June 29, 2022                                                                                 

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF; FSE: 0CVM) (the “Company” or “Metallis”) announces the closing of its non-brokered private placement (the “Financing”). Details of the Financing can be found in previous News Releases dated June 7th and 14th, 2022.

The second and final tranche raised an additional $224,200 comprised of 925,000 non-flow-through units at $0.20 per unit and 170,434 flow-through units at $0.23 per unit. Total proceeds from the Financing are $1,704,445 consisting of 2,252,500 non-flow-through units for proceeds of $450,500 and 5,451,934 flow-through units for proceeds of $1,253,945.

Each Non-flow through unit consists of one common share and one-half of one non-transferable share purchase warrant with each full warrant exercisable at $0.30 per share for three years.

Each Flow-through unit consists of one flow-through common share and one-half of one non-flow-through non-transferable share purchase warrant with each full warrant exercisable at $0.33 per share for three years.

The flow-through shares will qualify as “flow-through shares” for the purpose of the Income Tax Act (Canada) (the “Act”). The proceeds of the flow-through units will be incurred on “Canadian exploration expenses” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with the effective date no later than December 31, 2022, and as required under the Act.

The proceeds from the non-flow-through units will be used for both exploration and general corporate purposes.

The Financing is subject to regulatory approval and all shares and warrants issued on closing are subject to a trading hold period expiring four months plus one day from the date of issuance. No finders’ fees or finders’ warrants were paid or issued in connection with the Financing.

Insiders participated for $10,000 in this private placement.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel, and silver at its 100%-owned Kirkham Property situated in northwest British Columbia’s Golden Triangle. The Property is prospective for multiple mineral deposit types and is located along a strategic geological boundary – the “Red-line” exposed on the Western margin of the Eskay Rift system in the Golden Triangle, Northwestern British Columbia. The Property is contiguous to Garibaldi Resources Corp.’s E&L Nickel Mountain Project in the North and Eskay Mining Corp. to the East, is within 12 km of the Eskay Creek mine and 12 – 20 km west of Seabridge Gold’s KSM deposits and Newcrest Mining’s producing Brucejack mine.

Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has 60,544,312 common shares issued and outstanding after the closing of the Financing.

On behalf of the Board of Directors:

/s/ “Fiore Aliperti”

Chief Executive Officer, President and Director

For further information:

Tel: 604-688-5077

Email: info@metallisresources.com

Web: www.metallisresources.com


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.