Stocks
Metalla Royalty & Streaming Ltd.

Metalla Royalty & Streaming Ltd.

MTA · TSXV MTA · ARCA

metallaroyalty

$912.9M

USD

Market cap · 2026–08 · week 33

🇨🇦 Canada, Vancouver

Country

Royalties & Streaming

Sector

Gold · Mid-Tier · Royalty · Canada · USA · Mexico · South America

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Metalla Royalty & Streaming Ltd. is an emerging mid-tier precious-metals royalty and streaming company headquartered in Vancouver, Canada, with portfolio exposure across North America, South America, and Australia. The portfolio composition includes 7 production assets, 29 development assets, 11 advanced exploration assets, and 53 exploration assets. Key assets include Cote and Gosselin, Tocantinzinho, Castle Mountain, Wharf, Endeavor, and Taca Taca. The business model provides investors leveraged exposure to gold, silver, and copper through prudent allocation of capital while minimizing risk and maximizing optionality, without assuming direct operating or capital-cost obligations. Royalties are free-carried interests, meaning that once acquired, no further capital contributions are required. A defining competitive characteristic is the company's portfolio of royalties on high-quality deposits with a long-stated history of replacing reserves and producing well beyond their stated reserve-life index. The combination of production, development, and exploration interests supports a diversified, optionality-rich income model. The business remains subject to commodity price cycles and the operational performance of third-party operators.

Strategy: Strategic focus centers on acquiring and managing a portfolio of royalties and streams on high-quality, long-life assets with robust development or production profiles in politically stable and mining-friendly jurisdictions. The enterprise intends to pursue acquisitions and other growth opportunities to unlock value through scale and diversification. Capital allocation is prioritized to advance high-return growth opportunities within the company's portfolio, focusing on gold, copper, and silver assets. The organization manages a portfolio of assets at different stages, from production and construction to permitting and exploration, to create a sustainable growth pipeline. To fund this growth, the company uses a $40 million revolving credit facility with a $35 million accordion feature, alongside an at-the-market equity program and underwritten public offerings. This combination of disciplined acquisition, jurisdictional focus, and flexible financing underpins the company's strategy. The producing royalties on Cote and Tocantinzinho anchor the company's near-term cash flow. The development and exploration interests support the company's longer-term growth optionality. The free-carried royalty structure requires no further capital from the company once interests are acquired.

Management: Executive leadership is headed by Chief Executive Officer Brett Heath, an experienced executive who has founded and built over $1 billion in value using the royalty model in the public and private markets. The Board is chaired by Non-Executive Chairman Lawrence Roulston, a mining professional with over 35 years of diverse hands-on experience. The 5-member Board of Directors oversees corporate strategy through standing committees, including Audit, Compensation, Corporate Governance and Nominating, and Environmental, Social and Governance. Governance practices emphasize rigorous due diligence, disciplined investment criteria, and proactive portfolio monitoring. The leadership team's royalty-sector expertise supports the company's acquisition-and-management strategy. Board oversight of environmental, social, and governance matters reflects the company's integration of sustainability into its investment process. This governance structure keeps capital discipline and disciplined investment central to executive accountability. The dedicated ESG Committee reinforces the company's responsible-investment approach. The leadership team's track record of building royalty value supports the company's growth strategy.

Sustainability: The organization's sustainability framework is guided by an Environmental, Social and Governance Committee responsible for implementing ESG practices and evaluating the ESG performance of the companies that operate the properties in which the company holds a royalty or stream interest. As a royalty and streaming company without direct operations, the enterprise focuses its sustainability approach on the assessment of counterparties' environmental and social management as part of its investment process. The ESG Committee provides board-level oversight of the company's responsible-investment practices and the ESG performance of its underlying assets. This counterparty-focused approach reflects the company's view that strong ESG management by operators supports the long-term performance of its royalty and stream interests. The board-level ESG oversight illustrates the company's emphasis on integrating sustainability into governance. The focus on operators' ESG performance anchors the company's responsible-investment standards. The free-carried royalty model reflects the company's limited direct environmental footprint. The counterparty ESG evaluation reflects the company's responsible-investment standards.

Structure: A significant structural change occurred in December 2023 when the company acquired all outstanding shares of Nova Royalty Corp. by way of a court-approved plan of arrangement, establishing Nova as a wholly owned subsidiary. In March 2023, the entity acquired a 2.5% to 3.75% step-scale gross-gold-proceeds royalty and a 0.25% to 3.0% sliding-scale net-smelter-return royalty on the Lama project from an arm's-length third party for $2.5 million in cash and 466,827 common shares. In February 2023, the company acquired one silver stream and three royalties from Alamos Gold Inc. for 939,355 common shares. A strategic investor, Beedie Capital, holds a convertible loan facility and participated in a C$15.0 million subscription-receipt financing in October 2023. Material operational subsidiaries include MTA Royalty & Streaming Pty Ltd., Royalty & Streaming Mexico, S.A. de C.V., Metalla America Ltd., Nueva Royalty Ltd., and Nova Royalty Corp. These arrangements expanded the company's royalty portfolio across precious and base metals. The Nova Royalty acquisition added significant copper-development exposure to the company's portfolio. The Beedie Capital relationship provides the company with flexible growth financing.

