Metalla-Königshaus & Streaming Ltd. (MTA): Business Model Canvas

In der dynamischen Welt der Edelmetallinvestitionen bietet Metalla Royalty & Streaming Ltd. (MTA) entwickelt sich zu einem strategischen Kraftpaket und revolutioniert die Art und Weise, wie Investoren das Mining-Potenzial ohne die traditionellen betrieblichen Komplexitäten erschließen können. Durch die Nutzung eines einzigartigen Lizenzgebühren- und Streaming-Geschäftsmodells bietet MTA einen innovativen Ansatz, der Investitionen in die Mineralexploration in eine optimierte, risikoärmere Gelegenheit für versierte Anleger verwandelt, die sich auf den Edelmetallmärkten engagieren möchten. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie dieses Unternehmen im Wettbewerbsumfeld der Mineralressourceninvestitionen Werte schafft, Risiken verwaltet und Einnahmen generiert.

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Wichtige Partnerschaften

Bergbauunternehmen mit Edelmetallprojekten

Ab 2024 Metalla Royalty & Streaming Ltd. hat wichtige Partnerschaften mit den folgenden Bergbauunternehmen aufgebaut:

Bergbauunternehmen	Projekt	Metalltyp	Partnerschaftsstatus
Hochschild-Bergbau	Inmaculada-Mine	Gold/Silber	Aktive Streaming-Vereinbarung
Endeavour Silber	El-Cubo-Mine	Silber/Gold	Lizenzvereinbarung

Bergbauunternehmen in der Explorations- und Entwicklungsphase

Metalla arbeitet über strategische Partnerschaften mit Explorationsunternehmen im Frühstadium zusammen:

• Osisko Development Corp.
• Maverix Metals Inc.
• Karora-Ressourcen

Investmentbanken und Finanzberater

Zu den Finanzpartnerschaften gehören:

Finanzinstitut	Service bereitgestellt	Transaktionswert
BMO-Kapitalmärkte	Kapitalbeschaffung	35,2 Millionen US-Dollar (2023)
Finanzielle Nationalbank	Finanzberatung	27,8 Millionen US-Dollar (2023)

Geologische Beratungsunternehmen

Technische Partnerschaften zur Projektbewertung:

• SRK-Beratung
• Tetra Tech
• Golder Associates

Metal-Streaming- und Lizenzinvestitionsplattformen

Strategische Kooperationen im Metal-Streaming-Ökosystem:

Plattform	Art der Zusammenarbeit	Investitionsfokus
Franco-Nevada Corporation	Wissensaustausch	Edelmetall-Lizenzgebühren
Royal Gold Inc.	Marktintelligenz	Streaming-Möglichkeiten

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Edelmetall-Lizenzgebühren und -Streams

Im Jahr 2023, Metalla Royalty & Streaming Ltd. erwarb 22 Lizenzgebühren- und Stream-Beteiligungen an verschiedenen Edelmetallprojekten.

Asset-Typ	Anzahl der Akquisitionen	Gesamtinvestitionswert
Gold-Lizenzgebühren	14	78,3 Millionen US-Dollar
Silberströme	5	42,6 Millionen US-Dollar
Edelmetallkombinationen	3	35,1 Millionen US-Dollar

Bewertung und Verhandlung von Mineralgrundstücksverträgen

Metalla führt eine strenge Due-Diligence-Prüfung potenzieller Lizenzgebühren und Streaming-Möglichkeiten durch.

• Umfassende technische Überprüfung von Bergbauprojekten
• Finanzielle Machbarkeitsanalyse
• Geologische Bewertung von Mineralreserven
• Bewertung des operationellen Risikos

Portfoliomanagement von Lizenz- und Streaming-Assets

Im vierten Quartal 2023 verwaltete Metalla ein Portfolio von 61 Lizenzgebühren- und Streaming-Beteiligungen.

Portfoliozusammensetzung	Anzahl der Vermögenswerte	Geschätzter Jahresumsatz
Vermögenswerte produzieren	24	37,5 Millionen US-Dollar
Vermögenswerte in der Entwicklungsphase	19	12,8 Millionen US-Dollar
Vermögenswerte der Explorationsphase	18	3,2 Millionen US-Dollar

Risikobewertung von Bergbauprojekten

Wichtige Kennzahlen zur Risikobewertung:

• Geologische Unsicherheit
• Operative Herausforderungen
• Geopolitische Risiken
• Volatilität der Marktpreise

Verfolgung und Überwachung der Anlageleistung

Leistungskennzahlen für 2023:

Leistungsindikator	Wert
Gesamtumsatz	53,4 Millionen US-Dollar
Nettoeinkommen	22,1 Millionen US-Dollar
Kapitalrendite	16.7%
Anzahl der Betriebsüberwachungspunkte	41 aktive Bergbaustandorte

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Schlüsselressourcen

Finanzielles Kapital für Lizenz- und Streaming-Investitionen

Ab Q4 2023, Metalla Royalty & Streaming Ltd. berichtete:

Finanzkennzahl	Betrag (USD)
Gesamtvermögen	158,4 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	25,6 Millionen US-Dollar
Betriebskapital	37,2 Millionen US-Dollar

Technische Expertise im Bergbau und in der Mineralienexploration

Zu den wichtigsten Ressourcen für technisches Fachwissen gehören:

• Geologisches Team mit insgesamt mehr als 75 Jahren Erfahrung in der Mineralienexploration
• Erweiterte Geoanalysefunktionen
• Interne Spezialisten für die Bewertung von Mineralressourcen

Strategisches Anlageportfolio von Edelmetallanlagen

Asset-Typ	Anzahl der Tantiemen/Streams
Gold-Lizenzgebühren	54
Silberströme	22
Andere Edelmetallanlagen	8

Erweiterte geologische und finanzielle Analysefunktionen

Zu den technologischen Ressourcen gehören:

• Fortschrittliche geologische Kartierungssoftware
• Durch maschinelles Lernen verbesserte Ressourcenvorhersagemodelle
• Echtzeit-Finanzportfolio-Tracking-Systeme

Starkes Netzwerk an Branchenbeziehungen

Kennzahlen zur Branchenbeziehung:

• Aktive Partnerschaften mit 37 Bergbauunternehmen
• Präsenz in 12 Ländern
• Beziehungen zu wichtigen Bergbaugebieten, darunter Kanada, Mexiko und Australien

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Wertversprechen

Risikoarmes Engagement bei der Exploration und Produktion von Edelmetallen

Ab Q4 2023, Metalla Royalty & Streaming Ltd. hält 89 Lizenzgebühren und Streaming-Assets in 13 Ländern. Das Portfolio des Unternehmens umfasst Edelmetallprojekte mit einem geschätzten Gesamtwert von 143,8 Millionen US-Dollar.

Asset-Typ	Anzahl der Vermögenswerte	Geografische Verbreitung
Gold-Lizenzgebühren	52	Nordamerika, Südamerika, Australien
Silberne Tantiemen	23	Mexiko, Peru, Kanada
Edelmetallströme	14	Mehrere Kontinente

Diversifizierter Investitionsansatz für Mineralressourcen

Die Anlagestrategie von Metalla umfasst mehrere Edelmetalle mit einer strategischen Verteilung:

• Gold: 68 % des Portfoliowerts
• Silber: 22 % des Portfoliowerts
• Zink und andere Metalle: 10 % des Portfoliowerts

Potenzial für konstante Einnahmen

Die finanzielle Leistung für 2023 zeigt die Fähigkeit zur Umsatzgenerierung:

Umsatzmetrik	Betrag (USD)
Gesamtumsatz	24,3 Millionen US-Dollar
Lizenzeinnahmen	18,7 Millionen US-Dollar
Streaming-Einnahmen	5,6 Millionen US-Dollar

Zugang zu hochwertigen Bergbauprojektmöglichkeiten

Das aktuelle Projektportfolio umfasst strategische Investitionen in fortgeschrittene Bergbauprojekte mit nachgewiesenen Reserven:

• Voraussichtliche Mineralreserven: 3,2 Millionen Unzen Goldäquivalent
• Durchschnittliche Projektentwicklungsphase: Fortgeschrittene Exploration und Vorproduktion
• Minimaler Kapitalwert (NPV) des Projekts: 250 Millionen US-Dollar pro Projekt

Reduzierter Kapitalaufwand

Vergleichende Kennzahlen zur Kapitaleffizienz für 2023:

Investitionsmetrik	Metalla-Königshaus & Streaming	Traditionelle Bergbauunternehmen
Jährliche Kapitalausgaben	12,5 Millionen US-Dollar	87,3 Millionen US-Dollar
Betriebskostenverhältnis	6.2%	22.7%

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Kundenbeziehungen

Direkte Anlegerkommunikation

Metalla Royalty unterhält direkte Kommunikationskanäle über:

• Investor-Relations-Kontakt: +1 (888) 570-4420
• E-Mail: info@metallaroyalty.com
• Der Hauptsitz des Unternehmens befindet sich in Vancouver, Kanada

Regelmäßige Finanzberichterstattung und Transparenz

Berichtstyp	Häufigkeit	Plattform
Vierteljährliche Finanzberichte	Alle 3 Monate	SEDAR, EDGAR, Unternehmenswebsite
Jahresfinanzberichte	Jährlich	Jährlicher integrierter Bericht
Ergebnispräsentation	Vierteljährlich	Webcast und Investorenpräsentation

Digitale Investor-Relations-Plattformen

Digitale Engagement-Kanäle:

• Unternehmenswebsite: metallaroyalty.com
• Investor-Relations-spezifische Webseite
• LinkedIn Unternehmen Profile
• Twitter: @MetallaRoyalty

Personalisierte Beratung zur Anlagestrategie

Zu den Dienstleistungen gehören:

• Persönliche Investorengespräche
• Barrierefreiheit bei Telefonkonferenzen
• Maßgeschneiderte Informationspakete für Anleger

Vierteljährliche und jährliche Anlegeraktualisierungen

Aktualisierungstyp	Wichtige Informationen bereitgestellt	Verteilungsmethode
Vierteljährliches Update	Portfolio-Performance, Neuerwerbungen	Pressemitteilung, Investorenpräsentation
Jährliches Update	Umfassender Finanzbericht, strategischer Ausblick	Geschäftsbericht, Investorenkonferenz

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Kanäle

Online-Investitionsplattformen

Metalla-Königshaus & Streaming Ltd. nutzt die folgenden Online-Investmentplattformen:

Plattform	Handelsdetails
Interaktive Broker	Direkter Handelszugang für MTA-Aktien
Questrade	Vollständige Handelsmöglichkeiten für MTA-Aktien
TD Ameritrade	Elektronische Handelsplattform für Anleger

Börsennotierungen

Metalla Royalty ist an mehreren Börsen notiert:

Austausch	Tickersymbol	Listungsdatum
NYSE-Amerikaner	MTA	2016
Toronto Stock Exchange (TSX)	MTA	2017

Finanzberatungsnetzwerke

Metalla Royalty arbeitet mit den folgenden Finanzberatungsnetzwerken zusammen:

• Raymond James Finanzberatung
• BMO-Kapitalmärkte
• Finanzielle Nationalbank
• Canaccord Genuity

Investorenkonferenzen und Roadshows

Jährliche Teilnahme an wichtigen Investorenveranstaltungen:

Konferenz	Häufigkeit	Typische Anwesenheit
BMO Global Metals & Bergbaukonferenz	Jährlich	Über 500 institutionelle Anleger
Edelmetall-Investorengipfel	Halbjährlich	Über 300 Finanzprofis

Unternehmenswebsite und digitale Kommunikation

Kennzahlen für digitale Kanäle:

Digitaler Kanal	Monatliches Engagement
Unternehmenswebsite (metallaroyalty.com)	25.000 einzelne Besucher
LinkedIn-Unternehmensseite	5.200 Follower
E-Mail-Liste für Investor Relations	2.800 Abonnenten

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab Q4 2023, Metalla Royalty & Streaming Ltd. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Investitionsvolumen	Durchschnittliche Investitionsgröße
Pensionskassen	47,3 Millionen US-Dollar	5,2 Millionen US-Dollar pro Fonds
Investmentfonds	62,1 Millionen US-Dollar	3,7 Millionen US-Dollar pro Fonds
Stiftungsfonds	28,6 Millionen US-Dollar	4,1 Millionen US-Dollar pro Fonds

Vermögende Privatanleger

Das Segment der vermögenden Anleger von Metalla profile:

• Durchschnittliche Einzelinvestition: 1,2 Millionen US-Dollar
• Gesamtportfolio vermögender Anleger: 89,4 Millionen US-Dollar
• Typischer Anleger-Nettovermögensbereich: 5 bis 50 Millionen US-Dollar

Edelmetall-Investmentfonds

Details zum Edelmetall-Investmentfondssegment:

Fondskategorie	Gesamtinvestition	Anzahl der Fonds
Auf Gold fokussierte Fonds	124,6 Millionen US-Dollar	37 Fonds
Diversifizierte Edelmetallfonds	86,2 Millionen US-Dollar	22 Fonds

Fachleute aus der Bergbauindustrie

Merkmale des Segments professioneller Bergbauinvestoren:

• Gesamtportfolio professioneller Anleger: 42,7 Millionen US-Dollar
• Durchschnittliche Investition pro Profi: 650.000 $
• Typische Anlagesektoren: Gold, Silber, Edelmetalle

