METALLIS CLOSES $890,500 NON-BROKERED PRIVATE PLACEMENT

VANCOUVER, BC, Oct. 14, 2024 /CNW/ – Metallis Resources Inc. MTS MTLFF 0CVM (the “Company” or “Metallis”) announces the closing of its over-subscribed non-brokered private placement (the “Financing”). Details announcing the Financing can be found in the Company’s previous news releases dated October 7^th and 9^th, 2024.

Total proceeds from the Financing are $890,500, resulting in the issuance of 6,850,000 units at a price of $0.13 per unit. Each unit consists of one common share and one non-transferable share purchase warrant, each warrant will entitle the holder to purchase one additional common share at a price of $0.18 per share for a 3-year period.

Proceeds from the Financing will be used for field exploration work at the Company’s Kirkham and Greyhound properties and for general corporate purposes.

The Company has received regulatory approval from the TSX Venture Exchange for the Financing, and all shares issued on closing are subject to a regulatory trading hold period expiring four months plus one day from date of issuance.

Finder fees of $9,100 along with 70,000 warrants at an exercise price of $0.18 for a 3-year period, were paid to one registered finder.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver on its flagship 100%-owned Kirkham Property in Canada, situated in northwest British Columbia’s Golden Triangle, and on its Greyhound Property, a silver, gold and antimony target 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.

On behalf of the Board of Directors:

/s/ “Fiore Aliperti”

Chief Executive Officer, President, and Director

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 various 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.sedar.com. 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 the contents of this news release.

SOURCE Metallis Resources Inc.