Hedge: The company maintains an unhedged commodity, foreign-exchange, and interest-rate posture across its exposures, consistent with a long-stated policy of providing direct, undiluted leverage to gold, silver, and copper prices for shareholders. No commodity, foreign-exchange, or interest-rate hedges were outstanding as of December 31, 2025. This unhedged stance gives investors direct exposure to precious- and base-metals prices through the company's royalty and streaming interests. As a royalty and streaming company without direct operating or capital cost obligations, the company manages its exposure through portfolio diversification and disciplined capital deployment rather than through a financial-derivative hedging program.

Source: Metalla Royalty & Streaming Ltd. - Annual Information Form - 2025

Stream Operating · 1 project

New Luika

Asset · Stream · Operating

Tanzania, Lupa Goldfields

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Project information

Type: Stream

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Saturn Resources

Extraction: Open Pit

Country: Tanzania

Region: Lupa Goldfields

Interest conditions: Ag stream on 15% of Ag produced

Description

silver stream interest operated by Saturn Resources in Lupa Goldfields, Tanzania. Terms: Ag stream on 15% of Ag produced. [Identity row — full extraction queued for supplement pass]

Stream interests

As at 31 December 2025

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Stream Development · 1 project

Esperanza

Asset · Stream · Development

Mexico, Morelos

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Project information

Type: Stream

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 0

Operator: No

Operator name: Zacatecas Silver Corp.

Country: Mexico

Region: Morelos

Interest conditions: 20% silver stream subject to ongoing payments of 20% of the silver spot price. The stream is subject to a maximum of 500 Koz silver delivery if commercial production occurs prior to 2029. Metalla also retains the right of first refusal on future royalty and stream financing for the Esperanza project.

Description

Esperanza is an advanced stage, low-capital-intensity gold project in Morelos State, Mexico. Esperanza is an oxidized gold-silver skarn deposit which Zacatecas expects to be mined via open pit and processed through heap leaching. The project has been envisioned by Zacatecas as a 7.3 Mt/annum project producing an annual average of 111 Koz gold and 225 Koz silver.

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Royalty Operating · 9 projects

Côté & Gosselin

Asset · Royalty · Operating

Canada, Ontario, Abitibi Greenstone Belt

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Project information

As at 31 December 2025

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: IAMGOLD Corp.

Extraction: Open Pit

Country: Canada

Region: Ontario

Geological province: Abitibi Greenstone Belt

Interest conditions: 1.50% NSR Royalty; Covers a portion of the northern and northeastern areas of the Côté pit and the entirety of the Gosselin deposit.

Description

As at 31 December 2025

Metalla 1.50% NSR royalty over the Côté & Gosselin gold mine in Ontario operated by IAMGOLD Corporation. Royalty covers a portion of the northern and northeastern areas of the Côté pit and the entirety of the Gosselin deposit.

Royalty interests

As at 31 December 2025 · inclusive

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Tocantinzinho

Asset · Royalty · Operating

Brazil, Para

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Project information

As at 10 December 2021

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: G Mining Ventures Corp.

Extraction: Open Pit

Country: Brazil

Region: Para

Interest conditions: 0.75% GVR Royalty; Covers 100% of the Tocantinzinho Mineral Resources and Mineral Reserves.

Description

As at 10 December 2021

Metalla 0.75% GVR royalty over the Tocantinzinho gold mine in Brazil operated by G Mining Ventures. Expected to deliver approximately 15,000 to 16,000 GEOs over the life of the mine.

Royalty interests

Multiple effective dates · inclusive

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Reserves & resources — detail

As at 10 December 2021

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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La Encantada

Asset · Royalty · Operating

Mexico, Coahuila

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: First Majestic Silver Corp.

Country: Mexico

Region: Coahuila

Interest conditions: 100% Gross Value Return (GVR) Royalty on gold; Limited to 1,000 ounces of gold per year.

Description

Metalla 100% GVR royalty on gold produced at the La Encantada underground silver mine in Coahuila, Mexico, operated by First Majestic. The mine has been in production under First Majestic's tenure since 2006. The processing plant was upgraded to 4,000 tpd and includes a roasting circuit to further enhance recoveries and recover tailings.

