METALLA ANNOUNCES PRELIMINARY 2025 GEO DELIVERIES, RECORD ANNUAL REVENUES AND CORPORATE UPDATES
Rhea-AI Summary
Metalla (NYSE American: MTA) reported preliminary unaudited 2025 results and portfolio updates on Feb 11, 2026. Record 2025 revenue of $11.7M (up 99% YoY) and 3,436 attributable GEOs (up 38% YoY) were reported. The company cited operational setbacks at Wharf and Endeavor and will release 2026 guidance on March 26, 2026.
Portfolio highlights include Mitsubishi's $600M strategic investment in Copper World, First Quantum and Hudbay project milestones, a $21M Gurupi exploration budget, Del Toro acquisition developments, and management equity awards plus a marketing services agreement.
Positive
- Revenue of $11.7M, a 99% increase year-over-year
- Attributable production of 3,436 GEOs, +38% year-over-year
- Mitsubishi $600M strategic investment advancing Copper World DFS
- Gurupi allocated $21M exploration/development budget for 2026
- Del Toro acquisition positions potential mid-2027 restart timeline
Negative
- Ramp-up delays and safety incident at Endeavor reduced Q4 GEOs
- Fire at Wharf crushing facility disrupted operations in Q4 2025
- Attributable GEOs missed earlier guidance lower-range expectation
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: ASM -4.29%, ITRG -1.6%, while MUX and NEWP are up 1.07% and 1.53%. With no peers in the momentum scanner and no same-day peer headlines, the setup points to stock-specific interpretation of Metalla’s record preliminary results rather than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 23 | Ownership disclosure | Neutral | -1.9% | Beedie internal reorganization of <b>9,546,575</b> Metalla shares with stake unchanged. |
| Nov 13 | Earnings and updates | Positive | -3.2% | Record Q3 2025 results with <b>$4.0M</b> revenue and first positive net income. |
| Aug 14 | Earnings and updates | Positive | -1.9% | Q2 2025 results plus <b>$40M</b> credit facility and Endeavor Mine recommissioning. |
Recent history shows positive operating/earnings updates often met with negative next-day price reactions, suggesting a tendency for the stock to trade lower on good news.
Over the last several months, Metalla has reported improving fundamentals and growing institutional interest. On Nov 13, 2025, it posted record Q3 2025 results, including its first quarter of positive net income, yet the stock fell afterward. Earlier, Q2 2025 results on Aug 14, 2025 highlighted a new $40 million credit facility and mine recommissioning, but shares again declined. Large shareholders such as Tether and Beedie have been active in updating ownership disclosures, underscoring ongoing strategic interest in the company.
Market Pulse Summary
This announcement highlights record preliminary 2025 royalty and streaming revenue of $11.7 million and a higher attributable GEO total of 3,436, alongside numerous de-risking steps across Copper World, Taca Taca, Gurupi, 15-Mile, and Tower Mountain. Recent history shows the stock has sometimes traded lower after positive updates, so investors may watch for the upcoming 2026 guidance on March 26, 2026 and progress on major partner-led project milestones.
Key Terms
net smelter returns financial
nsr royalty financial
definitive feasibility study technical
preliminary economic assessment technical
prefeasibility study technical
environmental and social impact assessment regulatory
ni 43-101 regulatory
AI-generated analysis. Not financial advice.
(All dollar amounts are in
PRELIMINARY 2025 RESULTS
The Company expects to recognize record revenue from royalty and stream interests, including fixed royalty payments, of
The Company expects to receive or accrue payments on 3,436 attributable Gold Equivalent Ounces ("GEOs")(1), representing a
Metalla expects to release its 2026 guidance on March 26, 2026, along with its full year audited financial statements.
(1) See "Caution Regarding Pre-Released Financial Information and Non-IFRS Financial Measures" below. |
ASSET UPDATES
- Copper World – Successful closing of Mitsubishi's
$600 million - Castle Mountain – Castle Mountain Phase 2 Permitting Record of Decision expected in December 2026.
- Taca Taca – First Quantum expects key Taca Taca milestones in H1 2026, including environmental and social impact assessment ("ESIA") and water permit approvals and filing an application under
Argentina's Incentive Regime for Large Investments ("RIGI"). - Wharf – Reports of a fire at the Wharf mine crushing facility.
- Gurupi –
$21 million - Del Toro – Sierra Madre announced the acquisition of Del Toro with plans to restart operations in mid-2027.
- 15-Mile – Prefeasibility Study outlines an average 103 Koz gold production profile over 11 years.
- Tower Mountain – Inaugural Indicated Mineral Resource estimate of 514 Koz with 34.5Mt averaging 0.46 g/t gold and Inferred Mineral Resource Estimate of 3.05 Moz with 221.1Mt averaging 0.45 g/t gold, with a Scoping Study expected in 2027.
Copper World
Metalla holds a
On January 12, 2026, Hudbay announced the closing of a strategic investment from Mitsubishi Corporation for a
Hudbay notes that Feasibility activities for Copper World are advancing, with the DFS expected to be completed in mid-2026, ahead of a Copper World sanction decision expected in 2026.
