Metalla Reports Financial Results FOR the 2024 Fiscal Year and Provides Asset Updates
METALLA REPORTS FINANCIAL RESULTS FOR THE 2024 FISCAL YEAR
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
March 27, 2025
Vancouver, Canada: Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company”) (TSXV: MTA)
(NYSE American: MTA) announces its operating and financial results for the year ended
December 31, 2024. 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 December 31, 2024. The Form 40-F
includes the Company’s Annual Information Form, audited financial statements and
management’s discussion & analysis for the year ended December 31, 2024. For complete details
of the consolidated financial statements and accompanying management's discussion and
analysis for the year ended December 31, 2024, 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.
Metalla shareholders may receive a hard copy of the Company’s complete audited financial
statements for the year ended December 31, 202 4, free of charge, upon request. For further
information please visit the Company website at https://www.metallaroyalty.com/financial-
reports/.
Brett Heath, CEO of Metalla, commented, “2024 marked another positive year for Metalla, with
first production milestones achieved at Tocantinzinho and La Guitarra. Looking ahead to 2025,
Endeavor is expected to commence operations with first cash flows expected in Q2, providing
additional GEO growth in the second half of 2025. Amalgamated Kirkland is scheduled to begin
production in Q4. Côté/Gosselin continues to demonstrate its world-class potential as IAMGOLD
plans for an additional 45,000 meters of drilling, and there is potential to incorporate an updated
resource base estimate of the Côté and Gosselin zones into the mine plan in 2026.”
Mr. Heath continued, “Regarding Copper World, now that the major permits for the project are
in place, we anticipate Hudbay will look to secure a minority joint venture partner in the near
future, with the potential for a final investment decision in 2026. Taca Taca has made key
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advancements towards receiving their final EIS permit and First Quantum is preparing an update
of Taca Taca’s NI 43-101 Technical Report, and plans to submit an application for the RIGI regime,
a new incentive regime in Argentina for large investments. In summary, we have seen and are
expecting several more positive milestones to be reached in 2025. We are well-positioned to build
on the momentum from 2024, driving substantial year -over-year growth in GEO production and
free cash flow.”
COMPANY HIGHLIGHTS
Below are key Company highlights for year ended December 31, 2024, and subsequent period:
• For the year ended December 31, 2024, the Company received or accrued payments on
2,481 attributable Gold Equivalent Ounces (“GEOs”) at an average realized price of $2,411
and an average cash cost of $19 per attributable GEO (see Non-IFRS Financial Measures);
• For the year ended December 31, 2024 , the Company recognized revenue from royalty
and stream interests, including fixed royalty payments, of $5.9 million, net loss of $5.5 million,
and Adjusted EBITDA of $1.4 million (see Non-IFRS Financial Measures);
• For the year ended December 31, 2024, the Company generated operating cash margin
of $2,4 01 per attributable GEO from the Wharf, Tocantinzinho, El Realito, Aranzazu, La
Encantada, La Guitarra, the New Luika Gold Mine (“ NLGM”) stream held by Silverback
Ltd., and other royalty interests (see Non-IFRS Financial Measures);
• On January 13, 2025, Beedie Capital (“ Beedie”) elected to convert C$1.5 million of the
accrued and unpaid interest under the existing loan facility between Metalla and Beedie
at a conversion price of C$3.64 per share, being the closing price of the shares of Metalla
on the TSX-V on January 13, 2025, for a total of 412,088 common shares of the Company
(“Common Shares”), which were issued on February 4, 2025. Following the conversion ,
Beedie owned approximately 10.3% of the outstanding Common Shares. Additionally, on
January 31, 2025, the Company made a payment of C$2.0 million to Beedie to reduce all
accrued fees and the accrued interest to $Nil as of the payment date;
• On December 9, 2024, the Company announced the appointment of Chris Beer to the
board of directors of the Company as an independent director;
• On September 3, 2024, G Mining Ventures Corp. (“G Mining”) announced it had achieved
commercial production at Tocantinzinho with the mill operating at 76% of nameplate
throughput (9,817 tpd), processing a total of 304 Kt of ore at a recovery rate of 88%. G
Mining expects to continue to ramp up production through H2-2024, targeting nameplate
throughput of 12,890 tpd by Q1-2025. G Mining disclosed that commercial production was
reached at Tocantinzinho on time and on budget;
• On July 30, 2024, Sierra Madre Gold & Silver Ltd. (“Sierra Madre ”) announced the first
shipments of silver and gold concentrates from La Guitarra;
• On July 24, 2024, the Company announced the appointment of Jason Cho as President
of the Company. Concurrently with his appointment, Mr. Cho made a C$1.0 million equity
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investment into the Company, for the acquisition of 250,000 Common Shares at C$4.00 per
Common Share by way of private placement that closed on August 9, 2024;
• On July 15, 2024, Metalla published its inaugural Asset Handbook outlining the Company’s
gold, silver, and copper royalties and streams. The Asset Handbook is available on the
Company’s website; and
• Effective August 8, 2024, the Company adopted a minimum share ownership policy
applicable to directors and officers of the Company in order to further align the financial
interest of Metalla’s leadership with the Company’s shareholders. The policy requires,
subject to various provisions, that: (i) the CEO own Common Shares with a fair market value
equal to five times his annual base salary; (ii) the CFO and other officers own Common
Shares with a fair market value equal to two times their annual base salary ; and (iii) non-
executive directors own Common Shares with a fair market value equal to two times their
annual cash retainer. Directors and officers will have three years to ensure they are in
compliance with the newly adopted policy.
