Metalla Reports Financial Results FOR the First Quarter of 2025 and Provides Asset Updates
METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST 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
May 15, 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 months ended
March 31, 2025. For complete details of the condensed interim consolidated financial statements
and accompanying management's discussion and analysis for the three months ended March
31, 202 5, 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 first quarter 2025 marked further progress for
several royalties in the Company’s portfolio. Endeavor remains on track for first ore processing in
Q2; Aranzazu saw an increase in mine life to 10 years; La Guitarra begins mining at the higher
grade Coloso mine; Wasamac and Gurupi both had updated 2 Moz+ Mineral Reserves and
Resources declared; and meaningful drill programs at Gosselin, Fosterville, Wharf, Joaquin, San
Luis and Edwards are now underway.”
COMPANY HIGHLIGHTS
Below are key Company highlights for three months ended March 31, 2025:
• Received or accrued payments on 628 attributable Gold Equivalent Ounces (“GEOs”) at
an average realized price of $2,855 and an average cash cost of $11 per attributable GEO
(see Non-IFRS Financial Measures);
• Recognized revenue from royalty and stream interests, including fixed royalty payments,
of $1.7 million, net loss of $ 0.7 million, and Adjusted EBITDA of $ 0.9 million (see Non-IFRS
Financial Measures);
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• Generated operating cash margin of $2, 844 per attributable GEO from the Wharf,
Tocantinzinho, 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); and
• 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.
ASSET UPDATES
Below are updates for the three months ended March 31, 2025, and subsequent period to certain
of the Company’s assets, based on information publicly filed by the applicable project owner:
Tocantinzinho
On May 14, 2025, G Mining Ventures Corp. (“ G Mining ”) reported 2025 first quarter gold
production of 36 Koz and gold sales of 35 Koz. Productivity during the period was impacted by
unusually heavy rainfall reducing mined tonnage. Plant availability was also impacted in the
period due to unscheduled downtime for a mill liner replacement, with a new metallic liner system
installed in April which is expected to increase plant availability and throughput to nameplate
levels. G Mining also reaffirmed their 2025 production guidance of 175 to 200 Koz with 56% of the
output concentrated in the second half of the year as higher grade ore becomes accessible
deeper in the pit.
On February 20, 2025, G Mining announced an updated Reserve and Resource estimate where
infill drilling and integration of grade control data led to an 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 Resources totaled 1.07 Moz at 1.21 g/t gold, Indicated Resources totaled 1.11 Moz
gold at 1.22 g/t gold, 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.
Metalla accrued 266 GEOs from Tocantinzinho for the three months ended March 31, 2025.
Metalla holds a 0.75% GVR royalty on Tocantinzinho.
Wharf
On May 7, 2025, Coeur Mining, Inc. (“ Coeur”) reported 2025 first quarter production of 20.5 Koz
gold. Coeur stated that production was lower than expected for the quarter due to the timing of
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tons and grades stacked on the heap leach pad during the period, however Coeur reaffirmed
its full year guidance for 2025 at Wharf of 90 – 100 Koz gold. Coeur also stated that capital
expenditures for the quarter totaled $7 million to materially extend the mine life, and exploration
for the quarter totaled $3 million, focused on expansion and infill drilling focused on expanding
the mineralized zones at Juno and North Foley and outlining a new zone of mineralization in the
Wedge, an undrilled target southeast of North Foley.
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 126 GEOs from Wharf for the three months ended March 31, 2025 . The
Company’s NSR royalty is based on the value of gold ounces stacked which were considerably
lower in Q1 2025 compared to Q1 2024.
Metalla holds a 1.0% GVR royalty on the Wharf mine.
Aranzazu
On May 5, 2025, Aura Minerals Inc. (“ Aura”) highlighted the release of an updated National
Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report for
Aranzazu on April 1, 2025, which confirmed a 10 -year mine life and projected average annual
production of 28.1 million pounds of copper, 25.2 Koz of gold, and 652 Koz of silver.
Aura also reported first quarter 2025 production from the Aranzazu Mine totaling 20,456 GEOs (as
defined by Aura), representing a 10% decrease from Q4 2024. The decline was attributed to mine
sequencing, extended maintenance downtime, and lower copper recoveries due to higher clay
content in the ore. Aura reaffirmed its 2025 production guidance of 88,000 to 97,000 GEOs (as
defined by Aura).
