# METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026 AND PROVIDES ASSET UPDATES Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915 Original source: https://money.tmx.com/en/quote/MTA/news/8656964510760307/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass Publisher: tmx Original announcement: 2026-05-14T20:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Metalla Royalty & Streaming Ltd. - Ticker: MTA - Exchange: TSX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Silver, Copper, Zinc, Lead, Nickel - Document categories: Resource update, Drill results, Other - Extracted: 2026-08-25 22:38:34 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Metalla Royalty & Streaming Ltd. announced strong financial results for Q1 2026, reporting a 115% increase in Adjusted EBITDA and a return to net income. The company provided updates on its diverse royalty portfolio, highlighting significant resource and reserve estimates for projects like Taca Taca and Wharf, and positive drill results from Garrison and Mirado. Several assets, including Tocantinzinho, La Parrilla, and Amalgamated Kirkland, are advancing towards or commencing production, contributing to an expected increase in cash flow in the latter half of 2026. Reasoning: Metalla Royalty & Streaming Ltd. reported strong Q1 2026 financial results, demonstrating increased Adjusted EBITDA and a return to net income. The company provided positive updates across its diverse royalty portfolio, including significant resource and reserve estimates for major projects like Taca Taca, Tocantinzinho, and Wharf, alongside promising high-grade drill results from Garrison and Mirado Mine. Several assets are progressing towards production, indicating future cash flow growth, although some operational challenges and reporting ambiguities were noted. - Positive factor: Strong financial performance with increased Adjusted EBITDA and net income - Positive factor: Key royalty assets advancing towards production or significant milestones - Positive factor: Significant resource and reserve updates for Taca Taca, Tocantinzinho, and Wharf - Positive factor: Multiple high-grade and bonanza drill intercepts reported from Garrison and Mirado Mine - Positive factor: QP sign-off on technical information enhances credibility - Negative factor: Wharf production was lower due to crusher damage - Negative factor: La Parrilla AgEq grade reported without disclosing metal equivalent assumptions - Negative factor: Joaquin gold grade reported in unusual '%' unit without clarification Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 34 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Taca Taca resource estimate is explicitly stated to be prepared in accordance with NI 43-101. Evidence · text > updated technical report for the Taca Taca project prepared in accordance with NI 43-101 **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Taca Taca project reports 'Proven and Probable Mineral Reserves'. Evidence · text > Proven and Probable Mineral Reserves total 1,990 Mt **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Taca Taca project reports 'Measured and Indicated Mineral Resources'. Evidence · text > Measured and Indicated Mineral Resources total 2,078 Mt **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The technical information in the news release has been reviewed and approved by Charles Beaudry, a Qualified Person. Evidence · text > The technical information contained in this news release has been reviewed and approved by Charles Beaudry, an independent consultant, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec. Mr. Beaudry is a qualified person \(" QP "\) as defined in NI 43-101. **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Tocantinzinho project reports 'Proven and Probable Reserves'. Evidence · text > Proven and Probable Reserves of 1.87 Moz of gold **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Tocantinzinho project reports 'Measured and Indicated Resources'. Evidence · text > Measured and Indicated Resources of 1.92 Moz gold **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Wharf project announced an updated NI 43-101 compliant technical report. Evidence · text > Coeur announced an updated NI 43-101 compliant technical report for Wharf **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Proven and Probable Mineral Reserves at Wharf increased by 65%. Evidence · text > Proven and Probable Mineral Reserves at Wharf increased by 65% **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Wharf project reports a 'total Inferred resource estimate'. Evidence · text > total Inferred resource estimate of 72.9 Mt at 0.63 g/t for 1.49 Moz gold **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Côté gold mine plans to release an updated technical report prepared in accordance with NI 43-101. Evidence · text > updated technical report prepared in accordance with National