Metalla Royalty & Streaming (MTA)


Market Price (10/15/2026): $7.76 | Market Cap: $725.2 MilSector: Materials | Industry: Precious Metals & Minerals

Metalla Royalty & Streaming (MTA)


Market Price (10/15/2026): $7.76
Market Cap: $725.2 Mil
Sector: Materials
Industry: Precious Metals & Minerals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 91%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%

Megatrend and thematic drivers
Megatrends include Global Economic Resilience. Themes include Precious Metals as Store of Value, and Inflation Protection.

Expensive valuation multiples
P/SPrice/Sales ratio is 46x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 310x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 134x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9%

Key risks
MTA key risks include [1] a historical reliance on dilutive equity financing stemming from past negative cash flow and net losses, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 91%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%
2 Megatrend and thematic drivers
Megatrends include Global Economic Resilience. Themes include Precious Metals as Store of Value, and Inflation Protection.
3 Expensive valuation multiples
P/SPrice/Sales ratio is 46x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 310x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 134x
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9%
6 Key risks
MTA key risks include [1] a historical reliance on dilutive equity financing stemming from past negative cash flow and net losses, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/14/2026

Metalla Royalty & Streaming (MTA) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance and Reiterated Production Outlook.

Metalla Royalty & Streaming reported record financial results for fiscal Q2 2026, which ended June 30, 2026, with revenue reaching $5.2 million and Adjusted EBITDA at $3.9 million, driven by increasing contributions from its producing assets. The company also reiterated its 2026 guidance, expecting to receive or accrue payments on 3,500 to 4,500 attributable Gold Equivalent Ounces (GEOs), with a weighting towards the second half of the year. This positive company-specific operational and financial news provided underlying support for the stock, preventing a significant decline.

2. Volatile but Overall Range-Bound Precious Metal Prices.

The prices of key precious metals, gold and silver, experienced notable volatility but generally remained within a defined range throughout the period. Gold prices, which closed at $4,007.52 per ounce on June 30, 2026, largely traded between $4,000 and $4,400 per ounce during fiscal Q3 2026, though peaking at $4,663.70 on August 24, 2026. Silver prices, starting fiscal Q3 2026 at $58.250 and closing at $60.730, also displayed high volatility, ranging from $55.29 on July 17 to $70.26 on August 28. While demand for precious metals saw a rebound in Q3 2026, with gold attracting $12.9 billion in inflows, the mixed and fluctuating price environment for its underlying commodities likely contributed to Metalla's stock maintaining a relatively flat trajectory rather than a sustained directional move.

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Updated on 10/14/2026

Metalla Royalty & Streaming (MTA) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance and Reiterated Production Outlook.

Metalla Royalty & Streaming reported record financial results for fiscal Q2 2026, which ended June 30, 2026, with revenue reaching $5.2 million and Adjusted EBITDA at $3.9 million, driven by increasing contributions from its producing assets. The company also reiterated its 2026 guidance, expecting to receive or accrue payments on 3,500 to 4,500 attributable Gold Equivalent Ounces (GEOs), with a weighting towards the second half of the year. This positive company-specific operational and financial news provided underlying support for the stock, preventing a significant decline.

2. Volatile but Overall Range-Bound Precious Metal Prices.

The prices of key precious metals, gold and silver, experienced notable volatility but generally remained within a defined range throughout the period. Gold prices, which closed at $4,007.52 per ounce on June 30, 2026, largely traded between $4,000 and $4,400 per ounce during fiscal Q3 2026, though peaking at $4,663.70 on August 24, 2026. Silver prices, starting fiscal Q3 2026 at $58.250 and closing at $60.730, also displayed high volatility, ranging from $55.29 on July 17 to $70.26 on August 28. While demand for precious metals saw a rebound in Q3 2026, with gold attracting $12.9 billion in inflows, the mixed and fluctuating price environment for its underlying commodities likely contributed to Metalla's stock maintaining a relatively flat trajectory rather than a sustained directional move.

3. Neutral Analyst Sentiment and Price Targets.

Analyst coverage for Metalla Royalty & Streaming indicated a generally neutral outlook during this period, with a consensus rating of "Moderate Buy" or "Buy" from various firms. However, the average 12-month price targets, such as $8.50 to $10.31, were often in close proximity to the stock's trading price. This suggests that while analysts saw some value, they did not anticipate substantial near-term upside, which would have limited aggressive buying activity and contributed to the stock's stable performance.

