(All dollar amounts are in United States dollars unless otherwise
indicated)
TSXV: MTA
NYSE American: MTA
VANCOUVER, BC, May 13, 2022
/CNW/ - Metalla Royalty & Streaming
Ltd. ("Metalla" or the "Company") (TSXV:
MTA) (NYSE American: MTA) announces its operating and financial
results for the three months ended March 31,
2022. For complete details of the condensed interim
consolidated financial statements and accompanying management's
discussion and analysis for the three months ended March 31, 2022, please see the Company's filings
on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders
are encouraged to visit the Company's website at
www.metallaroyalty.com.
Brett Heath, President, and
CEO of Metalla, commented, "The first quarter of 2022 we focused on
increasing our near-term cash flow with the amendment to the
Beaufor royalty that is expected to be in production in the second
half of 2022. We also expect El Realito, which is part of
Angico Eagle's La India mine, to start producing in the second half
of 2022, which will increase our producing royalties to seven
total. Although the market continues to be volatile, we
believe Metalla's asset base, and growth profile position the
Company to have continued success."
FINANCIAL HIGHLIGHTS
During the three months ended March
31, 2022, and the subsequent period up to the date of this
news release, the Company:
- Amended an existing 1.0% NSR royalty on Monarch Mining
Corporation's ("Monarch") Beaufor Mine
("Beaufor"). In consideration for $1.0 million paid in cash to Monarch, Monarch
agreed to waive a clause stipulating that payments under the Net
Smelter Returns ("NSR") royalty were only payable after 100
Koz of gold have been produced by Monarch following its acquisition
of Beaufor. Payments under this NSR royalty will now begin upon
initial production from the property.
- for the three months ended March 31,
2022, received or accrued payments on 724 attributable Gold
Equivalent Ounces ("GEOs") at an average realized price of
$1,835 and an average cash cost of
$5 per attributable GEO (see non-IFRS
Financial Measures);
- for the three months ended March 31,
2022, generated operating cash margin of $1,830 per attributable GEO, from the Wharf,
Joaquin and COSE royalties, the New Luika Gold Mine ("NLGM")
stream held by Silverback Ltd. ("Silverback"), the
Higginsville derivative royalty asset, and other royalty interests
(see non-IFRS Financial Measures);
- for the three months ended March 31,
2022, recognized revenue from royalty and stream interests
of $0.7 million, net loss of
$2.2 million, and adjusted EBITDA of
less than $0.1 million (see non-IFRS
Financial Measures);
- for the three months ended March 31,
2022, recognized payments due or received (not included in
revenue) from the Higginsville derivative royalty asset of
$0.6 million (see non-IFRS Financial
Measures);
- on May 14, 2021, announced the
establishment of an at-the-market program (the "2021 ATM
Program") with a syndicate of agents. Under the 2021 ATM
Program the Company may distribute up to $35.0 million (or the equivalent in Canadian
dollars) in common shares of the Company. From inception to
March 31, 2022, the Company
distributed 1,970,608 common shares under the 2021 ATM Program at
an average price of $8.19 per share
for gross proceeds of $16.1 million,
with aggregate commissions paid or payable and other share issue
costs of $0.9 million, resulting in
aggregate net proceeds of $15.2
million. For the three months ended March 31, 2022, the Company distributed 348,443
common shares under the 2021 ATM Program at an average price of
$6.88 per share for gross proceeds of
$2.4 million, with aggregate
commissions paid or payable and other share issue costs of
$0.2 million, resulting in aggregate
net proceeds of $2.2 million. As of
the date of this news release, the Company has distributed a total
of 1,990,778 common shares under the 2021 ATM program for gross
proceeds of $16.3 million; and
- On May 12, 2022, the Company
filed a new final short form base shelf prospectus and a
corresponding registration statement on Form F-10 that are intended
to replace the base shelf prospectus and Form F-10 registration
statement previously filed by the Company in 2020, and to enhance
the Company's financial flexibility. In connection with this
transition, the Company terminated its 2021 ATM Program.
ASSET UPDATES
Wharf Royalty
On May 4, 2022, Coeur Mining Inc.
