Metalla Royalty & Streaming (MTA) Q2 2024 earnings summary

Executive summary

• Achieved key milestones with first production at Tocantinzinho and La Guitarra, and commercial production at Côté, positioning the company for growth in H2 2024.

• Strengthened leadership with Jason Cho appointed as President, who also invested C$1.0 million in equity.

• Published inaugural Asset Handbook detailing over 100 royalty and streaming assets.

Financial highlights

• Q2 2024 revenue from royalty and stream interests was $0.9 million; net loss of $1.5 million; Adjusted EBITDA of $0.2 million.

• H1 2024 revenue was $2.1 million; net loss of $3.2 million; Adjusted EBITDA of $0.2 million.

• Received/accrued payments on 401 attributable GEOs in Q2 at an average realized price of $2,332 and cash cost of $17 per GEO.

• Operating cash margin per attributable GEO was $2,315 in Q2 and $2,161 for H1 2024.

• Adjusted working capital as of June 30, 2024, was $10.1 million.

Outlook and guidance

• Anticipates growth in H2 2024 driven by new production milestones and asset ramp-ups.

• Operators of key assets reaffirmed 2024 production guidance at Aranzazu, Wharf, and Côté.

• Endeavor mine plan improved with 45% increase in reserves; first production expected in H1 2025.