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METALLA REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024 AND PROVIDES ASSET UPDATES
CNW Group
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(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, BC, Aug. 14, 2024 /CNW/ - 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, 2024. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three and six months ended June 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, President, and CEO of Metalla, commented, " We're making significant progress at Metalla. We recently strengthened our leadership team with the appointment of Jason Cho as President. Additionally, Tocantinzinho and La Guitarra achieved first production, and Côté reached commercial production. We believe these milestones are catalysts for Metalla's growth trajectory starting in the second half of this year. Furthermore, we introduced our inaugural asset handbook, showcasing details on our over 100 royalty and streaming assets."

COMPANY HIGHLIGHTS

Below are some of the key Company highlights for the six months ended June 30, 2024, and subsequent period.

  • 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 July 24, 2024, the Company announced the appointment of Jason Cho as President of the Company. Concurrent 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 (the "Placement"). The Placement closed on August 9, 2024;

  • On July 10, 2024, the Company reported that G Mining Ventures Corp ("G Mining") announced the first gold pour at the Tocantinzinho gold project in the State of Pará, Brazil, where Metalla holds a 0.75% GVR royalty;

  • For the three months ended June 30, 2024, the Company received or accrued payments on 401 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $2,332 and an average cash cost of $17 per attributable GEO (see Non-IFRS Financial Measures). For the six months ended June 30, 2024, the Company received or accrued payments on 1,025 attributable GEOs at an average realized price of $2,173 and an average cash cost of $12 per attributable GEO (see Non-IFRS Financial Measures);

  • For the three months ended June 30, 2024, the Company recognized revenue from royalty and stream interests, including fixed royalty payments, of $0.9 million, net loss of $1.5 million, and Adjusted EBITDA of $0.2 million (see Non-IFRS Financial Measures). For the six months ended June 30, 2024, the Company recognized revenue from royalty and stream interests, including fixed royalty payments, of $2.1 million, net loss of $3.2 million, and Adjusted EBITDA of $0.2 million (see Non-IFRS Financial Measures);

  • For the three months ended June 30, 2024, the Company generated operating cash margin of $2,315 per attributable GEO, and for the six months ended June 30, 2024, the Company generated operating cash margin of $2,161 per attributable GEO from the Wharf, El Realito, Aranzazu, La Encantada, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), and other royalty interests (see Non-IFRS Financial Measures);

  • On February 20, 2024, Beedie Investments Ltd. ("Beedie") elected to convert C$1.5 million of the accrued and unpaid interest under the existing convertible loan facility between Metalla and Beedie (the "Convertible Loan Facility") into Common Shares at a conversion price of C$3.49 per Common Share, being the closing price of the shares of Metalla on the TSX-V on February 20, 2024, for a total of 429,800 Common Shares which were issued on March 19, 2024;

  • 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.

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