("Coeur") reported first quarter production of 17.7 Koz gold
at 0.78 g/t gold, in line with the 70-80 Koz full year guidance for
Wharf disclosed by Wharf on February 16,
2022. During the quarter, one reverse circulation
("RC") drill rig continued to infill targets at the
Portland-Ridge-Boston claim group and at the Flossie area,
results are pending.
On February 16, 2022, Coeur
reported that Wharf's updated Proven and Probable Reserves totaled
852 Koz at 0.73 g/t. Total Measured and Indicated Resources were
reported at 412 Koz at 0.63g/t with an Inferred Resource estimate
of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021
financial statements, an updated mine life of 8 years for Wharf.
Additionally, Coeur reported the continued exploration success at
Wharf where a total of 6,625 meters of drilling was completed in
the Portland Ridge – Boston claim
group, Flossie and Juno areas. Coeur spent $4 million on exploration at the mine in 2021,
its largest since acquiring the asset in 2015.
Metalla holds a 1.0% GVR royalty on the Wharf mine.
Higginsville Royalty
On April 20, 2022, Karora
Resources Inc. ("Karora") reported first quarter production
of 27,489 ounces of gold from its Higginsville Gold Operations
("Higginsville") and Beta Hunt mines, in line with 2022
production guidance of 110-135 Koz gold announced by Karora on
February 7, 2022.
Metalla holds a 27.5% PPR royalty interest on the difference
between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until
a cumulative total of 34.0 Koz of gold at the Higginsville
operation have been delivered. As at March
31, 2022, 16.6 Koz of gold had been delivered.
New Luika Silver Stream
On April 26, 2022, Shanta Gold
Limited ("Shanta") reported that it produced 11,408 ounces
of gold at its NLGM in Tanzania in
the first quarter of 2022. On July 19,
2021, Shanta announced a new mine plan for NLGM, where
average annual production is expected to be 73.6 Koz gold with the
potential to extend mine life beyond 2026 through conversion of
significant known resources and the expanded 2,450 tpd mill
throughput. Shanta expects total gold production from NLGM for the
five-year plan to total 368 Koz from both open pit and underground
mine sources from the mining license. Shanta outlined that the
resources presently sitting outside of the mine plan amounts to 552
Koz at 2.37 g/t gold at NLGM. Shanta has forecast production to be
between 68-76 Koz in fiscal 2022.
On February 1, 2022, Shanta
reported that as of December 31,
2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05
g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the
Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred
Resources were 296 Koz at 1.73 g/t gold.
Metalla holds a 15% interest in Silverback Ltd., whose sole
business is receipt and distribution of a 100% silver stream on
NLGM at an ongoing cost of 10% of the spot silver price.
Côté-Gosselin
On May 3, 2022, IAMGOLD
Corporation ("IAMGOLD") reported that construction had
reached 49% completion at the Côté Gold Project. It also reported
completion in the first quarter of 2022 of approximately 4,300
meters of the 16,000 meter drill program is planned in 2022 to
further delineate and expand the Gosselin mineral resources and
test selected targets along the deposit corridor. On January 27, 2022, IAMGOLD released assay results
that extended the Gosselin Zone outside of the recent mineral
resource estimate, significant highlights include 0.78 g/t gold
over 355.5 meters, 2.05 g/t gold over 256 meters, 0.55 g/t gold
over 357.5 meters and 0.7 g/t gold over 173 meters.
Metalla holds a 1.35% NSR royalty that covers less than 10% of
the Côté reserves and resources estimate and covers all of the
Gosselin resource estimate.
Castle Mountain
Castle Mountain is slated to become one of Equinox Gold's
("Equinox") largest assets. Metalla's 5.0% NSR royalty
covers the South Domes portion of the deposit which will be part of
the Phase 2 expansion slated to begin in 2026.
On May 3, 2022, Equinox announced
exploration at Castle Mountain in the first quarter included 7,948
meters of RC drilling across the South dump area to assess the
continuity and distribution of grade. Equinox also completed 1,448
meters of RC drilling in the area between the JSLA and South Domes
pits. Equinox also announced that in March
2022 it had submitted applications to amend existing permits
to accommodate the Phase 2 expansion. On February 24, 2022, Equinox announced they expect
to spend $7 million for Phase 2
permitting, optimization studies and metallurgical test work and
nearly $2 million for
exploration.
