(All dollar amounts are in thousands of United States dollars unless otherwise indicated, except for shares, per ounce, and per share amounts) TSXV: MTANYSE American: MTA VANCOUVER, BC, May 15, 2024 /CNW/ - Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (TSXV:MTA) (NYSE:MTA) announces its operating and financial results for the three months ended March 31, 2024. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2024, please see the Company's filings on SEDAR+ (www.sedarplus.ca) or EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com. Brett Heath, President, and CEO of Metalla, commented, "In the first quarter of 2024 we focused on integrating and streamlining our business following the completion of the merger with Nova Royalty in December 2023. Now we will continue to seek acquisitions that will be accretive to shareholders and look for ways to refine our current portfolio of royalties to maximize value." FINANCIAL HIGHLIGHTS During the three months ended March 31, 2024, the Company: Received or accrued payments on 624 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $2,069 and an average cash cost of $8 per attributable GEO (see Non-IFRS Financial Measures); Recognized revenue from royalty and stream interests, including fixed royalty payments, of $1.3 million, net loss of $1.7 million, and Adjusted EBITDA of $0.1 million (see Non-IFRS Financial Measures); Generated operating cash margin of $2,061 per attributable GEO from the Wharf, El Realito, Aranzazu, La Encantada, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), and other royalty interests (see Non-IFRS Financial Measures); and On February 20, 2024, Beedie Investments Ltd. ("Beedie") elected to convert C$1.5 million of the accrued and unpaid interest under the existing convertible loan facility between Metalla and Beedie (the "Convertible Loan Facility") into Common Shares at a conversion price of C$3.49 per share, being the closing price of the shares of Metalla on the TSX-V on February 20, 2024, for a total of 429,800 Common Shares which were issued on March 19, 2024. ASSET UPDATES Below are updates during the three months ended March 31, 2024, and subsequent period to certain of the Company's assets, based on information publicly filed by the applicable project owner: La Encantada On April 16, 2024, First Majestic Silver Corp. ("First Majestic") announced production of 33 oz of gold and 0.5 Moz of silver from La Encantada in the first quarter of 2024. First Majestic also announced a recent water well was drilled identifying a significant water resource to combat drought conditions at the mine site. First Majestic anticipates improved ore throughput rates in Q2, projected to return to historic levels in Q3. Metalla accrued 48 GEOs from La Encantada for the first quarter of 2024. Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz annually. El Realito On April 25, 2024, Agnico Eagle Mines Ltd. ("Agnico") reported that gold production from La India totaled 10.6 Koz for the first quarter of 2024. Agnico also reiterated its previously provided 2024 guidance, which it had disclosed on February 15, 2024, for La India of 25-30 Koz gold. Agnico stated that production is expected to come from residual leaching of the heap leach pads and is expected to continue through year-end 2024. Metalla accrued 177 GEOs from El Realito for the first quarter of 2024. Metalla holds a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right for $4.0 million. Wharf On May 1, 2024, Coeur Mining Inc. ("Coeur") reported 2024 first quarter production of 20.4 Koz gold and continues to reiterate the full year guidance for 2024 at Wharf of 86 – 96 Koz gold. Exploration efforts in 2024 will aim to add additional mineral reserves at Wharf through expansion and infill drilling at the Juno deposit. Metalla accrued 173 GEOs from Wharf for the first quarter of 2024. Metalla holds a 1.0% GVR royalty on the Wharf mine. Aranzazu On April 8, 2024, Aura Minerals Inc. ("Aura") announced the first quarter 2024 production at Aranzazu totaled 25,001 GEOs (as defined by Aranzazu), while continuing to reiterate 2024 guidance for Aranzazu, which it had disclosed on February 20, 2024, of 94-108 Koz GEOs (as defined by Aranzazu). Additionally, in their corporate presentation dated March 2024, Aura stated a 29,400-meter drilling