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1. Company Snapshot

1.a. Company Description

Metalla Royalty & Streaming Ltd., a precious metals royalty and streaming company, engages in the acquisition and management of precious metal royalties, streams, and related production-based interests in Canada, Australia, Argentina, Mexico, and the United States.It focuses on gold and silver streams and royalties.The company was formerly known as Excalibur Resources Ltd.


and changed its name to Metalla Royalty & Streaming Ltd.in December 2016.Metalla Royalty & Streaming Ltd.


was incorporated in 1983 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on MTA

Metalla Royalty & Streaming Ltd.'s recent performance was driven by a series of positive developments. The company's debt repayment of C$2 million in February 2025, facilitated by Beedie Capital's conversion of accrued interest, has strengthened its financial position. Additionally, the issuance of 412,088 common shares to Beedie has increased their equity ownership to 10.3%, indicating a vote of confidence in the company's prospects. Furthermore, Metalla's inclusion in TSX penny stock lists in March and April 2025 highlights its potential for growth and value, making it an attractive opportunity for investors seeking to balance risk with potential returns.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Is Lsb Industries (LXU) Stock Outpacing Its Basic Materials Peers This Year?

Dec -04

Source: zacks.com

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Galantas Gold Announces C$13.5 Million Upsized Financing and Provides Update on Acquisition of RDL Mining Corp.

Nov -21

Source:

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Metalla Down 3.2% After Hours As It Reports Its First Profitable Quarter and Higher Third-quarter Revenue

Nov -13

Source:

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Galantas Gold Announces Acquisition of RDL Mining Corp. with Option to Develop Indiana Gold-Copper Project in Chile and Brokered Private Placement to Raise up to $7 million

Nov -13

Source:

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METALLA REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025 AND PROVIDES ASSET UPDATES

Nov -13

Source:

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HudBay Minerals (HBM) Q3 Earnings and Revenues Miss Estimates

Nov -12

Source:

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Denison Mine (DNN) Reports Q3 Loss, Misses Revenue Estimates

Nov -07

Source:

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Metalla Up 2% in U.S. Pre-market After Increasing Cote-Gosselin Royalty

Nov -03

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.74%)

6. Segments

El Realito

Expected Growth: 4.65%

El Realito's 4.65% growth is driven by increasing gold and silver prices, coupled with rising production volumes from Metalla's Mexican operations. Additionally, the company's strategic acquisitions and partnerships have expanded its mineral resource base, further contributing to its growth momentum.

Wharf

Expected Growth: 4.83%

Wharf's 4.83% growth is driven by increasing gold production, rising gold prices, and a strong operating performance. Additionally, Metalla's royalty and streaming model provides a low-cost structure, allowing for higher margins. The company's diversified portfolio of assets and strategic acquisitions also contribute to its growth momentum.

La Encantada

Expected Growth: 4.83%

La Encantada's 4.83% growth is driven by increasing silver prices, improved ore grades, and enhanced operational efficiencies. Additionally, Metalla's strategic streaming agreements and royalty portfolio diversification contribute to the growth. Furthermore, the mine's expansion projects and exploration initiatives are expected to increase production and reduce costs, supporting the segment's growth momentum.

Other Fixed Royalty

Expected Growth: 8.9%

Metalla's 8.9% growth in Other Fixed Royalty is driven by increasing gold and silver prices, expansion of mining operations, and strategic acquisitions. Additionally, the company's diversified royalty portfolio and strong partnerships with mining operators contribute to its growth. Furthermore, Metalla's focus on low-cost, long-life assets and its ability to negotiate favorable royalty agreements also support its growth momentum.

Aranzazu

Expected Growth: 4.83%

Aranzazu's 4.83% growth is driven by increasing gold and silver prices, coupled with rising production volumes from the Mexican mine. Additionally, Metalla's strategic streaming agreements and royalty portfolio diversification contribute to the segment's growth, as well as the company's focus on cost reduction and operational efficiencies.

7. Detailed Products

Gold Streaming

Metalla Royalty & Streaming Ltd. provides gold streaming services, which involve purchasing a percentage of gold production from a mine in exchange for an upfront payment.

Silver Streaming

Metalla Royalty & Streaming Ltd. offers silver streaming services, which involve purchasing a percentage of silver production from a mine in exchange for an upfront payment.

Royalty Interests

Metalla Royalty & Streaming Ltd. acquires royalty interests in mining projects, which provide a percentage of the mine's revenue or production.

Metal offtake agreements

Metalla Royalty & Streaming Ltd. enters into metal offtake agreements, which involve purchasing a percentage of metal production from a mine at a predetermined price.

8. Metalla Royalty & Streaming Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Metalla Royalty & Streaming Ltd. operates in a niche market with few substitutes, but the threat of substitutes is still present due to the availability of alternative investment options.

Bargaining Power Of Customers

Metalla Royalty & Streaming Ltd. has a diversified customer base, which reduces the bargaining power of individual customers. Additionally, the company's streaming agreements are typically long-term, reducing the risk of customer concentration.

Bargaining Power Of Suppliers

Metalla Royalty & Streaming Ltd. relies on mining companies as suppliers, and the bargaining power of these suppliers is moderate. While the company has a diversified portfolio of royalties and streams, it still depends on the performance of its suppliers.

Threat Of New Entrants

The threat of new entrants in the royalty and streaming business is low due to the significant capital requirements and expertise needed to establish a competitive business. Metalla Royalty & Streaming Ltd. has a first-mover advantage and a strong reputation in the industry.

Intensity Of Rivalry

The intensity of rivalry in the royalty and streaming industry is moderate, with a few established players competing for a limited number of opportunities. Metalla Royalty & Streaming Ltd. competes with other royalty and streaming companies, but its diversified portfolio and strong reputation help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 8.20%
Debt Cost 11.07%
Equity Weight 91.80%
Equity Cost 11.07%
WACC 11.07%
Leverage 8.93%

11. Quality Control: Metalla Royalty & Streaming Ltd. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Gold Royalty

A-Score: 4.9/10

Value: 5.4

Growth: 7.2

Quality: 3.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Metalla

A-Score: 4.7/10

Value: 6.6

Growth: 3.7

Quality: 4.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Aris Mining

A-Score: 4.3/10

Value: 3.6

Growth: 2.9

Quality: 4.9

Yield: 1.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
McEwen Mining

A-Score: 4.3/10

Value: 5.0

Growth: 6.1

Quality: 2.9

Yield: 0.0

Momentum: 9.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
GoGold Resources

A-Score: 4.1/10

Value: 1.3

Growth: 3.7

Quality: 7.2

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Endeavour Silver

A-Score: 4.1/10

Value: 6.6

Growth: 3.2

Quality: 3.3

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.08$

Current Price

10.08$

Potential

-0.00%

Expected Cash-Flows