analysts described.

The 171 square kilometer project is in the eastern portion of the historic Keno Hill Silver District, an area that hosted eight historical silver mines, five of which boasted average production grades of more than 1,000 g/t. Keno's neighbor is Hecla Mining Co. (HL:NYSE).

A maiden inferred resource estimate of four shallow, open-pit amenable deposits at Keno was prepared in 2024. This resource stands at 18.2 Moz of 223 g/t silver equivalent (120 g/t Ag with gold, lead, and zinc byproducts). All of the deposits remain open along strike and at depth for expansion. Multiple targets have been identified via detailed mapping, geophysical surveys, and prior field programs. Currently, the explorer is preparing for an upcoming drill campaign.

"Given recent silver price appreciation and renewed market focus on silver as both an industrial and a precious metal, this asset should provide enhanced valuation flexibility for shareholders," the Couloir analysts wrote.

Receiving Royalty Monies

Metallic Minerals is now earning royalty payments on the alluvial gold claims at its Australia Creek property in the historic Klondike gold district in Yukon, the analysts reported. They estimate these payments over the next five years (through 2030) will total CA$21.3M. They base this on these assumptions they consider conservative: five operators (versus the 10-plus MMG indicated), each with a five-year deal that pays a 15% royalty on revenue; 1.5 Koz of gold per year production by each operator; a CA$5,000 per ounce gold price; and a 10% discount rate.

Near-Term Events

Metallic Minerals has several potential catalysts worth watching, noted the Couloir team. With respect to La Plata, they include completion of the initial metallurgical test work in collaboration with Columbia University, expected this quarter; permitting progress; and start of the 2026 drill campaign.

Regarding Keno Silver, the commencement of drilling there is expected this year, too.