Metalla holds a 5.0% NSR Royalty on the South Domes area of the
Castle Mountain mine.
Garrison
On May 11, 2022, Moneta Gold Inc.
("Moneta") released an updated resource estimate for the
Tower Gold project, including 4.27 Moz gold in the Indicated
category and 7.5 Moz gold in the Inferred category. Moneta plans to
complete a Preliminary Economic Assessment on the project scheduled
for completion later in the second quarter of 2022. The Garrison
deposit forms part of the Tower project and is comprised of three
zones, Garrcon, Jonpol, and 903. At Garrcon, the open pit Indicated
Resource is 841 Koz at 1.02 g/t gold with an Inferred Resource of
15Koz at 0.67 g/t gold, the underground portion has an Indicated
Resource of 87 Koz at 5.08 g/t gold with an Inferred Resource of
120 Koz at 4.98 g/t gold. The Jonpol zone has an Indicated Resource
of 297 Koz at 1.4 g/t gold and an Inferred Resource of 114 Koz at
0.99 g/t gold. The 903 zone has an Indicated Resource of 610 Koz at
1.01 g/t gold and an Inferred Resource of 600 Koz at 0.74 g/t gold.
The Garrison starter pit now has an Indicated Resource of 1.75 Moz
at 1.07 g/t gold. Moneta is slated to release a PEA in June of
2022.
On March 24, 2022, Moneta released
the results of significant step out gold mineralization at the
Garrcon pit comprising the Garrison project which confirmed
mineralization over a strike length of 750 meters and width of 500
meters beyond the current Garrison project resource. Significant
intercepts from recent drilling include 3.05 g/t gold over 67
meters, 1.17 g/t gold over 62.45 meters and 1.26 g/t gold over 54.7
meters. The Garrcon portion of the Garrison project currently hosts
an open pit indicated gold resource of 550 Koz gold at 0.82 g/t
gold and inferred gold resource of 200 Koz at 0.87 g/t gold.
Metalla holds a 2% NSR Royalty on the Garrison project.
Wasamac
On April 4, 2022, Yamana Gold Inc.
("Yamana") announced that additional drill results at
Wasamac continued to infill the Wasamac resource area. Results
received to date in the Zone 2 resource area continue to confirm
wide mining widths and consistent mineralization with highlights of
3.17 g/t gold over 14.78 meters and 3.41 g/t gold over 5.02
meters. Yamana stated the excellent exploration upside on the
property continues to reinforce the potential for a 200 Koz plus
per year operation with a mine life of at least 15 years. Work
continues to follow up on the exploration drilling at the newly
discovered South Wildcat zone returned 7.31 g/t gold over 3.37
meters as announced in a press release dated December 1, 2021. Yamana has decided to advance a
bulk sample permitting process to allow construction of a ramp
which could expedite the start of production ahead of the stated
2026 start date. In addition, work is ongoing to understand the
metallurgy of the project where preliminary testing indicated that
average gold recovery could increase by 3% compared to the
feasibility study. Yamana expects to complete the Environmental
impact assessment by the second quarter of 2022.
Metalla holds a 1.5% NSR royalty on the Wasamac project subject
to a buy back of 0.5% for C$7.5
million.
Amalgamated Kirkland Property
On April 28, 2022, Agnico Eagle
Mines Limited ("Agnico") reported that the Amalgamated
Kirkland deposit could provide incremental ore feed to the Macassa
mill with annual production of 40 Koz as soon as 2024. The Macassa
underground ramp had been extended by 225 meters and nine drill
holes had been completed in the higher-grade portion of the
deposit. In 2022, Agnico plans to spend $8.6
million on a 1.3 Km exploration ramp from the Macassa near
surface zones, designed to carry out infill drilling and a bulk
sample of the higher-grade regions of the Amalgamated Kirkland
deposit. The Amalgamated Kirkland deposit hosts an Indicated
Resource estimate of 265 Koz gold at 6.51 g/t gold and an Inferred
Resource of 406 Koz at 5.32 g/t gold. The deposit remains open at
depth and extends laterally.
Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland
property.
El Realito
On April 28, 2022, Agnico reported
that pre-stripping of the El Realito pit was approximately 39%
compete and first gold production was started in the first quarter
of 2022. Pre-stripping activities at El Realito pit are in line
with forecast are expected to be completed in the third quarter of
2022. The production guidance in Agnico's February 23, 2022, press release for the La India
mine which hosts the El Realito pit were positively revised to 82.5
Koz gold in 2022, 70 Koz gold in 2023 and 22.5 Koz gold in 2024.
The increase in the production guidance was due to pit optimization
and increase in mineral reserves at the El Realito deposit.
Metalla holds a 2.0% NSR royalty on the El Realito deposit which
is subject to a 1.0% buyback right for $4.0
million.
Del Carmen
On May 4, 2022, Barrick Gold
Corporation reported that drilling at Del Carmen resumed in the
second quarter of 2022, drilling will continue until the winter
season. Results received at Carmen Norte, located to the
north of the Rojo Grande target, confirmed gold mineralization with
an intercept of 0.5 g/t gold over 39 meters, which opens up a new
area with upside potential to add resources to Del Carmen. In
addition, all geological models grade estimates and
geometallurgical models with be updated and rebuilding in the
second quarter to inform future steps for the project.
Metalla holds a 0.5% NSR royalty on the Del Carmen project which
is the Argentine portion of the Alturas-Del Carmen project in the
prolific El Indio belt.
Beaufor Mine
On March 17, 2022, Monarch
provided exploration updates at the Beaufor Mine and Beacon Mill,
scheduled to begin mining in 2022. Significant highlights from
drilling include 19.05 g/t gold over 6.8 meters, 150 meters west
and down dip of the "Q Zone" which is the most continuous ore zone
in the mine. Monarch believes these results will significantly
boost Beaufor's potential in the Q Zone. Underground development
and rehabilitation are currently ongoing at Beaufor.
Metalla holds a 1.0% NSR royalty on the Beaufor mine.
San Luis
On February 23, 2022, SSR Mining
Inc. ("SSR") provided an update on activities at the San
Luis project in Ancash, Peru.
Exploration activities in 2021 were undertaken on land belonging to
the Ecash community in 2021 and SSR plans to extend exploration
activities onto the Cochabamba community lands in 2022.
Metalla holds a 1.0% NSR royalty on the San Luis
project.
Fifteen Mile
Stream
On April 28, 2022, St. Barbara
Limited reported that the Fifteen Mile Stream project Feasibility
Study continued to progress with engineering focused on the
tailings facility and geotechnical work, with a completion date
slated for September 2023. Permitting
efforts continued during the quarter focused on community
consultations and surface and ground water modelling planned for
the first half of 2023 to prepare responses for the FMS EIS
process.
Metalla holds a 1.0% NSR Royalty on the Fifteen Mile Stream
project, and 3.0% NSR Royalty on the Plenty and Seloam Brook
deposits.
Santa Gertrudis
On February 23, 2022, Agnico
announced an updated Resource estimate at Santa Gertrudis where the
Indicated Resources totaled 99 Koz gold at 0.64 g/t and 739 Koz at
4.79 g/t silver, and Inferred Resources totaled 1,679 Koz at 1.69
g/t gold and 5,924 Koz at 5.96 g/t silver. Exploration drilling in
the fourth quarter at the high-grade Amelia deposit resulted in the
improved understanding of structural controls leading to the
120-meter extension of the high-grade ore shoots at the deposit
beyond the 2021 mineral resources. At the Centauro deposit, a
100-meter step out from a hole that returned 5.8 g/t gold over 15
meters encountered high grade sulphide mineralization outlining the
potential to make additional high-grade discoveries at the property
similar to Amelia.
Agnico has budgeted $19 million in
exploration at Santa Gertrudis with the goal to expand mineral
resources, test high grade structure extensions at the Amelia
deposit and explore new targets, infill open pit deposits to
declare reserves, and internal studies and metallurgical test work.
Agnico expects Santa Gertrudis to have an annual production of 100
– 125 Koz of gold.
