Metalla Reports Financial Results for the Third Quarter of 2025 and Provides Asset Updates
(All dollar amounts are in thousands of United States dollars unless otherwise indicated, except for shares, per ounce, and per share amounts)
FOR IMMEDIATE RELEASE TSXV: MTA NYSE American: MTA November 13, 2025
Vancouver, Canada: Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company”) (TSXV: MTA) (NYSE American: MTA) announces its operating and financial results for the three and nine months ended September 30, 2025. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2025, please see the Company's filings on SEDAR+ (www.sedarplus.ca) or EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com.
Brett Heath, CEO of Metalla, commented, “The third quarter of 2025 marked a step-change and record quarter for Metalla. We delivered a quarterly record on revenue, cash flow, and Adjusted EBITDA, plus our first quarter of positive net income. Further, following quarter-end, we announced an increase in our NSR to 1.50% on Côté–Gosselin, one of the most significant gold assets in North America. Our pipeline continues to advance with tangible catalysts: rehabilitation underway at La Parrilla, staged expansion plans at La Guitarra, Mitsubishi’s strategic investment alongside Hudbay at Copper World, and Castle Mountain’s Phase 2 advancing under the FAST-41 framework. We believe these developments position Metalla for sustained long-term growth and compounding cash flow as our assets move through development and into production.”
COMPANY HIGHLIGHTS
Key Company highlights for the three months ended September 30, 2025, and subsequent period include:
- For the three months ended September 30, 2025, the Company had a record operating and financial quarter. In particular revenue of $4.0 million, cash flow from operations before working capital adjustments of $2.6 million(1), and Adjusted EBITDA of $2.9 million
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(see Non-IFRS Financial Measures), all represent quarterly records. The Company also had net income of $0.6 million, representing the first quarter in its history of positive net income;
(1) Calculated by taking net cash provided by (used in) operating activities on the statement of cash flows and adding back the changes in non-cash working capital items.
- On October 31, 2025, the Company completed the acquisition of a further 0.15% interest in a Net Smelter Returns (“NSR”) royalty on a portion of the Côté gold mine and all of the Gosselin project, owned by IAMGOLD Corporation (“IAMGOLD”) and Sumitomo Metals Mining Co., Ltd., for C$3.4 million, bringing Metalla’s total ownership on the Côté-Gosselin NSR royalty to 1.50%;
- On October 21, 2025, Silver Storm Mining Ltd. (“Silver Storm”) reported that rehabilitation activities had restarted at the previously operating La Parrilla mine complex, with engineers engaged and mobilized, long-lead items ordered for the sulphide circuit expansion to 1,250 tpd, and SRK Consulting retained to review the restart plan, targeting a potential restart of operations as early as the second quarter of 2026;
- On September 8, 2025, Sierra Madre Gold & Silver Ltd. (“Sierra Madre”) outlined a twostage expansion at La Guitarra, increasing nameplate processing capacity from 500 tpd to approximately 750-800 tpd by Q2 2026. Sierra Madre then intends to increase capacity to approximately 1,200-1,500 tpd by Q3 2027 through the construction of a new dry-stack tailing facility and a secondary crushing circuit;
- On August 13, 2025, Hudbay Minerals Inc. (“Hudbay”) announced a $600 million strategic investment from Mitsubishi Corporation (“Mitsubishi”) for a 30% joint venture interest in Copper World. The contribution from Mitsubishi will consist of $420 million upon closing and a $180 million matching contribution payable no later than 18 months following the closing. Mitsubishi will contribute 30% of the ongoing costs beginning August 31, 2025, and will participate in the funding of the definitive feasibility study as well as the final project design, project financing, and project construction for Copper World; and
- On August 11, 2025, Equinox Gold Corp. (“Equinox”) announced that its Castle Mountain Mine Phase 2 Project (“Castle Mountain”) has been accepted into the FAST-41 program (“FAST-41”). FAST-41 is a U.S. federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Acceptance into the program is expected to enhance regulatory certainty through a defined permitting schedule that may reflect reduced permitting timelines. Based on the permitting timeline posted to the FAST-41 project dashboard on August 8, 2025, the federal permitting process should be completed in December 2026.
