Q1/26 Mostly in Line

Research evidence excerpt

Q1/26 Mostly in Line

Metalla Royalty & Streaming - Block Summary Model

Income Statement 2025A 2026E 2027E

Revenue 12 21 38

Operating Costs 0 0 0 Valuation

G&A 7 5 4 MTA trades at 0.8x the NAV estimate at 5% and BMO metal

price assumptions, versus the royalty/streaming average Depreciation 2 3 5

of 1.8x. Our target price reflects 1.1x the 5% NAV/sh at BMO

EBITDA 1 14 32 metal price assumptions.

Tax 1 2 5

Upside Scenario 18.00

Adjusted Net Earnings (3) 9 22 Our upside scenario is based on a 30% increase to our

EPS $(0.03) $0.09 $0.23 target P/NAV multiple. This scenario could play out if new

accretive transactions are made, if existing portfolio assets Cash Flow Statement 2025A 2026E 2027E

enter production earlier than expected, with improving

CFO 4 14 29 clarity on material development assets in the existing

CFI (2) (2) (2) portfolio, or if metal prices are materially above BMO

forecasts.

CFF (2) (5) (7)

Free Cash Flow 2 12 27 Downside Scenario 6.00

Our downside scenario is based on a 60% decrease to FCF/Share 0.02 0.12 0.28

our target P/NAV multiple. This scenario could play out

Balance Sheet 2025A 2026E 2027E if existing portfolio assets experience interruptions or

Cash & Equivalents 10 17 36 operational challenges, time lines of development assets

are delayed, certain portfolio assets are not restarted, or

Long-Term Debt 15 8 0 metal prices are materially below BMO forecasts.

Total Assets 271 275 292 in CAD

Total Liabilities 19 11 2

-41% +38% +77%

Total Shareholders' Equity 252 264 289

Production & Cash Costs 2025A 2026E 2027E Downside Current Target Upside

Scenario Price Price Scenario

Total Gold Eq. Production (koz) 3 4 7 6.00 10.15 14.00 18.00

Price Assumptions 2025A 2026E 2027E

Key Catalysts Gold Price (US$/oz) 3,444 4,831 5,125