Metalla holds a 2.0% NSR royalty on Santa Gertrudis subject to
Agnico's right to buy back 1.0% for $7.5
million.
Tocantinzinho
On February 9, 2022, G Mining
Ventures Corp ("G Mining") announced that it had completed
an updated feasibility study for the TZ gold project located in
Para State, Brazil. The study
confirmed a 10.5-year mine life producing 1.8 Moz of gold in total
resulting in an average annual gold production profile of 174,700
ounces at an all-in sustaining cost of $681/oz.
Economics were favourable, at a $1,600/oz gold price the study demonstrated an
after-tax NPV5% of $622 million and
generated an after-tax IRR of 24%. Also of note, G Mining increased
the reserves at TZ by 12% to 2.0 Moz and saw an increase in the
capital cost at the project of only 7% since the last study was
conducted. Project optimization and detailed engineering is
expected to occur from Q4 2021 through to Q4 2022. G Mining also
expects to complete two drilling campaigns totaling 10,000 meters
beginning in Q4 2021 through to Q1 2022, these include a grade
control drilling program to de-risk early years of production and
an exploration drilling program to test for potential extensions of
the known mineralization at depth and below the current pit.
G Mining is a precious metals development company with a
leadership team which has built four mines in South America, including the Merian mine for
Newmont Corporation and Fruta Del Norte for Lundin Gold.
Metalla holds a 0.75% GVR royalty on the Tocantinzinho
project.
Fosterville
On February 23, 2022, Agnico
reported that they expect to spend $34.6
million for 121,400 metres of drilling and development to
replace mineral reserve depletion and to add mineral resources at
the Fosterville mine. Agnico
announced that another $19.7 million
will be spent on underground and surface exploration with the aim
to discover additional high-grade mineralization, with $2.9 million to be spent on regional exploration
drilling on the land package surrounding the mine.
Metalla holds a 2.5% GVR royalty on the Northern and Southern
extensions of the Fosterville
mining license and other areas in the land package.
CentroGold
On April 22, 2022, Oz Minerals
stated that the relocation plan required for progressing the court
injunction removal for CentroGold has been submitted to the
National Institute of Colonization and Agrarian Reform (INCRA) and
is currently under review.
Metalla holds a 1.0-2.0% NSR royalty on the CentroGold
project.
Endeavor Silver Stream
In a news release dated April 28,
2022, Sandfire Resources Ltd. ("Sandfire") reported
that during the first quarter of 2022 it had withdrawn from the
Endeavor joint venture agreement with CBH Resources Limited
("CBH"). The project will continue to be held 100% by CBH
Resources, a subsidiary of Toho Zinc. After decades of
operation, CBH suspended mining operations at the Endeavor Mine in
December 2019 and placed it into care
and maintenance. With Sandfire's decision to terminate the joint
venture agreement with CBH, the Company has reclassified the
Endeavor silver stream from a production stage asset to a
development stage asset, and Metalla will continue to monitor the
next steps taken by CBH with the property, especially in the
current zinc price environment.
Metalla has the right to buy 100% of the silver production up to
20 Moz (~12.6 Moz remaining under the contract for delivery) from
the Endeavor Mine for an operating cost contribution of
$1.00/oz of payable silver, indexed
annually for inflation, plus a further increment of 50% of the
silver price in excess of $7.00/oz.
Camflo
On April 29, 2022, Agnico reported
the Canadian Malartic partnership has identified porphyry hosted
gold mineralization that could potentially be mined via an open
pit. Additional studies are underway to fully evaluate the
mineralization and additional potential in adjacent rock types. The
Camflo property covers the past producing Camflo mine which had
historical production of approximately 1.6 Moz of gold.
Metalla holds a 1.0% NSR royalty on the Camflo mine, located
~1km northeast of the Canadian Malartic operation.
Montclerg
Through several press releases dated February 10, 2022, March
22, 2022, and April 28, 2022.
GFG Resources Inc. reported high grade intervals at the Montclerg
Gold Project located 48 km east of the Timmins Gold District.