4. Macroeconomic Headwinds from Interest Rate Expectations.

Broader macroeconomic factors, specifically the anticipation of further interest rate hikes by the U.S. Federal Reserve, weighed on the precious metals sector. Hawkish statements from Fed officials in fiscal Q4 2026 indicated the possibility of additional rate increases, which generally dampen the appeal of non-yielding assets like gold and silver. This sentiment created a headwind for Metalla, counteracting potential positive momentum from company-specific news and contributing to the stock remaining largely at its existing level.

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Stock Movement Drivers

Fundamental Drivers

The 2.0% change in MTA stock from 6/30/2026 to 10/14/2026 was primarily driven by a 19.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610142026Change
Stock Price ($)7.617.762.0%
Change Contribution By: 
Total Revenues ($ Mil)131619.3%
P/S Multiple54.246.5-14.3%
Shares Outstanding (Mil)9393-0.3%
Cumulative Contribution2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/14/2026
ReturnCorrelation
MTA2.0% 
Market (SPY)3.1%35.9%
Sector (XLB)-2.3%45.2%

Fundamental Drivers

The 17.0% change in MTA stock from 3/31/2026 to 10/14/2026 was primarily driven by a 33.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610142026Change
Stock Price ($)6.637.7617.0%
Change Contribution By: 
Total Revenues ($ Mil)121633.0%
P/S Multiple52.946.5-12.3%
Shares Outstanding (Mil)94930.3%
Cumulative Contribution17.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/14/2026
ReturnCorrelation
MTA17.0% 
Market (SPY)18.6%46.2%
Sector (XLB)-0.2%46.7%

Fundamental Drivers

The 22.2% change in MTA stock from 9/30/2025 to 10/14/2026 was primarily driven by a 91.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510142026Change
Stock Price ($)6.357.7622.2%
Change Contribution By: 
Total Revenues ($ Mil)81691.1%
P/S Multiple71.946.5-35.4%
Shares Outstanding (Mil)9393-1.0%
Cumulative Contribution22.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/14/2026
ReturnCorrelation
MTA22.2% 
Market (SPY)16.5%50.3%
Sector (XLB)12.3%47.3%

Fundamental Drivers

The 153.6% change in MTA stock from 9/30/2023 to 10/14/2026 was primarily driven by a 384.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310142026Change
Stock Price ($)3.067.76153.6%
Change Contribution By: 
Total Revenues ($ Mil)316384.2%
P/S Multiple49.646.5-6.3%
Shares Outstanding (Mil)5293-44.1%
Cumulative Contribution153.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/14/2026
ReturnCorrelation
MTA153.6% 
Market (SPY)86.2%32.5%
Sector (XLB)33.3%39.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MTA Return-45%-29%-37%-19%210%6%-34%
Peers Return16%-7%-11%6%122%-1%122%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
MTA Win Rate33%42%42%50%92%40% 
Peers Win Rate62%44%35%48%72%38% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MTA Max Drawdown-52%-56%-55%-36%-24%-33% 
Peers Max Drawdown-24%-44%-37%-26%-19%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNV, RGLD, TFPM, GROY, VOXR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)

How Low Can It Go

EventMTAS&P 500
2025 US Tariff Shock
  % Loss-18.3%-18.8%
  % Gain to Breakeven22.4%23.1%
  Time to Breakeven8 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.5%-7.8%
  % Gain to Breakeven16.9%8.5%
  Time to Breakeven21 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.5%-9.5%
  % Gain to Breakeven73.8%10.5%
  Time to Breakeven652 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.6%-6.7%
  % Gain to Breakeven11.8%7.1%
  Time to Breakeven43 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.6%-24.5%
  % Gain to Breakeven102.6%32.4%
  Time to Breakeven1106 days427 days
2020 COVID-19 Crash
  % Loss-42.0%-33.7%
  % Gain to Breakeven72.5%50.9%
  Time to Breakeven80 days140 days

Compare to FNV, RGLD, TFPM, GROY, VOXR

In The Past

Metalla Royalty & Streaming's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMTAS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.5%-9.5%
  % Gain to Breakeven73.8%10.5%
  Time to Breakeven652 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.6%-24.5%
  % Gain to Breakeven102.6%32.4%
  Time to Breakeven1106 days427 days
2020 COVID-19 Crash
  % Loss-42.0%-33.7%
  % Gain to Breakeven72.5%50.9%
  Time to Breakeven80 days140 days