Instrument 43-101 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Joaquin project announced a JORC\(2012\) Mineral Resource Estimate. Evidence · text > Unico announced a JORC\(2012\) Mineral Resource Estimate for Joaquin **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Joaquin project is on track for a 'maiden pre-feasibility study', implying this is the first formal MRE. Evidence · text > maiden pre-feasibility study is on track for Q3 2026 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Tower Mountain project filed a NI 43-101 Technical Report supporting the Mineral Resource estimate. Evidence · text > Thunder Gold announced that it had filed a NI 43-101 Technical Report supporting the Mineral Resource estimate at the Tower Mountain project **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: Thunder Gold announced the results of the 'inaugural Mineral Resource estimate' at the Tower Mountain project. Evidence · text > Thunder Gold announced the results of the inaugural Mineral Resource estimate at the Tower Mountain project **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: The AgEq grade is reported without disclosing the price or recovery assumptions used for the calculation. Evidence · text > 473 g/t AgEq over 3.60 m **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is reported as a downhole length without an accompanying true width or orientation information. Evidence · text > 473 g/t AgEq over 3.60 m **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 12.67 g/t Au over 9.25 m exceeds the exceptional threshold for gold grade. Evidence · text > 12.67 g/t Au over 9.25 m **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The drilling program is targeting the 'western extension of Jonpol's open-pit mineralization'. Evidence · text > targeting the western extension of Jonpol's open-pit mineralization **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling program includes 'infill drilling to confirm the block model and support the potential expansion of the higher-grade mineralization'. Evidence · text > infill drilling to confirm the block model and support the potential expansion of the higher-grade mineralization **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 14.89 g/t Au over 2.33 m exceeds the exceptional threshold for gold grade. Evidence · text > 14.89 g/t Au over 2.33 m **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 23.03 g/t Au over 4.3 m exceeds the exceptional threshold for gold grade. Evidence · text > 23.03 g/t Au over 4.3 m **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Ongoing drilling will continue to focus on 'step-out targeting along strike and at depth'. Evidence · text > Ongoing drilling will continue to focus on step-out targeting along strike and at depth **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 39.35 g/t Au over 16.4m exceeds the exceptional threshold for gold grade. Evidence · text > 39.35 g/t Au over 16.4m **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 106.9 g/t Au over 6.0 m exceeds the exceptional threshold for gold grade. Evidence · text > 106.9 g/t Au over 6.0 m **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 1,670 g/t Au over 0.38 m significantly exceeds the exceptional threshold for gold grade. Evidence · text > 1,670 g/t over 0.38 m **Free Milling** Polarity: positive Story-specific tag Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Concentrates were within acceptable commercial specifications with no concerns over potential penalties or deleterious elements. Evidence · text > produced concentrates that were within acceptable commercial specifications with no concerns over potential penalties or deleterious elements **Bench Scale Only** Polarity: negative Story-specific tag Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The test work is supporting basic engineering and design of a pilot plant, indicating it is not yet at pilot scale. Evidence · text > key objective for these studies was to support basic engineering and design of a pilot plant ## Extracted facts Stored fact records: 34. Some facts used in scoring do not have a stored record. ## Resource Estimates (34) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-0) Taca Taca · copper #### Identity - Project: Taca Taca - Commodity: copper - Ticker: MTA #### Resource Data - Category: proven - Tonnes: 1990000000 - Grade: 0.42 - Grade Unit: % - Contained Metal: 8429000 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Proven and Probable Reserves for Taca Taca show an exceptional scale of contained copper, supporting a long mine life for a large open-pit operation, despite a moderate copper grade. The estimate is NI 43-101 compliant and QP signed, providing high confidence. - Positive factor: Exceptional contained copper metal - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Supports development as a large-scale open pit mine Evidence · text > Proven and