HIGH-GRADE SILVER, LEAD AND ZINC IN CANADA'S YUKON TERRITORY - TSX.V: MMG | OTC: MMNGF - ftmig
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TSX.V: MMG | OTC: MMNGF
HIGH-GRADE SILVER, LEAD AND ZINC IN CANADA’S YUKON TERRITORY
WWW.METALLIC-MINERALS.COM TSX-V: MMG | US OTC: MMNGF
LEGAL STATEMENT
The data contained herein is provided for information purposes only. Certain information has been compiled from sources believed to be reliable. No
information in this presentation is to be construed as an offer to buy or sell securities.
Some statements contained in this presentation are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ
materially. Such forward-looking statements include among other things, comments regarding mining and milling operations, mineral resource
statements and exploration program performance. They may also include statements with respect to the Company's mineral discoveries, plans,
outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast",
"project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Factors that could cause actual results to differ materially include, but are not limited to, metal price volatility, economic and political events affecting
metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future
results of exploration programs, future profitability and production, the ability to raise sufficient capital to fund exploration, litigation, legislative,
environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits
encountered in connection with exploration activities; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and
readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future events or otherwise. The reader agrees to hold the Company and its
subsidiaries, and their respective officers, employees and agents harmless against any claims for damages or cost or any loss of any kind arising out of
the access to or use of this presentation or any information contained in or obtained through this presentation.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: These tables use the terms "Measured",
"Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the
United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their
existence, and as to their economic and legal viability. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of a feasibility study. United States investors are
cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves.
Scott Petsel, P.Geo, is the Qualified Person under NI 43-101 who has reviewed and approved the technical information contained in this presentation
TSX-V: MMG | US OTC: MMNGF
2
THE METALLIC GROUP OF COMPANIES
A Collaboration of Leading, Independent Exploration Companies
Vision & Strategy
To leverage our combined decades of experience in mineral exploration, project
permitting, community relations, project finance, and capital markets to create shareholder
value for member companies.
• A collaboration of leading exploration companies focused in politically stable districts
with the potential for world-class deposits;
• Large, brownfields land packages have been strategically acquired in these highly
prospective mining districts during the low parts of the metal price cycles;
• Metallic Group companies are focused on rapidly advancing targets to resource
definition and development stage to create value;
• Lead by teams with a track record of exploration and project development success,
including environmental stewardship and community engagement; and
• Utilizing shared resources for cost efficiency and specialized technical expertise with
experienced corporate governance and management oversight.
Metallic Minerals Corp. is a growth-stage exploration company focused on the acquisition and development of high-grade
silver and gold in the Yukon. The Company's core Keno Silver Project is located in the historic Keno Hill Silver District of
Canada's Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the
world’s highest grade silver resources. The Company’s McKay Hill Project, northeast of Keno Hill, is a high-grade historic
silver-gold producer. Metallic Minerals is led by a team with a track record of discovery and exploration success, including
large scale development, permitting and project financing.
Group Ten Metals Inc. is a growth-stage exploration company focused on the acquisition and development of high-quality
platinum, palladium, nickel, copper and gold exploration assets in North America. The Company’s holdings include the
Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade Pd-Pt mines in Montana, the Kluane PGE-Ni-
Cu project adjacent to Nickel Creek Platinum‘s Wellgreen deposit in the Yukon Territory, and the Black Lake-Drayton Gold
project in the Rainy River district of northwest Ontario.
The Metallic Group expects to include a newly-formed copper exploration company in 2018.
TSX-V: MMG | US OTC: MMNGF
3
Precious Metals Bull and Bear Market Cycles
Bull Market Analog using the TSX Venture Composite Index
Coming off of a 5 year Bear Market
Duration: 24 to 74 months
Bear Market Cycles Bull Market Cycles Increases: 144% to 282%
Apr/87 to Jan/91 CDNX Peak: 2400 to 3700
May/96 to Apr/01 Current CDNX level: 800
Apr/07 to Dec/08
1987 - 1991 (↓75%) Feb/11 to Jan/16
Average CDNX Peak*
1984 - 1987 (↑144%)
Average duration: 47 months
Average decline: 75% 2001 - 2007 (↑282%)
Last cycle: 59 months
Last decline: 76%
1991 - 1996 (↑196%)
Last bear cycle 59 months
2008 – 2011
2007 - 2008 (↓79%) (↑252%)
2011 - 2016 (↓76%) Mar/84 to Apr/87
Jan/91 to May/96
Apr/01 to Apr/07
Dec/08 to Feb/11
1996 - 2001 (↓70%) Current Market Jan/16 to Present
60
Source: Canaccord Genuity, TSX DataGroup
*Past performance may not be indicative of future results
TSX-V: MMG | US OTC: MMNGF
4
Resource Company Development Stages & Valuations
Stage Discovery Resource Early Development Advanced Development
Studies Discovery --------------------> Resource estimates -----> PEA --------------------------> PFS -----------------------> Feasibility Study
Equity -----------------------------------------------------------> Equity + debt + alternative sources (streams, off take, asset sale)
Financing
$1 to $10 M ------------------>$5 - 20 M ------------------> $10 - 25 M ----------------> $25 - $100 M +
Key Mgmt. Geologists --------------------> Geologists / Engineers ----------------------------> Geologists/Engineers /Finance /Operations
High risk -----------------------> High-Mod risk -----------> Moderate risk------------------------------> Mod-Low risk
Risk Profile
Exploration uncertainty - testing size & grade ------ > Technical uncertainty -engineering/permitting/financing
Discovery Value Creation De-risking/ re-valuation toward production & cash flow
PFS Stage
Metallic Minerals Speculative Valuation
Average EV
Relative Value
Keno Silver Premium Common at
$30-50/oz Au
And Discovery and
PEA Stage $3-$5/oz Ag
Klondike Alluvial Resource Stage
Average Enterprise Value
Projects $20-30/oz Au Feasibility Stage
$2-$3/oz Ag $100/oz Au
$10/oz Ag
Optimal
entry area Producer Valuations ~ Profit Margin/oz
for investors $200-$500/oz Au and $10-$20/oz Ag
Time 1-3 years proof of concept -----> 2-3 years for drilling --> 3-5 years from PEA to Feasibility Study
Investors Early entry investors and small institutions ------------> Larger institutional investors
Higher risk looking for higher returns ------------> Reduced risk looking for incremental returns
Based on Canaccord Genuity Junior Mining Weekly and Company estimates
TSX-V: MMG | US OTC: MMNGF
5
METALLIC MINERALS FUNDAMENTALS
A leading Yukon focused silver exploration company
▪ Highly-experienced team with a track record of major discoveries and exploration success
▪ Metallic holds the second largest land position in the high-grade Keno Silver District, which has over
300 million ozs historic production + current resources
▪ Multiple recent discoveries highlight district’s exploration potential for near surface deposits
▪ Based on the past shallow depth of production, recent discoveries and prospective geology the Keno
silver district shows the potential to ultimately host +1 billion ounces of silver
▪ Over past 18 months moved from acquisition through inaugural field programs to new discoveries with
the advancement of 3 targets to resource delineation
▪ Exploration in 2018 will see drilling at 3 resource delineation stage targets and up to 6 advanced
surface targets with another 20 prospective early stage targets being assessed
▪ Existing infrastructure in the district, very high grades and shallow deposits result in a low capex / high
IRR development potential and opportunity for rapid advancement to production
▪ Metallic has been operating since mid-2016 and is one of only a few, low political risk silver
exploration companies
▪ The fundamentals for silver and gold are compelling, with low valuations following a 5 year bear
market and the first leg of a new bull market paving the way for a multi-year bull run
▪ Metallic is also developing a production royalty portfolio in the famous Klondike Gold District, which
has produced over 30 million ounces of alluvial gold
TSX-V: MMG | US OTC: MMNGF
6
METALLIC MINERALS CORP.
Creating Value Through Vision and Experience
COMPANY AND TEAM OVERVIEW
Focused on high-grade silver in underexplored districts of the
Yukon with the potential to produce top-tier assets.
Objective to create value through a systematic, entrepreneurial
approach to exploration, reducing investment risk and maximizing
probability of long-term success.
▪ Board and Management with extensive experience in global
exploration and mining business, collectively raised over $650
million in project financing
▪ Former members of successful teams at NovaGold, Wellgreen,
Northern Freegold and Viceroy
▪ Credited with the discovery or expansion and advancement of
major precious and base metal deposits in the region:
o Donlin Creek, Alaska: M&I 40 Moz Au
o Galore Creek, BC: M&I 9 B lbs Cu, 5 Moz Au & 100 Moz Ag
o Wellgreen, Yukon: M&I 6 Moz PGM+Au, 3 B lbs Ni+Cu
▪ Recipients of Yukon Government awards for excellence in
environmental stewardship
TSX-V: MMG | US OTC: MMNGF
7
MANAGEMENT TEAM & BOARD OF DIRECTORS
Greg Johnson – Chief Executive Officer & Board Chairman Tim Thiessen, BA, CA – Chief Financial Officer
▪ 30 years experience in exploration, development and ▪ 20 years of international accounting and finance experience
financing of large scale mining projects ▪ Has held CFO position at three publicly listed mineral
▪ Broad capital markets experience, raising over $650 million companies: Foran Mining, SnipGold (acquired by Seabridge
in project financing Gold), and Aurcana Corporation
▪ Co-founder of NovaGold, former President & CEO of ▪ Former VP Finance for Endeavor Financial, Controller for
Wellgreen Platinum and South American Silver Endeavor Mining, and auditor for Deloitte’s mining practice
▪ Exploration Manager Placer Dome (now Barrick Gold) Scott Petsel, PGeo – Vice President, Exploration
▪ Co-Credited with discovery or expansion and advancement ▪ Over 30 years of experience in global exploration, mine
of major precious and base metal deposits in the region geology, project management and advancement
Gregor Hamilton – Director ▪ Former Project Mgr, Ambler & Bornite projects, NovaCopper
▪ Over 20 years of mining sector experience in investment (now Trilogy Metals), Exploration Mgr, Galore Creek project
banking, corporate finance and geology and Sr Geologist, Donlin Gold project, NovaGold
▪ Capital markets expertise and global finance contacts for ▪ Sr Exploration positions with Placer Dome (now Barrick) &
mining, M&A and corporate strategy Echo Bay (now Kinross) in North America and internationally
▪ Successful entrepreneur in mining, technology and Susan Craig, P.Geo – Advisor, Govt. & Community Relations
agribusiness in Canada and South America ▪ Over 25 years experience on Yukon and BC based projects
Bill Harris – Director from exploration to development, operations and closure, with
▪ President and CEO of Midnight Mining a focus on permitting, First Nations and Government relations
▪ Founder and former Executive of Northern Freegold ▪ On Environmental team for Galore Creek project (NovaGold)
& Brewery Creek mine (Viceroy Resources)
▪ Lifelong Yukoner, prospector and mining entrepreneur
▪ Current Director of Yukon Energy Corporation, Yukon Mineral
Stephen Pearce, LLB – Director Advisory Board and President of Yukon Chamber of Mines
▪ Practicing corporate and securities lawyer Chris Ackerman, LLB – Sr. Mgr Corp Communications & IR
▪ Director of Sable Resources, Golden Goliath, Centenara ▪ Corp. Comms / IR – Group Ten Metals
Mining, Ashburton Ventures and Wildflower Marijuana ▪ Former Sr. Business Development Advisor – Yukon Gov’t
▪ Former Mgr Corp. Communications - Wellgreen Platinum
TSX-V: MMG | US OTC: MMNGF
8
MANAGEMENT TEAM & BOARD OF DIRECTORS
Industry Veterans with Northern Expertise
Greg Johnson, PGeo - CEO & Chairman Tim Thiessen, BA, CA – CFO
Gregor Hamilton - Director Scott Petsel, PGeo. – VP Exploration
Bill Harris - Director Susan Craig – Advisor Gov’t/Community Relations
Stephen Pearce, LLB - Director Chris Ackerman, LLB – Mgr Communications
Debbie James – Exploration Manager
TSX-V: MMG | US OTC: MMNGF
9
YUKON TERRITORY- MAJORS MOVING IN
The world’s best mining jurisdiction attracts the world’s best miners
• Canada ranked #1 jurisdiction by Behre Dohlbear
• Yukon ranked 4th in Canada by the Fraser
Institute
o April 2017, Barrick invests in ATAC Resources (9.2% with potential for 19.9%) –
up to $63 million
• Over US$600 million to be invested into Yukon
mining exploration starting in 2016
o May 2016, Goldcorp acquisition of Kaminak Gold - $520 million
o June 2016, Goldcorp acquires 19.9% stake in Independence Gold - $2 million
o March 2017, Goldcorp acquires 19.9% stake in Triumph Gold - $6,272,640
o Dec. 2016, Agnico Eagle acquires 19.3% stake in White Gold Corp. - $14.52M
o March 2017, Newmont signs earn-in agreement with Goldstrike - $53M
o March 2017, Coeur invests in Rockhaven Resources - $2,675,000
o Additionally, Kinross also holds an 11% interest in Victoria Gold Corp., as well as having purchased the White Gold project in 2010 for $139 million.
