Metallis Resources Inc. announced final assay results from the Company's 2022 drilling program (the "Program") at its 100%-owned Kirkham Property situated in the prolific Golden Triangle, northwestern British Columbia. The region is known worldwide for the past producing Eskay Creek, Premier and Snip gold mines, Seabridge's KSM porphyry deposits, and Newcrest Mining's producing Brucejack and Red-Chris mines. The last three holes of the 2022 exploration program successfully intersected mineralization 300 meters ("m") below the best copper and gold grades encountered by the Company's previous drill campaigns.

The results from the Company's first drill hole, KH22-46, were reported on November 22, 2022; The Company's latest drill results are highlighted by hole KH22-48 which returned 108.2 m grading 0.36 g/t gold equivalent* (AuEq") including 28.9 m of 0.61 g/t AuEq; and The 2022 program indicates that the Cliff - Miles Block of porphyry-style Copper-Gold mineralization has a 400 m strike length, is 100 - 200 m thick and extends to at least 500 m depth. The 2022 drill program comprised four holes totaling 1,961 m that were drilled from a single drill pad, with two angle holes (-45 and -67) at an azimuth of 265 and two at an azimuth of 315. The program was part of a larger exploration plan aimed at zones between widely spaced previous drill holes along the trend of the Hawilson Porphyry Complex (or "HPC").

The 2022 drilling took place at the southern end of the HPC, targeting the South Cliff area and was designed to test the bounds of the porphyry system and to extend the promising mineralization intersected in previous drill holes (KH18-16 with 0.8 g/t AuEq over 118 m, including 0.96 g/t AuEq over 84 m and KH19-30 with 0.5 g/t AuEq over 126.55 m). All four drill holes successfully confirmed the extension of the mineralizing system to at least 500 m below surface, with each hole intersecting copper and gold mineralization below where the grades were previously encountered along the Cliff-Miles target areas. Each drillhole also encountered massive pyrite/pyrrhotite veining and pervasive silicification that can be attributed to a later-stage overprinting gold event.

As part of the updated exploration plan, Metallis has targeted three broad areas within the HPC/Cliff-Miles corridor that are considered most prospective, and as such, the Company is planning further work, mainly drilling, to develop the potential of the HPC and the Kirkham Property A. In the northern part of the HPC, a 400 m x 350 m prospective area occurs north of drill hole KH21-45. It is characterized by the presence of highly gossanous and high-tenor soils (including 0.69 g/t and 1 g/t Au) that are interpreted as being associated with late-gold intercepts in drill holes KH21-45 (0.43 g/t AuEq over 220.70 m) and KH20-37 (0.68 g/t AuEq over 83.00 m); B. Targeting in the central part of the HPC will include step out drill holes along trend to the north and south from the dense porphyry-style quartz-A veining encountered in drill hole KH21-42; and C. Finally, in the southern part of the HPC, there is a large and largely undrilled area between drill holes KH19-30 and KH20-36 that lies immediately north of the highest-grade porphyry-style mineralization intersected on the property. In addition to the focused drilling on the three sub-areas of the HPC described above, the Company also intends to further explore existing property-scale targets such as the high-tenor soil geochemical anomaly at its King-East target, which lies 2 km to the east- northeast of the HPC, and possibly to undertake further diamond drilling at the Cole target, 3 km north of the HPC.