Compare to FNV, RGLD, TFPM, GROY, VOXR

In The Past

Metalla Royalty & Streaming's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Metalla Royalty & Streaming (MTA)

Metalla Royalty & Streaming Ltd. (MTA) is a precious metals company that employs a unique business model focused on royalties and streams, rather than direct mining operations. The company provides upfront capital to other mining companies, which allows those companies to develop or expand their projects. In exchange for this funding, Metalla acquires rights to future production (streams) or a percentage of the revenue generated from the sale of precious metals (royalties) from the funded mines.

The core "products" or assets for Metalla are these acquired gold and silver royalties and streams. Through a stream, Metalla purchases a fixed percentage of a mine's future gold or silver production at a predetermined low price, while a royalty grants Metalla a percentage of the revenue or production from an operation. This strategy allows Metalla to gain leveraged exposure to gold and silver prices and production growth, without directly managing the operational complexities, capital expenditures, or environmental liabilities typically associated with running a mine.

Metalla's primary partners are mining companies seeking financing for their projects. By acquiring interests in these projects, Metalla participates in the broader precious metals market. The company strategically diversifies its portfolio of royalty and streaming interests across several key mining jurisdictions, including Canada, Australia, Argentina, Mexico, and the United States, aiming to provide a robust and geographically diverse investment in gold and silver production.

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A REIT for precious metals mines.

The landlord of the gold and silver mining industry.

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  • Precious Metal Royalties: Rights to a percentage of the revenue or production from a mining operation, primarily focused on gold and silver.
  • Precious Metal Streams: Agreements to purchase a portion of future gold and silver production from a mine at a fixed, often discounted, price.

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Brett Heath, Chief Executive Officer, Director

Mr. Heath has over two decades of experience in the royalty sector and public markets, during which he founded and built over $1 billion in value using the royalty model in both public and private markets. He founded Metalla Royalty in 2016 and co-founded Nova Royalty in 2018. He has completed over 50 royalty transactions across various metals with diverse counterparties, including major corporates, private equity, and private interests. Mr. Heath previously served as Chairman & Chief Executive Officer of High Stream Corp. from 2015 to 2016 and was a Founding Principal at Ksir Capital Management LLC from 2009 to 2013.

Saurabh Handa, Chief Financial Officer

Mr. Handa, appointed CFO effective November 1, 2020, brings over 15 years of progressive senior-level experience in the mining sector, encompassing finance, mergers and acquisitions, taxation planning, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. He has provided consulting services through his own company, Handa Financial Consulting Inc. His prior roles include Chief Financial Officer of Titan Mining Corp., Vice President, Finance of Imperial Metals Corp., Chief Financial Officer of Meryllion Resources Corp., Chief Financial Officer of Yellowhead Mining Inc., and Controller for SouthGobi Resources Ltd. Mr. Handa also serves as a Director and Chair of the Audit Committee for K92 Mining Inc.

Jason Cho, President

Mr. Cho is an accomplished mining executive with over 25 years of broad-based experience in engineering, corporate finance, portfolio management, and corporate development focused on the mining and materials sector. Prior to joining Metalla, he held the position of Chief Strategy Officer with Eldorado Gold from 2013 to 2023, where he was responsible for over $4 billion in M&A, various equity, debt, and project financings, and restructuring. He also spent over fifteen years in investment banking and institutional sales & trading (Merrill Lynch, UBS Securities), proprietary trading (TD Securities), and engineering (AMEC) roles.

Drew Clark, VP Corporate Development

Mr. Clark possesses over fifteen years of experience in the mining sector, serving as a research analyst, investment banker, and corporate development professional. As the first employee hired at Metalla, he was instrumental in expanding the company's portfolio from 18 to over 100 royalties and streams. His corporate development career includes roles at Carlisle Goldfields, which was sold to Alamos Gold, and Premier Royalty Corp., which was acquired by Sandstorm Gold. Mr. Clark was previously VP Corporate Finance at a boutique investment bank, where he focused on royalty and streaming companies.

