Metalla Royalty & Streaming (MTA) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $11.7 million, operating cash flow of $4.4 million, and adjusted EBITDA of $4.7 million for 2025, each representing annual records and significant year-over-year growth.

• Portfolio reached an inflection point with ramp-up of producing assets and strategic positioning in high-quality, long-life royalties.

• Net loss narrowed to $4.2 million from $5.5 million in 2024, with attributable gold equivalent ounces (GEOs) up 38% to 3,436.

Financial highlights

• Revenue doubled year-over-year to $11.7 million; operating cash flow up 271% and adjusted EBITDA up 228%.

• Net loss improved to $4.2 million from $5.5 million in 2024.

• Average realized price per attributable GEO was $3,467, with an average cash cost per attributable GEO of $10.

• Operating cash margin per attributable GEO reached $3,457.

Outlook and guidance

• 2026 attributable GEOs expected between 3,500 and 4,500, weighted to the second half of the year.

• Key cash flow sources in 2026 include Tocantinzinho, Wharf, Aranzazu, Endeavor, La Encantada, La Guitarra, with new contributions from Amalgamated Kirkland and La Parrilla.

• Guidance influenced by asset ramp-ups, grade improvements, and commodity price performance.