Significant intercepts include 4.82 g/t gold over 26 meters, 8.34
g/t gold over 7.5 meters and a step out intercept of 8.26 g/t gold
over 1 meter and 6.63 g/t gold over 1.5 meters.
Metalla holds a 1.0% NSR Royalty on the Montclerg property.
Tower Stock
White Metal Resources Corp. released several drill results on
the Tower Stock Gold project in Ontario through several press releases dated
May 2, 2022, March 22, 2022, January
18, 2022, and January 11,
2022. Significant drill results from the project include
0.51 g/t gold over 466.5 meters including 0.71 g/t gold over 267
meters, 0.91 g/t gold over 105 meters at the Bench zone. At other
zones on the property, significant results include 4.05 g/t gold
over 21 meters and 27 g/t gold over 1.5 meters.
Metalla holds a 2.0% NSR Royalty on the Tower Stock project.
Detour DNA
On April 28, 2022, Agnico reported
that exploration plans will investigate the Sunday Lake deformation
zone along strike to the west and east of the mine.
Metalla holds a 2.0% NSR royalty on the Detour DNA property
which is ~7km west of the Detour West reserve pit margin.
Fortuity 89
On April 28, 2022, Newcrest Mining
Ltd. and Discovery Harbour Resources provided an update on
exploration plans at the Fortuity 89 project in Nevada. A total of five RC drill holes had
been completed on the Fortuity 89 property for a total of 1,663
meters, assays are pending. Newcrest plans to drill a minimum of
eight drill holes and 3,400 meters which began in January 2022 to test a series of low sulphidation
epithermal gold target.
Metalla holds a 2.0% NSR royalty on the Fortuity 89 project.
QUALIFIED PERSON
The technical information contained in this news release has
been reviewed and approved by Charles
Beaudry, geologist M.Sc., member of the Association of
Professional Geoscientists of Ontario and of the Ordre des Géologues du
Québec and a director of Metalla. Mr. Beaudry is a QP as defined in
National Instrument 43-101 Standards of Disclosure for Mineral
Projects.
ABOUT METALLA
Metalla is a precious metals royalty and streaming company.
Metalla provides shareholders with leveraged precious metal
exposure through a diversified and growing portfolio of royalties
and streams. 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 gold and silver
companies for the next commodities cycle.
For further information, please visit our website at
www.metallaroyalty.com
ON BEHALF OF METALLA ROYALTY & STREAMING LTD.
(signed) "Brett Heath"
President and CEO
Neither the TSXV 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
release.
Non-IFRS Measures
The items marked above are alternative performance measures
and readers should refer to non-international financial reporting
standards ("IFRS") financial measures in the Company's Management's
Discussion and Analysis for the three months ended March 31, 2022, as filed on SEDAR and as
available on the Company's website for further details. Metalla has
included certain performance measures in this press release that do
not have any standardized meaning prescribed by IFRS including (a)
attributable gold equivalent ounces (GEOs), (b) average cash cost
per attributable GEO, (c) average realized price per attributable
GEO, (d) operating cash margin per attributable GEO, which is based
on the two preceding measures, and (e) adjusted EBITDA. In the
precious metals mining industry, this is a common performance
measure but does not have any standardized meaning. 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. The presentation of these non-IFRS measures is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. Other companies may calculate these
non-IFRS measures differently.
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 100% and sometimes only a
portion of the publicly reported mineral reserves, resources and
production of a property.
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 National Instrument 43-101
("NI 43-101"), which differs significantly from the
requirements of the U.S. Securities and Exchange
Commission (the "SEC")
applicable to U.S. domestic issuers. Accordingly, the
scientific and technical information contained or
referenced in this press release may not be
comparable to similar information made public by
U.S. companies subject to the reporting and
disclosure requirements of the SEC.
"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 information" and
"forward-looking statements" (collectively, "forward looking
statements") within the meaning of applicable securities
legislation. The forward-looking statements herein are made as of
the date of this press release only, and the Company does not
assume any obligation to update or revise them except as required
by applicable law.