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The key risks to Metalla Royalty & Streaming (symbol: MTA) are primarily associated with the nature of its business model as a precious metals royalty and streaming company.
  1. Reliance on Third-Party Operators and Project Performance: Metalla Royalty & Streaming's financial performance is heavily dependent on the operational success, exploration outcomes, and development timelines of the underlying mining projects, which are operated by third-party mining companies. Metalla has no direct control over the day-to-day operations or the environmental, social, and governance (ESG) risks associated with these projects. Delays in project timelines, lower-than-expected production, or operational issues at these mines can directly impact Metalla's revenue and cash flow.
  2. Fluctuations in Precious Metal Prices: As a company focused on gold, silver, and copper royalties and streams, Metalla's revenue and profitability are directly exposed to the volatility of precious metal prices. Significant downturns in commodity markets could negatively affect the value of its royalty interests and the income generated from them.
  3. Exploration and Development Risk: A significant portion of Metalla's value is tied to royalties on projects that may be in exploration or development phases and are not yet in full production. There is inherent uncertainty and risk in whether these projects will successfully advance to commercial production, meet anticipated timelines, or achieve projected production levels, which could impact future cash flow expectations.

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The addressable markets for Metalla Royalty & Streaming Ltd.'s main products and services, which primarily involve royalties and streams on gold and silver production, are the global markets for these precious metals.

For **gold**, the global market was valued at approximately USD 291.68 billion in 2024. This market is projected to expand to around USD 400 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.51% between 2025 and 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to reach 7,424.4 tons by 2034, with a CAGR of 4.70% during that period.

For **silver**, the global market size was estimated at USD 87.12 billion in 2024. It is anticipated to grow significantly, reaching USD 202.07 billion by 2033, exhibiting a robust CAGR of 9.86% from 2025 to 2033. Global silver demand is expected to be stable at 1.20 billion ounces in 2025, with industrial fabrication projected to exceed 700 million ounces for the first time.

Metalla Royalty & Streaming Ltd. operates in key precious metal producing regions, including Canada, Australia, Argentina, Mexico, and the United States. These countries are significant contributors to global gold and silver mine production. For instance, in 2023, North America (Canada, United States, and Mexico) collectively produced 500 tonnes of gold. Canada alone ranked as the fourth-largest gold producer globally in 2024, yielding nearly 200 tonnes. Mexico was the top silver producer in 2024, accounting for approximately a quarter of the world's mine output.

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Metalla Royalty & Streaming Ltd. (MTA) is poised for future revenue growth over the next 2-3 years, driven by several key factors related to its diversified portfolio and the broader precious metals market. Here are the expected drivers of future revenue growth for Metalla Royalty & Streaming: * New Royalty Assets Commencing Production: Several key assets are anticipated to move into production or significantly ramp up existing production over the next 2-3 years, directly increasing Metalla's attributable Gold Equivalent Ounces (GEOs) and, consequently, revenue. Notably, Tocantinzinho is expected to start providing royalties in the third quarter. The Côté-Gosselin project is anticipated to reach production in 2024, with expectations for a material increase in reserves and resources by the second quarter of 2026. Furthermore, the La Parrilla mine complex is targeting an operational restart in the second quarter of 2026, and the Endeavor mine, which began paying royalties in the third quarter, is expected to see a material increase in contributions through the first half of 2026. * Advancement of Key Development Projects in the Royalty Portfolio: Significant progress is being made on major development projects within Metalla's portfolio, which are expected to bolster future royalty cash flows. For instance, the Copper World project, which has received a $600 million strategic investment from Mitsubishi, anticipates a Definitive Feasibility Study (DFS) in mid-2026. Other projects, including Castle Mountain, Taca Taca, Gurupi, and 15-Mile, are also advancing through studies and permitting stages, signaling a strengthening pipeline of future royalty cash flows. * Strategic Acquisitions and Portfolio Expansion: Metalla's business model is centered on the continuous acquisition of new royalties and streams. The company actively seeks accretive acquisitions to expand its diversified portfolio of precious metals interests. This strategy has been demonstrated through its history of acquiring over 100 royalties in 33 value-accretive transactions. A recent example includes the acquisition of a further 0.15% interest in the Côte-Gosselin NSR royalty, increasing its total ownership to 1.50%. * Leverage to Precious Metal Price Appreciation: As a royalty and streaming company, Metalla benefits from direct exposure to the underlying commodity prices of gold and silver without incurring the direct operating costs and risks of mining. Should precious metal prices continue to appreciate or remain strong, it would directly translate into higher revenue from Metalla's existing and future royalty and stream interests, as evidenced by record 2025 revenues being partially attributed to record-high gold prices.