Probable Mineral Reserves total 1,990 Mt grading 0.42% copper ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-1) Taca Taca · gold #### Identity - Project: Taca Taca - Commodity: gold - Ticker: MTA #### Resource Data - Category: proven - Tonnes: 1990000000 - Grade: 0.09 - Grade Unit: g/t - Contained Metal: 5532000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Proven and Probable Reserves for Taca Taca include an exceptional amount of contained gold, contributing significantly to the project's overall value, despite a low gold grade. The estimate is NI 43-101 compliant and QP signed, providing high confidence. - Positive factor: Exceptional contained gold metal - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Supports development as a large-scale open pit mine Evidence · text > 0.09 g/t gold, containing an estimated 8,429 kt of copper and 5,532 koz gold ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-2) Taca Taca · copper #### Identity - Project: Taca Taca - Commodity: copper - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 2078000000 - Grade: 0.42 - Grade Unit: % - Contained Metal: 8716000 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Measured and Indicated Resources for Taca Taca demonstrate an exceptional scale of contained copper, reinforcing the project's potential as a large open-pit operation, despite a moderate copper grade. The estimate is NI 43-101 compliant and QP signed, providing high confidence. - Positive factor: Exceptional contained copper metal - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Supports development as a large-scale open pit mine Evidence · text > Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42% copper ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-3) Taca Taca · gold #### Identity - Project: Taca Taca - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 2078000000 - Grade: 0.09 - Grade Unit: g/t - Contained Metal: 5715000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Measured and Indicated Resources for Taca Taca include an exceptional amount of contained gold, adding significant value to the project, despite a low gold grade. The estimate is NI 43-101 compliant and QP signed, providing high confidence. - Positive factor: Exceptional contained gold metal - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Supports development as a large-scale open pit mine Evidence · text > 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-4) Tocantinzinho · gold #### Identity - Project: Tocantinzinho - Commodity: gold - Ticker: MTA #### Resource Data - Category: proven - Tonnes: 49784000 - Grade: 1.17 - Grade Unit: g/t - Contained Metal: 1870000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Proven and Probable Reserves at Tocantinzinho show a strong contained gold figure with a moderate grade, providing a solid foundation for the project. The estimate is QP signed, indicating good confidence. - Positive factor: Strong contained gold in Proven and Probable Reserves - Positive factor: Moderate gold grade for an open-pit operation - Positive factor: QP signed Evidence · text > Proven and Probable Reserves of 1.87 Moz of gold at a grade of 1.17 g/t contained in 49,784 kt ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-5) Tocantinzinho · gold #### Identity - Project: Tocantinzinho - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 47665000 - Grade: 1.25 - Grade Unit: g/t - Contained Metal: 1920000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Measured and Indicated Resources at Tocantinzinho present a strong contained gold figure with a moderate grade, supporting the project's potential. The estimate is QP signed, indicating good confidence. - Positive factor: Strong contained gold in Measured and Indicated Resources - Positive factor: Moderate gold grade for an open-pit operation - Positive factor: QP signed Evidence · text > Measured and Indicated Resources of 1.92 Moz gold at a grade of 1.25 g/t within 47,665 kt ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-6) Wharf · gold #### Identity - Project: Wharf - Commodity: gold - Ticker: MTA #### Resource Data - Category: proven - Tonnes: 55100000 - Grade: 0.71 - Grade Unit: g/t - Contained Metal: 1250000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Proven and Probable Mineral Reserves at Wharf show a strong contained gold figure and a significant 65% increase, extending the mine life. The grade is weak, but the overall growth and NI 43-101 compliance are positive. - Positive factor: Strong contained gold in Proven and Probable Reserves - Positive factor: 65% increase in reserves, indicating significant growth - Positive factor: NI 43-101 compliant and QP signed Evidence · text > Proven and Probable Mineral Reserves at Wharf increased by 65% to 1.25 Moz of gold at a grade of 0.71 g/t, contained within 55.1 Mt ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-7) Wharf · gold #### Identity - Project: Wharf - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 61800000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 1190000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Measured and Indicated Resources at Wharf show a strong contained gold figure, contributing to the project's overall scale. The grade is weak, but the NI 43-101 compliance and QP sign-off provide confidence. - Positive factor: Strong contained gold in Measured and Indicated Resources - Positive factor: NI 43-101 compliant and QP signed Evidence · text > Measured and Indicated Resources of 1.19 Moz gold at a grade of 0.6 g/t, contained within 61.8 Mt ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-8) Wharf · gold #### Identity - Project: Wharf - Commodity: gold - Ticker: MTA #### Resource Data - Category: inferred - Tonnes: 72900000 - Grade: 0.63 - Grade Unit: g/t - Contained Metal: 1490000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Inferred Resource at Wharf shows a strong contained gold figure, suggesting significant exploration upside and potential for future resource conversion. The grade is weak, but the NI 43-101 compliance and QP sign-off are positive. - Positive factor: Strong contained gold in Inferred Resources - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Indicates potential for future mine life extensions Evidence · text > total Inferred resource estimate of 72.9 Mt at 0.63 g/t for 1.49 Moz gold ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-9) Côté-Gosselin · gold #### Identity - Project: Côté-Gosselin - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Contained Metal: 18200000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Côté-Gosselin project boasts an exceptional amount of contained gold in Measured and Indicated Resources, supporting a significant expansion of the mine and processing plant. The NI 43-101 compliance and QP sign-off provide high confidence. - Positive factor: Exceptional contained gold in Measured and Indicated Resources - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Supports a larger scale mine plan and processing expansion Evidence · text > 18.2 million ounces Measured and Indicated Mineral Resources ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-10) Côté-Gosselin · gold #### Identity - Project: Côté-Gosselin - Commodity: gold - Ticker: MTA #### Resource Data - Category: inferred - Contained Metal: 2200000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The Côté-Gosselin project includes a strong contained gold figure in Inferred Resources, indicating substantial exploration potential for future resource conversion. The NI 43-101 compliance and QP sign-off are positive. - Positive factor: Strong contained gold in Inferred Resources - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Indicates significant exploration potential for future conversion Evidence · text > 2.2 million ounces Inferred Mineral Resources ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-11) Joaquin · silver #### Identity - Project: Joaquin - Commodity: silver - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 45300000 - Grade: 85 - Grade Unit: g/t - Contained Metal: 123000000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The maiden JORC compliant resource estimate for Joaquin shows a moderate contained silver figure, providing a solid base for the upcoming pre-feasibility study. The grade is weak, but the estimate is QP signed, indicating good confidence. - Positive factor: Moderate contained silver in Indicated and Inferred Resources - Positive factor: JORC compliant and QP signed - Positive factor: Supports upcoming maiden pre-feasibility study Evidence · text > Indicated and Inferred Resources of 45.3 Mt grading 85 g/t silver ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-12) Joaquin · gold #### Identity - Project: Joaquin - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 45300000 - Grade: 0.36 - Grade Unit: % - Contained Metal: 522000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The maiden JORC compliant resource estimate for Joaquin includes a weak contained gold figure. The gold grade is reported in an unusual '%' unit, which reduces clarity and confidence in its direct interpretation, despite the QP sign-off. - Positive factor: Weak contained gold in Indicated and Inferred Resources - Positive factor: JORC compliant and QP signed - Positive factor: Supports upcoming maiden pre-feasibility study - Negative factor: Gold grade reported in unusual '%' unit, lacking clarity on conversion or meaning Evidence · text > 0.36% gold for 123 Moz of silver and 522 koz of gold ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-13) Gurupi · gold #### Identity - Project: Gurupi - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 43512000 - Grade: 1.31 - Grade Unit: g/t - Contained Metal: 1830000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The year-end Mineral Resources