Newmont Exercises Top-Up Rights to Purchase Additional Shares of Metallic Minerals

VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF)("Company") announces that Newmont Corporation has exercised its 'top-up right' to purchase additional common shares. Newmont aims to maintain its 9.5% interest in Metallic Minerals by purchasing 577,776 common shares at $0.36 per share. This transaction reflects the Company's recent financing and other transactions completed over the past six months.

The purchase remains subject to closing conditions, including final approval by the TSX Venture Exchange. All issued securities will be subject to a statutory hold period of four months and one day from issuance.

Newmont previously funded a 4,500-meter drill program at Metallic Minerals' La Plata project in Colorado with a $6.3 million equity investment. Results from this program indicate the potential for a district-scale, precious-metal-rich porphyry system. Resource modelling is underway to update the resource estimate at the Allard deposit.

Newmont has provided technical support for the La Plata project, including site visits and assistance with geological interpretations. Metallic Minerals CEO Greg Johnson appreciated the ongoing collaboration with Newmont's technical team.