Metalla Royalty & Streaming (MTA) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $4.0 million, cash flow from operations of $2.6 million, and Adjusted EBITDA of $2.9 million for Q3 2025, marking the first quarter of positive net income at $0.6 million.

• Increased NSR royalty on Côté-Gosselin to 1.50% following a $3.4 million acquisition, enhancing exposure to a major North American gold asset.

• Advanced key assets: La Parrilla rehabilitation underway, La Guitarra expansion plans, Mitsubishi's $600 million investment in Copper World, and Castle Mountain's Phase 2 accepted into the FAST-41 permitting program.

Financial highlights

• Q3 2025 revenue rose to $4.0 million from $1.6 million year-over-year; net income reached $0.6 million versus a $1.2 million loss in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $2.9 million, up from $0.9 million in Q3 2024.

• Total attributable gold equivalent ounces (GEOs) for Q3 2025 were 1,155, with an average realized price per GEO of $3,451 and average cash cost per GEO of $8.

• Operating cash margin per attributable GEO was $3,443 in Q3 2025.

• Adjusted working capital as of September 30, 2025, was $12.1 million.

Outlook and guidance

• Anticipates sustained long-term growth and compounding cash flow as assets progress through development and into production.

• Côté Gold mine expected to produce 360–400 koz in 2025; Castle Mountain federal permitting process targeted for completion by December 2026.

• La Parrilla targeting restart as early as Q2 2026; La Guitarra expansion to 1,200–1,500 tpd by Q3 2027.