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December 2018 I www.metallaroyalty.com I TSXV: MTA I OTCQX: MTAFF I Germany: X9CP
FORWARD LOOKING STATEMENTS
This presentation contains certain "forward looking statements" and certain "forward-looking information" asdefined under applicable Canadian and U.S. securities laws. Forward-looking statements and information cangenerally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect","intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-lookinginformation contained herein is provided for the purpose of assisting readers in understanding management'scurrent expectations and plans relating to the future. Readers are cautioned that such information may not beappropriate for other purposes.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that maycause the actual actions, events or results to be materially different from those expressed or implied by suchforward-looking information, including but not limited to: the impact of general business and economicconditions; the absence of control over mining operations from which Metalla will purchase gold and other metalsor from which it will receive royalty payments and risks related to those mining operations, including risks relatedto international operations, government and environmental regulation, delays in mine construction andoperations, actual results of mining and current exploration activities, conclusions of economic evaluations andchanges in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters,labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to themarketability of gold and other metals; the inherent uncertainty of production and cost estimates and thepotential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primarycommodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates;government entities interpreting existing tax legislation or enacting new tax legislation in a way which adverselyaffects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss of key employees andother related risks and uncertainties.
Metalla undertakes no obligation to update forward-looking information except as required by applicable law.Such forward-looking information represents management's best judgment based on information currentlyavailable. No forward-looking statement can be guaranteed and actual future results may vary materially.Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
FOUNDATION OF A SUCCESSFUL ROYALTY AND STREAMING COMPANY
3
✓ EXPERIENCED MANAGEMENT TEAM WITH TRACK RECORD OF SUCCESS
✓ CASH FLOWING PORTFOLIO TO REINVEST AND SUPPORT ITS DIVIDEND
✓ CURRENTLY TRADING AT A DEEP DISCOUNT TO PEERS
✓ STRONG GUIDANCE OF 500-600Koz SILVER FOR FISCAL 2019
✓ STRONG COUNTERPARTIES AND GEOGRAPHICALLY DIVERSIFIED
ROYALTY MODEL
4
Third Party Holder Metalla
THIRD-PARTY ROYALTY MODEL
Royalty Value Royalty Value Arbitrage
• A royalty is worth more in a publicly tradedcompany with a portfolio of royalty assets,compared to holding a royalty privately, or in anexploration, development or operating company.
Mining Company Royalty Company
TRADITIONAL ROYALTY MODEL
Value of Ounces in Royalty Company
Value of Ounces in Mining Company
• The same number of ounces in a royaltycompany is worth more than in a miningcompany due to top line cash flow, non-dilutive interests, exploration upside, anddiversification.
THIRD-PARTY ROYALTY MODEL
5
• Strong counterparties with top
operational experience
• Royalties on high-quality assets
• Lower financing cost to acquire
royalties
• Tighter share structure by
royalty owners maintaining
upside in exposure to Metalla
equity
• Allows Metalla to return cash to
shareholders
• Highly scalable business
Secondary Market of High-Quality Royalties with Major Operators is Key to Our Success
Share Consideration
Royalty Owner
Royalty
Benefits for Metalla Benefits for Third-Party
• Exposure to a growing royalty
company with equity at a
compelling relative valuation
• Maintain exposure of royalty
through Metalla equity
• Diversification amongst other
high-quality royalties
• Liquidity and price-discovery
• Cash flow through dividend
program
• Immediate revaluation of shares
through larger royalty portfolio
COMPANY HISTORY
6
STRONG TRACK RECORD OF ACQUIRING ACCRETIVE ROYALTY AND STREAMING ASSETS
Source: Capital IQ, Pro-forma conversion of Coeur to maintain 19.99% ownership
Acquires High Stream Capital and changes name to
Metalla, appoints Brett Heath as President
Acquisition of Akasaba West royalty
Acquistion of Santa Gertrudis Royalty
Listing as a tier-1 issuer on the TSXV
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Announces New Luika Silver
Stream and $4M financing
Consolidates Hoyle Pond
extension royalty
Acquires Timmins-based royalty
portfolio from IEP and closes over-
subscribed financing for $2.3M
Acquires royalty and streaming
portfolio from Coeur Mining
Annouces acquisition of Valgold (Garrison
Royalty)
Capital Structure
Share Price
Current ($) $0.80
52-Wk. High $0.87
52-Wk. Low $0.54
Dividend Yield 2.3%
Cash & Equivalents ($M) ~$2
Convertible Held by Coeur (US$M) $3.2
Short-Term Loan (US$M) $1.8
Shares Outstanding:
Basic (mln) 102.3
Fully Diluted 112.8
Market Cap ($M) $81.8
Share Ownership
Coeur Mining 19.99%
GoGold Resources 9.85%
Europac 4.89%
Brett Heath (CEO) 2.87%
Adrian Day Asset Management 2.42%
Kjell Akesson 2.03%
US Global 0.98%
Doug Casey 0.94%
E.B Tucker (Director) 0.83%
Paul Stephens 0.81%
MTA.V RGLD.O FNV.TO SSL.TO MMX.V OR.TO WPM.TO Avg (Excl. MTA)
2018 YTD 16% -13% -10% -11% 32% -31% -23% -9%
-50%
0%
50%
100%
150%
200%
MTA.V RGLD.O FNV.TO SSL.TO MMX.V OR.TO WPM.TO
RELATIVE PERFORMANCE
7
METALLA HAS OUTPERFORMED ITS PEERS SINCE INCEPTION IN SEPTEMBER 2016
Source: Capital IQ
Canada• Hoyle Pond Extension• Garrison • Timmins West Extension• Akasaba West• TVZ• DeSantis Mine• Bint Property• Montclerg Property• Colbert Anglo• Pelangio Poirier• Beaudoin• DNA • Sirola Grenfell• Mirado Mine• Solomon’s Pillar
Ecuador• Zaruma
Chile Royalty• Puchildiza
Argentina• Joaquin
Tanzania• NLGM
Australia• Endeavor
Legend
• Producing
• Development
• Exploration
GEOGRAPHICALLY DIVERSIFIED
PORTFOLIO
8
Mexico• Santa Gertrudis
Venezuela• Los Patos
Asset Santa Gertrudis
Metalla Interest 2% NSR Royalty
Operator
Metal: Au
Location Sonora, Mexico
Resources M&I 810Koz, Inferred 254Koz Au
Recently acquired, currently under expanded exploration 33,800m exploration program.Agnico plans to release an updated resource estimate in February 2019
KEY ASSETS
9
Asset Endeavour Mine
Interest Stream on 100% of Ag
Operator
Metal Zn, Pb, Ag
Location NSW Australia
Resources 988Koz Ag in the current mine plan
On-Going Payment US$1 / Oz + 50% of Ag price over US$7/Oz
Production Guidance FY2019
500 – 550Koz Ag
Steady production since 1983, recent discovery of deep lode indicates further resource expansion potential
Asset Joaquin Mine
Interest 2% NSR Royalty
Operator
Metal Ag, Au
Location Santa Cruz, Argentina
Resources 65Moz Ag M&I
Production Guidance
~4Moz Ag and 2Koz Au annually (5Moz Ag-Eq) when
in full production (commissioning in Q119)
Current mine plan calls for the exploitation of only the La Morocha vein at Joaquin, over a dozen veins not considered which currently host NI 43-101 over 40Moz Ag-Eq M&I remain
Asset Hoyle Pond Extension
Interest 2% NSR Royalty (first 500Koz exempt)
Operator
Metal Au
Location Timmins, Ontario
Guidance FY 2019
FY 2018 160Koz Au(Extension under
development)
Goldcorp recently completed the Hoyle Deep Project at a cost of US$194M to access and develop the lower levels of the extension
10
KEY ASSETS
Asset Garrison Mine
Interest 2% NSR Royalty
Operator
Metal Au
Location Ontario, 40Km north of Kirkland Lake
Resources 1.2MoZ Au M&I, 0.8Moz Inferred
Since acquiring the property in 2014, Osisko has completed an additional 85,000m of drilling. Resource update is imminent
Asset New Luika Gold Mine
Metalla Interest Stream on 15% of Ag
Operator
Metal Au, Ag
Location Lupa Gold Fields, Tanzania
On-going Payment 10% of spot Ag
Guidance FY 2019 120-150Koz Ag
Steady six years of production of ~80Koz Au and ~150Koz Ag at AISC ~US$750/Oz Au
PORTFOLIO – EARLY STAGE
11
(1) See technical report at http://www.orefinders.ca/overview/(2) See technical report at www.regulusresources.com/projects/puchuldiza-chile/
Property Operator Location Stage Metal Terms Notes
Zaruma Core Gold EcuadorSmall-scale
productionAu 1.5% NSR 1.1Moz M&I, 1.45Moz inferred
Timmins West
ExtensionTahoe Resources Canada Production Au
1.5% NSR (subject to a
0.75% buyback)
Guidance FY 2018 55-65Koz,
extension under development
Akasaba West Agnico Eagle Canada Development Au, Cu2% NSR, payable after
210Koz AuBuy-back right
TVZ Zone Goldcorp Canada Development Au 2% NSR Zone at depth
DeSantis MineCanadian Gold
MinerCanada Early Exploration Au 1.5% NSR
Located in Timmins gold trend,
past producer
Bint Property Glencore Canada Early Exploration Au 2% NSR No current work planned
Colbert/Anglo Goldcorp Canada Early Exploration Au 2% NSR Subject to 0.75% buyback
Montclerg IEP CanadaAdvanced
ExplorationAu 1% NSR Drill program planned
Pelangio
PoirierPelangio Exp. Canada Early Exploration Au 1% NSR Down plunge from Gap Zone.