Royalty interests

Multiple effective dates · exclusive

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Endeavor Mine

Asset · Royalty · Operating

Australia, NSW

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Jorc

Ownership %: 0

Operator: No

Operator name: Polymetals

Extraction: Open Pit

Country: Australia

Region: NSW

Interest conditions: 4.0% NSR Royalty

Description

zinc, lead, silver royalty interest operated by Polymetals in NSW, Australia. Terms: 4.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Fosterville

Asset · Royalty · Operating

Australia, Victoria

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Country: Australia

Region: Victoria

Interest conditions: 2.5% GVR Royalty.

Description

Fosterville is a high-grade, low cost underground gold mine in Victoria, Australia which has been in production since 2005. Agnico plans to complete 44,500 meters of drilling in 2025, primarily aimed at extending Mineral Reserves and Resources at Lower Phoenix and Robbins Hill.

Royalty interests

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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La Guitarra

Asset · Royalty · Operating

Mexico, Mexico State

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Sierra Madre Gold & Silver Ltd.

Country: Mexico

Region: Mexico State

Interest conditions: 2.0% NSR Royalty; Subject to a 1.0% buyback for US$2 million.

Description

Metalla 2.0% NSR royalty over the La Guitarra fully-permitted underground silver-gold operation in Mexico State, Mexico, operated by Sierra Madre. Acquired from First Majestic Silver in 2023. Commercial production began in January 2025 after a ramp-up in 2024, with steady ore processing at 500 tpd. Sierra Madre plans to double capacity to 1,000 tpd by 2027.

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Côté and Gosselin

Asset · Royalty · Operating

Canada, Ontario (Gogama)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: IAMGOLD Corp.

Extraction: Open Pit

Country: Canada

Region: Ontario (Gogama)

Interest conditions: 1.50% NSR Royalty on Côté Property (Material asset)

Description

gold royalty interest operated by IAMGOLD Corporation in Ontario (Gogama), Canada. Terms: 1.50% NSR Royalty on Côté Property (Material asset). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalties & streams

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Aranzazu

Asset · Royalty · Operating

Mexico, Zacatecas

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 0

Operator: No

Operator name: Aura Minerals Inc.

Country: Mexico

Region: Zacatecas

Interest conditions: 1.0% NSR Royalty.

Description

Aranzazu is an underground copper-gold-silver mine located in Zacatecas, Mexico. The mine was restarted in 2018 as a 3,350 tpd operation. In 2024, construction began on a molybdenum processing plant at Aranzazu.

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Wharf

Asset · Royalty · Operating

United States, South Dakota

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Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 0

Operator: No

Operator name: Coeur Mining Inc.

Country: United States

Region: South Dakota

Interest conditions: 1.0% GVR Royalty on the monthly value of gold stacked on Wharf’s heap-leach pad.

Description

Wharf is an open-pit, heap-leach gold operation located in the Northern Black Hills of South Dakota. Operational since 1983, currently maintains an approximate six-year mine life. Planned 2025 activities include expansion and infill drilling programs aimed at significantly extending mine life through reserve conversion of the Juno and North Foley deposits.

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Royalties & streams

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Royalty Development · 29 projects

Vizcachitas

Asset · Royalty · Development

Chile, Central Chile, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 0

Operator: No

Operator name: Los Andes Copper Ltd.

Country: Chile

Region: Central Chile

Geological province: Andean Porphyry Belt

Interest conditions: 0.98% NSR Royalty on open pit production and 0.49% NSR on underground production from the San Jose 1/3000 claim.

Description

Vizcachitas is a large copper-molybdenum porphyry deposit in central Chile. A pre-feasibility study outlines a 26-year open-pit mine life, with average annual copper production of 183,000 tonnes at a cash cost of $0.93/lb during the first eight years.

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Taca Taca

Asset · Royalty · Development

Argentina, Salta

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Project information

As at 31 December 2025

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: First Quantum Minerals Ltd.

Extraction: Open Pit

Country: Argentina

Region: Salta

Interest conditions: 0.42% NSR Royalty; Subject to a buyback based on value of proven reserves in a feasibility study multiplied by the prevailing market prices of all applicable commodities.

Description

As at 31 December 2025

Metalla 0.42% NSR royalty over the Taca Taca copper-gold-molybdenum project in Argentina operated by First Quantum Minerals Ltd.

Royalty interests

As at 31 December 2025 · inclusive

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As at 31 December 2025

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Royalties & streams

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Copper World

Asset · Royalty · Development

United States, Arizona, Laramide Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 0

Operator: No

Operator name: Hudbay Minerals Inc.

Country: United States

Region: Arizona

Geological province: Laramide Porphyry Belt

Interest conditions: 0.315% NSR Royalty (right of first refusal for additional 0.360% NSR Royalty).

