Metalla Royalty & Streaming Ltd (CVE:MTA) (NYSEAMERICAN:MTA) (FRA:X9C) CEO Brett Heath called 2020 a “record year” in a statement accompanying the company's latest financial results.
The Vancouver-based royalty company completed seven transactions to add another 18 royalties to its portfolio, Heath told shareholders.
"2020 represented another very successful year for Metalla shareholders. We completed a record of seven transactions, adding 18 high-quality accretive royalties,” Heath said.
READ: Metalla Royalty & Streaming bags another two royalties in Argentina and Kirkland Lake, Ontario
The company added two producing assets with the Wharf and Higginsville royalties in Australia and more than a dozen others that provide growth, exploration upside, diversification, and “further optionality,” Heath told investors.
“2021 is already off to a great start with a record of four transactions completed in the first quarter, adding five development stage royalties with major counterparties capturing a significant amount of what we expect to be future organic growth. This year, we are excited to grow our business with the same disciplined and focused strategy that has made Metalla one of the top-performing royalty companies since its inception.”
During the seven-month period to end December 31, 2020, the company generated US$1.3 million in revenue compared to $2.8 million in the comparable year-ago period. Its net loss came in at $4.7 million compared to $4.4 million.
Metalla received or accrued payments on 1,404 attributable gold equivalent ounces at an average realized price of $1,784 and average cash cost of $18 per attributable gold equivalent ounce.
The company’s primary sources of cash flows from royalties and streams for 2021 are expected to be from its Wharf, Higginsville, Joaquin, COSE, and NLGM royalties, it told shareholders.
In 2021, the company expects 2,200 to 3,200 attributable gold equivalent ounces. Similar to 2020, Metalla expects gold equivalent ounces to be weighted towards the second half of the year.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas