Metalla Royalty & Streaming (MTA) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw progress across several royalty assets, including Endeavor on track for first ore processing, Aranzazu mine life extended to 10 years, and La Guitarra commencing higher-grade mining at Coloso.

• Wasamac and Gurupi reported updated mineral reserves/resources exceeding 2 Moz each; significant drill programs underway at multiple assets.

Financial highlights

• Revenue from royalty and stream interests was $1.7 million for Q1 2025; net loss of $0.7 million; Adjusted EBITDA of $0.9 million.

• Received or accrued payments on 628 attributable Gold Equivalent Ounces (GEOs) at an average realized price of $2,855 and average cash cost of $11 per GEO.

• Operating cash margin per attributable GEO was $2,844.

• Adjusted working capital as of March 31, 2025, was $11.8 million.

Outlook and guidance

• Tocantinzinho reaffirmed 2025 gold production guidance of 175–200 Koz, with 56% of output expected in H2 as higher-grade ore becomes accessible.

• Wharf and Aranzazu operators reaffirmed full-year 2025 production guidance despite Q1 production challenges.

• Côté Gold expected to produce 360–400 Koz in 2025 as ramp-up continues.