MAR 26, 2026 Metalla Reports Record 2025 Financial Results Highlighting Portfolio Inflection And Future Cash Flow Growth PRESS RELEASE VIEW

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# MAR 26, 2026 Metalla Reports Record 2025 Financial Results Highlighting Portfolio Inflection And Future Cash Flow Growth PRESS RELEASE VIEW

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# MAR 26, 2026 Metalla Reports Record 2025 Financial Results Highlighting Portfolio Inflection And Future Cash Flow Growth PRESS RELEASE VIEW
METALLA REPORTS RECORD 2025 FINANCIAL RESULTS HIGHLIGHTING
PORTFOLIO INFLECTION AND FUTURE CASH FLOW GROWTH
(All dollar amounts are in thousands of United States dollars unless otherwise indicated, except for shares, per
ounce, and per share amounts)
FOR IMMEDIATE RELEASE TSXV: MTA
NYSE American: MTA
March 26, 2026
Vancouver, Canada: Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company”) (TSXV: MTA)
(NYSE American: MTA) announces its operating and financial results for the year ended December 31,
2025. Metalla has also filed with the U.S. Securities and Exchange Commission (the “SEC”) its SEC Annual
Report on Form 40-F for the year ended December 31, 2025. The Form 40-F includes the Company’s
Annual Information Form, audited financial statements and management’s discussion & analysis for the
year ended December 31, 2025. For complete details of the consolidated financial statements and
accompanying management's discussion and analysis for the year ended December 31, 2025, please see
the Company's filings on SEDAR+ (www.sedarplus.ca) or EDGAR (www.sec.gov). Shareholders are
encouraged to visit the Company's website at www.metallaroyalty.com.
Metalla shareholders may receive a hard copy of the Company’s complete audited financial statements for
the year ended December 31, 2025, free of charge, upon request. For further information please visit the
Company website at https://www.metallaroyalty.com/financial-reports/.
Brett Heath, CEO of Metalla, commented, “2025 was a defining year for Metalla. Our portfolio reached an
important inflection point, delivering record revenue, operating cash flow, and adjusted EBITDA. These
results reflect the continued ramp-up of our producing assets and our strategic positioning towards high-
quality, long-life royalties such as Côté and Gosselin. With a stronger balance sheet, improved cost of
capital, and several development assets advancing toward production, we believe Metalla is well positioned
for a meaningful step-change in cash flow and long-term shareholder value.”
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COMPANY HIGHLIGHTS
Key Company highlights during the year ended December 31, 2025, and subsequent period include:
• A record breaking 2025 fiscal year, recording revenue of $11.7 million, cash flow from operating
activities of $4.4 million, and Adjusted EBITDA of $4.7 million (see Non-IFRS Financial Measures).
All of which were annual records for the Company and represented a 100% increase to revenue,
271% increase to cash flow from operating activities, and a 228% increase to Adjusted EBITDA
compared to the 2024 fiscal year. The Company also recorded a net loss of $4.2 million versus a
net loss from 2024 of $5.5 million, and received or accrued payments on 3,436 Gold Equivalent
Ounces (“GEOs”) (see Non-IFRS Financial Measures), which was a 38% increase compared to
2024;
• On February 19, 2026, First Quantum Minerals Ltd. (“First Quantum”) announced the filing of an
updated technical report for the Taca Taca project prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of
December 31, 2025. The findings of the technical report support the development of Taca Taca as
an open pit mine with an initial mine life of 35 years, initial processing capacity of 40 Mtpa with an
expansion to 60 Mtpa in the fifth year of operations, Proven and Probable Mineral Reserves total
1,990 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,429 kt of copper and
5,532 koz gold, and Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42%
copper and 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold;
• On February 17, 2026, IAMGOLD Corp. (“IAMGOLD”) reported approximately 3,600 meters of
drilling at the Gosselin deposit during the fourth quarter, for a total of 53,750 meters in 2025. The
program was focused on converting a significant portion of Inferred Resources to the Indicated
category. IAMGOLD announced that the results of the Gosselin exploration program will be
included in an updated Mineral Reserve and Mineral Resource estimate in the second quarter of
2026, and will inform the planned updated technical report which will consider a larger scale gold
mine with a conceptual mine plan targeting both the Côté and Gosselin zones over life of mine. The
updated technical report is expected to be completed by the end of 2026;
• On October 31, 2025, the Company completed the acquisition of a further 0.15% interest in the
Côté-Gosselin Net Smelter Returns (“NSR”) royalty for C$3.4 million, bringing Metalla’s total
ownership on the Côté-Gosselin NSR royalty to 1.50%;
• On October 21, 2025, Silver Storm Mining Ltd. (“Silver Storm”) reported that rehabilitation
activities had restarted at the previously operating La Parrilla mine complex, with engineers
engaged and mobilized, long-lead items ordered for the sulphide circuit expansion to 1,250 tpd,
and SRK Consulting retained to review the restart plan, targeting a potential restart of operations
as early as the second quarter of 2026;
• On September 8, 2025, Sierra Madre Gold & Silver Ltd. (“Sierra Madre”) outlined a two-stage
expansion at La Guitarra, which Sierra Madre expects to initially increase nameplate processing
capacity from 500 tpd to approximately 750-800 tpd by Q2 2026, followed by a subsequent increase
to approximately 1,200-1,500 tpd by Q3 2027 through the construction of a new dry-stack tailing
facility and a secondary crushing circuit;
-3-