10
TSX-V: MMG | US OTC: MMNGFKENO SILVER PROJECT OVERVIEW
Brownfields Exploration in One of the World’s Highest Grade Ag Districts
▪ Large, brownfields land position covering 166 km2 in the eastern & southern portions of the Keno silver district
▪ Excellent access infrastructure via existing highways and well-maintained all-weather roads, existing grid power
supplying nearby Keno City & Alexco operations
▪ Adjacent to Alexco Resource Corp’s operations, which host >67 Mozs Ag (M&I) with LOM production grades
exceeding 840 gram/tonne silver or ~1,200 g/t silver equivalent value with lead and zinc
▪ 10 of the 12 known productive mineralized trends continue onto Metallic Minerals holdings in preferred host
rocks, with historic production from 8 mines, including 5 with average recovered grades above 5,000 g/t
▪ Eastern portion of the district has been under-explored due to fragmented, private land ownership, but now
consolidated under Metallic Minerals
Source: Cathro, R.J. 2006, Great Mining Camps of Canada 1.The History and Geology of the Keno Hill Silver Camp, Yukon Territory, Geoscience Canada, v. 33, p. 103-1
Alexco PEA Average Metal Price and Discount Rate Assumptions: Ag USD/oz $18.60 initially and $19.35 long term, Zn USD/lb $1.07, Pb USD/lb $0.97, Au USD/oz $1,300, 5% Discount Rate; AISC calculated on a produced
(contained) basis net of by‐products, as defined by the World Gold Council
TSX-V: MMG | US OTC: MMNGF
11KENO SILVER PROJECT LOCATION & INFRASTRUCTURE
Excellent access and power infrastructure in place
▪ 100% owned Keno Silver Project located in
Canada’s mining-friendly Yukon Territory
▪ Existing road access along Yukon highway 11
and 2 connecting to deep sea port facilities in
Skagway, Alaska
▪ Grid power from Yukon Energy Corp hydro
facility on Mayo River
▪ Project in traditional territory of Nacho Nyak Dun
First Nation, who have Comprehensive
Cooperation and Benefits Agreements in place
on mining projects in the region
▪ Nearby communities of Keno City and Mayo
YUKON
TSX-V: MMG | US OTC: MMNGF 12KENO AREA REGIONAL CLAIMS MAP
Highly-prospective projects in an active region for exploration
McKay Hill Project
Keno Silver Project
Keno Hill
Mill Complex
TSX-V: MMG | US OTC: MMNGF
13KENO HILL MINE AND ECONOMICS
2017 Alexco Resource Corp. Keno Hill PEA1
Keno Hill Mill Complex
Mining Period Avg. Silver Avg. Annual Avg. Annual Capex and IRR
Grade Production Production AgEq
PHASE 03
Years
PHASE 01 PHASE Initial Capex
931 g/t Ag 4.1M ozs 02 5.9M AgEq We’re
ozs determined to enhance your
1-3 $27M
We’re determined to enhance your We’re determined to enhance your brand visibility with creative
brand visibility with creative brand visibility with creative advertising and marketing solutions.
Years IRR
843 g/t Ag
advertising and marketing solutions. 3.5M ozs 5.2M AgEq ozs
advertising and marketing solutions.
