Metalla Reports Audited Financial Results for Fiscal 2020 and Provides Asset Updates
Metalla Reports Audited Financial Results for
Fiscal 2020 and Provides Asset Updates
(All dollar amounts are in Canadian dollars unless otherwise indicated)
TSXV: MTA
NYSE American: MTA
VANCOUVER, BC
, Aug. 21, 2020 /CNW/ -
Metalla Royalty & Streaming Ltd.
("
Metalla
" or the
"
Company
") (TSXV: MTA) (NYSE American: MTA) announces its operating and financial results for
the year ended
May 31, 2020
. Metalla has also filed with the U.S. Securities and Exchange
Commission (the "SEC") its SEC Annual Report on Form 40-F for the year ended
May 31, 2020
.
The Form 40-F includes the Company's Annual Information Form, audited financial statements and
management's discussion & analysis for the year ended
May 31, 2020
. For complete details of the
consolidated financial statements and accompanying management's discussion and analysis for the
year ended
May 31, 2020
, please see the Company's filings on SEDAR (
www.sedar.com
) or on
EDGAR (
www.sec.gov
). Shareholders are encouraged to visit the Company's website at
http://www.metallaroyalty.com/
.
Metalla shareholders may receive a hard copy of the Company's complete audited financial
statements for the year ended
May 31, 2020
, free of charge, upon request. For further information
please visit the Company website at
https://www.metallaroyalty.com/financial-reports/
.
Brett Heath
, President and CEO of Metalla commented, "2020 represented another major year of
growth for Metalla's royalty portfolio and corporately with the NYSE listing. We feel confident that
our portfolio has reached critical mass and will provide the Company the platform to continue to
scale our business, and shareholders an excellent way to participate in the gold and silver bull
market. We are excited about the new opportunities in front of us and to see many of our assets
having exploration success while being advanced toward production by our first-class
counterparties."
FINANCIAL HIGHLIGHTS
During the year ended
May 31, 2020
, and the subsequent period, the Company:
increased the number of royalties and streams held to a total of 50 precious metal assets
through the following notable transactions:
acquired a 2.0% NSR royalty on future gold production from a portion of the La Fortuna
deposit (the "
Cantarito Claim
") and prospective exploration grounds forming part of the
NuevaUnión project located in the Huasco Province in the Atacama region of
Chile
. The
NuevaUnión project is jointly owned by Newmont Corporation ("
Newmont
") and Teck
Resources Limited ("
Teck
"), and is one of the largest undeveloped copper-gold-
molybdenum projects in the world;
consolidated its ownership on St. Barbara Ltd.'s ("
St. Barbara
") Fifteen Mile Stream Gold
Project ("
FMS
") through the acquisition of a 3.0% net smelter royalty on the Plenty deposit
and Seloam Brook prospect for
$2.0 million
of which
$0.5 million
in cash was paid upfront;
acquired 100% of the issued and outstanding shares of Idaho Resources Corporation
("
IRC
") for
US$2.0 million
in cash and 357,121 common shares. IRC holds a 0.5% GOR
on
Nevada Gold Mine's
("
NGM
") Anglo/Zeke claim block in
Nevada
, which is located on
trend to the southeast of the Cortez Operations and Goldrush project. NGM is a joint
venture between Barrick Gold Corporation ("
Barrick
") (61.5%) and Newmont (38.5%). IRC
also holds a 1.5% GOR covering NuLegacy Gold Corporation's ("
NuLegacy
") Red Hill
project in
Eureka County, Nevada
, which is contiguous to the southeast of the Anglo/Zeke
claims. IRC also holds reversionary rights to mineral claims encompassing all of the NGM's
Cortez operations;
acquired a net 1.0% NSR royalty on the operating Wharf mine ("
Wharf
") in
South Dakota
from third parties for total consideration of
US$1.0 million
in cash and 899,201 common
shares. Wharf is operated by Coeur Mining Inc. ("
Coeur
"); and
entered into an agreement with NuEnergy Gas Limited ("
NuEnergy
") to acquire an existing
2.5% NSR royalty on the northern and southern portions of Kirkland Lake Gold Ltd.'s
("
Kirkland Lake
") operating
Fosterville
mine ("
Fosterville
") in
Queensland, Australia
, for a
total consideration of AUD$2.0 million in cash and 467,730 common shares. The
transaction is expected to close in
October 2020
.
recognized revenue on 178,624 (2019 – 431,844) attributable silver ounces ("
oz.