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Share Issuance

  • In February 2026, Metalla granted an aggregate of 475,700 stock options at an exercise price of C$9.88 per share and 197,800 restricted share units to directors, officers, consultants, and employees.
  • On February 4, 2025, Metalla issued 412,088 common shares to Beedie Capital at C$3.64 per share, resulting from the conversion of C$1.5 million in accrued interest under an existing convertible loan facility.
  • As part of the Nova Royalty acquisition, completed on December 1, 2023, 2,835,539 Metalla shares were issued upon the conversion of subscription receipts from Beedie Capital.
  • On February 23, 2023, Metalla issued 939,355 common shares at US$5.3228 per share to acquire a portfolio of one silver stream and three royalties from Alamos Gold Inc.

Inbound Investments

  • Concurrent with the acquisition of Nova Royalty in December 2023, Beedie Capital provided a $65 million investment through an equity subscription and a convertible credit facility.
  • Tether purchased a 5.5% equity stake in Metalla Royalty & Streaming in October 2025.
  • Hillsdale Investment Management increased its stake by 375% in Q3 2025, acquiring 249,700 shares to bring its position to 316,300 shares valued at approximately $2.02 million.

Outbound Investments

  • In December 2023, Metalla completed its largest transaction by merging with Nova Royalty, which expanded its portfolio to include copper assets alongside gold and silver.
  • Metalla acquired an additional 0.15% interest in the Net Smelter Return (NSR) royalty on a portion of the Côté Gold Mine and all of the Gosselin project for C$3.4 million on October 31, 2025, increasing its total ownership to 1.5%.
  • On February 23, 2023, Metalla acquired a portfolio of one silver stream and three royalties from Alamos Gold Inc. in exchange for 939,355 of its common shares.

Capital Expenditures

  • Metalla Royalty & Streaming reported capital expenditures of approximately -$17.27K in the last 12 months (prior to March 17, 2026).
  • As a royalty and streaming company, Metalla's primary capital deployment focuses on acquiring royalty and streaming interests rather than traditional mining capital expenditures.

Better Bets vs. Metalla Royalty & Streaming (MTA)

Peer Outperformance in Precious Metals & Minerals

MTA has outperformed 71% of its 7 Precious Metals & Minerals peers over 5Y. Precious Metals & Minerals ranks 13th of 15 industries in Materials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Precious Metals & Minerals constituents that MTA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 9 industry peers · 13.0% return
3Y
67%
of 9 industry peers · 190.5% return
5Y
71%
of 7 industry peers · 8.4% return
No Precious Metals & Minerals peer with a comparable growth profile has beaten MTA by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Precious Metals & Minerals is MTA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Steel 13 25.1%39.3%172.0% STLD 324% · HCC 286% · AMR 219%
Copper 7 55.4%131.0%155.9% SCCO 330% · TGB 296% · HBM 271%
Gold 35 1.4%185.6%134.6% IAG 584% · OGC 411% · KGC 325%
Silver 6 31.2%272.9%114.6% AYA 257% · HL 205% · SVM 152%
Aluminum 3 15.4%151.9%64.0% CENX 116% · KALU 64% · AA -10%
Construction Materials 7 -28.9%11.8%39.6% USLM 381% · CRH 84% · VMC 49%
Diversified Metals & Mining 23 -61.7%-8.3%7.6% USAR 37752% · MTRN 291% · MP 30%
Metal, Glass & Plastic Containers 11 -10.4%-1.6%-3.0% GEF 33% · ATR 0% · SLGN -3%
Paper & Plastic Packaging Products & Materials 7 11.0%4.5%-8.1% PKG 96% · CCK 14% · SON -3%
Diversified Chemicals 3 11.1%2.9%-15.2% CBT 63% · ASH -15%
Specialty Chemicals 41 11.9%6.4%-16.2% NEU 175% · ESI 80% · SXT 65%
Commodity Chemicals 13 2.9%-31.9%-36.1% HWKN 272% · MEOH 35% · DOW -34%
Precious Metals & Minerals ← 8 -9.8%146.7%-44.0% PPTA 281%
Fertilizers & Agricultural Chemicals 10 -42.7%-57.1%-62.5% CF 116% · NTR 17% · MOS -47%
Paper Products 4 -32.1%-53.2%-72.7%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MTAFNVRGLDTFPMGROYVOXRMedian
NameMetalla .Franco-N.Royal Go.Triple F.Gold Roy.Vox Roya. 
Mkt Price7.76235.06224.8429.502.774.7418.63
Mkt Cap0.745.319.16.10.60.33.4
Rev LTM162,3171,5474892333261
Op Inc LTM31,753974303510156
FCF LTM5-51215-97-355
FCF 3Y Avg-1-265175-57-15-1
CFO LTM5-1,044395112828
CFO 3Y Avg1-68727541313

