METALLA REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024 AND PROVIDES ASSET UPDATES

PR Newswire

VANCOUVER, VC, Nov. 14, 2024

(All dollar amounts are in thousands of United States dollars unless otherwise indicated, except for shares, per ounce, and per share amounts)

TSXV: MTA

NYSE American: MTA

VANCOUVER, VC, Nov. 14, 2024 /PRNewswire/ - 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, 2024. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three and nine months ended September 30, 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.

Brett Heath, CEO of Metalla, commented, "This is a pivotal moment for the Company. In the third quarter, we achieved a major milestone by receiving our first royalty payments from Tocantinzinho and La Guitarra, both of which we expect to continue scaling production to full capacity in the fourth quarter and into 2025. Looking forward, we anticipate Amalgamated Kirkland and Endeavor will begin production in Q4 2024 and H1 2025, respectively, accelerating our GEO growth trajectory through the next year, with several additional assets expected to reach production between 2025 and 2028."

COMPANY HIGHLIGHTS

Below are key Company highlights for the three and nine months ended September 30, 2024:

   -- For the three months ended September 30, 2024, the Company received or 
      accrued payments on 648 attributable Gold Equivalent Ounces ("GEOs") at 
      an average realized price of $2,481 and an average cash cost of $9 per 
      attributable GEO (see Non-IFRS Financial Measures). For the nine months 
      ended September 30, 2024, the Company received or accrued payments on 
      1,673 attributable GEOs at an average realized price of $2,292 and an 
      average cash cost of $11 per attributable GEO (see Non-IFRS Financial 
      Measures); 
 
   -- For the three months ended September 30, 2024, the Company recognized 
      revenue from royalty and stream interests, including fixed royalty 
      payments, of $1.6 million, net loss of $1.2 million, and Adjusted EBITDA 
      of $0.9 million (see Non-IFRS Financial Measures). For the nine months 
      ended September 30, 2024, the Company recognized revenue from royalty and 
      stream interests, including fixed royalty payments, of $3.8 million, net 
      loss of $4.4 million, and Adjusted EBITDA of $1.2 million (see Non-IFRS 
      Financial Measures); 
 
   -- For the three months ended September 30, 2024, the Company generated 
      operating cash margin of $2,472 per attributable GEO, and for the nine 
      months ended September 30, 2024, the Company generated operating cash 
      margin of $2,281 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 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 tonnes per day ("tpd")), 
      processing a total of 304 kilotonnes ("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 investment into the Company, for the acquisition 
      of 250,000 common shares of the Company ("Common Shares") at C$4.00 per 
      Common Share by way of private placement which 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; 
 
   -- On June 28, 2024, the Company filed a new final short form base shelf 
      prospectus and a corresponding registration statement on Form F-10 that 
      replaced the base shelf prospectus and Form F-10 registration statement 
      previously filed by the Company in 2022; 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. 

ASSET UPDATES

Below are updates for the three months ended September 30, 2024, and subsequent period to certain of the Company's assets, based on information publicly filed by the applicable project owner:

Tocantinzinho

On September 3, 2024, G Mining announced it had achieved commercial production at the Tocantinzinho gold project 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 has been reached at Tocantinzinho on time and on budget.

Metalla accrued 67 GEOs from Tocantinzinho for the third quarter of 2024.

Metalla holds a 0.75% GVR royalty on Tocantinzinho.

Wharf

On November 6, 2024, Coeur Mining, Inc. ("Coeur") reported 2024 third quarter production of 33.7 Koz gold and continues to reiterate the full year guidance for 2024 at Wharf of 86 -- 96 Koz gold. Exploration investment during the quarter totaled $2 million focused on an expanded drill program to meaningfully extend the mine life at Wharf. Two rigs were active during the quarter at Juno and North Foley deposits undertaking infill and expansion drilling.

Metalla accrued 268 GEOs from Wharf for the third quarter of 2024.

Metalla holds a 1.0% GVR royalty on the Wharf mine.

Aranzazu

On November 4, 2024, Aura Minerals Inc. ("Aura") announced third quarter 2024 production at Aranzazu totaled 24,486 GEOs (as defined by Aura), while continuing to reiterate 2024 guidance for Aranzazu, which it had disclosed on February 20, 2024, of 94-108 Koz GEOs (as defined by Aura).

During the third quarter, Aura reported a total of 8,405 meters of drilling was completed in the Glory Hole, Esperanza, and La Apuesta zones. At Glory Hole, exploration focused on resource conversion drilling to upgrade Mineral Resources from Inferred to Indicated, with highlight results of 0.86% copper and 0.26 g/t gold over 6 meters. At Esperanza, drilling continued to extend mineralization down dip of the skarn body with highlight intercept of 0.75% copper and 0.32 g/t gold over 30 meters.

Metalla accrued 196 GEOs from Aranzazu for the third quarter of 2024.

Metalla holds a 1.0% NSR royalty on the Aranzazu mine.

El Realito

On October 30, 2024, Agnico Eagle Mines Ltd. ("Agnico") reported that gold production from La India totaled 4.5 Koz for the third quarter of 2024. Agnico stated that production is expected to come from residual leaching of the heap leach pads and is expected to continue through year-end 2024.

Metalla accrued 36 GEOs from El Realito for the third quarter of 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.

La Guitarra

On September 24, 2024, Sierra Madre announced that daily throughput rates of silver and gold mineralization have averaged 350 tpd over the past 30 days, generating in excess of $2.4 million in revenue since the commencement of mining at the La Guitarra complex.

On July 30, 2024, Sierra Madre announced the first shipments of silver and gold concentrates from La Guitarra. Sierra Madre shipped 90.68 dry metric tonnes of concentrate at 3000 g/t silver and 30 g/t gold with another 90 dry tonnes of concentrate to be shipped soon after. Sierra Madre plans to continue to increase production with a goal of reaching 500 tpd of throughput for approximately 350 dry tonnes of concentrate per month by year-end.

Metalla accrued 20 GEOs from La Guitarra for the third quarter of 2024.

Metalla holds a 2.0% NSR Royalty on La Guitarra, subject to a 1.0% buyback for $2.0 million.

La Encantada

On October 17, 2024, First Majestic Silver Corp. ("First Majestic") announced production of 59 oz of gold from La Encantada in the third quarter of 2024. Since successfully identifying a water source in the first quarter, First Majestic announced ore processing throughput has reached capacity by the end of the quarter and expects Q4 production to revert to historical levels. During the quarter, two surface drill rigs completed 1,862 meters of drilling on the property.

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