Description

Copper World is a large-scale open-pit copper development project located in Arizona, USA. Phase I outlines a 20-year operation expected to produce an average of 92,000 tonnes of copper annually over the first 10 years. Phase II would extend the mine life to 44 years by expanding processing facilities and mining onto federal land.

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Royalties & streams

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Castle Mountain

Asset · Royalty · Development

United States, California

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 0

Operator: No

Operator name: Equinox Gold Corp.

Country: United States

Region: California

Interest conditions: 5.0% NSR Royalty. Covers the South Domes region, including the overlying South Overburden.

Description

Castle Mountain is a heap leach and mill gold project located in California, USA, north of Equinox’s Mesquite mine. Phase 1 mining was suspended in August 2024 for the duration of the Phase 2 permitting process. Phase 2 is projected to expand production to more than 200 Koz of gold annually.

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Royalties & streams

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Castle Mountain (South Dome)

Asset · Royalty · Development

United States, California

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Sec S K 1300

Ownership %: 0

Operator: No

Operator name: Equinox Gold Corp.

Extraction: Open Pit

Country: United States

Region: California

Interest conditions: 5% NSR Royalty

Description

gold royalty interest operated by Equinox Gold Corp. in California, United States. Terms: 5% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalties & streams

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La Fortuna

Asset · Royalty · Development

Mexico, Durango

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Minera Alamos Inc.

Extraction: Open Pit

Country: Mexico

Region: Durango

Interest conditions: 3.5% NSR Royalty (2.5% of NSR subject to cap at $4.5M)

Description

gold, silver, copper royalty interest operated by Minera Alamos Inc. in Durango, Mexico. Terms: 3.5% NSR Royalty (2.5% of NSR subject to cap at $4.5M). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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15-Mile (Plenty + Seloam Brook)

Asset · Royalty · Development

Canada, Nova Scotia

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: St Barbara Ltd.

Extraction: Open Pit

Country: Canada

Region: Nova Scotia

Interest conditions: 3.0% NSR Royalty (subject to 2.0% buy back for C$1.5M)

Description

gold royalty interest operated by St Barbara Limited in Nova Scotia, Canada. Terms: 3.0% NSR Royalty (subject to 2.0% buy back for C$1.5M). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Lama (Gold)

Asset · Royalty · Development

Argentina, San Juan, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Barrick Mining Corp.

Extraction: Open Pit

Country: Argentina

Region: San Juan

Geological province: Andean Porphyry Belt

Interest conditions: 2.5% GVR Royalty (subject to escalation up to 3.75%)

Description

gold royalty interest operated by Barrick Mining Corporation in San Juan, Argentina. Terms: 2.5% GVR Royalty (subject to escalation up to 3.75%). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Akasaba West

Asset · Royalty · Development

Canada, Quebec (Val d'Or)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Extraction: Open Pit

Country: Canada

Region: Quebec (Val d'Or)

Interest conditions: 2.0% NSR Royalty payable after 210Koz Au (subject to 1.0% buy back for C$7.0M)

Description

gold, copper royalty interest operated by Agnico Eagle Mines Limited in Quebec (Val d'Or), Canada. Terms: 2.0% NSR Royalty payable after 210Koz Au (subject to 1.0% buy back for C$7.0M). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Dumont

Asset · Royalty · Development

Canada, Quebec

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Nion Nickel

Extraction: Open Pit

Country: Canada

Region: Quebec

Interest conditions: 2.0% NSR Royalty (subject to 1.0% buyback for $1M)

Description

nickel, cobalt royalty interest operated by Nion Nickel in Quebec, Canada. Terms: 2.0% NSR Royalty (subject to 1.0% buyback for $1M). [Identity row — full extraction queued for supplement pass]

Royalty interests

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El Realito

Asset · Royalty · Development

Mexico, Sonora

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Extraction: Open Pit

Country: Mexico

Region: Sonora

Interest conditions: 2.0% NSR Royalty (subject to 1.0% buy back)

Description

gold, silver royalty interest operated by Agnico Eagle Mines Limited in Sonora, Mexico. Terms: 2.0% NSR Royalty (subject to 1.0% buy back). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Garrison Mine

Asset · Royalty · Development

Canada, Ontario (Kirkland Lake)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: STLLR Gold Inc.

Extraction: Open Pit

Country: Canada

Region: Ontario (Kirkland Lake)

Interest conditions: 2.0% NSR Royalty

Description

gold royalty interest operated by STLLR Gold Inc. in Ontario (Kirkland Lake), Canada. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

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Hoyle Pond Extension

Asset · Royalty · Development

Canada, Ontario (Timmins)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Discovery Silver Corp.

