Metalla Royalty & Streaming Ltd.(TSXV:MTA) (OTCQX:MTAFF) (FRANKFURT:X9CP) announces its financial results for the 1st Quarter of Fiscal Year 2019.
For complete details of the condensed interim consolidated financial statements and accompanying management’s discussion and analysis for the 3 months ended 31 August 2018, go to the Company’s filings on SEDAR or the Company’s website at http://www.metallaroyalty.com/.
“Metalla had a strong 1st Quarter of fiscal 2019 highlighted by record revenue from our streaming interests” commented Brett Heath, President and CEO of Metalla “We were also pleased to complete the acquisition of the Garrison royalty which complements our portfolio of high-quality assets with strong counterparties.”
THE 1ST QUARTER’S FINANCIAL HIGHLIGHTS
During the 3 months ended 31 August 2018, the Company, as follows:
Shipped and provisionally invoiced 221,433 attributable silver ounces at an average realized price of US$15.48 (2017 – US$16.78) and average cash cost of US$6.52 (2017 – US$7.09) per oz;
Recognized revenue from stream interest of $3,900,301 (2017 – $672,078), income from operations of $244,313 (2017 – loss of $954,719), net loss of $312,031 (2017 – $1,013,686), and adjusted EBITDA of $1,731,581 (2017 – $79,270);
Recorded cash flow from operating activities, before net change in non-cash working capital items, of $1,322,771 (2017 – negative $38,794), resulting in working capital of $5,990,000 (May 31, 2018 – $4,661,792);
Had 41,415 attributable silver oz. remaining and to be sold in subsequent periods;
Generated operating cash margin of US$8.96 (2017- US$9.69) per attributable silver oz. from the Endeavor silver stream and New Luika Gold Mine stream held by Silverback Ltd.;
Completed the acquisition, through a plan of arrangement, of ValGold Resources Ltd. for a 2.0% NSR royalty on certain claims of Osisko Mining Inc.’s Garrison Project; and
Increased the monthly dividend rate effective June 2018 to $0.0015 per share to the shareholders of the Company
Metalla Royalty & Streaming was created to provide shareholders with leveraged precious metal 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 gold and silver companies for the next commodities cycle.
For further information, please visit our website at www.metallaroyalty.com