Newmont exercises top-up rights to purchase additional Metallic Minerals shares

Metallic Minerals announces that Newmont Corporation has elected to exercise its ‘top-up right’ to purchase additional common shares in Metallic Minerals in order to maintain its 9.5% interest pursuant to its Investor Rights Agreementdated May 18, 2023. Under the terms of the IRA, Newmont will purchase an aggregate of 577,776 common shares at a price of $0.36 per share reflecting the Company’s July financing and certain other transactions completed over the past six months. The Top-Up Financing remains subject to customary closing conditions, including final approval by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months and one day from their date of issuance. Newmont funded a 4,500-meter drill program at Metallic Minerals’ La Plata copper-silver-gold-platinum group element project in southwestern Colorado via a $6.3 million strategic equity investment announced May 2023. Results from that program announced in May 2024 demonstrate the potential of the La Plata project to be a district-scale, precious-metal-rich porphyry system with multiple holes returning from 500 to 900 meters of continuous mineralization starting from surface and including some of the highest grade-times-thickness values for copper drill holes in the U.S. over the last year1. Resource modelling is currently underway to integrate the recent drilling results into an updated resource estimate at the Allard deposit for the project. Newmont has provided technical support and expertise to the La Plata project team through the joint technical committee, which has included multiple site visits and assistance with geologic and geophysical interpretations and hyperspectral data acquisition. These contributions are ongoing, with Newmont providing experienced personnel to the project for enhancing surface data acquisition, geologic mapping, and geophysics.