Extraction: Open Pit

Country: Canada

Region: Ontario (Timmins)

Interest conditions: 2.0% NSR, subject to 500Koz exemption

Description

gold royalty interest operated by Discovery Silver Corp. in Ontario (Timmins), Canada. Terms: 2.0% NSR, subject to 500Koz exemption. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Joaquin Mine

Asset · Royalty · Development

Argentina, Santa Cruz, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Unico Silver Ltd.

Extraction: Open Pit

Country: Argentina

Region: Santa Cruz

Geological province: Andean Porphyry Belt

Interest conditions: 2.0% NSR Royalty

Description

gold, silver royalty interest operated by Unico Silver Limited in Santa Cruz, Argentina. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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La Parrilla

Asset · Royalty · Development

Mexico, Durango

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Silver Storm Mining Ltd.

Extraction: Open Pit

Country: Mexico

Region: Durango

Interest conditions: 2.0% NSR Royalty

Description

silver royalty interest operated by Silver Storm Mining Ltd. in Durango, Mexico. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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NuevaUnion

Asset · Royalty · Development

Chile, Atacama, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Newmont Corporation / Teck Resources Limited

Extraction: Open Pit

Country: Chile

Region: Atacama

Geological province: Andean Porphyry Belt

Interest conditions: 2.0% NSR Royalty

Description

gold, copper royalty interest operated by Newmont Corporation / Teck Resources Limited in Atacama, Chile. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Santa Gertrudis

Asset · Royalty · Development

Mexico, Sonora

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Country: Mexico

Region: Sonora

Interest conditions: 2.0% NSR Royalty; 1.0% can be bought back at any time for US$7.5 million.

Description

Metalla 2.0% NSR royalty over the Santa Gertrudis past-producing mine in Sonora, Mexico, operated by Agnico Eagle. Historically produced over 550 koz of gold in the 1990s. Agnico is evaluating a potential heap leach operation for the open pit lower grade ore and a small mill facility to process the higher-grade ore.

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Reserves & resources — detail

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Gurupi

Asset · Royalty · Development

Brazil, Para

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: G Mining Ventures Corp.

Country: Brazil

Region: Para

Interest conditions: 1.0% NSR Royalty on the first 500 koz gold; 2.0% NSR Royalty between 500 koz and 1.5 Moz gold; 1.0% NSR Royalty thereafter.

Description

Metalla NSR royalty over the Gurupi large-scale gold exploration initiative located in northeastern Brazil, operated by G Mining Ventures. Spans roughly 2,100 km2 along an 80-km-long mineralized belt with three primary open-pit deposits: Blanket, Contact, and Chega Tudo. Acquired from BHP Biliton Limited in the final quarter of 2024.

Royalty interests

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Reserves & resources — detail

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Cap-Oeste Sur East Mine

Asset · Royalty · Development

Argentina, Santa Cruz, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Patagonia Gold

Extraction: Open Pit

Country: Argentina

Region: Santa Cruz

Geological province: Andean Porphyry Belt

Interest conditions: 1.5% NSR Royalty

Description

gold, silver royalty interest operated by Patagonia Gold in Santa Cruz, Argentina. Terms: 1.5% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Wasamac

Asset · Royalty · Development

Canada, Quebec, Abitibi Greenstone Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Country: Canada

Region: Quebec

Geological province: Abitibi Greenstone Belt

Interest conditions: 1.5% NSR Royalty, subject to a 0.5% buy back for C$7.5 million.

Description

Wasamac is a development-stage underground gold project near Rouyn-Noranda, Quebec. Agnico envisions the project as an underground bulk mining operation and is evaluating the potential to process Wasamac ore at either the LaRonde or Canadian Malartic processing facilities.

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Reserves & resources — detail

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West Timmins Extension

Asset · Royalty · Development

Canada, Ontario (Timmins)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Pan American Silver Corp.

Extraction: Open Pit

Country: Canada

Region: Ontario (Timmins)

Interest conditions: 1.5% NSR Royalty (subject to 0.75% buy back)

Description

gold royalty interest operated by Pan American Silver Corp. in Ontario (Timmins), Canada. Terms: 1.5% NSR Royalty (subject to 0.75% buy back). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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15-Mile (Hudson + others)

Asset · Royalty · Development

Canada, Nova Scotia

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: St Barbara Ltd.

Extraction: Open Pit

Country: Canada

Region: Nova Scotia

Interest conditions: 1.0% NSR Royalty (Hudson, Egerton-Maclean, 149 East Zone, Plenty deposit)

Description

gold royalty interest operated by St. Barbara Limited in Nova Scotia, Canada. Terms: 1.0% NSR Royalty (Hudson, Egerton-Maclean, 149 East Zone, Plenty deposit). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Fifteen Mile Stream

Asset · Royalty · Development

Canada, Nova Scotia

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: St. Barbara Mines Ltd.