") at an
average realized price of
US$17.24
(2019 -
US$15.33
) and average cash cost of
US$6.58
(2019 -
US$6.27
) per oz. (see non-IFRS Financial Measures);
generated operating cash margin of
US$10.66
(2019 -
US$9.06
) per attributable silver oz. from
the Endeavor silver stream, New Luika Gold Mine ("
NLGM
") stream held by Silverback Ltd.
("
Silverback
"), and other royalty interests (see non-IFRS Financial Measures);
recognized revenue from royalty and stream interests of
$3.6 million
(2019 -
$7.9 million
), net
loss of
$5.8 million
(2019 -
$2.4 million
), and adjusted EBITDA of negative
$1.9 million
(2019 -
positive
$2.1 million
) (see non-IFRS Financial Measures);
paid
$1.6 million
in dividends during the year ended
May 31, 2020
(2019 -
$1.8 million
). No
dividends have been paid or declared for the months of June to August due to the impact of
COVID-19;
completed the secondary listing of its common shares on the NYSE and concurrently completed
a consolidation of its common shares on the basis of one new share for four old shares (1:4).
All shares and per share information has been restated on a retroactive basis to give effect to
the share consolidation;
Coeur completed a secondary public offering of 3,910,000 common shares of the Company
previously held by it, at a price of
US$5.30
per common share for gross proceeds of
US$20.7
million
(the "
Secondary Offering
"). The net proceeds of the Secondary Offering were paid
directly to Coeur. On
June 30, 2020
, following the close of the Secondary Offering and the
Wharf transaction, Coeur's ownership of the Company's common shares decreased from
14.9% to 2.5%; and
in
August 2019
, drew down the initial advance of
$7.0 million
on its
$12.0 million
convertible loan
facility with Beedie Capital ("
Beedie
") and repaid all other loans payable which had an
aggregate principal balance of
US$2.0 million
; in
August 2020
, the Company amended the
convertible loan facility with Beedie whereby Beedie will convert
$6.0 million
of the
$7.0 million
initial advance, the Company will drawdown the remaining
$5.0 million
from the original loan
facility with the conversion repriced from
$5.56
to
$9.90
and Beedie would make an additional
$20.0 million
available to the Company to fund future acquisitions. On
August 6, 2020
, Beedie
converted
$6.0 million
at
$5.56
per share for a total of 1,079,136 shares and the company drew
down the remaining
$5.0 million
with a revised conversion price of
$9.90
from the original loan
facility.
ASSET UPDATES
COSE & Joaquin Royalties
Metalla received its first royalty payments on Cap-Oeste Sur East ("
COSE
") and Joaquin for
production in fiscal 2020. Revenue totaled
$90,273
and was related to mainly development ore
shipped to the Manantial Espejo plant. Both mines were scheduled to ramp up to commercial
production during the first two calendar quarters of 2020 but have been delayed due to COVID-19
mandatory shut down of operations by the
Argentina
government.
On
April 2, 2020
, a new decree was issued by the government of
Argentina
to expand the list of
exemptions that will include mining production as essential for the Argentine economy. Although
mining production is now permitted again, Pan American Silver Corp. ("
Pan American
") has kept the
operations running at a reduced rate for the first half of the calendar year 2020. The impact of these
suspensions on mining production levels and resulting cash flow to Metalla is difficult to predict.
Pan American later reported by news release on
August 5, 2020
, operations at Pan American's
COSE & Joaquin mine resumed on
May 4, 2020
, with high-grade ore being stockpiled on-site. Pan
American expects to begin hauling mined ores from COSE and Joaquin to the processing plant in the
third quarter of 2020.
Metalla holds an NSR royalty of 1.5% and 2.0% on COSE and Joaquin mines, respectively.
New Luika Silver Stream
Shanta Gold Limited ("
Shanta
") disclosed in their news release on
January 16, 2020
that their
annual production for 2019 totaled 84.5 thousand oz. of gold, ahead of their guidance of 80-84
thousand oz. for the year at the New Luika Gold Mine ("
NLGM
") located in
Tanzania
. Shanta also
announced that it added 135 thousand oz. of gold reserves to the current mine plan during the year,
net of depletion.
For 2020, Shanta has disclosed guidance of 80-85 thousand Au oz. and a 65% increase in its
exploration budget to
US$5 million
over 2019. Shanta has reported its first net cash position in its
2020 second quarter financial statement, completing a period of deleveraging.
