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Metalla Royalty and Streaming shares nudge higher as it grows revenue and cash flow

Last updated: 18:29 28 Sep 2018 BST, First published: 13:29 28 Sep 2018 BST

1538155979_cbh-res---endeavor-mine
Pictured is CBH Resources' Endeavor mine

Shares in Metalla Royalty and Streaming Ltd (CVE:MTA) nudged up in Toronto as it posted a decent set of annual results.

The firm makes money by its exposure to precious metals through a growing portfolio of royalties and streams.

For the 12 months to end May, the group posted a revenue from stream interest of around $7.3 million, resulting in a net loss of around $2.56 million.

That resulted in working capital of $4.661 million as at the end of the period.

Revenue and cash flow growth 

"During the 2018 fiscal year, Metalla's revenue and cash flow grew significantly with several royalties added to the portfolio," said Brett Heath, president and chief executive at Metalla.

"The company received regulatory approval for its common shares to trade as a Tier 1 TSX-V Issuer and declared a monthly dividend."

Heath continued: "All of these actions position the company for our next stage of growth as we continue to scale the business by accretive acquisitions that will maximize value for shareholders and provide leverage to gold and silver prices."

The group shipped and provisionally invoiced 429,315 attributable silver ounces, at an average price of $16.74 per ounce for $7.186 million.

Total production was 519,791 of attributable silver ounces for the fiscal year that included 90,476 attributable silver ounces. remaining at the end of May to be sold in subsequent periods.

It increased the monthly dividend rate with effect from June this year to $0.0015 per share.

Acquisition trail

The company hit the acquisition trail hard over the year.

The most notable of these was perhaps the acquisition of a 2% NSR (net smelter royalty) on Agnico Eagle Mine Limited's Akasaba West project in Quebec.

There was also the acquisition, via a plan of arrangement, of Valgold Resources for the 2% NSR (net smelter royalty) on Osisko Mining Inc's Garrison project in Ontario.

The firm also provided a mine plan update for its Endeavor Mine silver stream on production through December 2020. The mine in New South Wales is operated by CBH Resources Ltd.

Shares in Metalla Royalty & Streaming Ltd added 2.78% to stand at $0.74 each in Toronto.

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