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Key operating and financial metrics for the Company include:
| Three months ended | Nine months ended | ||||||
|---|---|---|---|---|---|---|---|
| Three months ended | Nine months ended | ||||||
| September | September | September | September | ||||
| 30, | 30, | 30, | 30, | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| $4,000 | $1,622 $(1,169) $930 648 $2,481 $9 $2,472 | $8,416 | $3,752 $(4,392) $1,173 1,673 $2,292 $11 $2,281 | ||||
| $629 | $(1,838) | ||||||
| $2,902 | $5,253 | ||||||
| 1,155 | 2,623 | ||||||
| $3,451 | $3,257 | ||||||
| $8 | $9 | ||||||
| $3,443 | $3,248 |
Revenue from royalty interests(1)
Net income (loss)
Adjusted EBITDA(2)
Total attributable GEOs(2)
Average realized price per attributable GEO(2)
Average cash cost per attributable GEO(2)
Operating cash margin per attributable GEO(2)
(1) Includes fixed royalty payments.
(2) For the methodology used to calculate these measures including Gold Equivalent Ounces (“GEOs”) see Non-IFRS Financial Measures.
ASSET UPDATES
Below are updates for the three months ended September 30, 2025, and subsequent period to certain of the Company’s assets, based on information publicly filed by the applicable project owner:
Tocantinzinho
On October 14, 2025, G Mining Ventures Corp. (“G Mining”) reported third quarter gold production of 46.4 koz and gold sales of 49.1 koz representing a 9% and 23% increase over the second quarter, respectively. During the third quarter the plant achieved average throughput of 11,890 tpd, up from 11,107 tpd in the second quarter with gold recovery improving to 92.3%, compared to 90.3% in the second quarter.
Metalla accrued 361 GEOs from Tocantinzinho for the third quarter of 2025.
Metalla holds a 0.75% Gross Value Return (“GVR”) royalty on Tocantinzinho.
Wharf
On October 29, 2025, Coeur Mining, Inc. (“Coeur”) reported third quarter gold production of 28 koz. Gold production in the third quarter increased 16% quarter-over-quarter driven by higher gold grades. Coeur increased its 2025 full year guidance at Wharf to 93 – 103 koz gold (previously 90 – 100 koz gold) to reflect strong year-to-date performance and higher expected grades in the fourth quarter. Exploration expenditures for the third quarter were $3 million with expansion and infill drilling programs at Juno completed during the quarter.
Metalla accrued 273 GEOs from Wharf for the third quarter of 2025.
Metalla holds a 1.0% GVR royalty on the Wharf mine.
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Aranzazu
On November 4, 2025, Aura Minerals Inc. (“Aura”) reported third quarter production from Aranzazu of 21,534 GEOs (as defined by Aura), marking a 3% decrease over the second quarter of 2025, resulting mainly from metal prices since higher gold prices negatively impact the conversion to GEO (as defined by Aura). At constant prices, Aranzazu production was in line with Q2 2025 and 4% higher than Q3 2024.
Metalla accrued 183 GEOs from Aranzazu for the third quarter of 2025.
Metalla holds a 1.0% NSR royalty on Aranzazu.
Endeavor
On November 6, 2025, Polymetals Resources Ltd. (“Polymetals”) reported that a staged resumption of operations had commenced, with mining, processing, and maintenance employees returning to day shift and set to transition to continuous shifts in the coming weeks. The area where the incident occurred remains under a statutory non-entry order, there are no other restrictions to the recommencement of operations.
On October 31, 2025, Polymetals provided an update in relation to a fatal incident that occurred at Endeavor on October 28, 2025, that resulted in all mining and surface operations being suspended pending completion of an investigation into its cause. Polymetals announced plans to take a staged approach to recommencing operations at Endeavor with exploration drilling and concentrate transport expected to commence next week with the progressive resumption of mining and processing activities.
On October 23, 2025, Polymetals reported the discovery of a new zone of massive sulphides south of the Endeavor Mine in the Carpark prospect. Polymetals stated that visual evidence from the drill holes completed support the likely presence of a significant mineralized structure in the area.
Metalla accrued 233 GEOs from Endeavor for the third quarter of 2025.
Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor.
La Guitarra
On October 23, 2025, Sierra Madre announced a $3.5 million exploration program focused on the East district of the La Guitarra mine complex. The program will begin with drill-target definition through mapping and surveying, including work around the historic El Rincon mine, followed by a 20,000–25,000-meter drill campaign.
On September 8, 2025, Sierra Madre outlined a two-stage expansion plan at La Guitarra. The planned expansions would increase the site’s nameplate processing capacity from 500 tonnes per day to approximately 750–800 tpd by Q2 2026. Sierra Madre then intends to further increase capacity to roughly 1,200–1,500 tpd by Q3 2027 through the construction of a new dry-stack tailings facility and the installation of a second crushing circuit.
