Metalla Reports Financial Results FOR the Second Quarter of 2025 and Provides Asset Updates
METALLA REPORTS FINANCIAL RESULTS FOR THE SECOND 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
August 14, 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 six months
ended June 30, 202 5. For complete details of the condensed interim consolidated financial
statements and accompanying management's discussion and analysis (“MD&A”) for the three
and six months ended June 30, 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 second quarter of 2025 marked another
important milestone in Metalla’s growth, highlighted by the successful closing of our inaugural
revolving credit facility and recommissioning of the Endeavor Mine. The facility lowers our cost of
capital and materially enhances our financial flexibility to continue scaling our business. We are
also pleased that, in its first month of production, the Endeavor Mine has achieved its operating
costs targets while producing 5,398 dry metric tonnes of silver -lead concentrate in July. We
anticipate our first cash flows in the third quarter. Further and subsequent to quarter end, we are
delighted to see Hudbay’s joint venture announcement for a 30% interest in Copper World b y
Mitsubishi Corporation and Equinox Gold’s announcement that Castle Mountain has been
accepted into the United States Federal Permitting Improvement Steering Council’s FAST -41
Program as we believe both updates are key to progressing these assets to a construction
decision.”
COMPANY HIGHLIGHTS
Key Company highlights for the three mo nths ended June 30, 2025 , and subsequent period
include:
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• On June 2 4, 2025, the Company entered into an agreement with the Bank of Montreal
and National Bank Financial for a revolving credit facility (“RCF”) of up to $40.0 million with
an accordion feature for an additional $35.0 million in availability, subject to the
satisfaction of certain conditions. Concurrent with entering into the RCF, the Company
also fully repaid and retired a C$50.0 million convertible loan facility with Beedie
Investments Ltd.;
• On June 26, 2025, the Company announced the release of its 2025 Asset Handbook
outlining the Company’s gold, silver, and copper royalties and streams, as well as Mineral
Reserve and Mineral Resource data for the underlying properties. The Asset Handbook is
available on the Company’s website;
• On July 9, 2025, Polymetals Resources Ltd. (“ Polymetals”) announced that it had
successfully refurbished and commissioned the Endeavor mine (“Endeavor”) and
processing plant with first concentrate shipment scheduled for July. On August 4, 2025,
Polymetals announced that Endeavor was now meeting its operating costs after its first full
month of production and had produced 5,398 dry metric tonnes of silver-lead concentrate
during July and had received concentrate prepayments of A$11.6 million;
• 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 is a federal permitting framework designed to streamline environmental reviews,
improve interagency coordination, and increase transparency. Acceptance into the
program is expected to enhance regulator y 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; and
• 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.
Key operating and financial metrics for the Company include:
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2025 2024 2025 2024
Revenue from royalty interests(1) $2,695 $875 $4,416 $2,130
Net loss $(1,603) $(1,491) $(2,334) $(3,223)
Adjusted EBITDA(2) $1,485 $165 $2,351 $243
Total attributable GEOs(2) 840 401 1,468 1,025
Average realized price per attributable GEO(2) $3,289 $2,332 $3,104 $2,173
Average cash cost per attributable GEO(2) $8 $17 $10 $12
Operating cash margin per attributable GEO(2) $3,281 $2,315 $3,094 $2,161
(1) For the methodology used to calculate attributable Gold Equivalent Ounces (“GEOs”), see Non-IFRS Financial Measures.
(2) Adjusted for the Company’s proportionate share of NLGM held by Silverback.
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ASSET UPDATES
Below are updates for the three months ended June 30, 2025, and subsequent period to certain
of the Company’s assets, based on information publicly filed by the applicable project owner:
Tocantinzinho
On July 8, 2025, G Mining Ventures Corp. (“G Mining”) reported second quarter gold production
of 42.6 Koz and that the processing plant reached nameplate capacity of 12,890 tonnes per day
(“tpd”) over 30 consecutive days. G Mining also reaffirmed their 2025 production guidance of 175
to 200 Koz with 56% of output concentrated in the second half of the year as higher -grade ore
becomes accessible deeper in the pit.
Metalla accrued 309 GEOs from Tocantinzinho for the second quarter of 2025.
Metalla holds a 0.75% Gross Value Return (“GVR”) royalty on Tocantinzinho.
