Metalla Royalty & Streaming (MTA) Q2 2025 earnings summary

Executive summary

• Achieved key milestones in Q2 2025, including closing a $40M revolving credit facility and recommissioning the Endeavor Mine, enhancing financial flexibility and operational growth.

• First cash flows from Endeavor expected in Q3 2025, with the mine meeting operating cost targets and producing 5,398 dry metric tonnes of silver-lead concentrate in July.

• Strategic asset developments include Hudbay's $600M joint venture for Copper World and Castle Mountain's acceptance into the FAST-41 permitting program.

Financial highlights

• Q2 2025 revenue from royalty interests was $2,695K, up from $875K in Q2 2024; net loss was $1,603K compared to $1,491K loss in Q2 2024.

• Adjusted EBITDA for Q2 2025 was $1,485K, a significant increase from $165K in Q2 2024.

• Total attributable gold equivalent ounces (GEOs) for Q2 2025 were 840, up from 401 in Q2 2024.

• Average realized price per attributable GEO was $3,289, with an average cash cost per attributable GEO of $8, resulting in an operating cash margin per GEO of $3,281.

• Adjusted working capital as of June 30, 2025, was $10,057K.

Outlook and guidance

• First cash flows from Endeavor expected in Q3 2025 as production ramps up.

• Tocantinzinho and Wharf reaffirmed 2025 production guidance, with significant output expected in H2 2025.

• Castle Mountain's permitting process expected to complete by December 2026, positioning it for a timely construction decision.