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Metalla accrued 33 GEOs from La Guitarra for the third quarter of 2025.
Metalla holds a 2.0% NSR Royalty on La Guitarra, subject to a 1.0% buyback for $2.0 million. The Company’s NSR royalty covers 100% of the Guitarra complex, including the Guitarra, Coloso, and Nazareno mines.
La Encantada
On October 8, 2025, First Majestic Silver Corp. (“First Majestic”) reported production of 30 oz of gold from La Encantada in the third quarter of 2025. Production for the quarter was impacted by lower grades, as mine development fell behind schedule owing to poor ground conditions. First Majestic announced mining contractors were engaged at La Encantada to accelerate development, bringing ore flow and development rates to budget levels by quarter-end. During the quarter, one underground rig and one surface rig completed 1,755 meters of drilling on the property, where First Majestic is testing a new exploration target, La Esquina.
Metalla accrued 30 GEOs from La Encantada for the third quarter of 2025.
Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 koz annually.
Côté-Gosselin
On October 31, 2025, Metalla completed the acquisition of the remaining 0.15% interest in the Côté-Gosselin NSR royalty for total consideration of C$3.4 million in cash from an arm’s length seller. The acquisition increased Metalla’s total royalty percentage to 1.5%.
On November 4, 2025, IAMGOLD reported in their third quarter MD&A that approximately 18,500 meters of drilling were completed at the Gosselin deposit during the quarter. The program was focused on increasing confidence in the existing resource and converting a significant portion of Inferred Resources to the Indicated category. IAMGOLD had plans to drill a total of 45,000 meters at Gosselin in 2025, however, this program has been upsized with a total of 50,150 meters of drilling completed at the end of the third quarter. In addition, 12,800 meters of the 20,000-meter infill drill program have been completed in the third quarter (19,300 meters year-to-date) to improve resource confidence in the northeastern extension of the Côté deposit. According to IAMGOLD, the results of the Gosselin exploration program are expected to be included in an updated Mineral Reserve and Resource estimate in the second quarter next year and will inform the planned updated technical report which IAMGOLD announced will consider a larger scale Côté gold mine with a conceptual mine plan targeting both the Côté and Gosselin zones over life of mine. The updated technical report is expected to be completed by the end of 2026.
IAMGOLD also reported gold production at Côté gold mine in the third quarter was 106 koz, as the mine continues to ramp up following the start of production in 2024. Production at Côté Gold in 2025 is expected to be in the 360 – 400 koz range.
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Figure 1: Long section of Côté and Gosselin conceptual super pit (Source: IAMGOLD Q3 2025 Presentation)
Metalla holds a 1.5% NSR royalty covering less than 10% of the Côté Mineral Reserves and Resources estimate in the northeastern portion of the Côté pit, as well as 100% of the Gosselin Mineral Resource estimate.
Gurupi
On September 9, 2025, G Mining reported that trenching at Gurupi extended the known mineralization by 2 kilometers north of the Chega Tudo deposit, returning intercepts of 9 meters at 3.52 g/t gold and 3 meters at 3.63 g/t gold. An expanded 2025 exploration budget of $6–$8 million was approved, primarily to test the continuity at depth of the Grandiocal target with 10,000 meters of RC drilling planned. An additional 8,500 meters of diamond drilling is planned, focused on the Cipoeiro extension.
Metalla holds a 1.0% NSR royalty on the first 500 koz of production, 2.0% NSR royalty on the next 1 Moz, and 1.0% NSR royalty thereafter on Gurupi.
La Parrilla
On October 21, 2025, Silver Storm reported that rehabilitation activities had commenced at La Parrilla, with engineers engaged and mobilized, long-lead items ordered for the sulphide circuit expansion to 1,250 tpd, and SRK Consulting retained to review the restart plan.
On October 10, 2025, Silver Storm announced a $7 million offtake financing agreement with subsidiaries of Samsung Construction & Trading Corporation to support the restart of operations at the past-producing La Parrilla mine complex.
Metalla holds a 2.0% NSR royalty on La Parrilla.
