Corporate PresentationJanuary 2021

This presentation contains “forward looking information” which may include, but is not limited to, statements with respect to the future financial or operating performance of Metallica Metals Corp (“ its subsidiaries and its projects, the future price of platinum group metals (“ the estimation of Mineral Resources, operating and exploration expenditures, costs and timing of development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation, environmental risks, reclamation expenses, title disputes or claims and limitations of insurance coverage Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “ forecasts”, “anticipates“, or “believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might" or “will" be taken, occur or be achieved Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Metallica Metals Corp and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements Such factors include, among others, general business, economic, competitive, political and social uncertainties the actual results of current exploration activities conclusions of economic evaluations changes in project parameters as plans continue to be refined future prices of PGM’s possible variations of ore grade or recovery rates failure of plant, equipment or processes to operate as anticipated accident, labour disputes and other risks of the mining industry and delays in obtaining governmental approvals or financing or in the completion of development or construction activities Although Metallica Metals Corp has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended Forward looking statements contained herein are made as of the date of this presentation and Metallica Metals Corp disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Metallica Metals undertakes no obligation to update forward looking statements if circumstances or management’s estimates or opinions should change Accordingly, the reader is cautioned not to place undue reliance on forward looking statements.

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FORWARD-LOOKING INFORMATIONM E T A L L I C A M E T A L S

CAUTIONARY STATEMENT:

This corporate presentation contains scientific and technical information with respect to adjacent or similar mineral properties to the Company's mineral properties, which the Company has no interest in or rights to explore. Readers are cautioned that any information regarding mineral resources, geology, mineralization, and production history on adjacent or similar properties is not necessarily indicative of the mineralization on the Company's properties.

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CAUTIONARY STATEMENTSM E T A L L I C A M E T A L S

QUALIFIED PERSON STATEMENT:

All scientific and technical information contained in this corporate presentation was reviewed and approved by Paul Ténière, M.Sc., P.Geo., CEO and Director of Metallica Metals Corp, who is a Qualified Person as defined by NI 43-101. Mr. Ténière has verified the scientific and technical information disclosed in this corporate presentation by reviewing and referencing published scientific papers, historical NI 43-101 reports, news releases, and government assessment reports related to the Company’s properties that outline their geology and structure, mineralization potential, and deposit style.

Metallica Metals Corp. is a junior exploration company targeting gold, silver, platinum, and palladium in some of the most active exploration districts in Canada. Its flagship asset, the Starr Project, is host to multiple high grade gold and silver discoveries that have been identified through trenching, bulk sampling, and diamond drilling. In addition, Metallica is one of the largest landholders in the rapidly advancing Marathon/Thunder Bay North area mining districts where Generation Mining and Clean Air Metals are advancing their sizable high grade platinum-palladium +/- copper-nickel-silver-gold projects. Metallica also holds sizable land positions in British Columbia's Golden Triangle. Metallica is led by a team of seasoned mining industry professionals.

DESCRIPTION

• Exposure to gold, silver, platinum and palladium in Ontarioand B.C.

• Starr project host to high grade gold & silver results withresults including samples up to 54.7 oz/t gold & 537 oz/t silver

• Sammy Ridgeline project on trend to both East and West ofClean Air Metals' Thunder Bay North Project with similargeology and structures

• Richview Pine project on trend to and in close proximity toGeneration Mining's Marathon deposit and shares similargeology at the margins of the Coldwell magmatic complex.

• Big Mac project located in the highly prospective GoldenTriangle area of B.C., surrounding Aben Resources who iscompleting a large diamond drilling program

OPPORTUNITY

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ABOUT USM E T A L L I C A M E T A L S

PROJECTSM E T A L L I C A M E T A L S

Ontario British Columbia

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RICHVIEW PINE

Platinum

Palladium

STARR

Gold

Silver

SAMMY RIDGELINE

Platinum

Palladium

BIG MAC

Gold

MAX MINE

Molybdenum

STARRM E T A L L I C A M E T A L S P R O J E C T S

Shebandowan Greenstone Belt, ON

• Located in the Shebandowan Greenstone Belt where multi million ounce deposits have been discovered

• Option to own 100% with large land position hosting multiple high grade gold & silver zones in excellent geology

• High grade surfaces showings with historical bulk samples returning up to 54.7oz per ton gold & 537oz per ton silver

• Multiple untested surface gold showings associated with regional structural trends with coincidental soil geochem anomalies

• Highlights from past drilling include 5.36gpt Au over 20m in the Star Zone and 32.0gpt Au over 5.9m on the Powell Zone

• Drill ready targets to be tested in 2021

Gold

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Silver

STARRM E T A L L I C A M E T A L S P R O J E C T S

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RICHVIEW PINEM E T A L L I C A M E T A L S P R O J E C T S

30 km west of Marathon, ON

• 100% interest in the Richview Pine Project

• Within the Thunder Bay Mining Division in north-west Ontario, Canada, in the northern part of the Proterozoic Midcontinent Rift region, an important emerging Ni-Cu-PGM province.

• 65km drive south on Hwy 527 from Impala’s [formerly North American Palladium’s (NAP)] Lac des Ille Mine and approximately 12km east of the Sunday Lake PGE project. The Sammy Ridgeline Property is only 40km north of Thunder Bay and accessed by paved highway. TBN is adjacent to a new 230 kilovolt power line.

• Geology of the Sammy Ridgeline Project is very similar to the TBN/ Escape Lake projects, and a number of base and precious metal mineral occurrences and historical drill holes are present on the property package. The Major controlling structures of TBN/Escape lake cross the East and West Sammy Ridgeline Properties.

• Airborne electromagnetic survey planned for Spring 2021

• Planning on commencing exploration on the Richview Pine Project in summer 2021.