Metalla holds a 15% interest in Silverback Ltd. whose sole business is receipt and distribution of a
silver stream on NLGM at an ongoing cost of 10% of the spot silver price.
Endeavor
Mine Silver Stream
After decades of successful operation, the operator of the Endeavor Mine, located in Cobar,
Australia
, CBH Resources Limited ("
CBH
") suspended mining operations at the Endeavor Mine in
December 2019
and placed it into care and maintenance. The current focus for a potential future
resumption of mining is the recent discovery of the Deep Zinc Lode at depth and a potential open pit
scenario that was originally outlined in a historic study completed in 2007.
Metalla has the right to buy 100% of the silver production up to 20 million ounces (12.6 million
ounces remaining under the contract for delivery) from the Endeavor Mine for an operating cost
contribution of
US$1.00
per ounce of payable silver, indexed annually for inflation, plus a further
increment of 50% of the silver price in excess of
US$7.00
per oz.
Santa Gertrudis
The
Santa Gertrudis
gold property of Agnico Eagle Mines Limited ("
Agnico
") is located
approximately 180 kilometres north of
Hermosillo
in
Sonora, Mexico
. During the first half of 2020,
Agnico continued their
US$10.4 Million
drill program at
Santa Gertrudis
with a focus on expanding
and testing new targets. In a press release dated
July 29, 2020
, Agnico announced further
expansion of the Amelia deposit, effectively expanding the potential high-grade resource base, and
the extension of oxide mineralization at both the Trinidad Trend and
Toro Zone
. At Amelia, drilling
intersected high-grade gold structures below the current underground resource including 6.1 g/t gold
and 122 g/t silver over 6.3 metres and 1.9 g/t gold and 5 g/t silver over 10.2 metres. At Espiritu
Santo drilling continued to intersect high-grade gold and silver mineralization with notable intercepts
of 1.5 g/t gold and 2 g/t silver over 3.7 metres and 2.7 g/t gold and 321 g/t silver (uncapped silver
value of 1,101 g/t) over 3.3 metres. Drilling at the
El Toro
trend tested targets in the upper oxide
portions of historical opens pits which will be amenable to heap-leach processing, intersecting 1 g/t
gold and 1 g/t silver over 21.3 metres and 2.8 g/t gold and 2 g/t silver over 9.5 metres.
In a press release dated
April 30, 2020
, Agnico announced it had intersected high-grade gold at
Amelia demonstrating the deposit remains open along strike and depth with hole 308 intersecting five
high-grade structural commonly found at the bottom of the resource: 3.7 g/t gold over 6 metres, 3.3
g/t gold over 13 metres and 5.3 g/t gold over 10 metres. Beneath the underground resource, three
step-out holes intersected high-grade gold of 3.1 g/t over 3.5 metres, 2.8 g/t over 22.5 metres and
3.5g/t over 4 metres, demonstrating the possibility to expand the resource base.
At the Espiritu Santo deposit, drilling demonstrated that shallow gold and silver mineralization
continues to the south west of the deposit with high grade intercepts such as 3.7 g/t gold and 424
g/t silver over 3 metres and 3.5 g/t gold and 7 g/t silver over 11.5 metres.
On
February 13, 2020
, Agnico released an updated resource estimate at
Santa Gertrudis
with its
first indicated resource of 104,000 ounces (5.1 million tonnes at 0.64 g/t gold) and an inferred
resource of 1.2 million ounces (22.1 million tonnes at 1.64 g/t gold). The resource estimate did not
encompass its post-Q4 2019 drilling that extended mineralization along strike, depth and the new
discovery at Espiritu Santo.
Through the success of drilling in 2019, Agnico declared an initial inferred resource estimate of
521,000 ounces of gold at Amelia. Agnico expects the year resource estimate for Amelia to increase
substantially and to declare the initial resource estimate of Espiritu Santo by year-end 2020.
Agnico's disclosure on its website states that it believes the
Santa Gertrudis
project has the potential
to be a similar size operation to La India which produced over 82Koz of gold in 2019 and is currently
evaluating plans to incorporate a heap leach operation for the low-grade ore and a mill for the high-
grade underground ore.
Metalla holds a 2.0% NSR on the
Santa Gertrudis
property.