For more information, please view the Hudbay Minerals January 12, 2026 Press Release.
Castle Mountain
Metalla holds a
On January 15, 2026, First Quantum announced that it expects to release an updated technical report for Taca Taca in the first quarter of 2026. In addition, First Quantum expects the Province of Salta to approve the ESIA and water permit applications, and to file an Argentina RIGI application in the first half of 2026.
For more information, please view the Equinox Gold January 14, 2026 Press Release.
Taca Taca
Metalla holds a
On January 15, 2026, First Quantum announced that an updated technical report for Taca Taca is expected to be released in the first quarter of 2026. First Quantum also expects the Province of Salta to approve the ESIA and water permit applications in the first half of 2026. In addition, First Quantum expects to file an Argentina RIGI application in the first half of 2026.
For more information, please view the First Quantum Minerals January 15, 2026 Press Release.
Wharf
Metalla holds a
On November 19, 2025, several news agencies reported a fire started at the Wharf Mine crushing facility during regularly scheduled maintenance; all workers are accounted for and the fire was fully extinguished.
Gurupi
Metalla holds a
On January 20, 2026, G Mining announced an exploration budget of approximately
For more information, please view the G Mining January 20, 2026 Press Release.
Del Toro
Metalla holds a
On December 17, 2025, Sierra Madre announced that it had entered into an agreement to acquire Del Toro from First Majestic Silver Corp. Del Toro is a fully permitted underground silver-gold-lead mine with a 3,000 tonne-per-day flotation processing circuit, which operated from 2013 to 2019.
Sierra Madre also announced on December 17, 2025, that Del Toro hosts a historical Measured and Indicated Mineral Resource estimate of 7.57 Moz silver-equivalent consisting of 592,000 tonnes at 398 g/t and an Inferred Mineral Resource estimate of 11.8 Moz silver-equivalent consisting of 1.19 million tonnes at 293 g/t.(2)
Alex Langer, Sierra Madre´s President and Chief Executive Officer, commented, "Near-term, our plan for Del Toro is to advance exploration and prepare an updated resource report while our operating team focuses on completing the two-stage expansion at
For more information, please view the Sierra Madre December 17, 2025 Press Release.
(2) First reported by First Majestic Silver Corp. ("First Majestic") in a technical report titled "Technical Report for the Del Toro Silver Mine, |
15-Mile
Metalla holds a
On January 21, 2026, St Barbara announced the results of the 15-Mile Processing Hub Prefeasibility Study, which outlines strong economics and average production of 103 Koz of gold per year over an 11-year mine life. The study proposes a central mill and tailings facility at 15-Mile, with ore sourced exclusively from 15-Mile until Year 3 of operations, followed by the addition of ore from Cochrane Hill in Year 3 and
St. Barbara noted that environmental baseline monitoring across the 15-Mile Processing Hub continues to advance, supporting permitting and development. In parallel, stakeholder engagement has progressed, with work underway on the Environmental and Impact Assessment through FY2027 alongside the Feasibility Study, and commissioning and production potentially as early as FY2030.
For more information, please view the St Barbara January 21, 2026 Press Release.
Tower Mountain
Metalla holds a
On January 26, 2026, Thunder Gold announced the results of the inaugural Mineral Resource estimate at the Tower Mountain project near
Wes
- Resource conversion of Inferred resources to Measured and Indicated classification;
- Resource expansion within, and immediately adjacent to, the defined ultimate pit limit;
- Metallurgical testing to increase gold recovery and define process plant options; and
- Environmental baseline studies to benchmark site criteria.
Our objective is to deliver an updated Mineral Resource Estimate and an initial Scoping Study (Preliminary Economic Assessment) in 2027, creating a clear pathway toward accelerated project development while leveraging the property's proximity to established public infrastructure."
For more information, please view the Thunder Gold January 26, 2026 Press Release.
CORPORATE UPDATES
Metalla has awarded an aggregate of 247,375 restricted share units (the "RSUs") and granted an aggregate of 475,700 stock options (the "Options") to certain directors, officers, consultants, and employees of the Company. The RSUs and Options vest in equal installments over twelve and twenty-four months. Each vested RSU will entitle the holder to receive one common share of Metalla, and similarly each vested Option will entitle the holder to acquire one common share of Metalla for a period of five years at an exercise price to be based on the closing price of the common shares of Metalla on the TSX Venture Exchange ("TSXV") on February 12, 2026.
The Company has also, subject to stock exchange acceptance, retained Sideways Frequency LLC ("SFLLC") to provide certain marketing services to the Company in compliance with the policies and guidelines of the TSXV, NYSE American and applicable legislation. The services will include the creation and distribution of marketing materials and overseeing progress and results from SFLLC's services. Under the agreement, the Company will pay SFLLC
QUALIFIED PERSON
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, an independent consultant, geologist M.Sc., member of the Association of Professional Geoscientists of
ABOUT METALLA
Metalla provides shareholders with leveraged gold, silver, and copper exposure by acquiring royalties and streams. Our goal is to increase share value by accumulating a diversified portfolio of royalties and streams with attractive returns. Our strong foundation of current and future cash-generating asset base, combined with an experienced team, gives Metalla a path to become one of the leading royalty companies.