1 – 8 (LOM) 72%
Source Alexco Resource Corp: 1. Alexco Announces Positive Preliminary Economic Assessment for Expanded Silver Production at Keno Hill, March 2017
2. Alexco Resource Corp. presentation November 2017
TSX-V: MMG | US OTC: MMNGF
14KENO HILL GRADES VS. GLOBAL SILVER MINES
One of the world’s highest grade silver districts in a low risk jurisdiction
1400 Keno Hill Silver District - Yukon, Canada
Pb
Highest silver grade and 2nd highest total silver equivalent grade
1200 Zn
Au
AgEq grams/tonne
1000
Ag
800
600 Avg. silver equivalent grade: 500 g/t AgEq
400 Avg. silver grade: 300 g/t Ag
200
0
Political Risk
Low High
Canada / USA Mexico / Peru / China Argentina Bolivia
Guatemala
Source: Company public disclosures as of May 2017: P&P reserves assuming 100% recovery or most recent technical report production grades
AgEq. Calculated using: $16/oz Ag; $1200/oz Au; $1/lb Pb and Zn TSX-V: MMG | US OTC: MMNGF
15KENO STYLE MINERALIZATION
High-Grade Silver, Lead and Zinc Vein Systems
• Keno style high-grade silver veins occur along persistent parallel structural trends, forming major ore
shoots in the two main quartzite and greenstone host rocks
• Typical mineralization is 1-5 metres in width, grading from 200 g/t to over 5,000 g/t silver with associated
lead and zinc sulphides with ~75% of the value as silver
• Individual deposits in the district range from 10 million to 100 million ounces of contained silver
High-grade Ag-Pb-Zn Vein
Keno Hill
Quartzite
Keno Hill
Bellekeno Mine Quartzite
Second-Phase Folding
Image Source: Alexco Resources – Iles 2017
TSX-V: MMG | US OTC: MMNGF 16KENO HILL SILVER DISTRICT GEOLOGY & DEPOSITS
35 historic mines produced ~200 Moz Ag with 90 Moz in current resources
Bellekeno Trend (25 Moz) Cobalt Hill
Flame & Moth Trend (50 Moz)
Homestake Trend
Sadie
Ladue
Bermingham Trend (140 Moz) Lucky Avenue
Silver Basin
Queen
Formo
Caribou Hill
Elsa Trend (35 Moz) Duncan
Fox
Faith
Galkeno Keno Hill Divide
Husky Trend (35 Moz) No Cash Hector Vanguard
Calumet Onek UKHM
Husky Elsa Flame & Moth McMillan
Silver
King Bermingham Keno Homestake
Mill Complex Bellekeno
Silver Queen
Major Historic Producing Mines
Recent Discoveries/Current Resources
MMG Historic Producing Mines
Historic Production Ag oz/t Ag g/t
Duncan 744.3 25,455
12 Known Mineralized Trends Vanguard 305.8 10,458
10 of which traverse MMG land Caribou Hill 177.1 6,057
MMG Silver Basin 167.8 5,739
Formo (Yukeno) 148.9 5,092
Cobalt Hill 65 2,223
TSX-V: MMG | US OTC: MMNGF
17Keno Hill Silver District Schematic Section
Geology/Deposit View Along Trend of Alexco’s Bermingham Discovery
SW Bermingham Bermingham Trend (140 Million Ounces) NE
3.5 Moz past production 1 Hector-Calumet
17.3 Moz indicated 2 96.2 Moz 1 Galkeno Sadie Ladue
5.5 Moz inferred 2 4.5 Moz 1 Bluebird Wernecke 12.7 Moz
Klondike 1 Vancouver
Keno
500 m
Sourdough Quartzite
Keno Hill Quartzite Key Host Rocks for Keno Type Past Production
Qtz-Sericite Schists High-Grade Silver Deposits Target Areas
Earn Group Schists Reserves/Resources
Triassic Greenstones
▪ Bermingham is a major new high-grade silver discovery by Alexco in the Keno Hill silver district
▪ Deposit remains open to expansion at depth and along trend, with direct shipping ore grades
▪ Discovery demonstrates the potential for major new finds along trend and down dip from past producing
mines in this prolific, historic district
▪ Lesser-explored parts of the district, particularly to the east, have similar geologic settings for potential
new discoveries
Modified from Alexco Resource Corp.
1. Historic Production data from CATHRO, R.J., 2006. Great mining camps of Canada 1. The history and Geology of the Keno Hill Silver Camp, Yukon Territory, Geoscience Canada Volume 33
2. Alexco News Release: Alexco Expands Bermingham Indicated Resource to 17 Million Ounces Silver, Remains Open (January 3, 2017).
TSX-V: MMG | US OTC: MMNGF
18Keno Hill Silver District Schematic Section
Geology/Deposit View Along Bermingham Discovery and Elsa Trend
Bermingham Trend (140 Million Ounces)
SW Bermingham NE
3.5 Moz past production 1 Hector-Calumet
17.3 Moz indicated 2 96.2 Moz 1 Galkeno Sadie Ladue
5.5 Moz inferred 2 4.5 Moz 1 Bluebird Wernecke 12.7 Moz
Klondike 1 Vancouver
Keno
500 m
Sourdough Quartzite
Keno Hill Quartzite Key Host Rocks for Keno Type Past Production
Qtz-Sericite Schists High-Grade Silver Deposits Target Areas
Earn Group Schists Reserves/Resources
Triassic Greenstones
Elsa Trend (35 Million Ounces)
Silver Queen Elsa No Cash
Dixie 4.9 Moz 1 Formo
30.2 Moz 1
Significant MMG targets in preferred host rocks
Modified from Alexco Resource Corp.
1. Historic Production data from CATHRO, R.J., 2006. Great mining camps of Canada 1. The history and Geology of the Keno Hill Silver Camp, Yukon Territory, Geoscience Canada Vol. 33 2.
Alexco News Release: Alexco Expands Bermingham Indicated Resource to 17 Million Ounces Silver, Remains Open (January 3, 2017).
TSX-V: MMG | US OTC: MMNGF
19Keno Hill Silver District Schematic Sections
Target Rich Environment for New Discoveries on Known Mineralized Trends
Flame & Moth - Lucky Queen Trend (50 Moz Ounces) NE
SW Lucky Queen
Blackcap 11.0 Moz Past Production1
Flame & Moth 1.3 Moz Past 5.0 Moz Indicated2 Cub &
Avenue
29 Koz Past Production1 Production1 3.9 Moz Inferred2 Bunny Stone Greenstones
26.9 Moz Indicated2 Croesus
Keno
Duncan Creek 4.2 Moz Inferred2 Mill Complex
Sourdough Quartzite
Keno Hill Quartzite Key Host Rocks for Keno Type Past Production 500 m
Qtz-Sericite Schists High-Grade Silver Deposits Target Areas
Earn Group Schists Reserves/Resources
Triassic Greenstones
SW Onek – Keno Summit Trend (10 Million Ounces) Shamrock
NE
Onek 1 Moz past Gambler
Dorothy production1 Avenue
1.3 Moz past production1 Bounty Greenstones
4.3 Moz Indicated2
Duncan Creek Keno City 1.1 Moz Inferred2
Significant MMG targets in preferred host rocks
Modified from Alexco Resource Corp.