Additionally, Aura announced that exploration during Q1 2025 in the Glory Hole zone confirmed
the continuity of the mineralized skarn at depth, with notable intercepts including 0.6% copper,
0.24 g/t gold, and 7 g/t silver over 20 meters, and 0.75% copper, 0.47 g/t gold, and 7 g/t silver
over 6.5 meters.
Metalla accrued 164 GEOs from Aranzazu for the three months ended March 31, 2025.
Metalla holds a 1.0% NSR royalty on the Aranzazu mine.
La Guitarra
On April 29, 2025, Sierra Madre Gold & Silver Ltd. (“ Sierra Madre ”) announced the
commencement of underground mining at the Coloso mine, located within the Guitarra
complex. The Coloso mine is located 4 kilometers from the Guitarra processing plant and was
previously mined allowing Sierra Madre to restart operations wit h minimal pre -production
expenditures and seven months ahead of schedule. Sierra Madre noted that the Coloso Mineral
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Resource grades are 1.7 times higher in silver and 1.2 times higher in gold than the Guitarra vein,
which served as the initial mining front at 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 29 GEOs from La Guitarra for the three months ended March 31, 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 April 9, 2025, First Majestic Silver Corp. (“ First Majestic”) reported production of 26 oz of gold
from La Encantada in the first quarter of 2025. During the quarter, one underground rig completed
955 meters of drilling on the property.
On February 20, 2025, First Majestic reported in their year-end MD&A they expected to complete
an estimated 5,600 meters of drilling in 2025 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 17 GEOs from La Encantada for the three months ended March 31, 2025.
Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz
annually.
Endeavor
On April 2 , 2025, Polymetals Resources Ltd. (“ Polymetals”) reported in its March 2025 Quarterly
Activities report that the Endeavor mine redevelopment activities are on schedule with wet
commissioning of the mill expected in April 2025 and first ore processing and concentrate
production expected in May 2025. The first stope blast at the 777 level of the main Endeavor ore
body yielded diluted block grades of 180 g/t silver, 6% zinc and 3.8% lead. In addition, near mine
drilling continued during the quarter at the Carpark prospect, which is considered by Polymetals
to have a high potential to host a southern extension to the Endeavor mineral system.
Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor.
Côté-Gosselin
On May 6, 2025, IAMGOLD Corporation (“ IAMGOLD”) reported in their first quarter MD&A that
approximately 12,000 meters of drilling were completed at the Gosselin deposit during the
quarter. The program was focused on increasing confidence in the existing resource and
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converting a significant portion of Inferred Resources to the Indicated category. IAMGOLD plans
to drill a total of 45,000 meters at Gosselin in 2025. In addition, a 20,000-meter infill drill program is
expected to commence in the second quarter of 2025 to improve resource confidence in the
northeastern extension of the Côté deposit. IAMGOLD also noted that technical studies are
progressing to support ongoing metallurgical testing, as well as mining and infrastructure
assessments, to evaluate potential integration of the Gosselin deposit into a future Côté Gold life-
of-mine plan.
IAMGOLD also reported gold production at Côté Gold in the first quarter was 73 Koz, as the mine
continues to ramp up following the start of production in 2024. Mining activities continue to
expand the pit and increase the volume of blasted ore in the pit to provide flexibility in supporting
the planned mill feed with reduced handling. Production at Côté Gold in 2025 is expected to be
in the 360 – 400 Koz range.
Metalla holds a 1.35% NSR royalty cover ing less than 10% of the Côté Reserves and Resources
estimate in the northeastern portion of the pit design, as well as 100% of the Gosselin Resource
estimate.
Taca Taca
On April 24, 2025, First Quantum Minerals Ltd. (“First Quantum”) reported in their first quarter MD&A
that the Environmental and Social Impact Assessment (ESIA) continues to be reviewed by the
Secretariat of Mining of Salta Province. First Quantum is awaiting a consolidated technical report
from provincial authorities, following an independent evaluation conducted by SEGEMAR
(Argentinian Geological and Mining Service) in the fourth quarter of 2024. First Quantum also
stated that it is preparing an update of the Taca Taca’s NI 43-101 Technical Report, and plans 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.
