Metalla Royalty & Streaming (MTA) Q4 2024 earnings summary

Executive summary

• Achieved first production milestones at Tocantinzinho and La Guitarra in 2024, with further growth expected from Endeavor and Amalgamated Kirkland in 2025.

• Côté/Gosselin and Taca Taca projects advanced, with significant drilling and permitting progress; Copper World received final major permit.

• Well-positioned for substantial year-over-year growth in gold equivalent ounce (GEO) production and free cash flow in 2025.

Financial highlights

• Received or accrued payments on 2,481 attributable GEOs at an average realized price of $2,411 and average cash cost of $19 per GEO for 2024.

• Recognized $5.9 million in revenue from royalty and stream interests, reported net loss of $5.5 million, and Adjusted EBITDA of $1.4 million for 2024.

• Generated operating cash margin of $2,401 per attributable GEO from multiple royalty interests.

Outlook and guidance

• Expects to receive or accrue payments on 3,500 to 4,500 attributable GEOs in 2025, with key cash flows from Tocantinzinho, Wharf, Endeavor, Aranzazu, La Encantada, and La Guitarra.

• 2025 guidance depends on Endeavor ramp-up, with first production and cash flows anticipated in Q2.