Millennial Precious Metals Corp. announced positive metallurgical results from ongoing studies designed to determine the processing characteristics of the Mountain View project located in Nevada, USA. Material for the bottle roll tests was collected during the Phase 1 drill program at Mountain View, consisting of 27 holes totaling ~7,200m.

Bottle roll recoveries from various crush sizes sampled (1.7mm and 75µm) returned excellent results, indicating that the material will support heap leach processing. Highlights: Bottle roll tests for Mountain View returned average gold recoveries of ~89% within the oxide material, with several samples returning gold recoveries of up to ~95%. A total of 42 samples were selected from oxide, mixed, and fresh material collected from Phase 1 drilling for bottle roll testing.

Average gold recoveries for oxide material range from 88.8% (1.7mm) to 94.9% (75µm). Based on the latest design, the proposed pit at Mountain View is comprised of ~80% to ~90% oxide material. Samples were taken across all rock types and a wide grade distribution.

Recoveries do not appear to be sensitive to size fraction and/or grade. Column testing is currently underway to support the bottle rolls, with final results expected in the coming weeks. Testing indicates low cyanide consumption and lime requirements.

Final metallurgical results from Mountain View are expected in First Quarter 2023 to support the updated mineral resource estimate and Preliminary Economic Assessment (PEA). Metallurgical Results Overview: In 2022, Millennial initiated a metallurgical heap leach test program consisting of bottle roll and column testing. The metallurgical test program was designed and overseen by Micon International Limited, working closely with the Millennial team.

All metallurgical test work is being performed by McClelland Laboratories Inc. in Sparks, Nevada. Historically, limited metallurgical testing has been done at Mountain View. Millennial's metallurgical program is significantly more exhaustive than any previously completed testing and is focused on supporting the upcoming PEA and future Preliminary Feasibility Study ("PFS") to de-risk the project.

Material for metallurgical testing was gathered during the Phase 1 drill program at Mountain View, which consisted of 27 holes totaling ~7,200m with the objective of resource conversion, collecting geotechnical and metallurgical data, validating grade continuity, and extending the mineralization laterally to increase the pit size. A total of 42 samples from coarse rejects were selected for bottle roll tests (also referred to as variability samples). The samples represent oxide, transition, and fresh (sulphide) material, covering all lithologies types and a wide variety of grades, ranging from 0.16 g/t Au to 9.20 g/t Au.

Bottle roll tests were undertaken at two crush sizes (80% passing 1.7mm and 75µm) and leached for 96 hours. The bottle rolls are an excellent indicator of potential column test results which will be used for the upcoming PEA. Oxide samples returned average recoveries of 88.8% at 1.7mm with recoveries ranging from 70.5% to 98.1%.

Based on the latest design, the proposed pit at Mountain View is comprised of ~80% to ~90% oxide material. Mixed samples (representing the transition zone containing both oxide and sulphide material) averaged 55.4% recovery at 1.7mm. No correlation was observed between gold grade and recoveries, which is expected to be positive in a heap leaching scenario.

A clear correlation exists between recoveries and sulphur content – the greater the oxidation level, the higher the recovery, which is generally consistent with most low sulphidation epithermal deposits. As part of the ongoing metallurgical test work for Mountain View, four column tests at two crush sizes (80% 19mm and 9.5mm) are still in progress. Preliminary results from the column tests are consistent with the bottle rolls and final results are expected in the coming weeks.

Column test recovery rates are moderate with the majority of gold extraction being completed within 24 hours of leaching. This is a good indicator of a short leach pad cycle time. Cyanide consumption (<0.10 kg/mt ore) and lime requirements (1.4 kg/mt or less) were observed to be low, which is expected to have a positive impact on mining operating costs.