METALLA REPORTS RECORD 2025 FINANCIAL RESULTS HIGHLIGHTING PORTFOLIO INFLECTION AND FUTURE CASH FLOW GROWTH

The most recent news (March 26, 2026) reports record-breaking financial results for the full year 2025. Key highlights include a 100% increase in revenue to $11.7M, a 271% surge in operating cash flow to $4.4M, and a 228% jump in Adjusted EBITDA to $4.7M compared to 2024. The company achieved 3,436 attributable Gold Equivalent Ounces (GEOs) at an average realized price of $3,467/oz. Crucially, management issued 2026 guidance of 3,500–4,500 GEOs, suggesting continued growth, though production is expected to be back-weighted toward the second half of 2026.

The impact is Material - Positive. This is not just an incremental improvement; it represents a fundamental shift in the company’s lifecycle. - Financial Inflection: For years, Metalla was a "story" stock focused on acquisitions. These results prove the portfolio is now generating significant cash. The operating cash margin of $3,457 per GEO (99.7% margin) demonstrates the extreme scalability of the royalty model once assets hit production. - Guidance Validation: The 2026 guidance (up to 4,500 GEOs) confirms that the growth is sustainable and not a one-off spike. - De-risking: The transition from a net loss position toward positive Adjusted EBITDA ($4.7M) reduces the reliance on equity markets for survival, although the company still reported a small net loss of $4.2M due to non-cash items like depletion.

Metalla is a precious and base metals royalty company. It does not operate mines but owns percentages of production. - Flagship Assets: The portfolio is diversified, but Côté/Gosselin (IAMGOLD) and Tocantinzinho (G Mining) are currently the most significant drivers of value and growth. Côté is one of Canada’s largest gold mines, and Metalla recently increased its royalty there to 1.5%. - Model: High-margin, low-overhead. Cash costs are fixed at near-zero ($10/oz), providing 100% exposure to rising metal prices.