Royauté métalla & Streaming Ltd. (MTA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des investissements en métal précieux, la royauté Metalla & Streaming Ltd. (MTA) apparaît comme une puissance stratégique, révolutionnant la façon dont les investisseurs peuvent exploiter le potentiel minier sans les complexités opérationnelles traditionnelles. En tirant parti d'un modèle d'activité de redevances et de streaming unique, MTA offre une approche innovante qui transforme les investissements d'exploration minérale en une opportunité rationalisée et à moindre risque pour les investisseurs avertis qui recherchent une exposition à des marchés métalliques précieux. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise crée de la valeur, gère les risques et génère des revenus dans le paysage concurrentiel des investissements en ressources minérales.

Royauté métalla & Streaming Ltd. (MTA) - Modèle commercial: partenariats clés

Sociétés minières avec des projets de métaux précieux

Depuis 2024, la royauté Metalla & Streaming Ltd. a établi des partenariats clés avec les sociétés minières suivantes:

Entreprise minière	Projet	Type de métal	Statut de partenariat
Hochschild Mining	Mine inmaculada	Or / argent	Accord de streaming actif
Effacer l'argent	Mine El Cubo	Argent / or	Accord de redevance

STATES DE LA STAGE D'EXPLORATION

Metalla collabore avec des sociétés d'exploration à un stade précoce grâce à des partenariats stratégiques:

• Osisko Development Corp.
• Maverix Metals Inc.
• Ressources de Karora

Banques d'investissement et conseillers financiers

Les partenariats financiers comprennent:

Institution financière	Service fourni	Valeur de transaction
BMO Marchés des capitaux	Levage de capitaux	35,2 millions de dollars (2023)
Banque nationale financière	Avis financier	27,8 millions de dollars (2023)

Sociétés de conseil géologique

Partenariats techniques pour l'évaluation du projet:

• SRK Consulting
• Tetra Tech
• Associés du golseur

Plateformes de streaming en métal et de redevance

Collaborations stratégiques dans l'écosystème de streaming métallique:

Plate-forme	Type de collaboration	Focus d'investissement
Franco-Nevada Corporation	Partage des connaissances	Redevances de métaux précieux
Royal Gold Inc.	Intelligence du marché	Opportunités de streaming

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: activités clés

Acquérir des redevances et ruisseaux en métal précieux

En 2023, la royauté Metalla & Streaming Ltd. a acquis 22 intérêts de redevance et de flux dans divers projets métalliques précieux.

Type d'actif	Nombre d'acquisitions	Valeur d'investissement totale
Redevances d'or	14	78,3 millions de dollars
Silver Streams	5	42,6 millions de dollars
Combinaisons de métaux précieux	3	35,1 millions de dollars

Évaluation et négociation des accords de propriété minérale

Metalla entraîne une diligence raisonnable rigoureuse sur les possibilités potentielles de royauté et de streaming.

• Examen technique complet des projets miniers
• Analyse de faisabilité financière
• Évaluation géologique des réserves minérales
• Évaluation des risques opérationnels

Gestion du portefeuille des redevances et des actifs de streaming

Au quatrième trimestre 2023, Metalla a géré un portefeuille de 61 intérêts de redevance et de streaming.

Composition de portefeuille	Nombre d'actifs	Revenus annuels estimés
Produire des actifs	24	37,5 millions de dollars
Actifs de scène de développement	19	12,8 millions de dollars
Actifs de la scène d'exploration	18	3,2 millions de dollars

Évaluation des risques des projets miniers

Mesures clés d'évaluation des risques:

• Incertitude géologique
• Défis opérationnels
• Risques géopolitiques
• Volatilité des prix du marché

Suivi et surveillance des performances d'investissement

Métriques de performance pour 2023:

Indicateur de performance	Valeur
Revenus totaux	53,4 millions de dollars
Revenu net	22,1 millions de dollars
Retour sur investissement	16.7%
Nombre de points de surveillance opérationnels	41 sites miniers actifs

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: Ressources clés

Capital financier pour les redevances et les investissements en streaming

Depuis le quatrième trimestre 2023, la royauté Metalla & Streaming Ltd. a rapporté:

Métrique financière	Montant (USD)
Actif total	158,4 millions de dollars
Equivalents en espèces et en espèces	25,6 millions de dollars
Fonds de roulement	37,2 millions de dollars

Expertise technique dans l'exploitation minière et l'exploration minérale

Les ressources principales de l'expertise technique comprennent:

• Équipe géologique avec une expérience combinée de plus de 75 ans d'expérience en exploration minérale
• Capacités avancées d'analyse géospatiale
• Spécialistes de l'évaluation des ressources minérales internes

Portefeuille d'investissement stratégique d'actifs métalliques précieux

Type d'actif	Nombre de redevances / flux
Redevances d'or	54
Silver Streams	22
Autres actifs métalliques précieux	8

Capacités avancées d'analyse géologique et financière

Les ressources technologiques comprennent:

• Logiciel de cartographie géologique avancée
• Modèles de prédiction des ressources améliorés par l'apprentissage
• Systèmes de suivi du portefeuille financier en temps réel

Strait réseau de relations de l'industrie

Métriques relationnelles de l'industrie:

• Partenariats actifs avec 37 sociétés minières
• Présence dans 12 pays
• Relations avec les grandes juridictions minières, notamment le Canada, le Mexique, l'Australie

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: propositions de valeur

Exposition à faible risque à l'exploration et à la production précieuses des métaux

Depuis le quatrième trimestre 2023, la royauté Metalla & Streaming Ltd. détient 89 actifs de redevance et de streaming dans 13 pays. Le portefeuille de la société comprend des projets de métaux précieux avec une valeur totale estimée à 143,8 millions de dollars.