campaign is underway testing the continuity of the GH and Cabrestante connection with the goal of increasing mineral reserves and resources, along with drilling in El Cobre and Aranzazu extensions. On April 1, 2024, Aura announced a total of 24,841 meters of drilling were completed at Aranzazu, with the aim to convert known inferred resources to indicated. Metalla accrued 200 GEOs from Aranzazu for the first quarter of 2024. Metalla holds a 1.0% NSR royalty on the Aranzazu mine. New Luika On April 25, 2024, Shanta Gold Limited ("Shanta") reported that it produced 13.0 Koz of gold and 20.7 Koz of silver at the NLGM in Tanzania in the first quarter of 2024. Shanta also reiterated their 2024 guidance, which it disclosed on January 22, 2024, for NLGM of 70 – 74 Koz of gold. Metalla accrued 26 GEOs from NLGM for the first quarter of 2024. Metalla holds a 15% interest in Silverback, whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price. Côté-Gosselin In a news release dated March 31, 2024, IAMGOLD Corporation ("IAMGOLD") announced the first gold pour at Côté with commissioning activities progressing well and within expectations, including performance achieved in the crushing, HPGR and processing circuits. IAMGOLD stated that the next step at Côté is to focus on the ramp up on the operation to commercial production in the third quarter towards the goal of exiting the year at a 90% throughput rate. IAMGOLD also stated that production guidance from Côté in 2024 is unchanged at 220 – 290 Koz gold. On its news release dated February 15, 2024, IAMGOLD also announced that the Gosselin Mineral Resource estimate increased, for a total of 4.4 million Indicated Resource gold ounces in 161.3 million tonnes at 0.85 g/t Au, and 3.0 million Inferred Resource gold ounces in 123.9 Mt at 0.75 g/t Au. Technical studies are planned to advance metallurgical testing, conduct mining and infrastructure study to review options for the potential inclusion of Gosselin into the future Côté life of mine plan. IAMGOLD announced planned exploration expenditures at Gosselin of $5.0 million on a resource delineation drilling program and in their corporate presentation dated February 2024, IAMGOLD also stated that it expects to complete 35,000 meters of exploration drilling at Gosselin in 2024. Please see Figure 1 for the Côté and Gosselin Longitudinal Section outlining the current extent of mineral resources and opportunities for resource expansion. Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté Reserves and Resources estimate and covers all of the Gosselin Resource estimate. Taca Taca On April 24, 2024, First Quantum Minerals Ltd. ("First Quantum") stated in their Q1 2024 MD&A that the Environmental and Social Impact Assessment for the Taca Taca project continues to be reviewed by the Salta Province Secretariat of Mining. First Quantum remains optimistic the approval will be received in 2024. First Quantum also noted the Argentinian President, Javier Milei, has pushed a new bill to congress offering special incentives for large investments in certain sectors including mining. Metalla holds a 0.42% NSR royalty on Taca Taca subject to a buyback based on the amount of proven reserves in a feasibility study multiplied by the prevailing market prices of all applicable commodities. Fosterville On February 15, 2024, Agnico reported the results of the 2023 drill program completed at the Fosterville mine. Significant highlights within the Phoenix area include 69.1 g/t gold over 3.7 meters including 120 g/t gold over 2.1 meters in the Cardinal structure. Also, within the Phoenix area, a highlight drill hole in the newly identified mineralized trend named the Peregrine Zone intersected 17.3 g/t gold over 8.3 meters. Please see Figure 2 for an estimate of the royalty boundary proximity to mineralization on Agnico's Fosterville Longitudinal section. In 2024, Agnico also stated it expects to spend $10.9 million for 38,700 meters of drilling focused on extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $11.7 million is budgeted for 36,500 meters of drilling to test new geological targets, including underground extensional exploration at Harrier. Metalla holds a 2.5% GVR royalty on the northern and southern extensions of the Fosterville mining license and other areas in the land package. Endeavor