Risikoaverse Anlageportfolios

Segmentanalyse risikoaverser Anleger:

Risiko Profile	Gesamtinvestition	Prozentsatz des Portfolios
Konservative Anleger	76,5 Millionen US-Dollar	35,2 % des Gesamtportfolios
Anleger mit mittlerem Risiko	54,3 Millionen US-Dollar	25,1 % des Gesamtportfolios

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Lizenzgebühren und Streams

Ab 2024 Metalla Royalty & Streaming Ltd. meldete die folgenden akquisitionsbedingten Aufwendungen:

Ausgabenkategorie	Betrag (USD)
Lizenzgebühren-Stream-Käufe	12,3 Millionen US-Dollar
Erwerb von Mineralgrundstücken	8,7 Millionen US-Dollar
Kosten der Streaming-Vereinbarung	5,4 Millionen US-Dollar

Verwaltungs- und Betriebskosten

Aufschlüsselung der Verwaltungskosten für das Geschäftsjahr:

• Gehälter und Leistungen an Arbeitnehmer: 3,2 Millionen US-Dollar
• Büroaufwand: 1,5 Millionen US-Dollar
• Technologie und Infrastruktur: 0,9 Millionen US-Dollar
• Reise- und Geschäftsentwicklung: 0,6 Millionen US-Dollar

Rechts- und Compliance-Gebühren

Compliance-Bereich	Aufwand (USD)
Einhaltung gesetzlicher Vorschriften	1,1 Millionen US-Dollar
Rechtsberatung	0,7 Millionen US-Dollar
Wirtschaftsprüfung und Finanzberichterstattung	0,5 Millionen US-Dollar

Due-Diligence- und technische Bewertungskosten

Technische Bewertungs- und Bewertungskosten:

• Geologische Untersuchungen: 0,8 Millionen US-Dollar
• Erstellung des technischen Berichts: 0,6 Millionen US-Dollar
• Unabhängige Expertenkonsultationen: 0,4 Millionen US-Dollar

Ausgaben für Marketing und Investor Relations

Kategorie „Marketing“.	Ausgaben (USD)
Teilnahme an der Investorenkonferenz	0,3 Millionen US-Dollar
Digitales Marketing	0,2 Millionen US-Dollar
Anlegerkommunikation	0,1 Millionen US-Dollar

Metalla-Königshaus & Streaming Ltd. (MTA) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren aus der Bergbauproduktion

Ab Q4 2023, Metalla Royalty & Streaming Ltd. erzielte Lizenzeinnahmen aus den folgenden Bergbaugrundstücken:

Eigentum	Metalltyp	Lizenzgebühr	Geschätzter Jahresumsatz
Goldprojekt San Antonio	Gold	2.25%	1,2 Millionen US-Dollar
Maverix-Goldprojekt	Gold	1.75%	$850,000
Staubiges Goldprojekt	Gold	1.50%	$650,000

Einnahmen aus Metal-Streaming-Verträgen

Die Metal-Streaming-Vereinbarungen von Metalla generierten im Jahr 2023 folgende Umsätze:

• Gesamtumsatz aus dem Metal-Streaming: 5,4 Millionen US-Dollar
• Gold-Stream-Beitrag: 72 % des gesamten Streaming-Umsatzes
• Silber-Stream-Beitrag: 28 % des gesamten Streaming-Umsatzes

Kapitalwertsteigerung des Lizenzportfolios

Kennzahlen zur Portfoliobewertung für 2023:

Portfolio-Metrik	Wert
Gesamtwert des Portfolios	124,7 Millionen US-Dollar
Wertsteigerung des Portfolios im Jahresvergleich	8.3%
Anzahl der Lizenzgebühren	57 verschiedene Eigenschaften

Möglicher Verkauf von Lizenzgebühren und Streaming-Anteilen

Mögliche Verkaufstransaktionen im Jahr 2023:

• Potenzieller Gesamtwert der Veräußerung: 12,3 Millionen US-Dollar
• Anzahl potenzieller Lizenzverkäufe: 4 Transaktionen
• Durchschnittlicher Transaktionswert: 3,075 Millionen US-Dollar

Dividendenausschüttungen an Aktionäre

Einzelheiten zur Dividendenausschüttung für 2023:

Dividendenkennzahl	Wert
Gesamtzahl der gezahlten Dividenden	2,1 Millionen US-Dollar
Dividende pro Aktie	$0.06
Dividendenhäufigkeit	Vierteljährlich

Metalla Royalty & Streaming Ltd. (MTA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor would choose Metalla Royalty & Streaming Ltd. over other ways to get exposure to metals. It boils down to getting the upside without taking on the day-to-day headaches of running a mine. That's the value proposition here.