DNA Detour Gold Canada Early Exploration Au 2% NSROn west extension of Detour
Camp
Beaudoin Explor Resources Canada Early Exploration Au, Ag 0.4% NSRLocated adjacent to old DeSantis
mine
Sirola Grenfell Golden Peak Res. Canada Early Exploration Au 0.25% NSR
2-compartment shaft. Potential
for low grade bulk minable
resource
Mirado Mine Orefinders CanadaAdvanced
ExplorationAu 1% NSR + Option
442,000 oz Au inferred 43-101
report (1)
Solomon’s
PillarSage Gold Canada Early Exploration Au 1% NSR
Narrow but very high grade
gold. 3-compartment shaft
Puchildiza Regulus Resources ChileAdvanced
ExplorationAu 1.5% NSR
686,000 oz Au Inferred 43-101
report (2)
Los Patos
ProjectPrivate Party Venezuela
Advanced
ExplorationAu 1.5% NSR
900 km2 land package, Small
high grade indicated
LEADERSHIP
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Lawrence RoulstonNon – Executive ChairmanMining professional and geologist
with over 35 years of diverse hands-on experience
Alexander MolyneuxNon-Executive Director
20+ Years experience metals and mining industry executive and financier. Holds several
high level executive and board positions.
EB TuckerNon-Executive DirectorCasey Report Editor, 15 years
experience in fund management and security analysis
Brett HeathPresident and CEO, Director
10 years experience in structured finance, corporate finance, and investment management,
5 years of royalty and streaming experience
Bill TsangChief Financial Officer
Chartered Professional Accountant with more than 10 years of financial accounting and auditing experience
in the mineral exploration and mining industry
Drew Clark, CFAVP Corporate Development
Former research analyst and investment banker, corporate development roles at Premier Royalty Corp and Carlisle
Goldfields acquired by Sandstorm and Alamos respectively
Frank HanagarneNon-Executive Director
25+ years operational experience at Newmont Mining and Coeur
Mining. (Currently COO of Coeur)
WHY INVEST NOW
Strong Value Proposition
Metalla currently trades at a significant discount to its peers1 and remains the highest yielding dividend payer
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Organic Growth
Disciplined Management
Unique Business Plan / Approach
Portfolio includes stable operations and development projects backed by strong counterparties
Experienced management team with a low burn rate and a track record of accretive transactions for shareholders
1 Using Price/Operating Cash Flow and Price/NAV
Focus on third-party royalties on assets operated by majors and using stock to enable holders to properly value royalty assets a key differentiator vs competition
MTA I MTAFF I X9CP
APPENDIX
www.metallaroyalty.com I info@metallaroyalty.comPhone: +1 (604) 696-0741
Suite 501 - 543 Granville Street, Vancouver, BC V6C 1X8 Canada
ENDEAVOR SILVER STREAM
15
Metalla Interest 100% of By-product silver stream (Ag)
Operator CBH Resources
Metal Produced Pb, Zn, Ag
Location NSW Australia
Project Status Producing
Silver Reserves 1.6M Ag ounces in current mine plan
On going payment $1 USD per ounce(1) + 50% of silver price above
$7 USD per Oz
Production Guidance FY 2019
500,000 – 550,000 Oz Ag
(1) Plus adjustments for inflation indexed to CPI
• Long history of operations and replacing reserves
• Development now underway at Deep Lode Zone will further extend mine life
• New 1.6M Ag oz mine plan through December 2020
JOAQUIN ROYALTY
16
Metalla Interest 2% NSR Royalty on production
Operator Pan American Silver (TSE:PAAS)
Metal Produced Ag, Au
Location Santa Cruz Province, Argentina
Project Status Development
Resources Existing Measured and Indicated resource of 65.2
million oz Ag and 61,100 oz of Au
• Pan American allocated US$37.8M to develop Joaquin
• Production to start in Q4 2019 using the Manantial Espejo plant for processing
• 43-101 report(1) on La Morocha deposit as an underground mine filed on SEDAR
(1) Please refer to a technical report titled "Joaquin Project NI 43-101 Technical Report" and dated January 31, 2018 (the "Joaquin Report").
