Metalla Royalty & Streaming Ltd. (MTA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de investimentos de metal precioso, a realeza de Metalla & A Streaming Ltd. (MTA) surge como uma potência estratégica, revolucionando como os investidores podem explorar o potencial de mineração sem as complexidades operacionais tradicionais. Ao alavancar um modelo de negócios de royalties e streaming exclusivo, o MTA oferece uma abordagem inovadora que transforma os investimentos em exploração mineral em uma oportunidade simplificada e de menor risco para investidores experientes que buscam exposição a mercados de metais preciosos. Mergulhe na intrincada tela do modelo de negócios que revela como essa empresa cria valor, gerencia riscos e gera receita no cenário competitivo dos investimentos em recursos minerais.

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de Negócios: Principais Parcerias

Empresas de mineração com projetos de metal precioso

A partir de 2024, a realeza de Metalla & A Streaming Ltd. estabeleceu as principais parcerias com as seguintes empresas de mineração:

Empresa de mineração	Projeto	Tipo de metal	Status da parceria
Mineração de Hochschild	Mina inmaculada	Ouro/prata	Contrato de streaming ativo
Entenda prata	El Cubo Mina	Prata/ouro	Contrato de royalties

Empresas de mineração em estágio de exploração e desenvolvimento

A Metalla colabora com empresas de exploração em estágio inicial por meio de parcerias estratégicas:

• Osisko Development Corp.
• Maverix Metals Inc.
• Recursos Karora

Bancos de investimento e consultores financeiros

As parcerias financeiras incluem:

Instituição financeira	Serviço prestado	Valor da transação
BMO Capital Markets	Capital capital	US $ 35,2 milhões (2023)
National Bank Financial	Aviso financeiro	US $ 27,8 milhões (2023)

Empresas de consultoria geológica

Parcerias técnicas para avaliação do projeto:

• SRK Consulting
• TETRA TECH
• Golder Associates

Plataformas de transmissão de metal e investimento de royalties

Colaborações estratégicas no ecossistema de transmissão de metal:

Plataforma	Tipo de colaboração	Foco de investimento
Franco-Nevada Corporation	Compartilhamento de conhecimento	Royalties de metais preciosos
Royal Gold Inc.	Inteligência de mercado	Oportunidades de streaming

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de Negócios: Atividades -chave

Adquirindo royalties e riachos de metal precioso

Em 2023, a realeza de Metalla & A Streaming Ltd. adquiriu 22 interesses de royalties e córregos em vários projetos de metais preciosos.

Tipo de ativo	Número de aquisições	Valor total de investimento
Royalties de ouro	14	US $ 78,3 milhões
Fluxos de prata	5	US $ 42,6 milhões
Combinações de metal preciosas	3	US $ 35,1 milhões

Avaliar e negociar acordos de propriedade mineral

O Metalla realiza a devida diligência rigorosa em possíveis oportunidades de royalties e streaming.

• Revisão técnica abrangente de projetos de mineração
• Análise de viabilidade financeira
• Avaliação geológica de reservas minerais
• Avaliação de risco operacional

Gerenciamento de portfólio de royalties e ativos de streaming

A partir do quarto trimestre 2023, Metalla administrou um portfólio de 61 interesses de royalties e streaming.

Composição do portfólio	Número de ativos	Receita anual estimada
Produzindo ativos	24	US $ 37,5 milhões
Ativos de estágio de desenvolvimento	19	US $ 12,8 milhões
Ativos de estágio de exploração	18	US $ 3,2 milhões

Avaliação de risco de projetos de mineração

Métricas principais de avaliação de risco:

• Incerteza geológica
• Desafios operacionais
• Riscos geopolíticos
• Volatilidade do preço de mercado

Rastreando e monitorando o desempenho do investimento

Métricas de desempenho para 2023:

Indicador de desempenho	Valor
Receita total	US $ 53,4 milhões
Resultado líquido	US $ 22,1 milhões
Retorno do investimento	16.7%
Número de pontos de monitoramento operacional	41 sites de mineração ativos

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de negócios: Recursos -chave

Capital financeiro para investimentos em royalties e streaming

A partir do quarto trimestre 2023, a realeza de Metalla & Streaming Ltd. relatado:

Métrica financeira	Quantidade (USD)
Total de ativos	US $ 158,4 milhões
Caixa e equivalentes de dinheiro	US $ 25,6 milhões
Capital de giro	US $ 37,2 milhões

Experiência técnica em mineração e exploração mineral

Os principais recursos de conhecimento técnico incluem:

• Equipe geológica com mais de 75 anos de experiência em exploração mineral
• Capacidades avançadas de análise geoespacial
• Especialistas internos de avaliação de recursos minerais

Portfólio de investimentos estratégicos de ativos de metal precioso

Tipo de ativo	Número de royalties/riachos
Royalties de ouro	54
Fluxos de prata	22
Outros ativos de metal precioso	8

Capacidades avançadas de análise geológica e financeira

Os recursos tecnológicos incluem:

• Software de mapeamento geológico avançado
• Modelos de previsão de recursos aprimorados pelo aprendizado de máquina
• Sistemas de rastreamento de portfólio financeiro em tempo real

Forte rede de relacionamentos da indústria

Métricas de relacionamento da indústria:

• Parcerias ativas com 37 empresas de mineração
• Presença em 12 países
• Relacionamentos com grandes jurisdições de mineração, incluindo Canadá, México, Austrália

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de Negócios: Proposições de Valor

Exposição de baixo risco à exploração e produção de metais preciosos

A partir do quarto trimestre 2023, a realeza de Metalla & A Streaming Ltd. possui 89 ativos de royalties e streaming em 13 países. O portfólio da empresa inclui projetos de metais preciosos com um valor total estimado em US $ 143,8 milhões.