For further information, please visit our website at www.metallaroyalty.com.
ON BEHALF OF METALLA ROYALTY & STREAMING LTD.
(signed) "Brett Heath"
Chief Executive Officer
Website: www.metallaroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accept responsibility for the adequacy or accuracy of this press release.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
Caution Regarding Pre-Released Financial Information
This news release contains certain pre-released fourth quarter and full year financial information. The fourth quarter and full year financial information contained in this news release are preliminary and unaudited and represent the most current information available to the Company's management, as financial closing procedures for the three months and year ended December 31, 2025 are not yet complete. The Company's actual consolidated audited financial statements for such period will be filed with the applicable Canadian securities administrators on its profile on SEDAR at https://www.sedarplus.ca/ and the SEC on its profile on EDGAR at www.sec.gov, and may result in material changes to the financial metrics summarized in this news release as a result of the completion of normal quarter and year-end accounting procedures and adjustments, and also what one might expect to be in the final consolidated financial statements based on the financial metrics summarized in this news release. Although the Company believes the expectations reflected in this news release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations. In addition, our presentation of preliminary results does not include a presentation of expenses or net income (loss), which remain subject to completion of our year-end audit procedures.
Non-IFRS Financial Measures
Metalla has included a performance measure, attributable gold equivalent ounces (GEOs), in this press release that does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Attributable GEOs are a non-IFRS financial measure that is composed of gold ounces attributable to the Company, calculated by taking the revenue earned by the Company in the period from payable gold, silver, copper and other metal ounces attributable to the Company divided by the average
Technical and Third-Party Information
Metalla has limited, if any, access to the properties on which Metalla holds a royalty, stream or other interest. Metalla is dependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Metalla, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which Metalla holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. Although Metalla does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Metalla's royalty, stream or other interests. Metalla's royalty, stream or other interests can cover less than
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian NI 43-101, which differs significantly from the requirements of the
"Inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur, or be achieved. Forward-looking statements include, but are not limited to, the statements of the property owners/operators with respect to the properties on which Metalla holds a royalty; the release of the Company's 2026 GEO guidance and the timing thereof; Hudbay's intended use proceeds from the Mitsubishi Corporation's strategic investment in Copper World; Mitsubishi Corporation's future contributions to Copper World; the completion of the DFS on Copper World and the timing therefor; the sanction decision on Copper World and the timing thereof; the receipt of a positive Record of Decision for Castle Mountain and the timing thereof; the advancement of engineering and environmental studies in Castle Mountain in 2026; the expected investment decision for Castle Mountain and the timing thereof; the release of an updated technical report for Taca Taca and the timing thereof; the approval of the ESIA and water permit applications for Taca Taca and the timing thereof; the filing of an Argentina RIGI application for Taca Taca and the timing thereof; the exploration budget for Gurupi in 2026; the release of a preliminary economic assessment for Gurupi and timing thereof; the completion of Sierra Madre's acquisition of Del Toro; the average production, life of mine and ore sourcing at 15-Mile; the work on the Environmental and Impact Assessment alongside the Feasibility Study for 15-Mile; the commission and production at 15-Mile and the timing thereof; the statements from management of Sierra Madre and Thunder Gold with regards to their company's plans and expectations for Del Toro and Tower Mountain; the expectations generally of Metalla the property owners/operators and the authors of relevant technical reports and studies with respect to the mineral projects in which Metalla has an interest, including without limitation, estimates of mineral resources and mineral reserves and updates thereto, production, mine life, NPV, IRR, costs, drilling, development, permitting, water sourcing, commodity mix and prices, and the timing thereof; future opportunities and acquisitions; future exploration, financing, development, production and other anticipated developments on the properties in which the Company has or has agreed to acquire an interest; future growth, increased share value, cash generation and returns; and Metalla having a path to becoming a leading gold and silver royalty company.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Metalla to control or predict, that may cause Metalla's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the absence of control over mining operations from which Metalla will purchase precious metals or from which it will receive stream or royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; regulatory, political or economic developments in any of the countries where properties in which Metalla holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Metalla holds a royalty or stream or other interest, including changes in the ownership and control of such operators; risks related to Metalla's two material assets, the Côté property and the Taca Taca property; risks related to general business and economic conditions; risks related to global pandemics, and the spread of other viruses or pathogens; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Metalla; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Metalla holds a royalty, stream or other interest; the volatility of the stock market; competition; future sales or issuances of debt or equity securities; use of proceeds; dividend policy and future payment of dividends; liquidity; market for securities; enforcement of civil judgments; and risks relating to Metalla potentially being a passive foreign investment company within the meaning of
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SOURCE Metalla Royalty & Streaming Ltd.
FAQ
What were Metalla's preliminary 2025 revenues and how did they change (MTA)?
How many attributable GEOs did Metalla report for 2025 and what drove the change (MTA)?
When will Metalla release 2026 guidance and audited financial statements (MTA)?
What is the Copper World update and how does it affect Metalla (MTA)?
Did any operational incidents affect Metalla royalties in late 2025 (MTA)?