SANTA GERTRUDIS ROYALTY
17
Metalla Interest 2% NSR Royalty on production (1% can be repurchased for
US$7.5M)
Operator Agnico Eagle (NYSE:AEM)
Metal Produced Au
Location Sonora, Mexico (180km north of Hermosillo)
Project Status Exploration / Development
Resources 810Koz M&I, 240Koz inferred
Past Work 565Koz Au historically produced at 2.13g/t. Over 275Km of total drilling has
been completed to date
• Agnico recently reported a new high-gradediscovery on the 42,000Ha property andexpanded its exploration budget at the minein Q318
• Resource update expected in Q119
NLGM SILVER STREAM
18
Metalla Interest 15% of By-product silver stream (Ag)
Operator Shanta Gold (LON:SHG)
Metal Produced Au, Ag
Location Southwest Tanzania, Lupa Gold Fields
Project Status Producing
On going payment 10% of Spot of silver (Ag)
Production Guidance FY 2019
120,000 – 150,000 Oz Ag
• 10 year stream (expires 2026)• Lowest quartile of costs amongst producers• Experienced management team• Achieved underground expansion on time and
under budget
ZARUMA ROYALTY
19
Metalla Interest 1.5% NSR Royalty on production
Operator Core Gold Inc. (TSXV:CGLD)
Metal Produced Au, Ag
Location Zaruma-Portovelo Mining District of southern Ecuador
Project Status Producing (small-scale)
Resources Measured and Indicated 1,094,000 oz Au, and
Inferred 1,448,000 Oz Au(1)
Production Small-scale production, new mine plan expected H218
• Operator LOI for US$15M debt restructure with Investabank SA
• Company completed successful corporate restructure
• New experienced management team
(1) See technical report: https://www.dynastymining.com/operations/technical-reports
HOYLE POND EXTENSION ROYALTY
20
Metalla Interest 2% NSR Royalty on production (on leased mining
rights subject to 500,000 oz Au exemption)
Operator Goldcorp Inc. (NYSE:GG)
Metal Produced Au
Location Timmins, OntarioCanada
Project Status Producing (extension underdevelopment)
Resources No current reserve/resource on the extension
Production Guidance FY 2018
155,000 – 160,000 Oz Au
• Goldcorp October 25, 2017 NR reserves andresources estimate stated “In 2018, reservereplacement will be focused on theevaluation of the down plunge extension ofthe mineralized veins at Hoyle Pond”
(1) Resources in Porcupine Camp see Goldcorp 2016 reserves and resources report
TIMMINS WEST EXTENSION ROYALTY
21
Metalla Interest 1.5% NSR Royalty on production (extension claim) subject to 0.75% buyback for
USD $750,000
Operator Tahoe Resources (NYSE:TAHO)
Metal Produced Au
Location Timmins, OntarioCanada
Project Status Producing (extension under development)
Resource No current reserve/resourceon the extension
Production Guidance FY 2018
55,000 – 65,000 Oz Au
• Planned USD $60M investment on deeper shaft to access lower levels on extension
• 60,000 meters of drilling in 2016• Plans to expand production in mining camp• Currently merging with Pan American Silver
AKASABA WEST ROYALTY
22
Metalla Interest 2.0% NSR Royalty on production subject to 1.0%
buyback for $7,000,000
Operator Agnico Eagle Mines (TSE:AEM)
Metal Produced Au, Cu
Location Val d’Or, Quebec, less than 30Km from Goldex
Project Status Under Development, startup in 2020
Resource 145Koz Au and 25.5Kt Cu Reserve, 49Koz and 9Kt Cu
Production Guidance
20-25Koz Au and 8.5-10Mlbs Cu once in operation
• Planned $50M to develop the mine• Internal studies indicate 4-5 year mine life
with cash costs ~$400/Oz• Will be processed at either Laronde or Goldex
processing facilities
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