Taca Taca
On October 28, 2025, First Quantum Minerals Ltd. (“First Quantum”) reported in their third quarter MD&A that the Environmental and Social Impact Assessment (“ESIA”) continues to be reviewed by the Secretariat of Mining of Salta Province and that First Quantum expects to receive approval in Q1 2026. First Quantum also stated that it is preparing an updated NI 43-101 Technical Report
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for Taca Taca, and plans to submit an application for the RIGI regime, a new incentive regime for large investments created by the Argentine government, in the first half of 2026.
Metalla holds a 0.42% NSR royalty on Taca Taca subject to a buyback based on the amount of Proven Reserves in a feasibility study multiplied by the prevailing market prices of all applicable commodities.
Joaquin
On October 30, 2025, Unico Silver Ltd. (“Unico”) reported that an updated JORC Mineral Resource estimate for Joaquin is on track for release in November 2025, and that the 30,000-meter Phase 2 drill program is underway.
Metalla holds a 2.0% NSR royalty on Joaquin.
San Luis
On September 16, 2025, Highlander Silver Corporation (“Highlander”) reported results of step out drilling to the southeast of prior drilling at the Bonita open pit target with high grade intercepts of 7.43 g/t gold and 16.45 g/t silver over 24.8 meters and 3.42 g/t gold and 16.93 g/t silver over 40.4 meters.
On October 6, 2025, Highlander reported drill results from the Bonita drill program with the discovery of a new zone called Kusy. The highlight intercept from Kusy returned 15.56 g/t gold and 74.49 g/t silver over 23.6 meters.
Metalla holds a 1.0% NSR royalty on San Luis.
Fosterville
On October 29, 2025, Agnico Eagle Mines Ltd. (“Agnico”) reported that Fosterville produced 35 koz of gold in the third quarter of 2025, in line with Agnico’s expectations.
Metalla holds a 2.5% GVR royalty on the northern and southern extensions of the Fosterville mining license and other areas in the land package which are not currently in production.
Garrison
On October 22, 2025, STLLR Gold Inc. announced the commencement of environmental baseline studies at the Tower Gold project, intended to build on existing data and provide a foundation for the federal Impact Assessment process.
Metalla holds a 2.0% NSR royalty on the Garrison deposit within the Tower Gold project.
Castle Mountain
On November 5, 2025, Equinox reported that it continues to advance optimization work on the Castle Mountain expansion. In June 2025, Castle Mountain was accepted into the United States
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Federal Permitting Improvement Steering Council’s FAST-41 program. FAST-41 is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Acceptance into the program is expected to enhance regulatory certainty through a defined permitting schedule that may reflect reduced permitting timelines. Based on the permitting timeline posted to the FAST-41 project dashboard on August 8, 2025, the federal permitting process should be completed in December 2026. Equinox further stated that with FAST-41 permitting status in place, that it has initiated study updates and project optimization to align with the permitting timeline and position the project for a timely construction decision. Based on a 2021 Feasibility Study, the project is expected to produce 200 koz gold annually over a 14 year mine life, totaling 3.2 million ounces.
Metalla holds a 5.0% NSR royalty on the South Domes area of Castle Mountain.
Copper World
On August 13, 2025, Hudbay announced a $600 million strategic investment from Mitsubishi for a 30% joint venture interest in Copper World. The contribution from Mitsubishi will consist of $420 million upon closing and a $180 million matching contribution payable no later than 18 months following the closing. Mitsubishi will contribute 30% of the ongoing costs beginning August 31, 2025, and will participate in the funding of the definitive feasibility study as well as the final project design, project financing, and project construction for Copper World. The joint venture is expected to close in late 2025 or early 2026. Hudbay stated that this transaction secures a premier long-term strategic partner and validates the longer term value of Copper World as a world-class copper asset.
Metalla holds a 0.315% NSR royalty on Copper World with the right of first refusal to acquire an additional 0.360% of the NSR royalty.
Big Springs
On July 24, 2025, Capricorn Metals Limited announced the acquisition of Warriedar Resources Limited, the operator of Big Springs and Golden Domes.
Metalla holds a 1.0% NSR royalty on Big Springs and a 2.0% NSR royalty on Golden Domes, which is classified as an exploration stage asset by Metalla.
Fifteen Mile Stream
On July 24, 2025, St Barbara Limited (“St Barbara”) reported that the prefeasibility study for the 15- Mile processing hub remains on track for completion in March 2026. The study is evaluating the integration of Cochrane Hill into the previously proposed 15-Mile and Beaver Dam combination, under an increased throughput scenario. St Barbara also highlighted continued improvements in the resource development and permitting environment in Nova Scotia, where gold was added to the list of Provincial Strategic Minerals.