OUTLOOK
In 2025, the Company expects to receive or accrue payments on 3,500 to 4,500 attributable
GEOs(1). Primary sources of cash flows from royalties and streams for 2025 are expected to include
Tocantinzinho, Wharf, Endeavor, Aranzazu, La Encantada, and La Guitarra. Achievement of this
guidance will be partially dependent on the ramp up at Endeavor as the mine is currently
anticipated to deliver first production in the second quarter of 2025.
(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.
ASSET UPDATES
Below are updates for the three months ended December 31, 2024 , and subsequent period to
certain of the Company’s assets , based on information publicly filed by the applicable project
owner:
Tocantinzinho
On February 20, 2025, G Mining announced an updated Reserve and Resource estimate where
infill drilling and integration of grade control data led to a n upward revision of the resource
estimate, successfully replacing Mineral Reserves. As of year-end 2024, Proven Mineral Reserves
totaled 1.06 Moz at 1.23 g/t gold, Probable Mineral Reserves totaled 0.97 Moz at 1.24 g/t gold ,
Measured and Indicated Resources totaled 2.19 Moz at 1.22 g/t gold (Inclusive) and Inferred
Resources totaled 27 Koz at 1.12 g/t gold. G Mining also stated that in 2025 near-mine exploration
of $2 million is planned to test the extension at depth and on the northwest limb of the deposit
and a regional exploration budget of $9 million is planned for 2025 to test targets within a 5 km
radius with the primary goal to identify additional deposits.
On January 21, 2025, G Mining announced annual gold production for 2025 is forecasted to
range between 175 – 200 Koz with gold output expected to be higher in the second half of the
year (56%) primarily due to higher grade ore accessibility in the mine plan.
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Metalla accrued 357 GEOs from Tocantinzinho for the fourth quarter of 2024 and 424 GEOs for
the 2024 fiscal year.
Metalla holds a 0.75% GVR royalty on Tocantinzinho.
Wharf
On February 19, 2025, Coeur Mining, Inc. (“ Coeur”) reported 2024 fourth quarter production of
22.5 Koz gold and has outlined full year guidance for 2025 at Wharf of 90 – 100 Koz gold.
Exploration investment during the quarter totaled $3 million focused on an expanded drill
program to meaningfully extend the mine life. In 2025, Coeur has stated that expansion and infill
drilling will continue to focus on the Juno and North Foley deposits with exploration investment
expected to be $7-10 million.
On February 18, 2025, Coeur announced that mine optimization initiatives drove Measured and
Indicated Resources for gold to more than double and Inferred Resources for gold to more than
triple. At year end, Proven and Probable Reserves totaled 757 Koz at 0.81 g/t gold, Measured
Resources totaled 175 Koz at 0.53 g/t gold, Indicated Resources totaled 845 Koz at 0.53 g/t gold,
and Inferred Resources totaled 470 Koz at 0.56 g/t gold.
Metalla accrued 137 GEOs from Wharf for the fourth quarter of 2024 and 679 GEOs for the 2024
fiscal year.
Metalla holds a 1.0% GVR royalty on the Wharf mine.
Aranzazu
On February 26, 2025, Aura Minerals Inc. (“ Aura”) announced fourth quarter 2024 production at
Aranzazu totaled 23.4 K GEOs (as defined by Aura). Aura has provided 2025 production guidance
to be in the range of 88 ,000 to 97,000 GEOs (as defined by Aura). In their year-end MD&A Aura
stated that they had initiated molybdenum recovery from the Aranzazu process plant, the facility
is expected to add approximately 3 ,000 to 3,500 GEOs (as defined by Aura) annually to
production.
Aura also stated in their year-end MD&A that during the fourth quarter of 2024, exploration in the
Glory Hole zone at Aranzazu confirmed the continuity of the mineralized skarn in the deeper levels
with significant intercepts of 1.6% copper, 0.5 g/t gold, 19 g/t silver over 23 meters and 1.08%
copper, 0.19 g/t gold, 10 g/t silv er over 8 meters. In addition, exploration in the Esperanza zone
at Aranzazu confirmed the deep extension of the La Esperanza copper -gold skarn body where
highlight intercepts include 1.04% copper, 0.47 g/t gold, 13 g/t silver over 16 meters.