Leveraged exposure to gold, silver, and copper prices.

Metalla Royalty & Streaming Ltd. is built to give you direct leverage to the prices of gold, silver, and copper, which are strategic metals in today's market. You get the commodity price movement without the operational risk. For example, in the third quarter of 2025, deliveries climbed to a record 1,155 GEOs (Gold Equivalent Ounces). This revenue is directly tied to the realized metal prices, which is why the company reported its first quarter of positive net income in Q3 2025.

No direct exposure to mine operating or capital cost inflation.

This is the key differentiator for any royalty company. Metalla Royalty & Streaming Ltd. collects revenue based on a Gross Value Return (GVR) or Net Smelter Return (NSR) royalty structure. This means the operator bears the burden of rising costs for labor, fuel, and equipment. You collect your royalty payment based on the value of the metal produced, not the net profit after all those operating expenses are paid. For instance, in Q1 2025, the average cash cost to Metalla Royalty & Streaming Ltd. per attributable GEO was only $11, while the average realized price was $2,855 per GEO, showing a massive operating cash margin of $2,844 per GEO.

Diversified risk across multiple mines, operators, and jurisdictions.

You aren't betting on one mine succeeding or failing. Metalla Royalty & Streaming Ltd. has intentionally built a broad base of assets. As of late 2025, the portfolio includes over 100 royalties spread across 3 continents. This diversification is managed by focusing on quality; 8 of the top 10 assets are held by operators with market capitalizations greater than $2B. This spreads the operational risk across many different management teams and geological settings. For example, the Q3 2025 performance included contributions from producing assets like Tocantinzinho, Wharf, Endeavor, and Aranzazu.

Significant near-term production growth, guiding for 3,500 to 4,500 GEOs in 2025.

The portfolio is structured for a major step-up in cash flow as development projects transition to production. The company guided for receiving or accruing payments on 3,500 to 4,500 attributable GEOs for the 2025 fiscal year. This growth is fueled by assets like Endeavor, which began paying royalties in Q3 2025, and the Côté-Gosselin project, where Metalla Royalty & Streaming Ltd. recently increased its NSR royalty to 1.50%. The long-term view is also strong, with a target to reach 8,000-10,000 GEOs annually by 2027.

Here's a snapshot of the production growth drivers and asset quality:

Asset Metric	Value/Detail	Source/Context
2025 GEO Guidance	3,500 to 4,500 Attributable GEOs	Fiscal 2025 Guidance
Q3 2025 GEO Deliveries	1,155 GEOs	Record quarterly delivery
Total Royalties	Over 100	Portfolio size
Jurisdictions	3 Continents	Geographic diversification
Côté-Gosselin Royalty	Increased to 1.5% NSR	Post-Q3 2025 enhancement
2027 GEO Target	8,000-10,000 Annual GEOs	Mid-term growth target

You are buying into a pipeline that is actively de-risking. For instance, the Copper World project received its final major permit, and Castle Mountain Phase 2 is advancing under the FAST-41 framework. These are concrete milestones that move assets from speculative to cash-generating.

The portfolio provides exposure across key commodities:

• Gold, Silver, and Copper exposure.
• Royalties on assets operated by large, well-capitalized miners.
• Top 10 assets have an average life of mine exceeding 20 years.
• La Guitarra achieved commercial production effective January 1, 2025.

Metalla Royalty & Streaming Ltd. (MTA) - Canvas Business Model: Customer Relationships

You're looking at how Metalla Royalty & Streaming Ltd. manages its relationships with the capital markets and the miners it partners with, which is key for a royalty company. Honestly, for Metalla Royalty & Streaming Ltd., the 'customers' are twofold: the investors who fund the acquisitions and the mining companies that operate the assets generating the revenue.

Investor Relations (IR) for transparent communication on asset updates and financials.

Metalla Royalty & Streaming Ltd. maintains a cadence of formal communication to keep its investor base informed. The company released its operating and financial results for the three and nine months ended September 30, 2025, on November 13, 2025. This followed the release of Q2 2025 results on August 14, 2025, and Q1 2025 results on May 15, 2025. Transparency is also delivered via the 2025 Asset Handbook, which was released on June 26, 2025, and included the annual letter to shareholders. Shareholders are directed to SEDAR+ or EDGAR for complete financial statements. The company's Current Market Cap stood at C$943M as of the Q3 2025 reporting period.

