Metalla Royalty & Streaming Ltd. has officially announced its operating and financial results for the three and six months ended June 30, 2024. According to certain reports, during this period, Metalla published its inaugural Asset Handbook outlining the company’s gold, silver, and copper royalties and streams. Furthermore, it appointed Jason Cho as President of the Company, with Cho also making a $1.0 million equity investment into the organization for 250,000 common shares. This he did at $4.00 per Common Share by way of private placement. Anyway, the stated period even had G Mining Ventures Corp confirming first gold pour at the Tocantinzinho gold project in the State of Pará, Brazil, where Metalla holds a 0.75% GVR royalty. Moving on, for the three months ended June 30, 2024, the company received or accrued payments on 401 attributable Gold Equivalent Ounces (“GEOs”) at an average realized price of $2,332, and an average cash cost of $17 per attributable GEO.  As for the six months ended June 30, 2024, the company received or accrued payments on 1,025 attributable GEOs at an average realized price of $2,173, and an average cash cost of $12 per attributable GEO. Over the course of last six months, though, Metalla also recognized revenue from royalty and stream interests, including fixed royalty payments, of $2.1 million, net loss of $3.2 million, and Adjusted EBITDA of $0.2 million. This it did while simultaneously generating operating cash margin of $2,161 per attributable GEO from the Wharf, El Realito, Aranzazu, La Encantada, and the New Luika Gold Mine.
Talk about what some of these mining assets achieved, during the provided three and six months period, on an individual level, we begin from La Encantada. On July 18, 2024, First Majestic Silver Corp. announced production of 46 oz of gold from La Encantada. This came after the company had successfully identified a water source in the first quarter. Encouraged by the same, First Majestic expects plant ore throughput rates to return to the historical levels of 3,000 tpd in the third quarter of 2024. As Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz annually, it accrued 16 GEOs from the location. Next up, we have El Realito, where Agnico Eagle Mines Ltd reported that gold production from La India totaled 6.1 Koz for the second quarter of 2024. Furthermore, Agnico claimed that production is expected to come from residual leaching of the heap leach pads and is expected to continue through year-end 2024. With Metalla holding a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right for $4.0 million, it earned 60 GEOs from the location. Moving on, for the company’s Wharf location, Coeur Mining Inc reported 2024 second quarter production of 22.0 Koz gold, and at the same time, reiterated the full year guidance for 2024 at 86 – 96 Koz gold. Markedly enough, Coeur noted that recently completed studies at two areas within existing and historical mining zones across the location have identified opportunities to meaningfully extend mine life. To build upon that, supplemental funding has now been approved for a two-phase drill program in 2024 and 2025 to test the two targets i.e. Juno and North Foley. Anyway, the second quarter of 2024 had Metalla earning 101 GEOs from Wharf, thanks to its 1.0% GVR royalty on the mine.
Turning our attention to Endeavor, Polymetals Resources Ltd announced an improved 10-year mine plan which increased the location’s proved and probable mineral reserves by 45% from an estimate announced in October 2023. The first production is expected in H1-2025. Apart from that, the company disclosed how it has commenced refurbishment works related to underground infrastructure, along with plans to ramp up refurbishment activities upon finalization of project financing. In the case of Endeavor, Metalla holds a 4.0% NSR royalty on lead, zinc, and silver.