for Gurupi show a strong contained gold figure in the Indicated category with a moderate grade, providing a solid base for technical studies. The estimate is QP signed, indicating good confidence. - Positive factor: Strong contained gold in Indicated Resources - Positive factor: Moderate gold grade - Positive factor: QP signed Evidence · text > Indicated Resources of 1.83 Moz gold at a grade of 1.31 g/t within 43,512 kt ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-14) Gurupi · gold #### Identity - Project: Gurupi - Commodity: gold - Ticker: MTA #### Resource Data - Category: inferred - Tonnes: 18518000 - Grade: 1.29 - Grade Unit: g/t - Contained Metal: 770000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The year-end Mineral Resources for Gurupi include a strong contained gold figure in the Inferred category with a moderate grade, indicating good exploration potential. The estimate is QP signed, providing good confidence. - Positive factor: Strong contained gold in Inferred Resources - Positive factor: Moderate gold grade - Positive factor: QP signed Evidence · text > Inferred Resources of 0.77 Moz gold at a grade of 1.29 g/t within 18,518 kt ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-15) Tower Mountain · gold #### Identity - Project: Tower Mountain - Commodity: gold - Ticker: MTA #### Resource Data - Category: indicated - Tonnes: 34500000 - Grade: 0.46 - Grade Unit: g/t - Contained Metal: 514000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The inaugural NI 43-101 compliant resource estimate for Tower Mountain establishes a baseline with a weak contained gold figure in the Indicated category and a weak grade. The maiden nature and QP sign-off are positive for project definition. - Positive factor: Maiden NI 43-101 compliant resource estimate - Positive factor: Weak contained gold in Indicated Resources - Positive factor: QP signed Evidence · text > Indicated Mineral Resource of 34.5 Mt averaging 0.46 g/t gold for a total of 514 koz gold ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-16) Tower Mountain · gold #### Identity - Project: Tower Mountain - Commodity: gold - Ticker: MTA #### Resource Data - Category: inferred - Tonnes: 211100000 - Grade: 0.45 - Grade Unit: g/t - Contained Metal: 3050000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: The inaugural NI 43-101 compliant resource estimate for Tower Mountain includes an exceptional contained gold figure in the Inferred category, indicating significant exploration potential. The grade is weak, but the maiden nature and QP sign-off are positive. - Positive factor: Maiden NI 43-101 compliant resource estimate - Positive factor: Exceptional contained gold in Inferred Resources - Positive factor: QP signed Evidence · text > Inferred Mineral Resource of 211.1 Mt averaging 0.45 g/t gold for a total of 3.05 Moz gold ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-17) La Parrilla · silver #### Identity - Project: La Parrilla - Commodity: silver - Ticker: MTA #### Resource Data - Grade: 473 - Grade Unit: g/t AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: Drill hole IDP-SN-26-001 returned a strong silver equivalent grade over a moderate width, confirming high-grade mineralization. However, the lack of metal equivalent assumptions and true width reduces confidence in the full economic implications. - Positive factor: Strong silver equivalent grade - Positive factor: Confirms presence of high-grade mineralization - Positive factor: QP signed - Negative factor: Metal equivalent assumptions not disclosed - Negative factor: Apparent width only, true width not stated Evidence · text > Hole IDP-SN-26-001 that returned 473 g/t AgEq over 3.60 m ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-18) La Parrilla · silver #### Identity - Project: La Parrilla - Commodity: silver - Ticker: MTA #### Resource Data - Grade: 740 - Grade Unit: g/t AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: A sub-interval within IDP-SN-26-001 shows an exceptional silver equivalent grade over a narrow width, indicating very high-grade zones. However, the lack of metal equivalent assumptions and true width reduces confidence. - Positive factor: Exceptional silver equivalent grade - Positive factor: Confirms high-grade mineralization within a broader interval - Positive factor: QP signed - Negative factor: Metal equivalent assumptions not disclosed - Negative factor: Apparent width only, true width not stated Evidence · text > including 740 g/t AgEq over 1.65 m ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-19) La Parrilla · silver #### Identity - Project: La Parrilla - Commodity: silver - Ticker: MTA #### Resource Data - Grade: 527 - Grade Unit: g/t AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: Another sub-interval within IDP-SN-26-001 shows an exceptional silver equivalent grade over a very narrow width, indicating localized very high-grade zones. The lack of