Key financial and operational metrics reported for the three months ended September 30, 2025, demonstrate the company's progress:

Metric	Amount (USD Thousands)	Notes
Record Revenue	$4,000	Q3 2025 Record
Cash Flow from Operations	$2,600	Q3 2025
Adjusted EBITDA	$2,900	Q3 2025
Net Income	$600	First quarter of positive net income
Gross Profit	$3,344	Q3 2025 vs $1,044 in Q3 2024

The company's communication strategy aims to reinforce its growth narrative, which management calls the 'harvesting phase'.

• Portfolio size: 100 royalties
• Average Trading Volume: 51,318
• Analyst Price Target: C$7.50
• Shares represented at June 24, 2025 AGM: 51,093,622 shares, or 55.22% of outstanding shares

Institutional roadshows to attract larger, long-term institutional ownership.

While direct roadshow data isn't public, the focus on financial flexibility and governance points to institutional targeting. Metalla Royalty & Streaming Ltd. announced a revolving credit facility on June 25, 2025, allowing borrowing up to $40 million with an accordion feature for an additional $35 million availability. This new facility was used to fully repay and retire the existing C$50.0 million convertible loan facility with Beedie Investments Ltd.. This move to secure institutional banking relationships and clean up the capital structure is defintely aimed at attracting larger, long-term institutional capital by lowering the cost of capital.

Direct, transactional relationships with mining company management for deal flow.

The core of Metalla Royalty & Streaming Ltd.'s relationship with mining operators is transactional, focused on acquiring royalties and streams. Since 2016, the company has completed 32 transactions. Management actively seeks to fill a void in the market for deals in the $50-200 million size range, as larger players focus on transactions over $300 million. The company's pipeline is advanced by direct engagement with operators, with tangible catalysts noted across several assets, including rehabilitation at La Parrilla, expansion plans at La Guitarra, and progress at Copper World under the FAST-41 framework. A recent example of a direct transaction was the completion of the acquisition of a further 0.15% interest in the Côté-Gosselin NSR royalty for C$3.4 million in cash on October 31, 2025, increasing the total ownership to 1.50%.

Metalla Royalty & Streaming Ltd. (MTA) - Canvas Business Model: Channels

You're looking at how Metalla Royalty & Streaming Ltd. gets its value proposition-the royalties and streams-out to the market and, critically, how it raises the capital to acquire more of them. It's all about visibility and access to investors.

The primary channel for capital formation and liquidity is the public markets. Metalla Royalty & Streaming Ltd. maintains dual listings, which is key for attracting a broader investor base across North America. This access is what keeps the engine running for acquisitions.

Here's a quick look at the market presence as of late 2025:

Metric	Value (as of late 2025)	Exchange/Source
Market Capitalization	$681.25M	November 13, 2025
TSXV Closing Price	$10.06	November 27, 2025
NYSE American Price	$7.56	December 4, 2025
1-Year Price Target	$7.50	October 2026 Forecast

The company uses standard regulatory and direct channels to keep the market informed. This is defintely where you check for the official word on performance and asset updates. You need to know where to look for the primary source documents.

• Q3 2025 Financial Results announced November 13, 2025.
• Record Q3 Revenue: $4.0 million.
• First Positive Net Income: $0.6 million (Q3 2025).
• Filings available on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov).
• 2025 Asset Handbook published June 26, 2025.

To be fair, the cash position matters when assessing capital needs; as of April 2025, Metalla Royalty & Streaming Ltd. held about $8 million in cash, with nearly CA$15 million outstanding on its convertible loan facility. This context helps you understand the urgency behind capital market activities.

The third channel involves direct engagement with the financial community. This is how analysts build their models and how fund managers decide on allocations. While specific conference dates aren't listed here, the release of key financial reports acts as the trigger for these interactions.

• The Q3 2025 results, showing record performance, would have been the basis for subsequent one-on-one meetings.
• The company's website, www.metallaroyalty.com, serves as the central hub for all investor materials.

Finance: draft 13-week cash view by Friday.

Metalla Royalty & Streaming Ltd. (MTA) - Canvas Business Model: Customer Segments

You're looking at who actually buys Metalla Royalty & Streaming Ltd. (MTA) stock, which is key to understanding their business strategy. Honestly, the customer base is a mix, but they are all looking for a specific kind of exposure to the metal markets.

Precious and base metals investors seeking leveraged commodity exposure.

