July 29, 2016

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) (the “Company” or “Metallis Resources”) has closed its private placement (the “Private Placement”) previously announced by news release dated June 8, 2016 pursuant to which it has issued 925,000 Units at a price of $0.20 per Unit for aggregate gross proceeds of $185,000. Each Unit consists of one (1) common share of the Issuer (“Share”) and one (1) non-transferable share purchase warrant (“Warrant”).  Each Warrant is exercisable for a period of two (2) years for the purchase of one (1) additional common share (“Warrant Share”) at the price of $0.35 per Warrant Share or 30 days after the last of 10 consecutive days closing greater than or equal to $0.50.

All securities issued under the private placement are subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange. Finder’s fees of $2,660 were incurred with the private placement. $37,000 was placed by directors and management of the Company.

Proceeds from this private placement will be used for general working capital and advancing the Kirkham property in the Golden Triangle on Northwestern British Columbia.

On behalf of the Board of Directors:

/s/ “Fiore Aliperti” Chief Executive Officer, President and Director

For further information, please visit www.metallisresources.com.

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.