METALLA REPORTS FINANCIAL RESULTS FOR Q-1 OF FY 2018
Metalla Royalty & Streaming Ltd. (CSE: MTA) (OTCQX: MTAFF) (FRANKFURT: X9CP) announced its financial results for Q-1 of FY 2018.
For complete details of the financial statements and accompanying management’s discussion and analysis for the three months ended August 31, 2017, please see the Company’s filings on SEDAR or the Company’s website (www.metallaroyalty.com).
Brett Heath, Metalla’s President & CEO said, “In the 1st Quarter of fiscal 2018, our revenue and cash flow grew significantly compared to previous quarters. That growth reflects the acquisition of the royalty and streaming portfolio from Coeur Mining, Inc.”
Mr. Heath went on to say, “I am very pleased with our initial results. As the Endeavor Mine ramps up, it will further increase our capacity to generate additional cash flow. We continue to seek accretive acquisitions to build the company’s value on a per share basis.”
Q-1 FY 2018 Financial Highlights
During the 3 months ended August 31, 2017, the Company:
- Completed the acquisition of net smelter return (“NSR”) royalties on the Hoyle Pond extension properties and Montclerg property from Matamec Exploration Inc. for the aggregate considerations of $1.5 million;
- Completed the acquisition of three additional NSR royalties (Joaquin project, Zaruma gold mine, and Puchuldiza project) and one silver stream (Endeavor silver stream) interests from Coeur Mining, Inc. for aggregate consideration of US$13,000,000;
- Acquired a trade receivable related to 41,814 attributable silver ounces shipped and provisionally invoiced, at an average price of US$16.46 per oz., by the former Endeavor silver stream holder during June and July 2017;
- Shipped and provisionally invoiced 36,054 attributable silver oz. at an average price of US$17.16 per oz. for US$618,708 during August 2017;
- Generated cash margin of US$10.28 per attributable silver oz. from the Endeavor silver stream and New Luika Gold Mine stream held by Silverback Ltd.;
- Recorded revenue of $0.8 million (Q1-2017 – $Nil), net loss of $1.0 million (Q1-2017 – $0.5 million), and positive cash flow from operating activities of $1.1 million (Q1-2017 – negative $0.05 million);
- Held trade receivables of $805,438 and 37,799 attributable silver oz. as inventory on the reporting date and to be realized in the subsequent Quarter.
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.
Metalla is a precious metals royalty and streaming company. Metalla provides shareholders with leveraged precious metal exposure through a diversified portfolio of royalties and streams.
Metalla’s 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
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Have a terrific New Year.