VANCOUVER, BC, Feb. 19, 2026 - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) is excited to share a corporate update regarding its plans for an expanded field season in 2026, alongside additional results from the 2025 drilling and surface sampling programs at the Greyhound Property in central Idaho, USA.
The Greyhound Property stands as a promising silver-gold opportunity, bolstered by existing infrastructure and a historic mine site, while offering substantial potential through exploration and staged development scenarios. The focus is on clusters of high-grade silver, gold, antimony, and base metals found in narrow but extensive veins, akin to those in renowned historical mines in Idaho.
Spanning 3.5 kilometers, the Greyhound shear has already revealed high-grade mineralization at several locations, yet remains largely untested, with drilling conducted in only three areas thus far. The project is situated within patented mining claims, ensuring full mineral ownership, secure tenure, and enhanced flexibility for future development. With an expanded drill program on the horizon for 2026, which includes step-out and deeper drilling at the 1350 Zone, testing of additional high-priority targets, and refined geophysical targeting, the Company is poised for significant advancement in the upcoming field season.
Fiore Aliperti, Metallis' President and CEO, commented, "With Greyhound's first-ever drill program complete, our focus has shifted to execution and scale as we prepare for the upcoming exploration season. This includes continued geological interpretation, target refinement, and advancing contractor and logistical planning to enable early mobilization." He added, "In a strong silver market, we believe Greyhound warrants a disciplined but accelerated approach, with multiple development options currently being evaluated to responsibly shorten the timeline from discovery to potential extraction."
Four drill holes completed at the Birdie Target were designed to assess a secondary shear structure located 130 meters northeast of the main Greyhound shear system. Drilling focused on enhancing the Company's understanding of structural complexity and evaluating the depth continuity of surface mineralization, where grab samples returned impressive grades of up to 4,950 g/t Ag and 18.15 g/t Au.
The drilling encountered granitic to granodioritic intrusive rocks and biotite schists, with minor shear zones manifesting as sub-meter fracture zones with limited sulphide mineralization. Geological logging identified multiple post-mineral dikes that may have disrupted mineralization where drill holes intersected the presumed shear zone. These dikes, interpreted to have intruded along structurally weak shear fabrics, suggest that mineralization may persist beneath the dike swarm at depth.
Despite the absence of significant mineralization in this secondary structure, the results do not detract from the geological potential of the primary Greyhound shear, which remains largely unexplored along strike and at depth. The Birdie drilling enhances the understanding of the Property's structural framework, aiding in the refinement of exploration targeting for future drill sites.
Rock sampling during the 2025 drill program occurred at various locations, including the Republican Showing, which is the northernmost mineralized exposure of the Greyhound shear. A grab sample from the historic Republican pit returned 2,882 g/t AgEq*, including 5.9 g/t Au, 1,555 g/t Ag, 7.0% Zn, 18.5% Pb, and 1.9% Sb from a galena-rich interval within a quartz-sulphide vein. Such results are comparable in style and grade to mineralization at the 1350 Zone, supporting the continuity of the system over its entire 3.5-kilometer strike length.
A float grab sample taken north of the 1350 Zone returned 2.85 g/t Au, an encouraging outcome given the limited exposure due to overburden.
Bulldog Target Sludge Sampling Review
Drilling at the Bulldog Target aimed to assess the down-dip projection of a broad mineralized shear-vein system that previously yielded grades of up to 3,360 g/t Ag and 4.9% Sb in rock grab samples. Drilling revealed a shear zone closer to surface than expected, heavily oxidized and fractured, leading to poor core recovery.
Hole GH25-03 achieved approximately 75% core recovery from surface to 5.5 m, while GH25-04 reached about 63% recovery from surface to 7.1 m. To evaluate potential grade bias from core loss, a sludge sampling program was initiated for both holes.
Sludge assays returned silver values ranging from 5 to 118 times higher than corresponding core values, with notable enrichment in lead, antimony, and zinc. While encouraging, these sludge results are considered qualitative due to the limited sampling and variability of gravity sorting effects.
Exploration Strategy and Next Steps
In response to a renewed focus on critical minerals, especially silver and antimony, and the push for supply chain independence in the U.S., an expanded exploration program for 2026 is being developed, emphasizing scale, continuity, and near-term value creation.
The 2026 program will prioritize step-out and down-dip drilling at the 1350 Zone, where previous drill holes have intersected mineralized structures. This work will extend from existing and new drill pads, further exploring this high-priority target area. Additional evaluations will include the historically mined 500 Zone, which remains largely untested below approximately 100 m depth, alongside the Akita and Republican zones and potential re-drilling at the Bulldog area.
The Company is also assessing additional geophysical methods, such as VLF and drone-based surveys, to refine subsurface targets and evaluate mineralization depth beneath overburden. Concurrently, potential near-term development concepts are being explored, leveraging the vein-hosted geometry of the system, existing infrastructure, and patented land position.
In February 2024, the Company optioned the Property in Custer County, Idaho, situated approximately 42 km northwest of Stanley and 35 km south of Perpetua Resources' Stibnite Mine. The Property, once a hub of an active silver mining camp in the early 1900s, has a historical smelter and two active mines along the 3.5 km Greyhound shear. In 2024, the Company staked additional land around Greyhound, bringing the total property size to 673 hectares.
The Greyhound mineralization is found in prominent shear zones with polymetallic quartz-sulphide veins containing elevated concentrations of gold, silver, antimony, lead, and zinc. Greyhound shares geological traits with the Lucky Friday Mine in northern Idaho, where vein mineralization occurs as fracture-fillings, disseminations, and tabular masses of galena and tetrahedrite.
While Metallis acknowledges the geological similarities between the Lucky Friday Mine and the Greyhound Property, it makes no guarantees of achieving comparable results at Greyhound.