Wharf
On August 6, 2025, Coeur Mining, Inc. (“Coeur”) reported second quarter gold production of 24.1
Koz. Gold production in the second quarter increased 18% quarter-over-quarter driven by higher
gold grades. Exploration expenditures for the second quarter were $4 million with expansion and
infill drilling programs at Wedge and North Foley completed during the quarter, results met
expectations with both zones expected to contribute meaningfully to year -end reserve and
resource estimates. Coeur indicated that e xploration priorities in the third quarter include infill
drilling at Juno, following up on 2024 expansion drilling, which extended mineralization
approximately 500 feet to the northwest. Coeur reaffirmed its full year guidance for 2025 at Wharf
of 90 – 100 Koz gold and announced it expects to spend $13 to $17 million on capital expenditures
to materially extend the mine life as well as other investments which are expected to be required
to convert the Juno and North Foley deposits into reserves.
Metalla accrued 279 GEOs from Wharf for the second quarter of 2025.
Metalla holds a 1.0% GVR royalty on the Wharf mine.
Aranzazu
On August 5, 2025, Aura Minerals Inc. (“Aura”) reported second quarter production from Aranzazu
of 22,281 GEOs (as defined by Aura) , marking a 9% increase over the first quarter of 2025. The
increase was driven by higher grades and improved recoveries, attributed to greater stability in
the grinding-flotation circuits and the introduction of more effective reagents. During the quarter,
infill drilling at the Glory Hole zone focused on converting Inferred to Indicated Mineral Resources
in deeper parts of the deposit. Drilling confirmed continuity of the mineralized skarn, with highlight
intercepts of 5.86% copper, 1.3 g/t gold, and 62 g/t silver over 25.5 meters, and 0.95% copper,
0.33 g/t gold, and 10 g/t silver over 26 meters. At Esperanza, drilling continued to confirm
mineralization continuity, with notable results including 2.3% copper, 0.88 g/t gold, and 20 g/t
silver over 6.4 meters, and 0.72% copper, 0.27 g/t gold, and 5 g/t silver over 3.35 meters.
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On May 5, 2025, 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.
Metalla accrued 175 GEOs from Aranzazu for the second quarter of 2025.
Metalla holds a 1.0% Net Smelter Returns (“NSR”) royalty on Aranzazu.
La Guitarra
On July 31, 2025, Sierra Madre Gold & Silver Ltd. (“Sierra Madre”) announced closing of the final
tranche of a C$19.5 million private placement , with net proceeds to be used to expand the
capacity of the La Guitarra mine and conduct a detailed exploration program, including drilling
in the East District of the La Guitarra property.
On April 29, 2025, 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 Ma dre to restart
operations with minimal pre -production expenditures and seven months ahead of schedule.
Sierra Madre noted that the Coloso Mineral 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.
Metalla accrued 30 GEOs from La Guitarra for the second 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 July 8, 2025, First Majestic Silver Corp. reported production of 49 oz of gold from La Encantada
in the second quarter of 2025. During the quarter, one underground rig completed 2,546 meters
of drilling on the property.
Metalla accrued 26 GEOs from La Encantada for the second quarter of 2025.
Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz
annually.
Endeavor
On August 4, 2025, Polymetals announced that Endeavor was now meeting its operating costs
after its first full month of production. Endeavor produced 5,398 dry metric tonnes of silver -lead
and zinc concentrates during July and has agreed to a second pre -payment with its offtake
partner of A$11.6 million. Polymetals announced that z inc concentrate transports from site will
commence mid -August with the first ocean shipment scheduled for early September. The
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operational ramp -up remains on track, with mining of the high -grade Upper North silver ore
expected to begin in August.
On July 9, 2025, Polymetals announced that it had successfully refurbished and commissioned
the Endeavor mine and processing plant. Mining and processing activities were ramping up to
planned levels, with production of silver -lead-zinc concentrate well underway. Polymetals
reported that first ore was treated on June 7, with a total of 36,066 dry metric tonnes of
commissioning ore processed, grading 103 g/t silver, 3.72% z inc, and 2.31% lead. Site activities
remain on track to process an average of 65,000 dr y metric tonnes of ore per month during the
second half of 2025. Exploration during the second quarter focused on the Carpark target and
Endeavor South. At Endeavor South, drilling intersected encouraging alteration, veining, and
visible sulphides, including elevated copper values, supporting the potential continuation of the
mineral system south of the Endeavor main lode.
Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor and expects
its first cash flow in the third quarter of 2025 at which point it will be classified as producing.
Gurupi (formerly CentroGold)
On July 23, 2025, G Mining reported that a Brazilian federal court had nullified legacy
environmental licenses granted in 2011 to a prior operator, resolving a longstanding legal dispute
over the Gurupi Project and providing a clean regulatory path forward. The ruling allows G Mining
to initiate a new environmental licensing process, including the preparation of a full
environmental impact assessment and engagement with the National Institute for Colonization
and Agrarian Reform. G Mining also announced a budget of $2 to $4 million has been allocated
to Gurupi for 2025, with a larger budget to be mobilized in the second half of the year upon
receipt of the necessary exploration permits.
