Metalla Reports Financial Results FOR the Third Quarter of 2025 and Provides Asset Updates
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 rev iew 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 two -
stage 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
September
30,
September
30,
September
30,
September
30,
2025 2024 2025 2024
Revenue from royalty interests(1) $4,000 $1,622 $8,416 $3,752
Net income (loss) $629 $(1,169) $(1,838) $(4,392)
Adjusted EBITDA(2) $2,902 $930 $5,253 $1,173
Total attributable GEOs(2) 1,155 648 2,623 1,673
Average realized price per attributable GEO(2) $3,451 $2,481 $3,257 $2,292
Average cash cost per attributable GEO(2) $8 $9 $9 $11
Operating cash margin per attributable GEO(2) $3,443 $2,472 $3,248 $2,281
(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 impro ving 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. Poly metals 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 histor ic 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 m ining 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 3 1, 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 exploratio n 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 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.
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 p ayable 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 finan cing, 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.