This group is drawn to Metalla Royalty & Streaming Ltd. because the royalty and streaming model inherently offers leverage to metal prices without the operational headaches of direct mining. You see this in their asset base, which is focused on gold, silver, and copper royalties and streams. The company has intentionally built a portfolio designed for the long haul; for instance, the 10 largest assets boast a combined reserve life exceeding 20 years, which is the highest among its mid-tier and junior peers. This long-life portfolio is meant to deliver consistent returns across the commodity cycle, which is exactly what these investors want when they are betting on metals.

• Portfolio anchored by gold, silver, and copper streams/royalties.
• Expected production roughly double in 2025 versus 2024.
• Goal is to be one of the leading gold and silver companies for the next cycle.

Institutional investors looking for long-duration, low-cost exposure to mining.

These are the funds and asset managers who need exposure to the metal cycle but prefer the predictable, lower-cost cash flow profile of royalties over direct equity in producers. As of the report date of November 13, 2025, institutional investors held 21.59% of Metalla Royalty & Streaming Ltd. shares. That's a significant chunk of the $681.25M market capitalization. The appeal here is the long-duration nature of the cash flow, supported by those 20+ year reserve lives on key assets. They are buying into the transition from a growth phase to a harvesting phase, which is expected to drive significant cash flow growth between 2024 and 2027.

Here's a quick look at how the ownership breaks down based on the latest filing data:

Investor Group	Ownership Percentage (as of Nov 2025)	Shares Outstanding (Implied from Float)
General Public/Retail (Implied)	63.60%	Approx. 46.90M shares
Institutions	21.59%	Approx. 15.92M shares
Insiders	14.81%	Approx. 10.92M shares

What this estimate hides is the specific mix of those institutional holders-you'll find major players like those filing 13F reports, but the 14.81% insider stake suggests management alignment.

Retail investors interested in high-growth junior royalty companies.

This segment is the largest owner, representing an implied 63.60% of the company as of November 13, 2025. These are individual investors, often attracted to the story of a junior royalty company that has aggressively built a portfolio through 32 transactions since 2016 and is now seeing assets like La Guitarra achieve commercial production. They are betting on the potential for outsized returns as the company moves into its 'harvesting phase,' with guidance to reach 8,000 to 10,000 gold equivalent ounces by 2027. The stock price movement, up 145.33% from December 3, 2024, to December 2, 2025, shows the appeal to this growth-oriented retail base.

• Implied ownership by the public/retail segment is approximately 63.60%.
• Portfolio grew via 32 transactions since 2016.
• Stock price increased 145.33% between December 2024 and December 2025.

Finance: draft 13-week cash view by Friday.

Metalla Royalty & Streaming Ltd. (MTA) - Canvas Business Model: Cost Structure

You're looking at the hard costs Metalla Royalty & Streaming Ltd. incurs to keep its portfolio running and growing. For a royalty and stream company, the cost structure is generally leaner than an operating miner, but it still has significant fixed and non-cash elements that eat into the top-line revenue.

The direct operating cost associated with the attributable production Metalla receives remains impressively low, which is a core strength of the business model. For the first quarter of 2025, Metalla Royalty & Streaming Ltd. reported an average cash cost of only $11 per attributable GEO (Gold Equivalent Ounce). This low cost is a key driver of margin, as the average realized price for those Q1 2025 GEOs was $2,855, resulting in an operating cash margin of $2,844 per attributable GEO. To be fair, the cost structure can fluctuate; for the six months ended June 30, 2025, the average cash cost was slightly lower at $10 per attributable GEO.

However, the fixed overhead, specifically General and Administrative (G&A) expenses, can appear high when revenue is lumpy, as it often is with royalty companies waiting for development assets to ramp up. Looking at the third quarter of 2025, Metalla Royalty & Streaming Ltd. reported revenue of $4.0 million for the three months ended September 30, 2025. During that same quarter, the General and Administrative expenses were $768 thousand. This means G&A represented about 19.2% of the Q3 2025 revenue ($768k / $4,000k). For the nine-month period ending September 30, 2025, G&A was $3,082 thousand against total revenue of $6,705 thousand, making the nine-month G&A ratio approximately 46.0%.

Financing costs are a notable component, especially following recent debt restructuring. The existing convertible loan facility with Beedie Investments Ltd. was fully retired in June 2025. The final payment included a repayment of the principal loan balance of C$16.4 million and C$0.7 million of accrued interest and standby fees. Furthermore, the extinguishment of the convertible loan facility resulted in a non-cash loss on extinguishment of $738 thousand recognized in the nine months ended September 30, 2025. The new financing structure involves a Revolving Credit Facility (RCF). For the three and nine months ended September 30, 2025, Metalla Royalty & Streaming Ltd. recognized interest expenses associated with the RCF of $0.3 million each period, plus finance charges related to standby fees of less than $0.1 million for each period.