metal equivalent assumptions and true width are negative factors. - Positive factor: Exceptional silver equivalent grade - Positive factor: Confirms high-grade mineralization within a broader interval - Positive factor: QP signed - Negative factor: Metal equivalent assumptions not disclosed - Negative factor: Apparent width only, true width not stated Evidence · text > and 527 g/t AgEq over 0.90 m ### Fact 21 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-20) Garrison · gold #### Identity - Project: Garrison - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 6.03 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This intercept at Garrison shows an exceptional gold grade over a strong width, indicating significant mineralization and supporting the potential for strike extension of the Jonpol deposit's open-pit mineralization. The QP sign-off provides high confidence. - Positive factor: Exceptional gold grade over a strong width - Positive factor: Supports strike extension of open-pit mineralization - Positive factor: QP signed Evidence · text > one target yielding 6.03 g/t Au over 22.25 m ### Fact 22 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-21) Garrison · gold #### Identity - Project: Garrison - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 12.67 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This sub-interval at Garrison features a bonanza gold grade over a moderate width, highlighting the presence of very high-grade zones within the Jonpol deposit. The QP sign-off provides high confidence. - Positive factor: Bonanza gold grade over a moderate width - Positive factor: Indicates high-grade shoots within the broader mineralization - Positive factor: QP signed Evidence · text > including 12.67 g/t Au over 9.25 m ### Fact 23 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-22) Garrison · gold #### Identity - Project: Garrison - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 2.14 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This intercept at Garrison shows a strong gold grade over a strong width, indicating significant and continuous mineralization, which is positive for extending the Jonpol deposit. The QP sign-off provides high confidence. - Positive factor: Strong gold grade over a strong width - Positive factor: Supports strike extension of open-pit mineralization - Positive factor: QP signed Evidence · text > another target yielding 2.14 g/t Au over 33.86 m ### Fact 24 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-23) Garrison · gold #### Identity - Project: Garrison - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 14.89 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This sub-interval at Garrison features a bonanza gold grade over a narrow width, confirming the presence of very high-grade zones within the Jonpol deposit. The QP sign-off provides high confidence. - Positive factor: Bonanza gold grade over a narrow width - Positive factor: Indicates high-grade shoots within the broader mineralization - Positive factor: QP signed Evidence · text > including 14.89 g/t Au over 2.33 m ### Fact 25 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-24) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 5.66 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: Hole KLM26-001 delivered an exceptional gold grade over a moderate width, marking a very strong start to the 2026 drilling program at Mirado Mine and indicating significant mineralization. The QP sign-off provides high confidence. - Positive factor: Exceptional gold grade over a moderate width - Positive factor: Represents initial drill results from a new program - Positive factor: QP signed Evidence · text > Hole KLM26-001 highlights included 5.66 g/t Au over 18.2 m ### Fact 26 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-25) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 23.03 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This sub-interval within KLM26-001 shows a bonanza gold grade over a narrow width, confirming the presence of extremely high-grade zones at Mirado Mine. The QP sign-off provides high confidence. - Positive factor: Bonanza gold grade over a narrow width - Positive factor: Indicates very high-grade shoots within the broader mineralization - Positive factor: QP signed Evidence · text > including 23.03 g/t Au over 4.3 m ### Fact 27 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-26) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 1.01 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This intercept confirms continuous mineralization over a very long interval in the South Zone, indicating a significant mineralized system at Mirado Mine. The moderate grade over such a width is positive, and the QP sign-off provides high confidence. - Positive factor: Moderate gold grade over a continuous width - Positive factor: Confirms continuous mineralization in the South Zone - Positive