On April 11, 2024, Polymetals Resources Inc. ("Polymetals") announced that ongoing optimization of the Endeavor mine plan has identified additional ore sources that may be added to the ore reserves. In addition, project financing and strategic partnership discussions are progressing for the development of the mine. On October 16, 2023, Polymetals released a robust mine restart study at Endeavor. Polymetals declared an initial 10-year mine life producing 9.8 Moz silver, 210 kt zinc and 62 kt lead over life of mine with first concentrate production targeted for H2-2024. The study produced A$201 million in pre-tax net present value at an 8% discount rate and an internal rate of return of 91%, with expenditures estimated to be A$23.7 million. Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor. Amalgamated Kirkland and North AK On April 25, 2024, Agnico announced production for the Near Surface deposit continued in the first quarter of 2024, while the development for the AK deposit is on track for initial production in the fourth quarter of 2024. Infill drilling at the AK deposit intersected a highlight intercept of 11.8 g/t gold over 5.0 meters in the eastern shallow portion of the AK deposit. On February 15, 2024, Agnico announced that production from the Near Surface deposits is planned to be processed at the Macassa mill in the first half of 2024 and at the La Ronde Zone 5 mill in the second half of 2024. Production from the AK deposit, which is expected to begin in the second half of 2024 is planned to be processed at the La Ronde facility. Production from the two deposits is forecast by Agnico to be ~19 Koz in 2024 and between 35 – 50 Koz gold from 2025 to 2028 and Agnico believes that the AK area remains prospective for future mineral resource growth. Additionally, Agnico reported an updated Mineral Reserve estimates of 160 Koz of Probable Reserves at 6.69 g/t gold and updated Mineral Resource estimates of 37 Koz of Indicated Resources at 6.95 g/t gold, and 52 Koz of Inferred Resources at 5.69 g/t gold. Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland and North AK properties. Tocantinzinho On April 11, 2024, G Mining Ventures Corp. ("G Mining") reported the Tocantinzinho project is 87% complete and remains on track and on budget for commercial production in H2-2024. G Mining also stated that pre-production activities have exceeded 50 kt per day with a total of 11.4 Mt of material having been excavated from the starter pit, and commissioning activities commenced in April, starting with the primary crusher and ore reclaim system.  Metalla holds a 0.75% GVR royalty on Tocantinzinho. Wasamac On April 25, 2024, Agnico reported that stakeholder engagement initiatives continue to advance, while assessing the optimal mining rate and processing options for Wasamac. On February 15, 2024, Agnico reported the results of the 2023 infill and conversion drilling completed at Wasamac with highlight intercepts of 4.9 g/t gold over 13.4 meters, 2.8 g/t gold over 18.8 meters and 4.4 g/t gold over 3.9 meters in the main zone. At the Wildcat zone, significant highlights include 3.6 g/t gold over 20.6 meters and 5.6 g/t golds over 4.1 meters. Agnico plans to spend $2.8 million for 16,700 meters of drilling at Wasamac in 2024 and continues to assess various scenarios to define the optimal mining rate and milling strategy for Wasamac. Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buyback of 0.5% for C$7.5 million. Castle Mountain On May 8, 2024, Equinox Gold Corp. ("Equinox") reported in their Q1 2024 MD&A that a surface exploration program of geological mapping and channel sampling at Castle Mountain is expected to commence in Q3 2024, with the primary goal to sample previously identified mineralization exposed on surface such that data can be used in future mineral resource estimation. Equinox also reported that the mine permitting amendment plan was submitted to the lead county and BLM agencies which reviewed the plan for completeness in early 2023. Equinox received the BLM determination that the plan was complete in Q1 2024. Work on the preliminary draft Environmental Impact Statement will occur throughout 2024 and 2025 upon creation of a memorandum of understanding with the BLM, San Bernardino County and Castle Mountain. Metalla holds a 5.0% NSR ...