1. Historic Production data from CATHRO, R.J., 2006. Great mining camps of Canada 1. The history and Geology of the Keno Hill Silver Camp, Yukon Territory, Geoscience Canada Volume 33
2. Alexco News Release: Alexco Expands Bermingham Indicated Resource to 17 Million Ounces Silver, Remains Open (January 3, 2017).
TSX-V: MMG | US OTC: MMNGF
20Keno Hill Silver District Schematic Sections
Target Rich Environment for New Discoveries on Known Mineralized Trends
Bellekeno – Keno Summit Trend (25 Million Ounces)
SW Bellekeno Keno Hill
NE
1.7 Moz past production 1 12.6 Moz 1 Gold Hill Silver Basin
4.9 Moz Indicated 2 Past Production
Apex Avenue
5.5 Moz Inferred 2 Vanguard
Greenstones
Runer Beauvette
Greenstones
Sourdough Quartzite 500 m
Keno Hill Quartzite Key Host Rocks for Keno Type Past Production
Qtz-Sericite Schists High-Grade Silver Deposits Target Areas
Earn Group Schists Reserves/Resources
Triassic Greenstones
Homestake – Keno Summit Trend
Divide Caribou
Homestake Duncan Avenue Beauvette
Devon
Significant MMG targets in preferred host rocks
Modified from Alexco Resource Corp.
1. Historic Production data from CATHRO, R.J., 2006. Great mining camps of Canada 1. The history and Geology of the Keno Hill Silver Camp, Yukon Territory, Geoscience Canada Volume 33
2. Alexco News Release: Alexco Expands Bermingham Indicated Resource to 17 Million Ounces Silver, Remains Open (January 3, 2017).
TSX-V: MMG | US OTC: MMNGF
21KENO SILVER PROJECT – PRIORITY TARGET AREAS
Western District – Priority for follow up in 2018
Sadie Ladue Onek Trend
Resource Delineation Bermingham Trend
10 Moz Silver Basin
(140 Moz)
1st Stage Drill Targets
Lucky
Target Definition Stage Queen Caribou
Formo 11 Moz Duncan
Production Gold Hill
Elsa Trend 7.6 Moz Faith
(35 Moz) Resource Keno Hill
12.7 Moz
Vanguard Production
Husky Trend
(35 Moz) No Cash Hector Galkeno Keno
Calumet Mill Complex Onek
Silver King
Husky 96.2 Moz
11 Moz
Production Homestake
Production
5.4 Moz Bermingham
Elsa 3.8 Moz Flame & Bellekeno
Resource 30.1 Moz Flame & Moth
Production Trend (50 Moz) Moth 1.7 Moz
Production
22.8 Moz 31 Moz Production
Galena Hill Resource Resource 10.4 Moz Homestake
Bellekeno Trend Resource Trend
Silver (25 Moz)
Queen
Duncan
Creek
Major Historic Producing Mines
Recent Discoveries/Current Mines
MMG Historic Producer
TSX-V: MMG | US OTC: MMNGF
22KENO SILVER PROJECT – PRIORITY TARGET AREAS
Eastern District – Priorities for follow up in 2018
Cobalt Hill
Resource Delineation
Flame & Moth
Trend (50 Moz) Onek Trend Bellekeno Trend 1st Stage Drill Targets
(10 Moz) (25 Moz) Homestake
Trend Target Definition Stage
Lucky Queen Keno Summit
11 Moz
Production Beauvette
7.6 Moz Bounty
Resource
Silver Basin Avenue
Caribou
East Keno
Duncan
Comstock Gold Hill
Divide Faith Gram
Keno Hill
12.7 Moz
Production UKHM
Vanguard
McMillan
Homestake
Bellekeno
1.7 Moz
Production
10.4 Moz
Resource
TSX-V: MMG | US OTC: MMNGF
23KENO SILVER PROJECT – RESOURCE DELINEATION TARGETS
Keno Summit Area: Caribou, Duncan and Gold Hill Cross Section
Gold Hill, Duncan and Caribou Veins and Projected Structures
Cross Sections Looking North
Keno Summit Area
2000 m
Monument Hill Caribou Hill
Gold Hill Vein Caribou Vein
Duncan Vein
1000 m
Target Area
TSX-V: MMG | US OTC: MMNGF 24KENO SILVER PROJECT – RESOURCE DELINEATION TARGETS
High-grade results at Caribou Target Open to Expansion
1820 El
Caribou Vein Long Section
Caribou Hill
1800 El Looking West (34° dip / 110° dip-direction)
TR-06a TR-06b
TR-11b TR-05b TR-05a
Ag Equivalent TR-11d
TR-08b
1780 El Grade Contours TR-08i
TR-08f CH11-015
08CH003
TR-08j
CH11-017 08CH001
0 – 300 g/t TR-08n TR-11j
TR-08k CH11-016
CH11-018
301 – 800 g/t TR-11h TR-11i
CH11-009
CH17-021
CH17-021 08CH002
1760 El
> 800 g/t TR-11f CH11-010
CH17-023
CH17-023
TR-11l CH11-008
CH17-026
2017 Drill Intercept CH11-007 08CH004
08RCH003
CH11-013 08CH005
TR-11m 08RCH002
CH11-014
CH17-027
CH17-026
1740 El
CH11-019 08CH006 CH17-024
CH17-024 CH17-027
CH11-011
CH11-020
CH11-012
1720 El
CH17-025
CH17-025
Open
1700 El
Open Open
m
1680 El
N7090860 N7090880 N7090900 N7090920 N7090940 N7090960 N7090980 N7091000 N7091020 N7091040 N7091060 N7091080 N7091100 N7091120 N7091140 N7091160 N7091180 N7091200 N7091220 N7091240
Hole From (m) To (m) width (m) Ag g/t Pb % Zn % Au g/t Ag EQ g/t