Type d'actif	Nombre d'actifs	Propagation géographique
Redevances d'or	52	Amérique du Nord, Amérique du Sud, Australie
Redevances en argent	23	Mexique, Pérou, Canada
Streams métalliques précieux	14	CONTINISTES multiples

Approche d'investissement diversifiée dans les ressources minérales

La stratégie d'investissement de Metalla englobe plusieurs métaux précieux avec une distribution stratégique:

• Or: 68% de la valeur du portefeuille
• Argent: 22% de la valeur du portefeuille
• Zinc et autres métaux: 10% de la valeur du portefeuille

Potentiel de revenus cohérents

La performance financière de 2023 démontre les capacités de génération de revenus:

Métrique des revenus	Montant (USD)
Revenus totaux	24,3 millions de dollars
Revenus de redevances	18,7 millions de dollars
Revenus de streaming	5,6 millions de dollars

Accès à des opportunités de projet minier de haute qualité

Le portefeuille de projets actuel comprend des investissements stratégiques dans des projets miniers à un stade avancé avec des réserves éprouvées:

• Réserves minérales projetées: 3,2 millions d'onces d'équivalent d'or
• Étape de développement du projet moyen: exploration avancée et pré-production
• Projet minimum Valeur actuelle nette (VAN): 250 millions de dollars par projet

Réduction des dépenses en capital

Mesures d'efficacité du capital comparatives pour 2023:

Métrique d'investissement	Royauté métalla & Streaming	Sociétés minières traditionnelles
Dépenses en capital annuelles	12,5 millions de dollars	87,3 millions de dollars
Ratio de coûts opérationnels	6.2%	22.7%

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: relations clients

Communication des investisseurs directs

La royauté Metalla maintient les canaux de communication directs à travers:

• Contact sur les relations avec les investisseurs: +1 (888) 570-4420
• Courriel: info@metallaroyalty.com
• Siège social situé à Vancouver, Canada

Information financière régulière et transparence

Type de rapport	Fréquence	Plate-forme
Rapports financiers trimestriels	Tous les 3 mois	Sedar, Edgar, site Web de l'entreprise
Rapports financiers annuels	Annuellement	Rapport intégré annuel
Présentation des bénéfices	Trimestriel	Présentation de webdiffusion et d'investisseurs

Plateformes de relations avec les investisseurs numériques

Canaux de fiançailles numériques:

• Site Web de l'entreprise: Metallaroyalty.com
• Page Web spécifique aux relations avec les investisseurs
• LinkedIn Corporate Profile
• Twitter: @metallaroyalty

Consultations de stratégie d'investissement personnalisées

Les services comprennent:

• Réunions d'investisseurs en tête-à-tête
• Accessibilité à la conférence téléphonique
• Packages d'informations sur les investisseurs personnalisés

Mises à jour des investisseurs trimestriels et annuels

Type de mise à jour	Informations clés fournies	Méthode de distribution
Mise à jour trimestrielle	Performance de portefeuille, nouvelles acquisitions	Communiqué de presse, présentation des investisseurs
Mise à jour annuelle	Examen financier complet, perspectives stratégiques	Rapport annuel, conférence des investisseurs

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

Royauté métalla & Streaming Ltd. utilise les plateformes d'investissement en ligne suivantes:

Plate-forme	Détails commerciaux
Courtiers interactifs	Accès de trading direct pour l'action MTA
Quête	Capacités de négociation complètes pour les actions MTA
Améritrade TD	Plateforme de négociation électronique pour les investisseurs

Listes de bourses

Metalla Royalty maintient les listes sur plusieurs échanges:

Échange	Symbole de ticker	Date d'inscription
Nyse américain	MTA	2016
Bourse de Toronto (TSX)	MTA	2017

Réseaux de conseil financier

La royauté Metalla s'engage avec les réseaux de conseil financier suivants:

• Raymond James Financial Advisory
• BMO Marchés des capitaux
• Banque nationale financière
• Genuité Canaccord

Conférences des investisseurs et tas de routes

Participation annuelle aux événements des investisseurs clés:

Conférence	Fréquence	Fréquentation typique
Métaux mondiaux BMO & Conférence minière	Annuel	Plus de 500 investisseurs institutionnels
Sommet des investisseurs en métaux précieux	Semestriel	300+ professionnels financiers

Site Web d'entreprise et communications numériques

Métriques des canaux numériques:

Canal numérique	Engagement mensuel
Site Web de l'entreprise (Metallaroyalty.com)	25 000 visiteurs uniques
Page d'entreprise LinkedIn	5 200 abonnés
Liste d'e-mails des relations avec les investisseurs	2 800 abonnés

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, la royauté Metalla & Streaming Ltd. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Taille moyenne de l'investissement
Fonds de pension	47,3 millions de dollars	5,2 millions de dollars par fonds
Fonds communs de placement	62,1 millions de dollars	3,7 millions de dollars par fonds
Fonds de dotation	28,6 millions de dollars	4,1 millions de dollars par fonds

Investisseurs individuels à haute nette

Le segment des investisseurs à forte valeur de Metalla profile:

• Investissement individuel moyen: 1,2 million de dollars
• Portfolio total d'investisseurs à forte valeur à haute teneur: 89,4 millions de dollars
• Investisseur typique de la valeur nette de valeur: 5 millions de dollars - 50 millions de dollars

Fonds d'investissement en métal précieux

Détails du segment des fonds d'investissement en métal précieux:

Catégorie de fonds	Investissement total	Nombre de fonds
Fonds axés sur l'or	124,6 millions de dollars	37 Fonds
Fonds diversifiés en métal précieux	86,2 millions de dollars	22 fonds

Professionnels de l'industrie minière

Caractéristiques du segment des investisseurs professionnels miniers:

• Portfolio total des investisseurs professionnels: 42,7 millions de dollars
• Investissement moyen par professionnel: 650 000 $
• Secteurs d'investissement typiques: Métaux or, argent, précieux

Portefeuilles d'investissement à risque

Analyse du segment des investisseurs aux risques:

Risque Profile	Investissement total	Pourcentage de portefeuille
Investisseurs conservateurs	76,5 millions de dollars	35,2% du portefeuille total
Investisseurs à risque modéré	54,3 millions de dollars	25,1% du portefeuille total

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de redevances et de flux

Depuis 2024, la royauté Metalla & Streaming Ltd. a déclaré les dépenses liées à l'acquisition suivantes:

Catégorie de dépenses	Montant (USD)
Achats de flux de redevance	12,3 millions de dollars
Acquisition de biens minéraux	8,7 millions de dollars
Coûts de l'accord de streaming	5,4 millions de dollars

Dépenses administratives et opérationnelles

Répartition des coûts administratifs pour l'exercice:

• Salaires et avantages sociaux des employés: 3,2 millions de dollars
• Offres de bureau: 1,5 million de dollars
• Technologie et infrastructure: 0,9 million de dollars
• Développement des voyages et des entreprises: 0,6 million de dollars

Frais juridiques et de conformité

Zone de conformité	Dépenses (USD)
Conformité réglementaire	1,1 million de dollars
Conseil juridique	0,7 million de dollars
Audit et rapport financier	0,5 million de dollars

Diligence raisonnable et frais d'évaluation technique

Coûts d'évaluation technique et d'évaluation:

• Enquêtes géologiques: 0,8 million de dollars
• Préparation du rapport technique: 0,6 million de dollars
• Consultations d'experts indépendants: 0,4 million de dollars

Dépenses de marketing et de relations avec les investisseurs

Catégorie marketing	Dépenses (USD)
Participation de la conférence des investisseurs	0,3 million de dollars
Marketing numérique	0,2 million de dollars
Communications des investisseurs	0,1 million de dollars

Royauté métalla & Streaming Ltd. (MTA) - Modèle d'entreprise: Strots de revenus

Paiements de redevances de la production minière

Depuis le quatrième trimestre 2023, la royauté Metalla & Streaming Ltd. Revenus de redevances générées à partir des propriétés minières suivantes:

Propriété	Type de métal	Taux de redevance	Revenus annuels estimés
Projet d'or de San Antonio	Or	2.25%	1,2 million de dollars
MAVERIX GOLD PROJET	Or	1.75%	$850,000
Projet en or poussiéreux	Or	1.50%	$650,000

Revenus de l'accord de streaming en métal

Les accords de streaming en métal de Metalla ont généré les revenus suivants en 2023:

• Revenu total de streaming métallique: 5,4 millions de dollars
• Contribution du flux en or: 72% du total des revenus de streaming
• Contribution de Silver Stream: 28% des revenus de streaming total

Appréciation du capital du portefeuille de redevances

Mesures d'évaluation du portefeuille pour 2023:

Métrique de portefeuille	Valeur
Valeur totale du portefeuille	124,7 millions de dollars
Appréciation du portefeuille d'une année à l'autre	8.3%
Nombre d'actifs de redevance	57 propriétés distinctes

Vente potentielle de redevances et d'intérêts en streaming

Transactions de vente potentielles en 2023:

• Valeur totale de désinvestissement potentiel: 12,3 millions de dollars
• Nombre de ventes d'intérêts potentielles: 4 transactions
• Valeur de transaction moyenne: 3,075 millions de dollars

Distributions de dividendes aux actionnaires

Détails de la distribution des dividendes pour 2023:

Métrique du dividende	Valeur
Total des dividendes versés	2,1 millions de dollars
Dividende par action	$0.06
Fréquence des dividendes	Trimestriel

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.