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.
Côté-Gosselin
On August 7, 2025, IAMGOLD Corporation (“IAMGOLD”) reported in their second quarter MD&A
that approximately 19,700 meters of drilling were completed at the Gosselin deposit during the
quarter (31,700 meters year-to-date). The program was focused on increasing confidence in the
existing resource and conv erting a significant portion of Inferred Resources to the Indicated
category. IAMGOLD plans to drill a total of 45,000 meters at Gosselin in 2025, however this
program could increase. In addition, 6,500 meter s of the 20,000 -meter infill drill program
commenced in the second quarter of 2025 to improve resource confidence in the northeastern
extension of the Côté deposit. According to IAMGOLD, t he results of the Gosselin exploration
program are expected to be included in an updated Mineral Reserve and Resource estimate
next year and will inform the 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.
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IAMGOLD also reported gold production at Côté gold mine in the second quarter was 96 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 m ill feed with reduced handling. Production at Côté Gold in 2025 is
expected to be in the 360 – 400 Koz range.
Figure 1: Long section of Côté and Gosselin conceptual super pit (Source: IAMGOLD Q2 2025 Presentation)
Metalla holds a 1.35% NSR royalty cover ing less than 10% of the Côté Mineral Reserves and
Resources estimate in the northeastern portion of the pit design, as well as 100% of the Gosselin
Mineral Resource estimate.
Castle Mountain
On August 11, 2025, Equinox reported that Castle Mountain has been accepted into the United
States 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 comple ted 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.
On May 7, 2025, Equinox reported in their first quarter MD&A that they are continuing to advance
engineering and permitting for Castle Mountain. Equinox reiterated its expectation that the lead
agencies will publish a notice of intent in 2025, which would commence the formal permitting
review process, and announced that a memorandum of understanding has been signed among
the project lead agencies to prepare the joint Environmental Impact Statement/Environmental
Impact Report (“EIS/EIR”). Equinox expects the EIS/EIR stage of formal environmental analysis to
occur throughout 2025 and 2026.
Metalla holds a 5.0% NSR royalty on the South Domes area of Castle Mountain.
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Taca Taca
On July 23, 2025, First Quantum Minerals Ltd. (“ First Quantum”) reported in their second 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 four th quarter of 2024. First Quantum also
stated that it is preparing an update d NI 43-101 Technical Report 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.
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 July 29, 2025, Unico Silver Ltd. (“Unico”) announced the results of continued drilling at Joaquin,
aimed at expanding mineralization and converting the Foreign Resource Estimate (as defined by
Unico) to a maiden JORC compliant resource. Step out drilling at La Marocha SE returned a
highlight intercept of 163 g/t AgEq (as defined by Unico) over 69 meters. Further, initial infill drilling
completed at Joaquin confirmed historical mineralization and highlight previously under -
modelled high-grade zones with a highlight intercept of 522 g/t AuEq over 28 meters.
Figure 2: Plan view map of significant intercepts at Joaquin (historical and new) (Source: Unico quarterly activities report
dated July 30, 2025)
Metalla holds a 2.0% NSR royalty on Joaquin.
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San Luis
On July 29, 2025, Highlander Silver Corporation (“Highlander”) reported assays results testing a
conceptual open pit target called Bonita at San Luis. All seven holes intersected high grade
broad mineralization with highlight intercepts of 4.92 g/t gold and 16.52 g/t silver over 23.1 meters
and 3.7 g/t gold and 17.47 g/t silver over 14.5 meters. Highlander plans to expand the drill program
to two drill rigs upon receipt of regulatory approval.
Metalla holds a 1.0% NSR royalty on San Luis.
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,
with an increased throughput scenario. St Barbara a lso 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.
Fosterville
On July 30, 2025, Agnico Eagle Mines Ltd. (“Agnico”) reported that Fosterville produced 49.6 Koz
of gold in the second quarter of 2025, higher than planned due to higher grades at Harrier and a
change in mining sequence at Phoenix.
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.
Copper World
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. The joint venture is expe cted 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.
On June 11, 2025, Copper World Inc., a wholly -owned subsidiary of Hudbay announced the
selection of several companies to conduct feasibility studies and drive early stage project
development for Copper World, a milestone that marks the continued advancement of the fully
permitted mine. Hudbay stated that this development is structured under an integrated project
delivery model which fosters more efficient planning, enhances risk mitigation, and streamlines