Fifteen
Mile Stream
Fifteen
Mile Stream
(FMS) is part of St. Barbara Limited's Atlantic Gold Operation and is anticipated
to be developed to provide ore to the 2.0 million tonne per year processing facility currently operated
by St. Barbara. St. Barbara disclosed in their news release on
July 29, 2020
, that the Federal
Environmental Impact Statement was being revised based on comments received. First Nations
consultations and scientific studies are progressing well with another submission anticipated in
September 2020
. Updates to the reserves and resources are expected on
August 24, 2020
.
St. Barbara disclosed in their news release on
January 22, 2020
, they continue to have exploration
success at FMS as it continues to enlarge the planned reserve pits and delineate potential satellite
pits along trend. At Seloam Brook, 700 metres west of the Plenty deposit, significant mineralization
was intercepted suggesting the potential to be a pit extension of the main Fifteen Mile Stream
proposed pits. Notable near surface highlights include 1.19 g/t over 6 metres and 2.85 g/t over 3
metres.
At the main
Hudson and Egerton MacLean
zones, shallow high-grade mineralization has been
discovered that will aid in connecting the Egerton and Hudson pits. The best result was 3.21 g/t at 6
metres. West of Egerton, St. Barbara intercepted lateral continuity of shallow mineralization 100
metres west of the current resource with a 1.98 g/t over 7 metres. East of Egerton-MacLean and
west of 149, the gap continues to be shortened as mineralization was intercepted at 6.84 g/t over 1
metre. At the 149 deposit, drilling continued to confirm the potential for 149 to be a satellite pit for
Fifteen Mile Stream. Extensional drilling 60 metres to the east intercepted 0.86 g/t over 56 metres
and 1.03 g/t over 16 metres near surface. Drilling to the south of identified a disseminated halo of
mineralization extending over 230 metres of strike length with notable hits of 1.41 g/t over 6 metres
and 1.39 g/t over 11 metres. 400 metres east of the 149 Deposit, initial results suggest that
mineralization may extend into a new zone called 149 extension intercepting 1.31 g/t over 22 metres.
Metalla holds a 1% NSR on the Hudson, Egerton-Maclean, 149 and the majority of the Plenty
deposit and a 3% NSR on the remainder of Plenty and Seloam Brook.
El Realito
El Realito
is part of Agnico's La India mine project, which is located approximately 200 km east of
Hermosillo
in
Sonora, Mexico
. On
July 29, 2020
, Agnico reported that drilling success at the nearby
sulphide target Chipriona warranted a study on processing sulphides originating from Chipriona and
beneath other oxide mineral resources within the La India property including
El Realito
. Drilling in the
other half will be focused on investigating gold-sulphide mineralization below the oxide mineral
resources at La India.
Agnico reported on
July 31, 2020
, that on
April 2, 2020
, the Government of
Mexico
mandated that
all non-essential businesses, including mining and exploration, suspend operations (the "
Decree
").
Pursuant to the Decree, mining and exploration activities at Agnico's Mexican operations and
exploration sites (
Pinos Altos
, Creston Mascota, La India and
Santa Gertrudis
) ramped down.
Given the ore stacked on the leach pads in previous months, residual leaching continued at Creston
Mascota and La India during the suspension period. On
May 14, 2020
, the Government of
Mexico
designated mining as an essential activity and permitted the full restart of mining and exploration
activities. Agnico's mining operations in
Mexico
resumed some pre-production activities on
May 18,
2020
with employees being gradually reintegrated. Operations resumed fully on
June 1, 2020
.
Agnico reported on
February 13, 2020
ongoing drilling success at its
El Realito
project located
adjacent to its operating La India Mine in
Sonora, Mexico
. The success has resulted in a new
probable reserve estimate of 106,000 ounces of gold and 485,000 ounces of silver (4.7 million
tonnes at 0.71 g/t gold and 3.24 g/t silver). In addition to the aforementioned reserves,
El Realito
currently has a measured resource of 21,000 ounces of gold and 149,000 ounces of silver (1.2
million tonnes at 0.55 g/t gold and 3.89 g/t silver), indicated resource of 17,000 ounces of gold and
83,000 ounces of silver (0.7 million tonnes at 0.71 g/t gold and 3.48 g/t silver and an inferred
resource of 4,000 ounces of gold and 24,000 ounces of silver (0.3 million tonnes at 0.47 g/t gold and
2.64 g/t silver)
Agnico has budgeted
US$3.3 million
for 17,000 metres of drilling at La India for 2020.
Metalla holds a 2.0% NSR on the
El Realito
property.