• On August 13, 2025, Hudbay Minerals Inc. (“Hudbay”) announced a $600 million strategic
investment from Mitsubishi Corporation (“Mitsubishi”) for a 30% joint venture interest in Copper
World. The contribution from Mitsubishi will consist of $420 million upon closing and a $180 million
matching contribution payable no later than 18 months following the closing. Mitsubishi will
contribute 30% of the ongoing costs beginning August 31, 2025, and will participate in the funding
of the definitive feasibility study as well as the final project design, project financing, and project
construction for Copper World;
• On August 11, 2025, Equinox Gold Corp. (“Equinox”) announced that its Castle Mountain Mine
Phase 2 Project (“Castle Mountain”) has been accepted into the FAST-41 program (“FAST-41”).
FAST-41 is a U.S. federal permitting framework designed to streamline environmental reviews,
improve interagency coordination, and increase transparency. Acceptance into the program is
expected to enhance regulatory certainty through a defined permitting schedule that may reflect
reduced permitting timelines. Based on the permitting timeline posted to the FAST-41 project
dashboard on August 8, 2025, the federal permitting process should be completed in December
2026;
• On June 26, 2025, the Company announced the release of its 2025 Asset Handbook outlining the
Company’s royalties and streams, as well as Mineral Reserve and Mineral Resource data for the
underlying properties. The Asset Handbook is available on the Company’s website; and
• On June 24, 2025, the Company entered into an agreement with the Bank of Montreal and National
Bank Financial for a revolving credit facility (the “RCF”) of up to $40.0 million with an accordion
feature for an additional $35.0 million in availability, subject to the satisfaction of certain conditions.
Concurrent with entering into the facility, the Company also fully repaid and retired a C$50.0 million
convertible loan facility with Beedie Investments Ltd.
Key operating and financial metrics for the Company include:
Year ended
December 31, December 31,
2025 2024
Revenue from royalty interests(1) $ 11,739 $ 5,882
Net loss $ (4,241) $ (5,476)
Adjusted EBITDA(2) $ 4,656 $ 1,421
Total attributable GEOs (2) 3,436 2,481
Average realized price per attributable GEO(2) $ 3,467 $ 2,411
Average cash cost per attributable GEO(2) $ 10 $ 10
Operating cash margin per attributable GEO (2) $ 3,457 $ 2,401
(1) Includes fixed royalty payments.
(2) For the methodology used to calculate these measures including GEOs see Non-IFRS Financial Measures.
-4-
OUTLOOK
In 2026, the Company expects to receive or accrue payments on 3,500 to 4,500 attributable GEOs(1)(2). The
lower end of the range reflects current operating assumptions and known constraints, while the upper end
incorporates potential impact of improved grades, continued ramp-up of key assets, and contributions from
new sources of cash flow. Primary sources of cash flows from royalties and streams for 2026 are expected
to include Tocantinzinho, Wharf, Aranzazu, Endeavor, La Encantada, La Guitarra, and based on operator
disclosures, the Company also expects to receive initial cash flows in 2026 from Amalgamated Kirkland
and La Parrilla.
Attributable GEOs are expected to be weighted towards the second half of 2026, reflecting the timing of
higher-grade production and the continued ramp up of key assets.
Achievement of guidance will be influenced by the following:
• Wharf deliveries are expected to be lower in the first half of 2026, with crushing capacity anticipated
to be restored in the second quarter of 2026;
• Tocantinzinho deliveries are expected to be more heavily weighted to the second half of the year,
as higher grade ore is scheduled to be mined under the mine plan;
• Deliveries from Endeavor are expected to increase progressively over the course of the year as
operations continue to ramp up; and
• Relative price performance of gold versus other commodities and the resulting impact on GEO
calculation.
(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.
(2) The pricing used to calculate the attributable GEOs include Gold $4,500/oz, Silver $75/oz, and Copper $5/lb.
ASSET UPDATES
Below are updates during the three months ended December 31, 2025, and subsequent period to certain
of the Company’s assets, based on information publicly filed by the applicable project owner:
Tocantinzinho
On March 12, 2026, G Mining Ventures Corp. (“G Mining”) provided its year-end Mineral Reserves and
Resources at Tocantinzinho which consisted of Proven and Probable Reserves of 1.87 Moz of gold at a
grade of 1.17 g/t contained in 49,784 kt, and Measured and Indicated Resources of 1.92 Moz gold at a
grade of 1.25 g/t within 47,665 kt. G Mining also stated the 2026 exploration budget for Tocantinzinho is
set at $8-10 million with the intent discovering the next deposit within the Tocantinzinho land package.
On January 20, 2026, G Mining provided its 2026 and 2027 operational outlook at Tocantinzinho, where it
expects to produce 160–190 koz of gold in 2026, with approximately 62% of production expected in the
second half of the year as higher-grade mineralization becomes available in accordance with the mine plan.
Gold production in 2027 is expected to range between 200–235 koz of gold, driven by the contribution of
a full year of higher-grade Phase 2 ore at Tocantinzinho.
On January 13, 2026, G Mining reported fourth quarter Tocantinzinho gold production of 47.3 koz and gold
sales of 47.5 koz, for total full-year 2025 results of 172 koz produced and 172 koz sold.
-5-
Metalla accrued 357 GEOs from Tocantinzinho for the fourth quarter of 2025 and 1,293 GEOs for the 2025
fiscal year.
Metalla holds a 0.75% GVR royalty on Tocantinzinho.
Wharf
On February 18, 2026, Coeur Mining, Inc. (“Coeur”) reported fourth-quarter gold production of 24.8 koz
at Wharf. A fire incident occurred at

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