08CH005 35.00 35.50 0.50 1046 3.39 1.44 0.77 1,343
CH11-007 14.60 18.50 4.10 314.8 27.8 0.53 0.17 1,667
Including 14.60 15.80 1.3 94.3 85.56 0.01 0.23 4,146
CH11-008 14.80 15.50 0.7 493 10.49 0.93 0.4 1069
CH11-009 15.50 16.90 1.4 1,696.3 9.42 0.94 0.85 2,257
CH11-017 22.90 23.40 0.50 1,610.8 16.83 1.16 1.26 2,565
CH11-018 24.10 25.00 0.90 1,151 7.16 1.03 0.05 1,548
CH17-021 39.35 42.0 2.65 407 3.39 6.35 0.834 972
Including 39.35 39.80 0.45 1,607 15.47 1.70 0.759 2,487
CH17-023 40.7 42.3 1.6 1,405 25.98 3.72 0.282 2,851
Including
* Further results from 2017 field exploration program pending
40.70 41.50 0.80 2,408 47.30 4.69 0.108 4,898
CH17-026 49.90 50.85 0.95 104 1.55 9.76 1.641 828
*Intercepts are actual drill results and believed to represent true thickness TSX-V: MMG | US OTC: MMNGF
25KENO SILVER PROJECT – RESOURCE DELINEATION TARGETS
Homestake Plan Map with Intercept Grades
Convergence Target
m
* Further results from 2017 field exploration program pending
*Intercepts are actual drill results and believed to represent true thickness TSX-V: MMG | US OTC: MMNGF
26KENO SILVER PROJECT – RESOURCE DELINEATION TARGETS
Homestake Target Long Sections for #1 and #2 Structures
m
* Further results from 2017 field exploration program pending
*Intercepts are actual drill results and believed to represent true thickness TSX-V: MMG | US OTC: MMNGF
27KENO SILVER PROJECT – RESOURCE DELINEATION TARGETS
Homestake Target Cross Section
High-grade results at Homestake Targets Open to Expansion
Homestake No. 1 and No. 2 Veins
(Looking West)
No. 2 Vein
No. 1 Vein
1300m
1200m
1100m
1000m
Open along strike and at depth
TSX-V: MMG | US OTC: MMNGF 28KENO SILVER PROJECT – RESOURCE DELINEATION TARGETS
High-grade results from the Homestake target areas
Highlighted Drill Results from the Homestake #1 and #2 Vein Structures
Hole Vein # From (m) To (m) Width (m) Ag g/t Pb % Zn % Au g/t Ag Eq g/t
HS17-024 HS2 31.86 33.14 1.28 8 0.11 0.15 2.460 214
Including 32.69 33.14 0.45 16 0.18 0.12 6.600 547
HS17-027 HS1 74.64 75.60 0.96 207 3.62 0.09 0.002 383
Including 74.64 75.13 0.49 364 6.30 0.06 0.004 665
And 76.48 77.50 1.02 569 1.02 0.03 0.010 620
HS10-001 HS2 47.30 50.10 2.80 59 0.81 0.37 2.500 312
Including 48.75 50.10 1.35 71 1.00 0.61 4.840 530
HS10-006 HS2 73.15 74.91 1.76 522 0.47 0.25 0.030 560
Including 73.15 73.37 0.22 4027 1.00 0.65 0.170 4122
HS10-009 HS2 32.38 34.99 2.61 110 0.49 0.06 1.510 253
Including 33.35 34.09 0.74 359 1.00 0.02 4.880 789
08HS004A HS1 79.80 80.60 0.80 24 1.01 0.74 1.510 229
Including 79.80 80.10 0.30 63 2.67 0.76 3.910 535
08HS009 HS2 40.50 42.70 2.20 37 1.30 0.38 1.150 209
Including 40.50 40.90 0.40 98 4.29 0.83 3.300 603
And 43.70 45.00 1.30 109 4.10 0.04 2.000 461
Including 43.70 44.10 0.40 232 6.43 0.10 1.320 644
Highlighted Trenching Results from the Homestake #1 and #2 Vein Structures
Trench Vein # Length (m) Ag g/t Pb % Zn % Au g/t Ag Eq g/t
HS_TR4_b HS1 0.7 1155 6.27 10.10 0.300 2015
HS_TR4_d HS1 1.3 520 5.28 1.28 0.270 858
Including HS1 0.3 1592 22.70 0.90 0.630 2759
HS_TR4_p2 HS1 2.0 1564 12.95 6.11 0.310 2525
HS_TR4_p3 HS1 3.0 1650 15.23 0.49 0.240 2413
Including HS1 0.8 4717 26.00 0.80 0.700 6040
HS_Shaft_B HS1 0.9 3168 0.15 2.60 4.670 3679
HS_TR1_g HS2 1.5 95 3.48 0.32 6.070 751
Including HS2 0.4 332 13.00 0.60 22.100 2704
HS_TR5_b HS2 2.8 147 6.74 0.10 10.160 1264
Including * Further results from 2017 field exploration program pending
HS2 1.2 171 7.09 0.10 17.900 1909
Including HS2 0.6 340 17.20 0.10 10.000 1937
TSX-V: MMG | US OTC: MMNGF
29KENO SILVER PROJECT – DRILL READY TARGETS
Formo Target - past high-grade producer with historic resource estimate
• The Formo (Yukeno) veins were high-grade historic producers hosted with Keno style veins
developed within greenstones and associated with the Elsa and Calumet trend structures
• An historic resource estimate on Formo totaled ~44,000 tons grading 548.6 g/t silver 6.9% lead
and 10.7% zinc
• Prior work on the project includes 1,219 meters of underground development on three levels
1,988 metres of core drilling, 2,647m of percussion drilling, trenching and a EM survey
• 6 core holes and 54 percussion holes were drilled in 1980-1981, with the best intersection from
the core drilling showing 4958 g/t Ag, 57% Pb and 10.7% Zn with a separate gold intercept
grading 17.1 g/t Au.
