METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026 AND PROVIDES ASSET UPDATES

• Metalla reported Q1 2026 financial results showing a significant operational turnaround with revenue of $3.1 million (up 78% YoY) and Adjusted EBITDA of $1.9 million (up 115% YoY).
• The company returned to net income for the quarter at $0.1 million, reversing a net loss of $0.7 million in Q1 2025.
• Total attributable Gold Equivalent Ounces (GEOs) reached 660 with an average realized price per GEO of $4,871 and cash cost of only $23 per GEO.
• Operational updates confirm production milestones across producing assets including Tocantinzinho (31,846 oz gold), Wharf (9.8 koz gold), Aranzazu (15,694 GEOs), and Endeavor (silver/zinc/lead).
• Development stage assets provided technical report advancements: Côte-Gosselin plans updated technical report in Q4 2026; Castle Mountain expects feasibility study in H2 2026; Copper World DFS expected mid-2026.
• CEO Brett Heath characterized the quarter as a "step-change in cash flow and long-term value."

• The return to net income confirms the inflection point narrative established in Q3 2025, validating the company's transition from loss-making to profitable operations.
• While positive, this news is largely consistent with the trajectory set by FY 2025 results (March 2026) and Q3 2025 earnings which already reported the first quarter of positive net income; therefore it is not "unexpected" in the context of recent history.
• The revenue growth (+78% YoY) and EBITDA expansion (+115% YoY) exceed previous guidance ranges slightly, suggesting operational leverage is working as anticipated across the royalty portfolio.
• Given the stock has already rallied significantly from $3.91 (May 2025) to a peak of $12.43 (March 2026), much of this fundamental improvement appears priced in, limiting immediate upside surprise potential despite the positive fundamentals.
• The news supports the thesis that Metalla is scaling its cash flow generation without significant equity dilution, as no new financing or share issuance was announced alongside these results.

• Metalla Royalty & Streaming is an emerging mid-tier royalty company with exposure to gold, silver, and copper across North America, South America, and Australia.
• Flagship Project: Côte-Gosselin (Ontario, Canada) - A large open-pit operation where Metalla holds a 1.5% NSR royalty; production expected starting 2028 with combined output of ~1,300 GEOs/year.
• Producing Assets: Tocantinzinho (Brazil), Wharf (USA), Aranzazu (Mexico), and Endeavor (Australia) provide current cash flow to fund development stage assets.
• Portfolio Size: 99 royalties and streams with cornerstone assets including Taca Taca, Copper World, and Castle Mountain.