All statements included herein that address events or
developments that we expect to occur in the future
are forward-looking statements. Generally,
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects", "does not
expect", "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 and information include,
but are not limited to, the successful completion of certain
milestones in respect to the CentroGold project; the satisfaction
of future payment obligations and contingent commitments
by Metalla, including the payment of the remaining $5.0 million purchase price for the Castle
Mountain royalty and the additional contingent payments of up to
$11.0 million for the CentroGold
royalty; the effectiveness, and potential use and benefit of, the
Company's final short form base shelf prospectus and Form F-10
registration statement; the future availability of funds pursuant
to the Beedie Loan Facility; the future conversion of
funds drawn down by Metalla under the Beedie Loan
Facility; the completion by property owners of announced
drilling programs, capital expenditures, and other planned
activities in relation to properties on which the Company
and its subsidiaries hold a royalty or streaming
interest and the expected timing thereof;
production and life of mine estimates or forecasts at the
properties on which the Company and its subsidiaries hold a royalty
or streaming interest; future disclosure by property owners and the
expected timing thereof; the completion by property owners of
announced capital expenditure programs; the estimated production at
Wharf, Higginsville, Beta Hunt, NLGM and La India; the new
mine plan at NLGM and the expected average annual production
thereunder; the continuation of
drilling at Del Carmen in the winter season of
2022; the progression and completion of the Fifteen Mile Stream
Feasibility Study in September 2023;
the expansion of mineral resources at Santa Gertrudis and Agnico's
plan to test high grade structure extensions at the
Amelia deposit and explore new
targets; the expected $19.0 million in capital expenditures by Agnico
at Santa Gertrudis and the potential expansion of mineral resources
thereon; the completion of pre-stripping activities at El Realito
and the expected timing thereof; the future start of mining
operations at the Beaufor Mine and Beacon Mill and the expected
timing thereof; the progression of the court
injunction removal at the CentroGold property;
Equinox Gold's expectation to submit Phase 2 permit application
for Castle Mountain; future opportunities for
Equinox Gold to move South Domes earlier in the mine plan at Castle
Mountain; the potential for Castle Mountain mine to become one of
Equinox Gold's largest assets; expected timing of the preliminary
economic assessment at the Tower Gold project by Moneta; expected
timing of the environmental impact assessment at Wasamac by
Yamana; the completion of two drilling campaigns at
Tocantinzinho and the anticipated timing thereof; the
completion of project optimization and detailed engineering at
Tocantinzinho and the anticipated timing thereof;
the replacement of mineral reserve depletion and addition of
mineral resources at the Fosterville mine; the potential production at
the Wasamac project; the future production at the Amalgamated
Kirkland deposit and the anticipated timing thereof;
the completion of the environmental impact
assessment by Yamana and the anticipated timing
thereof; the amount and timing of the attributable
GEOs expected by the Company in 2022; the future production
at El Realito and the anticipated timing thereof; the increase of
producing royalties to seven; future expectations regarding the
royalties and streams of Metalla; royalty payments
to be paid to Metalla by property owners or operators of mining
projects pursuant to each royalty; the mineral
reserves and resource estimates for the properties with respect to
which the Company has or proposes to acquire an
interest; future gold and silver
prices; other potential developments relating
to, or achievements by the counterparties for Metalla's stream
and royalty agreements, and with respect to the
mines and other properties in which Metalla has, or may
acquire, a stream or royalty interest;
and estimates of future production, costs and other
financial or economic measures.
Such forward-looking statements reflect management's current
beliefs and are based on information currently available to
management. 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:
risks associated with the impact of general business and
economic conditions; 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
development, 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 global pandemics, including the novel
coronavirus (COVID-19) global health pandemic, 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 U.S. federal tax laws, as
the other risks and uncertainties disclosed under the heading
"Risk Factors" in the Company's most recent Annual Information
Form, annual report on Form 40-F and other documents filed with or
submitted to the Canadian securities regulatory authorities on the
SEDAR website at www.sedar.com and the U.S. Securities and Exchange
Commission on the EDGAR website at www.sec.gov.
Although we have attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. We are under no
obligation to update or alter any forward-looking statements except
as required under applicable securities laws. For the reasons set
forth above, undue reliance should not be placed on forward-looking
statements.
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SOURCE Metalla Royalty and Streaming Ltd.