Tipo de ativo	Número de ativos	Disseminação geográfica
Royalties de ouro	52	América do Norte, América do Sul, Austrália
Royalties de prata	23	México, Peru, Canadá
Fluxos de metal precioso	14	Vários continentes

Abordagem de investimento diversificado em recursos minerais

A estratégia de investimento da Metalla abrange vários metais preciosos com uma distribuição estratégica:

• Ouro: 68% do valor do portfólio
• Prata: 22% do valor do portfólio
• Zinco e outros metais: 10% do valor do portfólio

Potencial para receita consistente

O desempenho financeiro de 2023 demonstra recursos de geração de receita:

Métrica de receita	Quantidade (USD)
Receita total	US $ 24,3 milhões
Receita de royalties	US $ 18,7 milhões
Receita de streaming	US $ 5,6 milhões

Acesso a oportunidades de projeto de mineração de alta qualidade

O portfólio atual de projetos inclui investimentos estratégicos em projetos de mineração em estágio avançado com reservas comprovadas:

• Reservas minerais projetadas: 3,2 milhões de onças de ouro equivalente
• Estágio médio de desenvolvimento do projeto: exploração avançada e pré-produção
• Valor presente líquido mínimo do projeto (NPV): US $ 250 milhões por projeto

Gasto de capital reduzido

Métricas comparativas de eficiência de capital para 2023:

Métrica de investimento	Metalla Royalty & Transmissão	Empresas de mineração tradicionais
Gastos anuais de capital	US $ 12,5 milhões	US $ 87,3 milhões
Índice de custo operacional	6.2%	22.7%

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação direta do investidor

A Royalty do Metalla mantém os canais de comunicação direta através de:

• RELAÇÕES DE INVESTOR CONTATO: +1 (888) 570-4420
• E -mail: info@metallaroyalty.com
• Sede corporativa localizada em Vancouver, Canadá

Relatórios financeiros regulares e transparência

Tipo de relatório	Freqüência	Plataforma
Relatórios financeiros trimestrais	A cada 3 meses	Sedar, Edgar, site da empresa
Relatórios financeiros anuais	Anualmente	Relatório Integrado Anual
Apresentação de ganhos	Trimestral	Webcast e apresentação de investidores

Plataformas de relações com investidores digitais

Canais de engajamento digital:

• Site corporativo: metallaroyalty.com
• Página da web específica de relações com investidores
• LinkedIn Corporate Profile
• Twitter: @metallaroyalty

Consultas de estratégia de investimento personalizadas

Os serviços incluem:

• Reuniões individuais de investidores
• Acessibilidade à chamada da conferência
• Pacotes de Informações para Investidores Personalizados

Atualizações de investidores trimestrais e anuais

Tipo de atualização	Informações -chave fornecidas	Método de distribuição
Atualização trimestral	Desempenho de portfólio, novas aquisições	Comunicado de imprensa, apresentação do investidor
Atualização anual	Revisão financeira abrangente, perspectiva estratégica	Relatório Anual, Conferência de Investidores

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de Negócios: Canais

Plataformas de investimento on -line

Metalla Royalty & Streaming Ltd. utiliza as seguintes plataformas de investimento on -line:

Plataforma	Detalhes de negociação
Corretores interativos	Acesso de negociação direta para ações MTA
Questrade	Capacidades de negociação completas para ações da MTA
TD Ameritrade	Plataforma de negociação eletrônica para investidores

Listagens de bolsas de valores

A Royalty do Metalla mantém listagens em várias trocas:

Intercâmbio	Símbolo do ticker	Data de listagem
NYSE AMERICANO	MTA	2016
Bolsa de Valores de Toronto (TSX)	MTA	2017

Redes de consultoria financeira

A Royalty do Metalla se envolve com as seguintes redes consultivas financeiras:

• Raymond James Financial Advisory
• BMO Capital Markets
• National Bank Financial
• Canaccord genuidade

Conferências de investidores e roadshows

Participação anual em eventos importantes para investidores:

Conferência	Freqüência	Participação típica
BMO Global Metals & Conferência de Mineração	Anual	Mais de 500 investidores institucionais
Cúpula de investidores de metais preciosos	Semestral	Mais de 300 profissionais financeiros

Site corporativo e comunicações digitais

Métricas de canal digital:

Canal digital	Engajamento mensal
Site corporativo (Metallaroyalty.com)	25.000 visitantes únicos
Página corporativa do LinkedIn	5.200 seguidores
Lista de e -mail de relações com investidores	2.800 assinantes

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a realeza de Metalla & Streaming Ltd. tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Volume de investimento	Tamanho médio de investimento
Fundos de pensão	US $ 47,3 milhões	US $ 5,2 milhões por fundo
Fundos mútuos	US $ 62,1 milhões	US $ 3,7 milhões por fundo
Fundos de doação	US $ 28,6 milhões	US $ 4,1 milhões por fundo

Investidores individuais de alta rede

Segmento de investidores de alta rede de Metalla profile:

• Investimento individual médio: US $ 1,2 milhão
• Portfólio total de investidores de alta rede: US $ 89,4 milhões
• Valor líquido de investidores típicos: US $ 5 milhões - US $ 50 milhões

Fundos de investimento de metal precioso

Detalhes do segmento de fundos de investimento de metal precioso:

Categoria de fundo	Investimento total	Número de fundos
Fundos focados em ouro	US $ 124,6 milhões	37 fundos
Fundos diversificados de metal precioso	US $ 86,2 milhões	22 fundos

Profissionais da indústria de mineração

Características do segmento de investidores profissionais de mineração:

• Portfólio de investidores profissionais totais: US $ 42,7 milhões
• Investimento médio por profissional: US $ 650.000
• Setores de investimento típicos: ouro, prata, metais preciosos

Portfólios de investimento avessos ao risco

Análise de segmento de investidores avessos ao risco:

Risco Profile	Investimento total	Porcentagem de portfólio
Investidores conservadores	US $ 76,5 milhões	35,2% do portfólio total
Investidores de risco moderados	US $ 54,3 milhões	25,1% do portfólio total

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de Negócios: Estrutura de Custo

Custos de aquisição de royalties e riachos

A partir de 2024, a realeza de Metalla & A Streaming Ltd. relatou as seguintes despesas relacionadas à aquisição:

Categoria de despesa	Quantidade (USD)
Compras de fluxo de royalties	US $ 12,3 milhões
Aquisição de propriedades minerais	US $ 8,7 milhões
Custos de contrato de streaming	US $ 5,4 milhões

Despesas administrativas e operacionais

Repartição dos custos administrativos para o ano fiscal:

• Salários e benefícios dos funcionários: US $ 3,2 milhões
• Organização do escritório: US $ 1,5 milhão
• Tecnologia e infraestrutura: US $ 0,9 milhão
• Desenvolvimento de viagens e negócios: US $ 0,6 milhão

Taxas legais e de conformidade

Área de conformidade	Despesa (USD)
Conformidade regulatória	US $ 1,1 milhão
Consultoria legal	US $ 0,7 milhão
Auditoria e relatórios financeiros	US $ 0,5 milhão

Due Diligence e Despesas de Avaliação Técnica

Custos técnicos de avaliação e avaliação:

• Pesquisas geológicas: US $ 0,8 milhão
• Preparação do relatório técnico: US $ 0,6 milhão
• Consultas de especialistas independentes: US $ 0,4 milhão

Despesas de marketing e relações de investidores

Categoria de marketing	Gastos (USD)
Participação da Conferência de Investidores	US $ 0,3 milhão
Marketing digital	US $ 0,2 milhão
Comunicações de investidores	US $ 0,1 milhão

Metalla Royalty & Streaming Ltd. (MTA) - Modelo de negócios: fluxos de receita

Pagamentos de royalties da produção de mineração

A partir do quarto trimestre 2023, a realeza de Metalla & A Streaming Ltd. gerou receita de royalties das seguintes propriedades de mineração:

Propriedade	Tipo de metal	Taxa de royalties	Receita anual estimada
Projeto de ouro de San Antonio	Ouro	2.25%	US $ 1,2 milhão
Maverix Gold Project	Ouro	1.75%	$850,000
Projeto empoeirado de ouro	Ouro	1.50%	$650,000

Receita de contrato de transmissão de metal

Os acordos de transmissão de metal da Metalla geraram as seguintes receitas em 2023:

• Receita total de streaming de metal: US $ 5,4 milhões
• Contribuição para fluxo de ouro: 72% da receita total de streaming
• Contribuição do fluxo de prata: 28% da receita total de streaming

Apreciação de capital do portfólio de royalties

Métricas de avaliação do portfólio para 2023:

Métrica do portfólio	Valor
Valor total do portfólio	US $ 124,7 milhões
Apreciação de portfólio ano a ano	8.3%
Número de ativos de royalties	57 propriedades distintas

Venda potencial de interesses de royalties e streaming

Transações de venda em potencial em 2023:

• Valor potencial de desinvestimento potencial: US $ 12,3 milhões
• Número de possíveis vendas de juros de royalties: 4 transações
• Valor médio da transação: US $ 3,075 milhões

Distribuições de dividendos aos acionistas

Detalhes de distribuição de dividendos para 2023:

Métrica de dividendos	Valor
Dividendos totais pagos	US $ 2,1 milhões
Dividendo por ação	$0.06
Frequência de dividendos	Trimestral

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.