Metalla accrued 186 GEOs from Aranzazu for the fourth quarter of 2024 and 779 GEOs for the
2024 fiscal year.
Metalla holds a 1.0% NSR royalty on the Aranzazu mine.
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La Guitarra
On January 9, 2025, Sierra Madre announced full commercial production at the La Guitarra
complex commenced effective January 1, 2025. The process plant, underground mine and all
aspects of the operation have been running at the current capacity of 500 tonnes per day over
the past 90 days.
Metalla accrued 25 GEOs from La Guitarra for the fourth quarter of 2024 and 45 GEOs for the 2024
fiscal year.
Metalla holds a 2.0% NSR Royalty on La Guitarra, subject to a 1.0% buyback for $2.0 million.
La Encantada
On February 20, 2025, First Majestic Silver Corp. (“First Majestic”) reported in their year-end MD&A
production of 26 oz of gold from La Encantada in the fourth quarter of 2024. Since successfully
identifying a water source in the first quarter of 2024, First Majestic announced ore processing ,
silver grades, and silver recovery improved in the fourth quarter compared to the third quarter,
with the return to normal operations following the recovery of water inventory levels. During the
fourth quarter, two surface drill rigs and one underground rig completed 3,044 meters of drilling
on the property and for 2025, a n estimated 5,600 meters of drilling is expected to develop the
Ojuelas and Milagros ore bodies for 2025 production . Other planned initiatives to increase
production levels include the use of lead nitrate to increase processing recoveries, increased ore
blending options, and supplementing haulage to increase mining rates.
Metalla accrued 73 GEOs from La Encantada for the fourth quarter of 2024 and 171 GEOs for the
2024 fiscal year.
Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz
annually.
Endeavor
On February 10, 2025, Polymetals Resources Ltd. (“Polymetals”) announced a A$35 million equity
capital raise to strengthen the balance sheet and plans to accelerate near-mine and regional
exploration activities. With a pro forma cash position of ~$37 million and ~$26 million in undrawn
debt finance facilities, Polymetals indicated that it is well positioned to transition towards first silver
and zinc production in the second quarter of 2025.
Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor.
Côté-Gosselin
On January 14, 2025, IAMGOLD Corporation (“IAMGOLD”) announced exploration expenditures
for Côté in 2025 will be approximately $18.6M and include more than 45,000 meters of drilling
related to Gosselin. Diamond drilling will continue targeting resource conversion of Inferred
Mineral Resources to Indicated Mineral Resources at Gosselin, testing the gap area between the
Gosselin and Côté zones and testing the breccia mineralization at depth.
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On February 20, 2025, IAMGOLD reported that approximately 35,000 meters of expansion and
delineation drilling originally planned for the Gosselin zone for 2024, was increased mid-year for a
total completed drilling program at Gosselin of 40,400 meters. T he 2025 drilling plan entails the
continuation of the ongoing drilling program targeting resource conversion of Inferred Mineral
Resources to Indicated in the Gosselin zone, the testing of the southern and northeastern
extensions, as well as testing the breccias at depth for a total of 45,000 meters planned. IAMGOLD
also stated that t echnical studies are progressing to advance metallurgical testing, conduct
mining and infrastructure studies to review options for potential inclusion of the Gosselin deposit
into a future Côté Gold LOM plan.
Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté Reserves and Resources
estimate and covers all of the Gosselin Resource estimate.
Taca Taca
On February 11, 2025, First Quantum Minerals Ltd. (“ First Quantum”) reported in their year -end
MD&A that key Environmental and Social Impact Assessment (ESIA) milestones were met at Taca
Taca during the fourth quarter of 2024, including an independent evaluation by SEGEMAR
(Argentinian Geological and Mining Service). The ESIA continues to be reviewed by the
Secretariat of Mining of Salta Province. First Quantum also stated that it is preparing an update
of the Taca Taca’s NI 43 -101 Technical Report, and pla ns to submit an application for the RIGI
regime, a new incentive regime for large investments created by the Argentine government.
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.
Wasamac
On February 13, 2025, Agnico Eagle Mines Ltd. (“ Agnico”) reported the initial declaration at
Wasamac of Proven and Probable Mineral Reserves of 1.38 Moz at 2.9 g/t gold, Indicated
Resources of 667 Koz at 2.19 g/t gold (exclusive) , and Inferred Resources of 312 Koz at 1.65 g/t
gold. This is the first declaration of Mineral Reserves by Agnico at Wasamac since its acquisition
from Yamana Gold Inc. in 2023.