Growth & Margins

MTAFNVRGLDTFPMGROYVOXRMedian
NameMetalla .Franco-N.Royal Go.Triple F.Gold Roy.Vox Roya. 
Rev Chg LTM91.1%73.6%93.5%50.7%82.3%209.8%86.7%
Rev Chg 3Y Avg70.1%27.8%41.5%39.9%78.3%69.4%55.5%
Rev Chg Q93.8%57.3%114.9%37.3%76.1%122.6%85.0%
QoQ Delta Rev Chg LTM19.3%10.0%18.4%7.7%14.8%11.3%13.1%
Op Inc Chg LTM237.2%93.4%88.3%79.7%399.4%4,761.5%165.3%
Op Inc Chg 3Y Avg102.5%39.0%52.4%63.1%172.4%1,581.0%82.8%
Op Mgn LTM16.8%75.7%63.0%62.0%22.9%29.3%45.6%
Op Mgn 3Y Avg-37.0%68.5%60.1%52.9%-21.9%18.4%35.6%
QoQ Delta Op Mgn LTM12.8%1.3%-1.2%2.4%2.8%-2.0%1.8%
CFO/Rev LTM34.7%-67.5%80.9%47.9%83.5%67.5%
CFO/Rev 3Y Avg-4.3%-70.6%78.8%17.8%62.3%62.3%
FCF/Rev LTM34.7%-3.3%43.9%-429.1%-103.6%3.3%
FCF/Rev 3Y Avg-60.6%-37.1%54.2%-528.9%-61.6%-60.6%

Valuation

MTAFNVRGLDTFPMGROYVOXRMedian
NameMetalla .Franco-N.Royal Go.Triple F.Gold Roy.Vox Roya. 
Mkt Cap0.745.319.16.10.60.33.4
P/S46.519.612.312.528.39.816.0
P/Op Inc276.525.919.620.1123.633.429.6
P/EBIT310.224.119.913.584.46.422.0
P/E-1,648.130.725.814.8425.96.820.3
P/CFO133.8-18.315.459.111.718.3
Total Yield-0.1%3.7%4.6%7.3%0.2%15.8%4.2%
Dividend Yield0.0%0.5%0.7%0.6%0.0%1.0%0.5%
FCF Yield 3Y Avg-1.1%-2.7%3.9%-16.6%-5.4%-1.1%
D/E0.00.00.00.00.00.00.0
Net D/E0.0-0.00.00.0-0.0-0.1-0.0

Returns

MTAFNVRGLDTFPMGROYVOXRMedian
NameMetalla .Franco-N.Royal Go.Triple F.Gold Roy.Vox Roya. 
1M Rtn-20.8%-10.2%-9.3%-9.5%-17.6%-15.9%-13.1%
3M Rtn5.1%16.2%16.7%7.9%7.8%8.9%8.4%
6M Rtn14.1%-8.1%-16.4%-17.0%-25.3%-16.1%-16.2%
12M Rtn9.3%13.4%13.5%-5.7%-23.9%8.2%8.7%
3Y Rtn172.3%74.3%113.2%130.0%108.3%145.9%121.6%
1M Excs Rtn-24.4%-13.6%-13.2%-12.3%-21.0%-17.7%-15.6%
3M Excs Rtn4.6%15.2%14.2%5.2%6.3%7.3%6.8%
6M Excs Rtn3.0%-19.3%-27.5%-28.1%-36.5%-27.3%-27.4%
12M Excs Rtn-11.5%-5.4%-3.7%-21.4%-42.9%-12.3%-11.9%
3Y Excs Rtn75.2%-1.6%39.5%52.8%39.8%59.8%46.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Acquiring and managing gold, silver, and copper royalties, streams, and similar production-based1265  
Aranzazu   0 
Cap-Oeste Sur East property (COSE)   01
El Realito   00
Joaquin   00
La Encantada   0 
Other fixed royalty payments   00
Wharf   11
Total126523


