MetalCorp Limited ('MetalCorp', 'MTC' or the 'Company') (TSXV - MTC) announces that due to circumstances created by the COVID-19 pandemic, the Ontario Securities Commission and other members of the Canadian Securities Administrators granted 'Issuers' in the Canadian securities industry up to an additional 45 days, to complete year-end statutory filings (the 'Extension').

The Company does not believe that it will be able to file its December 31, 2019 audited annual financial statements by its usual 120 day deadline of April 29, 2020, and will be relying on the Extension. Accordingly, as required by the conditions of the Extension, the Company's management and other insiders will be subject to a trading black-out that reflects the principles in Section 9 of National Policy 11-207 until its financial statements are filed, which will be by June 13, 2020. Other than as previously disclosed by the Company in news releases, including the information herein, there are no other material business developments since the date of the Company's most recent filing of its interim financial statements and management discussion and analysis for its Q3 ended September 30, 2019. The Company will be providing an update news release on the status of filing its December 31, 2019 audited financial statements by May 29, 2020.

Contact:

Tel: (807) 626-3621

Except for statements of historical fact contained herein, information in this press release may constitute 'forward-looking information' within the meaning of Canadian securities laws. Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are 'forward-looking statements'. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this news release are cautioned not to place undue reliance on these 'forward-looking statements'. Except as otherwise required by applicable securities statutes or regulation, MetalCorp expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.

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