Metalla holds a 1.0% NSR royalty on the Fifteen Mile Stream project, and 3.0% NSR royalty on the Plenty and Seloam Brook deposits.
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Dumont
On September 22, 2025, Dumont Nickel reported that the site had hosted Québec Premier François Legault, who was accompanied by Jean-François Simard, the new Minister of Natural Resources and Forestry, and Suzanne Blais, Member of the National Assembly for the Abitibi-Ouest riding. During the visit, the Premier reaffirmed his support for advancing the technical, financial, and regulatory steps toward a final investment decision at Dumont. Discussions with provincial and federal partners to secure financial support for the project are ongoing.
On June 4, 2025, Mining.com reported that the European Union had selected 13 new strategic raw material projects outside its borders as part of its efforts to secure critical mineral supplies, with the Dumont project among those selected. The 13 projects are expected to mobilize a combined $6.3 billion in capital investments from the European Commission.
Metalla holds a 2.0% NSR royalty on Dumont, subject to a buyback of 1.0% for C$1.0 million.
Tower Mountain
On September 8, 2025, Thunder Gold Corp (“Thunder Gold”) announced the results of Phase 2 drilling at the Tower Mountain property. At the 3737-Target, drilling expanded the mineralized footprint with four holes returning broad consistent intervals with highlight intercepts of 1.25 g/t gold over 103.5 meters and 0.58 g/t gold over 187.5 meters. The P-Target was successfully extended more than 100 meters down-plunge with an intercept of 0.83 g/t gold over 56.5 meters. The A-target, drilling extended mineralization by 100 meters in both directions with a highlight intercept of 0.78 g/t gold over 33 meters and 327 g/t gold over 1 meter.
Metalla holds a 2.0% NSR royalty on Tower Mountain.
Edwards Mine
On June 24, 2025, Alamos Gold Inc. (“Alamos”) reported that regional drilling at the pastproducing Edwards Mine intersected high-grade gold mineralization beyond the extent of previous mining, including a highlight intercept of 55.95 g/t gold over 2.12 meters. Edwards is located within seven kilometers of the Magino mill and is one of three targets being evaluated as potential sources of higher-grade mill feed as part of a broader expansion strategy. Alamos plans to complete 10,000 meters of surface drilling in 2025 as part of a regional exploration program at the Island Gold district, focused on following up high-grade mineralization intersected at the Cline-Edwards deposits.
Metalla holds a 1.25% NSR royalty on the Edwards Mine.
QUALIFIED PERSON
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec. Mr. Beaudry is a qualified person (“QP”) as defined in NI 43-101.
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ABOUT METALLA
Metalla is a precious and base metals royalty and streaming company with a focus on gold, silver, and copper royalties and streams. Metalla provides shareholders with leveraged metal exposure through a diversified and growing portfolio of royalties and streams. Our strong foundation of current and future cash-generating asset base, combined with an experienced team gives Metalla a path to become one of the leading gold, silver, and copper companies for the next commodities cycle.
For further information, please visit our website at www.metallaroyalty.com
ON BEHALF OF METALLA ROYALTY & STREAMING LTD.
(signed) “Brett Heath”
CEO
CONTACT INFORMATION
Metalla Royalty & Streaming Ltd.
Brett Heath, CEO Phone: 604-696-0741 Email: [email protected]
Kristina Pillon, Investor Relations Phone: 604-908-1695 Email: [email protected]
Website: www.metallaroyalty.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
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Non-IFRS Financial Measures
Metalla has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) including (a) attributable gold equivalent ounces (GEOs), (b) average cash cost per attributable GEO, (c) average realized price per attributable GEO, (d) operating cash margin per attributable GEO, and (e) Adjusted EBITDA. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow.
(a) Attributable GEOs
Attributable GEOs are a non-IFRS financial measure that is composed of gold ounces attributable to the Company, calculated by taking the revenue earned by the Company in the period from payable gold, silver, copper and other metal ounces attributable to the Company divided by the average London fix price of gold for the relevant period. In prior periods the GEOs included an amount calculated by taking the cash received or accrued by the Company in the period from the derivative royalty asset divided by the average London fix gold price for the relevant period. The Company presents attributable GEOs as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis. The Company’s attributable GEOs for the three and nine months ended September 30, 2025, were:
Three months Nine months ended ended
Attributable GEOs during the period from: September 30, 2025 September 30, 2025
| Tocantinzinho Wharf Aranzazu Endeavor La Guitarra La Encantada NLGM Other | 361 |
| 273 | |
| 183 | |
| 233 | |
| 33 | |
| 30 | |
| 25 | |
| 17 | |
| Total attributable GEOs | 1,155 |
2,623
(b) Average cash cost per attributable GEO
Average cash cost per attributable GEO is a non-IFRS financial measure that is calculated by dividing the Company’s total cash cost of sales, excluding depletion by the number of attributable GEOs. The Company presents average cash cost per attributable GEO as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis. The Company’s average cash cost per attributable GEO for the three and nine months ended September 30, 2025, was:
Three months Nine months ended ended September 30, 2025 September 30, 2025
| Cost of sales for NLGM | $9 |
| Total cash cost of sales Total attributable GEOs | 9 |
| 1,155 | |
| Average cash cost per attributable GEO | $8 |
$23
2,623 $9
(c) Average realized price per attributable GEO
Average realized price per attributable GEO is a non-IFRS financial measure that is calculated by dividing the Company’s revenue, excluding any revenue earned from fixed royalty payments, by the number of attributable GEOs. The Company presents average realized price per attributable GEO as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis. The Company’s average realized price per attributable GEO for three and nine months ended September 30, 2025, was:
Three months Nine months ended ended September 30, 2025 September 30, 2025
| Royalty revenue (excluding fixed royalty payments) Revenue from NLGM | $3,898 |
| 88 | |
| Sales from stream and royalty interests Total attributable GEOs sold | 3,986 |
| 1,155 | |
| Average realized price per attributable GEO | $3,451 |
$8,311
8,542 2,623 $3,257
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(d) Operating cash margin per attributable GEO
Operating cash margin per attributable GEO is a non-IFRS financial measure that is calculated by subtracting the average cast cost price per attributable GEO from the average realized price per attributable GEO. The Company presents operating cash margin per attributable GEO as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis.
(e) Adjusted EBITDA
Adjusted EBITDA is a non-IFRS financial measure which excludes from net income taxes, finance costs, depletion, impairment charges, foreign currency gains/losses, share based payments, and non-recurring items. Management uses Adjusted EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company presents Adjusted EBITDA as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis. However, Adjusted EBITDA does not represent, and should not be considered an alternative to net income (loss) or cash flow provided by operating activities as determined under IFRS. The Company’s adjusted EBITDA for the three and nine months ended September 30, 2025, was:
Three months Nine months ended ended September 30, 2025 September 30, 2025
| Net income (loss) Adjusted for: Interest expense Finance charges Income tax provision Loss on extinguishment of convertible loan facility Depletion Foreign exchange loss Share-based payments | $629 |
| 359 | |
| 38 | |
| 374 | |
| - | |
| 656 | |
| 78 | |
| 768 | |
| Adjusted EBITDA | $2,902 |
$(1,838)
1,261
1,711
2,159 $5,253
(f) Adjusted working capital
Adjusted working capital is a non-IFRS measure calculated by taking the Company’s current assets less its current liabilities, excluding any items that are not expected to be settled in cash for the next twelve months. In prior periods the Company presented a working capital adjustment for the convertible loan facility, as the classification of the convertible loan facility as a current liability was driven by changes in classification requirements under IFRS and not because the Company expected that liability to be settled in cash within the next twelve months. With the retirement of the convertible loan facility during the second quarter of 2025, no such adjustment is required. The Company believes that the exclusion, in prior periods, of the convertible loan facility from adjusted working capital gave a more accurate picture of the liquidity of the Company. Adjusted working capital is not a standardized financial measure under IFRS and therefore may not be comparable to similar measures presented by other companies. The Company’s adjusted working capital as at September 30, 2025, was:
As at September 30, 2025
| Total current assets Less: Total current liabilities | $15,127 |
| (3,004) | |
| Working capital Adjusted for: Convertible loan facility | 12,123 |
| - | |
| Adjusted working capital | $12,123 |
Refer to the Company’s MD&A for the three and nine months ended September 30, 2025, which is available on SEDAR+ at www.sedarplus.ca, for a numerical reconciliation of the non-IFRS financial measures described above. The presentation of these non- IFRS financial measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS financial measures differently.
Future-Oriented Financial Information
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company’s revenues from royalties, streams, and other projects, which are subject to the same assumptions, risk factors, limitations and qualifications set forth in the paragraphs below. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about Metalla’s anticipated future business operations. Metalla disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information,