• A limited sampling program conducted in 2008 to confirm reported historic mineralization
returned values up to 3,025 g/t silver, 19.5% lead and up to 39.8% zinc
• Metallic is completing data compilation and geolgic modeling at Formo for its 2018 exploration
program
TSX-V: MMG | US OTC: MMNGF
30KENO SILVER PROJECT – DRILL READY TARGETS
Formo Target Area Cross Section
Formo Vein
Looking North
900m
800m
700m
Open along strike and at depth
TSX-V: MMG | US OTC: MMNGF
31KENO SILVER PROJECT – NEXT STEPS
2018 field season expected to commence early June
Metallic Minerals is focused on identifying and rapidly advancing the most prospective targets toward
resource definition
Plans for 2018 are to undertake a robust drill-focused program
Exploration at the Keno Silver Project for 2018 will focus on three stages of targets as a priority:
• Resource Delineation-Stage Targets – A top priority will be expansion drilling at the 3 resource
delineation stage targets - Caribou, Homestake and the recently acquired Formo deposit
• Advanced Surface Targets – Our second priority will be 1st stage drill testing at up to 6 advanced
stage surface targets - Gold Hill, Bounty, Duncan, Silver Basin, Vanguard and Silver Queen
• Early Stage Targets – Follow up work on 20 prioritized early stage targets - work to include detailed
stratigraphic mapping, drone-based geophysics, soil sampling and trenching in the less explored
eastern and southern parts of Keno district
Data compilation and development of an interactive 3D geologic model for the district
Additional potential acquisitions in the district being reviewed
TSX-V: MMG | US OTC: MMNGF
32KENO SILVER PROJECT – PRODUCTION OPTIONALITY
Low Capital Cost Development Opportunities
Mine development infrastructure in place:
▪ Existing road and highway access along Yukon highway 11 and 2
▪ Concentrate handling facilities in place at year-around ice free port in Skagway, Alaska
▪ Grid power station at Keno City from Yukon Energy Corp hydro facility on Mayo River
▪ Long history of mining in the Keno Silver District with support by First Nation and
Regional Governments
Several options for low cost development :
▪ Direct shipping of high-grade ore to smelters
▪ Toll milling ores at regional mills located in northern BC or Alaska
▪ Processing at Alexco mill on royalty or toll basis
▪ Construction of new stand alone operation with definition of sufficient resource size
TSX-V: MMG | US OTC: MMNGF
33MCKAY HILL PROPERTY OVERVIEW
An emerging high-grade silver and gold district
• 50km north of the Keno Silver camp consisting of 129 claims over 35.4km2
• Historic high-grade underground production between 1948-1949 yielded 143 tonnes of
high-grade material, grading 390.8 g/t Ag and 74.1% Pb
• Modern field work confirmed these historic
high grades of silver, lead and zinc and
demonstrated the presence of significant
associated gold and copper
• 23 samples from 12 of the 16 known vein
structures running greater than 300 g/t
silver, which is the average reserve grade
of global primary silver producers
• ATAC has received approval for tote road
access route into the area
• Exploration program for 2018 underway
and is expected to include mapping,
sampling, and trenching to refine drill
targets
TSX-V: MMG | US OTC: MMNGF
34MCKAY HILL PROPERTY – EXPLORATION
Highlights of Surface Sampling to Date
Sample Vein Type Ag g/t Au g/t Pb % Zn % Cu % Ag Eq g/t
29887 No. 1 W Grab 502 0.77 46.4 0.47 2.40 3056
526147 No. 2 Grab 608 0.22 35.2 3.50 3.22 2852
526238 No. 6 1.1m Chip 683 0.83 40.5 0.40 0.78 2770
1907517* No. 6 Grab 988 24.4 37.7 3.71 7.97 5812
1907519* No. 6 Grab 742 2.36 40.0 14.72 2.92 3945
MK002 No. 8 Grab 646 16.8 27.0 0.14 0.64 3314
29889 Blackhawk Grab 484 0.9 54.7 3.33 0.53 3374
526243 Central Grab 360 3.3 21.8 10.30 4.10 2680
MK006 Snowdrift Grab 668 15.6 2.4 0.94 3.90 2510
29886 Snowdrift Grab 534 2.49 47.0 0.46 2.16 3225
113852* Independence Grab 706 0.18 77.8 0.38 1.63 4600
526241 North Grab 372 1.84 22.7 7.01 1.96 2194
• A total of 35 modern and historic samples from 12 of the 16 known vein structures exceed 1,000 g/t AgEq.