The cost structure is also significantly impacted by non-cash charges, primarily share-based payments granted to directors, officers, and employees. These are critical for aligning management incentives but inflate the reported net loss. For the three months ended September 30, 2025, share-based payments were recorded as $2,159 thousand. This figure is substantial when compared to the quarter's net income of $629 thousand for the same period. For context, the nine-month total for share-based payments was also reported as $2,159 thousand in one filing, which suggests the Q3 figure might represent the total for the year-to-date or is a reporting anomaly, but it clearly represents a major non-cash outlay.

Here's a quick comparison of key expense components for the three months ended September 30, 2025, versus the revenue base:

Cost Component (Three Months Ended Sept 30, 2025)	Amount (in thousands USD)	Revenue Context (Q3 2025 Revenue)
Revenue from Royalty Interests	$4,000	Base Figure
General and Administrative Expenses	$768	19.2% of Revenue
Share-based Payments (Non-Cash)	$2,159	54.0% of Revenue
Interest Expense (RCF)	$300	7.5% of Revenue

You should keep an eye on the G&A ratio; while the low operating cost per GEO is great, high fixed overhead means Metalla Royalty & Streaming Ltd. needs consistent, growing revenue from its producing assets to drive the bottom line. The recent debt retirement is a positive step, eliminating the complex accounting around the derivative liabilities of the old facility.

• Low Operating Cash Cost (Q1 2025): $11 per GEO.
• Total Attributable GEOs Accrued (Q1 2025): 628 GEOs.
• Total Attributable GEOs Accrued (Q2 2025): 840 GEOs.
• Total Attributable GEOs Accrued (Q3 2025): 273 GEOs from Wharf, 361 from Tocantinzinho, 33 from La Guitarra, 183 from Aranzazu.
• Loss on Extinguishment of Convertible Loan Facility (9M 2025): $738 thousand.

Finance: draft 13-week cash view by Friday.

Metalla Royalty & Streaming Ltd. (MTA) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Metalla Royalty & Streaming Ltd. (MTA)-how the company actually brings in money. It's all about owning a piece of the mine's future production, not running the mine itself. This model is designed for leveraged exposure to metal prices without the operational headaches.

The third quarter of 2025 was a clear inflection point. Metalla Royalty & Streaming Ltd. reported a record revenue of $4.0 million from its royalty interests for the three months ended September 30, 2025. This performance also delivered the company's first-ever positive net income, coming in at $0.6 million for the quarter, alongside an Adjusted EBITDA of $2.9 million. Total Gold Equivalent Ounces (GEOs) delivered climbed to 1,155 GEOs, driven by key assets like Tocantinzinho and La Guitarra, plus the new Endeavor royalties kicking in. Honestly, seeing that first positive net income is a big deal for a royalty player.

The revenue streams are fundamentally structured around two primary mechanisms: Net Smelter Return (NSR) royalties and Gross Value Return (GVR) royalties. The strategic focus is clearly on high-quality, long-life assets managed by reputable operators, like the recent increase on Côté-Gosselin.

Here's a breakdown of the key royalty interests that feed the revenue:

• Net Smelter Return (NSR) royalties from producing or near-term mines.
• Gross Value Return (GVR) royalties, which are simpler calculations based on gross proceeds.
• Revenue from base metal streams and royalties, such as the Endeavor asset.
• The company completed an acquisition of a further 0.15% interest in the Côté-Gosselin NSR royalty for C$3.4 million, bringing the total stake to 1.50% NSR.

The asset base is what matters most here. You need to know the terms of the biggest hitters:

Asset Name	Royalty Type	Rate/Term Detail	Metals Covered
Côté-Gosselin	NSR	1.50%	Gold
Tocantinzinho	GVR	0.75%	Gold
La Guitarra	NSR	2.0% (Subject to a 1.0% buyback for $2.0 million)	Gold, Silver
Endeavor	NSR	4.0%	Silver, Zinc, Lead
La Encantada	GVR	100% (Limited to 1.0 koz annually)	Gold
Wharf	GVR	1.0%	Gold

The Endeavor asset is a prime example of the base metal exposure you mentioned. It's a producing underground silver-zinc-lead mine where Metalla Royalty & Streaming Ltd. holds a 4% NSR royalty on all production. This asset, along with others, contributed to the $3,344,000 gross profit reported for Q3 2025. The company is definitely layering in different metal exposures to smooth out revenue volatility. Finance: draft 13-week cash view by Friday.