Country: Canada

Region: Nova Scotia

Interest conditions: 1.0% NSR Royalty on the majority of the Fifteen Mile Stream project; 3.0% NSR Royalty on nearly half of the Plenty deposit, subject to a buyback of 2.0% for C$1.5 million.

Description

Metalla 1.0% and 3.0% NSR royalties over the Fifteen Mile Stream project in Nova Scotia, Canada, operated by St. Barbara. Located 57 km northeast of St Barbara's central milling facility at its Touquoy deposit. Oct-2024 PFS outlines average annual production of 74 koz gold over an 11-year mine life.

Royalty interests

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Reserves & resources — detail

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Gurupi (CentroGold)

Asset · Royalty · Development

Brazil, Pará

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: G Mining Ventures Corp.

Extraction: Open Pit

Country: Brazil

Region: Pará

Interest conditions: 1.0% - 2.0% NSR Royalty

Description

gold royalty interest operated by G Mining Ventures Corp. in Pará, Brazil. Terms: 1.0% - 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Josemaria

Asset · Royalty · Development

Argentina, San Juan, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Lundin Mining Corp.

Extraction: Open Pit

Country: Argentina

Region: San Juan

Geological province: Andean Porphyry Belt

Interest conditions: Right to acquire portion of 0.5% NPI for 10-year period

Description

copper, gold, silver royalty interest operated by Lundin Mining Corporation in San Juan, Argentina. Terms: Right to acquire portion of 0.5% NPI for 10-year period. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Amalgamated Kirkland

Asset · Royalty · Development

Canada, Ontario, Abitibi Greenstone Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Country: Canada

Region: Ontario

Geological province: Abitibi Greenstone Belt

Interest conditions: 0.45% NSR Royalty.

Description

Amalgamated Kirkland is located adjacent to Agnico's Macassa mine complex and is within a few hundred meters of the existing Macassa underground workings. Gold production from AK is estimated to be 10,000 Koz in 2025, increasing to between 50 Koz and 60 Koz ounces annually in 2026 and 2027.

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Reserves & resources — detail

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North Amalgamated Kirkland

Asset · Royalty · Development

Canada, Ontario (Kirkland Lake)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Agnico Eagle Mines Ltd.

Extraction: Open Pit

Country: Canada

Region: Ontario (Kirkland Lake)

Interest conditions: 0.45% NSR Royalty

Description

gold royalty interest operated by Agnico Eagle Mines Limited in Ontario (Kirkland Lake), Canada. Terms: 0.45% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Copper World and Rosemont

Asset · Royalty · Development

United States, Arizona

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Sec S K 1300

Ownership %: 0

Operator: No

Operator name: Hudbay Minerals Inc. / Mitsubishi Corporation

Extraction: Open Pit

Country: United States

Region: Arizona

Interest conditions: 0.315% NSR Royalty (right of first refusal for additional 0.360% NSR)

Description

copper, molybdenum, silver, gold royalty interest operated by Hudbay Minerals Inc. / Mitsubishi Corporation in Arizona, United States. Terms: 0.315% NSR Royalty (right of first refusal for additional 0.360% NSR). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Lama (Copper)

Asset · Royalty · Development

Argentina, San Juan, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Barrick Mining Corp.

Extraction: Open Pit

Country: Argentina

Region: San Juan

Geological province: Andean Porphyry Belt

Interest conditions: 0.25% NSR Royalty (subject to escalation up to 3.0%)

Description

copper royalty interest operated by Barrick Mining Corporation in San Juan, Argentina. Terms: 0.25% NSR Royalty (subject to escalation up to 3.0%). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalty Exploration · 13 projects

Big Springs

Asset · Royalty · Exploration

United States, Nevada

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Sec S K 1300

Ownership %: 0

Operator: No

Operator name: Capricorn Metals Ltd.

Extraction: Open Pit

Country: United States

Region: Nevada

Interest conditions: 2.0% NSR Royalty (subject to annual advance royalty payments)

Description

gold royalty interest operated by Capricorn Metals in Nevada, United States. Terms: 2.0% NSR Royalty (subject to annual advance royalty payments). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Del Toro

Asset · Royalty · Exploration

Mexico, Zacatecas

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: First Majestic Silver Corp.

Extraction: Open Pit

Country: Mexico

Region: Zacatecas

Interest conditions: 2.0% NSR Royalty

Description

silver royalty interest operated by First Majestic Silver Corp. in Zacatecas, Mexico. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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La Joya

Asset · Royalty · Exploration

Mexico, Durango

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Silver Dollar Resources Inc.