Hoyle Pond Extension
Metalla owns a 2.0% NSR royalty payable by Newmont on the Hoyle Pond Extension, located on
claims that are beneath the Kidd metallurgical complex and immediately adjacent to the east and
northeast of the Hoyle Pond mine complex. There is a 500,000 oz. gold exemption on the leased
mining rights. As of the end of 2019, approximately 3,560 ounces of gold were produced from
Metalla's royalty claims and total reserves of 82,650 tonnes of 12.5 g/t for 33,252 ounces of gold
and measured resources of 203,028 tonnes at 14.8 g/t for 96,382 ounces of gold. Drilling is
expected to continue in 2020 with a budget of 20,000 metres on the extension.
Wasamac
On
May 14, 2020
, Monarch Gold Corporation ("
Monarch
") entered into a memorandum of
understanding ('
MOU
") with Glencore PLC in connection with the potential use of the Kidd
concentrator in
Timmins
for the treatment of ore to be mined from the Wasamac Gold property. As
a result of the MOU, Monarch awarded the concentrator study contract to Ausenco on
June 22,
2020
. Subsequently, Monarch entered into an MOU with Ontario Northland Railway for the transport
of ore from Wasamac to the Kidd concentrator on
July 9, 2020
.
Metalla holds a 1.5% NSR on the Wasamac project subject to a 0.5% buyback for
$7.5 million
.
Beaufor Mine
Monarch has outlined their intentions to re-start underground operations at the Beaufor mine in
Val-
d'Or, Quebec
within 12-18 months. Concurrently, Monarch will begin a drilling program to focus
expanding resource blocks with a focus on high-grade zones. On
May 7, 2020
, Caisse de depot et
placement du
Quebec
invested
$5 million
into the project to support the potential re-opening of the
mine.
Metalla holds a 1.0% NSR on the Beaufor mine once Monarch has produced 100,000 ounces of gold
from the property.
San Luis
On
February 20, 2020
, SSR Mining Inc. ("
SSR
") declared that they plan to initiate a detailed
mapping program in 2020 at the
San Luis
project located in
Peru
. The mapping program will focus
on the land near the mineral resources on the project to potentially expand the mineral resource on
the project.
Metalla holds a 1% NSR on the
San Luis
project.
Aureus East
On
July 17, 2020
, Aurelius Minerals Inc. announced the closing of their
$4.4 million
equity financing.
The proceeds of the financing will be used to define resources, refine into reserves and reengineer a
mine plan for the Aureus mine. On
August 5, 2020
, Aurelius announced the discovery of 2,700
metres of unsampled drill core from the Aureus East and Aureus West projects following historical
drill programs completed by the previous operator.
Metalla holds a 1.0% NSR on the Aureus East mine
Zaruma
Titan Minerals Ltd. ("
Titan
") announced by news release on
January 14, 2020
, they have been
successful in their offer to purchase all of the issued and outstanding common shares of Core Gold,
the owner of the Zaruma mine in
Ecuador
. On
May 25, 2020
, Titan stated publicly that they plan on
a potential sale of Zaruma and are evaluating options in calendar year 2020.
Metalla holds a 1.5% NSR on the Zaruma mine.
NuevaUnión
Shortly after announcing our acquisition of a gold royalty on NuevaUnión by press release on
February 18, 2020
, Newmont and Teck, who jointly operate the project, filed an environmental
impact statement for the project with the Chilean authorities. The filing involves a planned
expenditure of
US$152 million
for drilling and other work intended to form the basis for development
of a mining plan.
Metalla holds a 2.0% gold NSR on a portion of the NuevaUnión project.
Anglo/Zeke
In Q1 2020, Nevada Gold Mines completed a step out drill program east of the Goldrush deposit in
Nevada
to build a geological framework critical to identifying concealed targets. In Q2 2020, it was
reported that all three step-out holes intersected anomalous
Carlin
-type geochemistry. One hole
returned 4 metres at 1.2 g/t Au in a structural zone above favorable host rock, Barrick, the operator
of the Nevada Gold Mines joint venture, has stated this hole warrants follow-up drilling down dip
where geologic interpretation suggests it could cut more favorable reactive carbonate rocks. Other
observations from drilling include overthickened sections of favorable carbonate host rocks and
metasomatism which is an important marker as the best deposits in the Cortez camp are found near
metasomatic fronts.
Metalla holds a 0.5% royalty on the Anglo-Zeke claim block.