Copper World
On May 12, 2025, Hudbay Minerals Inc. (“ Hudbay”) announced that in January 2025, they
received the final major permit required for the development and operation at Copper World,
and since then have commenced a minority joint venture partner process. Hudbay stated that
they anticipated any minority joint venture partner would participate in the funding of the
definitive feasibility study activities as well as the final project design and construction. Hudbay
also stated that they have commenced the work to support the definitive feasibility and progress
the project towards a potential sanction decision in 2026. Copper World is expected to produce
85,000 tonnes of copper per year over an initial 20-year mine life.
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.
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Fosterville
On April 24, 2025, Agnico Eagle Mines Ltd. (“Agnico”) reported that Fosterville produced 43.6 Koz
of gold in the first quarter of 2025, higher than planned due to higher grades at Harrier and a
change in mining sequence at Phoenix.
On February 13, 2025, Agnico reported it 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 2024, 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.
Amalgamated Kirkland and North AK
On February 13, 2025, Agnico announced that Amalgamated 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.
Wasamac
On February 13, 2025, Agnico reported the inaugural declaration 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.
Gurupi (formerly CentroGold)
On February 20, 2025, G Mining announced an updated Mineral Resource at Gurupi with
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. A budget of $2 -4 million has been allocated
to Gurupi in 2025 with exploration efforts to focus on data compilation and interpretation,
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machine learning-based core relogging, conducing a high-resolution survey, and completing soil
sampling to follow up on historic golf showings and newly defined targets.
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.
Castle Mountain
On May 7, 2025, Equinox Gold Corp. (“Equinox”) reported in their first quarter MD&A that they are
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,
which would commence the formal permitting review process. Furthermore, a memorandum of
understanding (“MOU”) has been signed among the project lead agencies to prepare the joint
Environmental Impact Statement/Environmental Impact Report (“EIS/ESR”). 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.
West Wall
On January 29, 2025, Glencore plc (“Glencore”) reported in their 2024 Mineral Reserves & Mineral
Resources report that West Wall’s Indicated Mineral Resources grew to 891 Mt at 0.50% copper,
0.04 g/t gold and 0.01% molybdenum. In addition, Inferred Mineral Resources increased to 1,500
Mt at 0.38% copper, 0.03 g/t gold and 0.01% molybdenum. The changes to the West Wall Mineral
Resource estimate reflect updated economic assumptions and pit optimization.
Metalla holds a 1.0% net proceeds of production royalty on West Wall.
Joaquin
On April 28, 2025, Unico Silver Ltd. (“Unico”) reported that a maiden drill program of 10,000 meters
is underway at Joaquin. Drilling is designed to expand mineralization and convert the Foreign
Resource Estimate (as defined by Unico) to a maiden JORC compliant resource. First assay results
are anticipated during Unico’s June quarter 2025.
Metalla holds a 2.0% NSR royalty on Joaquin.
La Parrilla
On May 8 , 2025, Silver Storm Mining Ltd. (“ Silver Storm ”) announced it has made excellent
progress towards securing a debt and offtake-linked project financing proposals for the restart of
operations at La Parrilla.
On February 11, 2025, Silver Storm reported that the Indicated Mineral Resources at La Parrilla
grew by 107% to 10.8 Moz AgEq (as defined by Silver Storm) at 280 g/t AgEq and the Inferred
Mineral Resources grew by 58% to 16.3 Moz AgEq at 255 g/t AgEq.
Metalla holds a 2.0% NSR royalty on La Parrilla.
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Edwards Mine
On April 30, 2025, Alamos Gold Inc (“Alamos”) reported that 854 meters of drilling was completed
in the first quarter at the past producing Cline -Edwards Mines, located approximately seven
kilometers northeast of the Island Gold mine. 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.
Dundonald
On March 27, 2025, Class 1 Nickel and Technologies Ltd. reported an updated Mineral Resource
estimate for the Dundonald North Nickel deposit. Total Inferred Resources were 42 Mlbs at 0.75%
nickel and 2.6 Mlbs at 0.05% copper.
Metalla holds a 1.25% NSR royalty at Dundonald.
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 pallad ium) with 0.19% copper over 14
meters.
Metalla holds a 1.0% NSR royalty on Saturday Night.