Metalla Royalty & Streaming (MTA) Registration Filing summary

Company overview and business model

• Operates as a precious and base metals royalty and streaming company, acquiring gold, silver, and copper purchase agreements, NSR royalties, and other non-operating interests in mining projects across production, development, and exploration stages.

• As of March 31, 2024, held 102 royalties, streams, and other interests, with five in production, 42 in development, and the remainder in exploration.

• Business model focuses on generating cash flow from a diversified portfolio, with limited exposure to operational risks and a scalable structure.

• Recent growth includes the acquisition of Nova Royalty Corp., expanding copper exposure and portfolio scale.

Financial performance and metrics

• For Q1 2024, recognized $1.3 million in revenue from royalty and stream interests, with a net loss of $1.7 million and adjusted EBITDA of $0.1 million.

• Attributable gold equivalent ounces (GEOs) for Q1 2024 were 624, down from 927 in Q1 2023; average realized price per GEO was $2,069, with an average cash cost of $8 per GEO.

• Cash balance as of March 31, 2024, was $11.0 million, with adjusted working capital of $10.3 million.

• Negative cash flow from operating activities is expected to continue until underlying projects generate further revenues.

Use of proceeds and capital allocation

• Proceeds from securities offerings are intended for the purchase of new streams and royalties and for working capital.

• May use proceeds to fund negative cash flow from operations until projects reach production.

• Raised $4.6 million in each of 2023 and 2022 through at-the-market offerings and $15.0 million via private placement in October 2023, primarily for acquisitions and related expenses.