Extraction: Open Pit

Country: Mexico

Region: Durango

Interest conditions: 2.0% NSR Royalty

Description

gold, silver, copper royalty interest operated by Silver Dollar Resources Inc. in Durango, Mexico. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Plomosas

Asset · Royalty · Exploration

Mexico, Sinaloa

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: GR Silver Mining Ltd.

Extraction: Open Pit

Country: Mexico

Region: Sinaloa

Interest conditions: 2.0% NSR Royalty (subject to 1% buy back right)

Description

silver royalty interest operated by GR Silver Mining Ltd. in Sinaloa, Mexico. Terms: 2.0% NSR Royalty (subject to 1% buy back right). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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San Martin (First Majestic)

Asset · Royalty · Exploration

Mexico, Jalisco

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: First Majestic Silver Corp.

Extraction: Open Pit

Country: Mexico

Region: Jalisco

Interest conditions: 2.0% NSR Royalty

Description

silver royalty interest operated by First Majestic Silver Corp. in Jalisco, Mexico. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Tower Mountain

Asset · Royalty · Exploration

Canada, Ontario (Thunder Bay)

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Thunder Gold Corp.

Extraction: Open Pit

Country: Canada

Region: Ontario (Thunder Bay)

Interest conditions: 2.0% NSR Royalty

Description

gold royalty interest operated by Thunder Gold Corp. in Ontario (Thunder Bay), Canada. Terms: 2.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Zaruma

Asset · Royalty · Exploration

Ecuador, El Oro, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Pelorus Minerals Corp.

Extraction: Open Pit

Country: Ecuador

Region: El Oro

Geological province: Andean Porphyry Belt

Interest conditions: 1.5% NSR Royalty

Description

gold royalty interest operated by Pelorus Minerals Corp. in El Oro, Ecuador. Terms: 1.5% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Dundonald

Asset · Royalty · Exploration

Canada, Ontario

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Class 1 Nickel & Technologies Limited

Extraction: Open Pit

Country: Canada

Region: Ontario

Interest conditions: 1.25% NSR Royalty

Description

nickel royalty interest operated by Class 1 Nickel & Technologies Limited in Ontario, Canada. Terms: 1.25% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Aureus East Mine

Asset · Royalty · Exploration

Canada, Nova Scotia

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Aurelius Minerals Inc.

Extraction: Open Pit

Country: Canada

Region: Nova Scotia

Interest conditions: 1.0% NSR Royalty

Description

gold royalty interest operated by Aurelius Minerals Inc. in Nova Scotia, Canada. Terms: 1.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Lac Pelletier

Asset · Royalty · Exploration

Canada, Quebec

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Emperor Metals Inc.

Extraction: Open Pit

Country: Canada

Region: Quebec

Interest conditions: 1.0% NSR Royalty

Description

gold royalty interest operated by Emperor Metals Inc. in Quebec, Canada. Terms: 1.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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San Luis

Asset · Royalty · Exploration

Peru, Áncash, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Highlander Silver Corp.

Extraction: Open Pit

Country: Peru

Region: Áncash

Geological province: Andean Porphyry Belt

Interest conditions: 1.0% NSR Royalty

Description

gold, silver royalty interest operated by Highlander Silver Corp. in Áncash, Peru. Terms: 1.0% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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West Wall

Asset · Royalty · Exploration

Chile, Valparaíso, Andean Porphyry Belt

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Anglo American plc / Glencore plc (50/50 JV)

Extraction: Open Pit

Country: Chile

Region: Valparaíso

Geological province: Andean Porphyry Belt

Interest conditions: 1.0% Net proceeds of production royalty

Description

copper, gold, molybdenum royalty interest operated by Anglo American plc / Glencore plc (50/50 JV) in Valparaíso, Chile. Terms: 1.0% Net proceeds of production royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Saddle North

Asset · Royalty · Exploration

Canada, British Columbia

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Project information

Type: Royalty

Aggregation level: Asset

Status: Exploration

Report standard: Ni 43 101

Ownership %: 0

Operator: No

Operator name: Newmont Corp.

Extraction: Open Pit

Country: Canada

Region: British Columbia

Interest conditions: 0.25% NSR Royalty

Description

copper, gold royalty interest operated by Newmont Corporation in British Columbia, Canada. Terms: 0.25% NSR Royalty. [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Royalty Suspended · 1 project

Twin Metals

Asset · Royalty · Suspended

United States, Minnesota

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Project information

Type: Royalty

Aggregation level: Asset

Status: Suspended

Report standard: Sec S K 1300

Ownership %: 0

Operator: No

Operator name: Antofagasta Plc

Extraction: Open Pit

Country: United States

Region: Minnesota

Interest conditions: 2.4% NSR Royalty on Cu and Ni (federal leases cancelled 2022; project suspended)