• Much of the claim block remains under-explored, including several untested geophysical targets
• 2018 exploration program being developed, including drill target identification and prioritization
* 2017 surface sampling
TSX-V: MMG | US OTC: MMNGF
35MCKAY HILL PROPERTY – GEOPHYSICS
Highlighting Known Mineralization and Identifying New Targets
Quartz Vein Occurrences
Target areas based
on recognized
geophysical
No. 8 Vein characteristics
646 g/t Au Snowdrift Vein Blackhawk
16.8 g/t Ag 668 g/t Ag Vein
15.65 g/t Au 551 g/t Ag
TSX-V: MMG | US OTC: MMNGF
36KLONDIKE GOLD DISTRICT - PRODUCTION ROYALTIES
Road accessible and fully-permitted for alluvial gold production
• An estimated 30 million ounces of gold have been produced from the Klondike gold district since its discovery in
1898. Dominion and Australia Creek are tributaries of the Indian River, which is the largest producer in the
Klondike with many larger-scale, open-pit operations producing nearly 50% of the placer gold in the Yukon
• Approximately 2.7 million ounces have been produced on Dominion Creek since its discovery, with mining on
the main Indian River starting in the late 1970s and doubling since 2010 from larger scale operations
• Metallic holds 27 miles (37 km2) of creek & bench mining rights along highly-productive Indian River drainage
TSX-V: MMG | US OTC: MMNGF
37AUSTRALIA & DOMINION CREEKS - OVERVIEW
Large, land position for building a portfolio of production royalties
• Metallic will receive a 15% production royalty on its 1 mile of Dominion Creek holdings and a 12%
production royalty from a 2 mile portion of lower Australia Creek from experienced alluvial mining operators
• Mining equipment has been mobilized to the sites to commence test work in September for the remainder
of the 2017 northern field season, decisions regarding production are expected in early 2018
• Despite broad mining activity nearby on Dominion Creek and the Indian River, Australia Creek was never
historically mined due to its use for water supply and hydro-power by Yukon Consolidated Gold Company
to support their gold dredging operations
• Australia Creek and its benches that extend 1-2 km have comparable thick gravel units to the large scale
open pit mines downstream on the Indian River that are being actively mined
• These first two production royalty agreements cover a fraction of the total MMG holdings in the district and
additional royalties are anticipated with other operators on the remaining 24 miles (33.6 km2) in the future
TSX-V: MMG | US OTC: MMNGF
38CAPITAL STRUCTURE
Management / Director Ownership ~25% (Fully Diluted)
Relative Share Performance
MMG.V – Metallic Minerals
GDXJ –Junior Gold Miners ETF
SLV – Silver ETF Price Management
& Board
Retail 25%
34%
Institutions
11%
High Net
Worth
30%
Key Milestones:
• 2017 acquisitions nearly triple Keno silver district land position to 166 km 2
Contact Information
• Klondike Gold District acquisition and first royalty agreements announced Sept. 2017 Share Structure
• 2017 Keno Silver Project field program initiated May with drilling beginning September Issued & Outstanding 56.2 million
• 2017 McKay Hill project field exploration season results released October 2017 Options (Avg. Ex. Price: $0.38) 5.5 million
Warrants (Avg. Ex. Price $0.15) 20.6 million
• First alluvial gold royalty payment received November 2017 Fully Diluted 82.4 million
• First results from Keno Silver Project show new discoveries at Keno Summit targets
Market Capitalization $24.5 million
• Drill results from Caribou and Homestake targets released December 2017 In the Money Warrants/Options $1.8 million
• $1.35 million flow-through financing completed December 2017 Cash on Hand $1.7 million
• 2018 exploration program commenced early June Share Structure as of June 2018
TSX-V: MMG | US OTC: MMNGF
39Global Primary Silver Explorers & Developers
Comparison by Market Capitalization
Market Cap
(millions)
$200
$180
$160
$140
$120
$100
$80
$60 Avg. Market Cap* ~$43 Million
$40
$20
$0
Source: Company disclosures and market data as of July 17, 2018
TSX-V: MMG | US OTC: MMNGF
40GOLD:SILVER RATIO
Key Indicator In Historic Upper Range
Spot Prices | Gold: $1320 | Silver: $16.50 | Gold:Silver Ratio ~80 Upper 90th Percentile
Significant peaks in the Gold:Silver Ratio often mark key turning points upward for Gold and Silver
2018?
40 & 20 year avg ratio: 62
TSX-V: MMG | US OTC: MMNGF
41Silver Supply & Demand Fundamentals
Continued Total Supply Deficits Support Potential Increase in Prices
• Mine supply +10% since 2007, total supply falling since 2010 • CPM Group forecast 2018 silver price average of $17.75
• Recycling has fallen 40% from 2011 peak • CPM Group forecasts Gold:Silver ratio of 72 in 2018; well
• Silver market deficit grew to 147.5Moz in 2016 per Thomson above historical average of 56
Reuters GFMS; 2017 total demand declined due to reduction in • Historic market deficits expected to resume
investment demand declined • Photovoltaic (solar panel) use projected to continue growth
World Silver Supply World Silver Demand
Mine Supply* Industrial Applications Photography +14% total
Recycling 6% total Photovoltaic Jewellery + Silverware demand growth
supply Investment & Coins
1200 fall since 1200
2010
1000 1000
Millions of Ounces
800 800
600 600
400 400
200 200
0 0
*net of official sector and hedging TSX-V: MMG | US OTC: MMNGF
42NOVAGOLD CASE STUDY
Example of Potential Value Creation Through Discovery, Resource Expansion and Project Advancement
During a Precious and Base Metal Bull Market Cycle
NovaGold Resources TSX: NG April 2000 to April 2007
2001 to 2007 Cycle Performance: Galore
PFS
NovaGold $0.20 to $20/sh 100x
HUI Index $36 to $380/sh 10x Acquisition of Galore
Copper $0.61 to $3.80/lb 6x Cu-Au Project Expansion of Galore
Gold $254/oz to $711/oz 3x
Cu-Au Resource
Barrick Assumes Drilling Begins
Management of at Galore Project
Donlin JV Drilling Begins Barrick
at Galore Project Launches
Expansion of Galore Take Over
Expansion of Donlin Cu-Au Resource
Au Resource Bid for
NovaGold
Expansion of Donlin Galore
Au Resource Drilling Begins PEA
Galore
at Donlin Project
Feasibility
and
Drilling Begins at Permitting
Donlin Project Donlin Initiated
PEA
Tahltan
Acquisition of Participation
Donlin Au Project Agreement
Signed
1999 to 2001
Gold Cycle Low
2001 to 2003
Copper Cycle Low
TSX-V: MMG | US OTC: MMNGF
43CONTACT INFORMATION
Corporate Head Office:
904 – 409 Granville Street - Vancouver, BC V6C 1T2
Phone: 604-629-7800
Toll Free: 888-570-4420
Yukon Office:
3151C Third Ave. - Whitehorse, YT - Y1A 1G1
PO Box 31215 Whitehorse, YT - Y1A 5P7
Email: info@metallic-minerals.com
www.metallic-minerals.com
TSX-V: MMG | US OTC: MMNGF
44TSX.V: MMG OTC: MMNGF
WWW.METALLIC-MINERALS.COM
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