factor: QP signed Evidence · text > 1.01 g/t Au from 11.0 m to 132.0 m ### Fact 28 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-27) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 7.41 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This high-grade sub-interval within the continuous mineralization confirms the presence of exceptional gold grades within the South Zone at Mirado Mine. The QP sign-off provides high confidence. - Positive factor: Exceptional gold grade over a narrow width - Positive factor: Indicates high-grade shoots within the continuous mineralization - Positive factor: QP signed Evidence · text > including a high-grade interval of 7.41 g/t over 4.8 m from 74.2 m ### Fact 29 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-28) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 39.35 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: Hole KLM26-004 delivered a bonanza gold grade over a moderate width, providing strong evidence for the lateral continuity of high-grade mineralization in the South Zone. The QP sign-off provides high confidence. - Positive factor: Bonanza gold grade over a moderate width - Positive factor: Confirms lateral continuity of high-grade mineralization - Positive factor: QP signed Evidence · text > Hole KLM26-004 highlights included 39.35 g/t Au over 16.4m from 53.6 m to 70 m ### Fact 30 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-29) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 106.9 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This sub-interval within KLM26-004 shows a bonanza gold grade over a narrow width, confirming the presence of extremely high-grade shoots within the South Zone. The QP sign-off provides high confidence. - Positive factor: Bonanza gold grade over a narrow width - Positive factor: Indicates extremely high-grade shoots within the broader mineralization - Positive factor: QP signed Evidence · text > including 106.9 g/t Au over 6.0 m ### Fact 31 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-30) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 1670 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This sub-interval within KLM26-004 shows an exceptionally high, bonanza gold grade over a very narrow width, indicating the presence of ultra-high-grade mineralization. The QP sign-off provides high confidence. - Positive factor: Bonanza gold grade over a very narrow width - Positive factor: Indicates ultra-high-grade mineralization - Positive factor: QP signed Evidence · text > and 1,670 g/t over 0.38 m ### Fact 32 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-31) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 2.22 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This intercept within KLM26-004 shows a strong gold grade over a strong width, further confirming the lateral continuity of the mineralized system in the South Zone. The QP sign-off provides high confidence. - Positive factor: Strong gold grade over a strong width - Positive factor: Confirms lateral continuity of mineralization - Positive factor: QP signed Evidence · text > and 2.22 g/t Au over 26.1 m from 78.7 m to 104.8 m ### Fact 33 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-32) Mirado Mine · gold #### Identity - Project: Mirado Mine - Commodity: gold - Ticker: MTA #### Resource Data - Grade: 3.75 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: This sub-interval within KLM26-004 shows an exceptional gold grade over a moderate width, indicating high-grade shoots within the continuous mineralization. The QP sign-off provides high confidence. - Positive factor: Exceptional gold grade over a moderate width - Positive factor: Indicates high-grade shoots within the broader mineralization - Positive factor: QP signed Evidence · text > including 3.75 g/t Au over 13.5 m ### Fact 34 [Link to this fact](https://atlas-staging.minestarters.com/news/metalla-reports-financial-results-for-the-first-quarter-of-2026-and-provides-ass--1eb285c4-6175-4c36-a92e-337d41cc3915#fact-resource-facts-33) Plomosas #### Identity - Project: Plomosas - Ticker: MTA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-14T00:00:00.000Z Reasoning: Metallurgical test work at Plomosas yielded concentrates within commercial specifications and without deleterious elements, which is a strong positive for the project's processability and de-risking efforts towards a pilot plant. The QP sign-off provides high confidence. - Positive factor: Concentrates within acceptable commercial specifications - Positive factor: No concerns over potential penalties or deleterious elements - Positive factor: Supports basic engineering and pilot plant design - Positive factor: QP signed Evidence · text > produced concentrates that were within acceptable commercial specifications with no concerns over potential penalties or deleterious elements ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.