Description

copper, nickel royalty interest operated by Antofagasta plc in Minnesota, United States. Terms: 2.4% NSR Royalty on Cu and Ni (federal leases cancelled 2022; project suspended). [Identity row — full extraction queued for supplement pass]

Royalty interests

As at 31 December 2025

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Royalties & streaming

A royalty is a contractual share of value extracted (NSR, GRR, NPI, sliding-scale, …). A stream delivers a fixed % of production at an agreed (often discounted) price in exchange for upfront capital.
Portfolio shows operator reserves restated on royalty/stream economics (volume × rate). Operator classification (NI 43-101, JORC, NI 51-101, SEC) carries through.
Common terms: Cap (maximum payable); Buy-back (operator repurchase right); AOI (area of interest); Sliding-scale (rate vs commodity price).

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
Cost / other — a passive or fair-value holding, excluded from the group total.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Silver

Score

Production

Resource base

Grade

1 / 5

0–1 Moz Ag

0–25 Moz Ag

0–50 g/t Ag

2 / 5

1–3 Moz Ag

25–75 Moz Ag

50–100 g/t Ag

3 / 5

3–7 Moz Ag

75–150 Moz Ag

100–200 g/t Ag

4 / 5

7–12 Moz Ag

150–225 Moz Ag

200–300 g/t Ag

5 / 5

≥ 12 Moz Ag

≥ 225 Moz Ag

≥ 300 g/t Ag

Copper

Score

Production

Resource base

Grade

1 / 5

0–50 kt Cu

0–500 kt Cu

0–0.5 % Cu

2 / 5

50–125 kt Cu

500–2 000 kt Cu

0.5–1 % Cu

3 / 5

125–250 kt Cu

2 000–5 000 kt Cu

1–1.5 % Cu

4 / 5

250–500 kt Cu

5 000–10 000 kt Cu

1.5–2 % Cu

5 / 5

≥ 500 kt Cu

≥ 10 000 kt Cu

≥ 2 % Cu

Zinc

Score

Production

Resource base

Grade

1 / 5

0–50 kt Zn

0–1 Mt Zn

0–2.5 % Zn

2 / 5

50–150 kt Zn

1–3 Mt Zn

2.5–5 % Zn

3 / 5

150–300 kt Zn

3–7 Mt Zn

5–8 % Zn

4 / 5

300–500 kt Zn

7–15 Mt Zn

8–12 % Zn

5 / 5

≥ 500 kt Zn

≥ 15 Mt Zn

≥ 12 % Zn

Lead

Score

Production

Resource base

Grade

1 / 5

0–25 kt Pb

0–0.5 Mt Pb

0–1 % Pb

2 / 5

25–75 kt Pb

0.5–1.5 Mt Pb

1–2.5 % Pb

3 / 5

75–150 kt Pb

1.5–4 Mt Pb

2.5–5 % Pb

4 / 5

150–300 kt Pb

4–8 Mt Pb

5–8 % Pb

5 / 5

≥ 300 kt Pb

≥ 8 Mt Pb

≥ 8 % Pb

Nickel

Score

Production

Resource base

Grade

1 / 5

0–10 kt Ni

0–100 kt Ni

0–0.6 % Ni

2 / 5

10–25 kt Ni

100–300 kt Ni

0.6–1.2 % Ni

3 / 5

25–50 kt Ni

300–700 kt Ni

1.2–1.8 % Ni

4 / 5

50–100 kt Ni

700–1 500 kt Ni

1.8–2.5 % Ni

5 / 5

≥ 100 kt Ni

≥ 1 500 kt Ni

≥ 2.5 % Ni

Cobalt

Score

Production

Resource base

Grade

1 / 5

0–1 kt Co

0–20 kt Co

0–0.05 % Co

2 / 5

1–5 kt Co

20–50 kt Co

0.05–0.15 % Co

3 / 5

5–15 kt Co

50–150 kt Co

0.15–0.3 % Co

4 / 5

15–30 kt Co

150–300 kt Co

0.3–0.6 % Co

5 / 5

≥ 30 kt Co

≥ 300 kt Co

≥ 0.6 % Co

Molybdenum

Score

Production

Resource base

Grade

1 / 5

0–5 Mlb Mo

0–50 Mlb Mo

0–0.03 % Mo

2 / 5

5–15 Mlb Mo

50–200 Mlb Mo

0.03–0.06 % Mo

3 / 5

15–30 Mlb Mo

200–500 Mlb Mo

0.06–0.12 % Mo

4 / 5

30–50 Mlb Mo

500–1 000 Mlb Mo

0.12–0.2 % Mo

5 / 5

≥ 50 Mlb Mo

≥ 1 000 Mlb Mo

≥ 0.2 % Mo

Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.

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