Agnico reported that it plans to spend $2.3 million to drill 10,000 meters at Wasamac in 2025 and
an additional $6.8 million is expected to be spent in 2025 for further technical evaluation to assess
various scenarios regarding optimal mining rates and milling strategies.
Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buyback of 0.5% for C$7.5
million.
Copper World
On January 2, 2025, Hudbay Minerals Inc. (“ Hudbay”) announced the receipt of the air quality
permit for the Copper World project from the Arizona Department of Environmental Quality. The
permit was the final major permit required for the development and operation and Hudbay
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stated that the definitive feasibility study is on track with completion of the study expected in the
first half of 2026. Hudbay also announced it intends to commence a minority joint venture partner
process early 2025 and potentially sanction Copper World in 2026.
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.
Amalgamated Kirkland and North AK
On February 13, 2025, Agnico announced that A malgamated Kirkland (“ AK”) ores will be
processed at the LZ5 mill at LaRonde beginning in the fourth quarter of 2025. Production from the
AK deposit is forecast to be approximately 10 Koz gold in 2025, and 50 – 60 Koz gold in 2026 and
in 2027.
Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland and North AK properties.
CentroGold
On February 20, 2025, G Mining announced an updated Mineral Resource at CentroGold
showing Indicated Resources of 1.83 Moz at 1.31 g/t gold and Inferred Resources of 770 Koz at
1.29 g/t gold. The resource estimate is comprised of three deposits, Blanket, Contact and Chega
Tudo. G Mining noted that although Blanket and Contact are spatially close, only a few drill holes
tested the continuity of grade between the two deposits, representing an opportunity for growth
in Mineral Resources in the future. A budget of $2-4 million has been allocated to CentroGold in
2025.
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 the CentroGold project.
Fosterville
On February 13, 2025, Agnico reported that Fosterville produced 37.1 Koz of gold in the fourth
quarter of 2024. Agnico continues to focus on productivity gains and cost control at the mine
and the mill to maximize throughput as gold grades continue to decline with the depletion of the
Swan zone. During the year, Fosterville added 543 Koz in the Inferred Resource category mainly
from successful drilling at Lower Phoenix and Robbins Hill. A total of 44,500 meters of drilling is
expected by Agnico during 2025, focused on the extension of Mineral Reserves and Mineral
Resources at Lower Phoenix and Robbins Hill. Agnico has announced that an additional 39,800
meters of drilling will target new geological targets on the land package.
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.
Castle Mountain
On March 14, 2025, Equinox Gold Corp. (“Equinox”) reported in its 2024 year-end MD&A that it is
continuing to advance engineering and permitting for the Castle Mountain Phase 2 expansion.
Equinox reiterated its expectation that the lead agencies will publish a notice of intent in 2025,
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which would commence the formal permitting review process. Furthermore, a memorandum of
understanding (“MOU”) has been approved among the project lead agencies to prepare the
joint Environmental Impact Statement/Environmental Impact Report (“ EIS/ESR”). The MOU is
expected to be signed the first half of 2025 and once signed the EIS/EIR stage of formal
environmental analysis is expected to occur throughout 2025 and 2026.
Metalla holds a 5.0% NSR royalty on the South Domes area of the Castle Mountain mine.
El Realito
On February 13, 2025, Agnico reported that residual leeching activities at La India have been
completed and pre -closure activities are ongoing. Metalla accrued 2 GEOs from El Realito for
the fourth quarter of 2024 and 275 GEOs for the 2024 fiscal year.
The Company has reclassified the royalty to the development stage effective December 31,
2024, as management does not expect any further production from El Realito without further
exploration on the underground potential at the property. The NSR royalty’s has a book value of
$Nil as at December 31, 2024.
Metalla holds a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right
for $4.0 million.
Tower Mountain
On January 7, 2025, Thunder Gold Corp. announced the results of the drill program on the P -
Target at Tower Mountain. Highlight intercepts include 1.93 g/t gold over 54.2 meters including
3.64 g/t gold over 10.5 meters and 1.77 g/t gold over 25.5 meters including 3.55 g/t gold over 7.6
meters.
Metalla holds a 2.0% NSR royalty on Tower Mountain.
Saturday Night
On February 28, 2025, Transition Metals Corp. reported that drilling confirmed a significant Ni-Cu-
PGM mineralized interval near the base of a larger midcontinent rift -style instruction with a
highlight intercept of 1.04 g/t PGEs (gold, platinum and palladium ) with 0.19% copper over 14
meters.
Metalla holds a 1.0% NSR royalty on Saturday Night.
Black Ridge
On December 18, 2024, Ridgeline Minerals reported that Nevada Gold Mines proposed a 2024
exploration budget of $200K to fund the next phase of field mapping and geochemical surveys
to support a maiden drill program in 2025.
Metalla holds a 0.5% NSR royalty on Black Ridge.