Platinum

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Palladium

• Generation Mining (CSE: GENM): On January 6, 2020, Generation Mining Limited released a preliminary economic assessment (PEA) giving Marathon an after-tax net present value (NPV) of $871 million. Making the Marathon deposit is ‘one of’ the largest undeveloped platinum group metal mineral resources in North America hosting several PGM-Copper deposits, including the 7.1-million-ounce palladium-equivalent Marathon Deposit. Estimated to produce 194,000 oz PDEQ annually over a 14-year mine life (source: Generation Mining, 2020)

SAMMY RIDGELINE M E T A L L I C A M E T A L S P R O J E C T S

• Metallica has 100% interest in the Sammy Ridgeline Project and is one of the largest landowners within the region.

• Within the Thunder Bay Mining Division in northwestern Ontario in the northern part of the Proterozoic Midcontinent Rift region, an important emerging Ni-Cu-PGM province.

• Geology of the Sammy Ridgeline Project is very similar to the TBN/Escape Lake projects, and a number of base and precious metal mineral occurrences and historical drill holes are present on the property package. The major controlling structures of TBN/Escape lake cross the East and West Sammy Ridgeline Properties.

• Sammy Ridgeline Property surrounds Clean Air Metals Inc.’s ( TSX-V: AIR) T.B.N property, which includes a historical 2011 estimate of 695,000oz PtEq at 2.8gpt PtEq (Indicated) and 23,000oz PtEq at 2.5 gpt PtEq (Inferred) (source: Clean Air Metals, 2020).

• High grade zone drilled by Rio Tinto on T.B.N property in 2010-2012 intercepted 33.4m at 7.28gpt Pt+Pd+Au and 2.26% Cu+Ni.

• Exploration program to commence on Sammy Ridgeline in summer 2021.

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50km northeast of Thunder Bay, ON

Platinum

Palladium

BIG MACM E T A L L I C A M E T A L S P R O J E C T S

Golden Triangle, BC

• The Big Mac gold project consists of 12 mineral claims structured into three tenure blocks. The district-scale project comprises a total of approximately 9,264 hectares (about 22,881 acres). The project offers close proximity to the Essay Creek access road and the newly constructed Alta Gas McLymont hydropower facility.

• The Big Mac gold project also represents the largest claim package contiguous with Aben Resources’ Forrest Kerr gold project which recently disclosed drill results indicating multiple high-grade zones including 62.4 g/t gold over 6.0m within 38.7 g/t gold over 10.0m at its Forrest Kerr project (source: Aben Resources website).

• The specific location of the Big Mac gold project is of interest as it not only surrounds much of the Forrest Kerr gold project being advanced by Aben Resources, but it also contains significant tenure held in the past by Barrick Gold.

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Gold

MAX MINE M E T A L L I C A M E T A L S P R O J E C T S

• The MAX Mine and Mill Project consists of a fully-permitted underground molybdenum mine and mill that is currently under care and maintenance. The project consists of 56 mineral claims and 2 mining leases (approx. 5,500 hectares) near Trout Lake within the Revelstoke mining division in southeastern British Columbia.

• On November 4, 2020, Metallica Metals entered into a Letter of Intent (LOI) with Taranis Resources Inc. (TSX-V:TRO) to purchase the MAX Mine and Mill. Taranis is completing due diligence of the project at this time.

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Revelstoke Mining Division, BC

Molybdenum

Paul Ténière, M.Sc., P.Geo.CEO and Director

Paul Ténière is a Professional Geologist with over 20 years of diverse experience in the mining and oil & gas sectors in Canada, United States, and internationally taking projects from exploration stage to mine development. Mr. Ténière has held senior to executive roles with junior to major mining companies developing precious metal, base metal, and metallurgical coal deposits, and has significant capital markets and corporate finance experience. He was a mining expert at the TSX and TSX Venture Exchange, Chief Geologist for SherrittInternational Corp., and an Exploration Manager for Vale S.A. and Solid Energy New Zealand developing large-scale coal mining projects in Australia and New Zealand. Mr. Ténière is a CEO and director of several junior mining companies listed on the Canadian Securities Exchange and TSX Venture Exchange.

LEADERSHIPM E T A L L I C A M E T A L S

Peter Nguyen, CPA, CACFO, Corporate Secretary and Director

Peter Nguyen is a Chartered Professional Accountant and an alumnus of the University of British Columbia. Mr. Nguyen serves as the chief financial officer and director of several publicly traded companies in a variety of industries and is instrumental in managing the financial operations as well as the integrated business strategies. Mr. Nguyen has more than 10 years of experience and has held several senior financial positions for public and private entities, where he provided assurance, corporate financing, tax and business advisory services.

Sandy NoyesDirector

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Sandy Noyes is a seasoned investor relations (IR) professional with over 20 years of experience in the capital markets and investor relations. Most recently, Sandy was the Director of Investor Relations at Detour Gold where she helped the company rebrand and successfully navigate through its merger with Kirkland Lake Gold. Sandy also managed the IR efforts at Troy Resources, a mid-tier gold company based in Australia with assets in South America. Prior to transitioning her career to investor relations, Sandy worked at BMO Capital Markets in the Institutional Equity Sales and Trading Group. Sandy earned her CPIR Designation through the Ivey Business School at the University of Western Ontario in 2019. She has completed the Canadian Securities Course and holds a Bachelor of Fine Arts from Brock University.

MARKET CAPITALIZATIONM E T A L L I C A M E T A L S

Issued and Outstanding Common Shares 47,915,611 (current)

Stock Options 915,000 (current)

Warrants 2,930,000 (current)

Fully Diluted 51,760,611 (current)

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217 Queen Street West - Suite 401Toronto, Ontario M5V 0R2, Canada

E: info@metallica-metals.com