Red Hill
NuLegacy has continued to progress in the expansion of its plan of operation required to effectively
drill the Rift Anticline target at its Red Hill project. NuLegacy has completed a preliminary structural
model for the Rift Anticline by utilizing recent drill hole data and geophysical surveying completed
over the Rift Anticline. Hole WS19-02 on the eastern flank of the Rift Anticline returned a high-grade
interval grading 9.6 grams/ton gold over 5.2 meters. NuLegacy plans to drill three to five deep holes
in the most developed northern targets in the Rift Anticline in fall 2020 and a further 11-13 holes are
planned in the spring of 2021.
In May of 2020, NuLegacy announced the appointment of Dr.
Quinton Hennigh
as an advisor to the
company and subsequently arranged a private placement of
$5.625
to carry out an expanded
exploration program on the Rift Anticline of 14-16 planned core holes.
Metalla holds a 1.5% royalty on the Red Hill project.
Goodfish-Kirana
Warrior Gold Inc. ("
Warrior
") advises that it continues to intersect high-grade gold at the "A" Zone,
Goodfish-Kirana property in
Kirkland Lake, Ontario
. Mineralization in the main zone has been
extended by
100 m
to the east and
50 m
to the west for a total strike length of
300 m
and vertical
depth of
225 m
. Notable intercepts in the drill program include 11.52 g/t gold over 3 metres and
11.25 g/t gold over
1.5 m
in the newly discovered south footwall of "A" zone which appears to be a
subparallel zone to the main zone 50 metres to the south.
Metalla holds a 1% NSR Royalty on the "A" Zone Goodfish-Kirana property.
Lourdes
On
March 10, 2020
, Pucara Resources Corporation ("
Pucara
") outlined their intentions to merge
with Magnitude Mining Ltd. Concurrently, Pucara will raise gross proceeds of
$3.5 million
upon listing
on the TSX-V. Proceeds of the raise will be used on exploration activities on the Lourdes property in
Ayacucho,
Peru
. Field work has outlined four potential targets on the property associated with Au-
Cu-Mo anomalies, a two-phase drill program testing nine drill targets has been recommended.
Metalla holds a 1% NSR on the Lourdes property.
Camflo
On
June 18, 2020
, Monarch disclosed they began undertaking a vast, detailed compilation and 3D
modelling program on its Camflo property. Historically, 1.65 million ounces of gold was mined from
the mine by Camflo Mines and later
Barrick Gold
. More modern 3D modelling and exploration
techniques will be employed to generate targets for exploration on the property.
Metalla holds a 1.0% NSR on the Camflo mine.
Big Island
On
April 20, 2020
, Copper Reef Mining reported high grade infill results at their
Big Island
property
testing the Tara Massive Sulphide Zone. The significant intercept of the drill program at
Big Island
returned 15.28 metres at 21.1% zinc, 0.99% copper, 142.4 g/t silver and 5.45 g/t gold. On
July 20,
2020
, Copper Reef Mining raised
$1.23 million
through a private placement to fund exploration at its
properties.
Metalla holds a 2.0% NSR on the
Big Island
property.
Grenfell
On
March 1, 2020
, Pelangio Exploration announced in their news release high-grade drill results at
their
Grenfell
property, located near Kirkland Lake Gold's Macassa Mine,
Ontario
. Notable
intercepts include 1.32 g/t gold over 26 meters including 314 g/t gold over 1.74 meters and 2.5 g/t
gold over 26 meters. A summer 2020 exploration plan is planned to further evaluate the discovery
and new targets in the area once a creek crossing permit is granted.
Metalla holds a 0.25% royalty on the
Grenfell
property.
OUTLOOK
Primary revenue sources for the second half of calendar 2020 are expected to be Wharf (acquired
subsequent to fiscal year end), Joaquin, COSE, and NLGM. Joaquin and COSE are expected to
move toward commercial production with operations resuming in the calendar third quarter of 2020.
The Endeavor Mine, which was placed on care and maintenance in
January 2020
has received all
final settlements on delivered concentrate. The Company is no longer providing reliable guidance for
fiscal 2021 due to the spread of the COVID-19 pandemic and its effect on global mining production
levels during calendar year 2020.
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 and a director of Metalla. Mr. Beaudry is a QP
as defined in National Instrument 43-101
Standards of Disclosure for Mineral Projects
.
ABOUT METALLA
Metalla is a precious metals royalty and streaming company. Metalla provides shareholders with
leveraged precious 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 and silver companies for
the next commodities cycle.