Assets by Segment
$ Mil20172016
Single segment60
Total60


Price Behavior

Price Behavior
Market Price$7.76 
Market Cap ($ Bil)0.7 
First Trading Date03/16/2018 
Distance from 52W High-31.6% 
   50 Days200 Days
DMA Price$9.77$8.05
DMA Trendupup
Distance from DMA-20.6%-3.6%
 3M1YR
Volatility54.7%55.2%
Downside Capture117.26240.25
Upside Capture190.95214.73
Correlation (S&P 500)30.6%50.2%
MTA Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.361.781.701.992.151.15
Up Beta-3.670.471.031.201.750.99
Down Beta7.506.202.772.652.041.14
Up Capture206%256%230%286%498%262%
Bmk +ve Days6162766132424
Stock +ve Days8223366134371
Down Capture322%36%103%180%158%104%
Bmk -ve Days16263760120328
Stock -ve Days14203159115358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MTA
MTA5.9%55.2%0.30-
Sector ETF (XLB)14.2%17.7%0.5947.2%
Equity (SPY)17.1%12.7%0.9649.7%
Gold (GLD)-0.6%29.4%-0.0264.7%
Commodities (DBC)49.3%20.7%1.82-1.6%
Real Estate (VNQ)5.7%13.7%0.1513.7%
Bitcoin (BTCUSD)-27.9%43.7%-0.6338.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MTA
MTA1.0%54.1%0.22-
Sector ETF (XLB)6.3%19.1%0.2138.2%
Equity (SPY)13.6%17.1%0.6031.5%
Gold (GLD)17.9%18.9%0.7656.4%
Commodities (DBC)10.0%19.5%0.3920.2%
Real Estate (VNQ)1.2%18.8%-0.0525.2%
Bitcoin (BTCUSD)8.5%51.8%0.3422.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MTA
MTA27.6%131.6%0.54-
Sector ETF (XLB)9.9%20.7%0.4214.5%
Equity (SPY)15.4%17.9%0.7312.5%
Gold (GLD)12.0%16.4%0.6022.8%
Commodities (DBC)8.2%18.1%0.379.7%
Real Estate (VNQ)4.8%20.7%0.198.9%
Bitcoin (BTCUSD)63.5%66.2%1.037.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity1.7 Mil
Short Interest: % Change Since 9152026-13.3%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest6.3 days
Basic Shares Quantity93.5 Mil
Short % of Basic Shares1.9%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/20266-K
03/31/202605/14/20266-K
09/30/202511/13/20256-K
06/30/202508/14/20256-K
03/31/202505/15/20256-K
12/31/202403/27/202540-F
09/30/202411/14/20246-K
06/30/202408/14/20246-K
03/31/202405/15/20246-K
12/31/202303/28/202440-F
09/30/202311/13/20236-K
06/30/202308/11/20236-K
03/31/202305/12/20236-K
12/31/202203/31/202340-F
09/30/202211/10/20226-K
06/30/202208/12/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/13/20266-K
03/31/202605/14/20266-K
09/30/202511/13/20256-K
06/30/202508/14/20256-K
03/31/202505/15/20256-K
12/31/202403/27/202540-F
09/30/202411/14/20246-K
06/30/202408/14/20246-K
03/31/202405/15/20246-K
12/31/202303/28/202440-F
09/30/202311/13/20236-K
06/30/202308/11/20236-K
03/31/202305/12/20236-K
12/31/202203/31/202340-F
09/30/202211/10/20226-K
06/30/202208/12/20226-K
03/31/202205/13/20226-K
12/31/202103/25/202240-F
09/30/202111/15/20216-K
06/30/202108/13/20216-K
03/31/202105/14/20216-K
12/31/202003/26/202140-F
08/31/202010/09/20206-K
05/31/202008/21/202040-F
02/29/202004/10/20206-K

Investor Activity (13F)

Updated Oct 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Merk Investments LLC$19.9 Mil5.4%11Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Merk Investments LLC$19.9 Mil5.4%11Hold13F
Core Cache Last Updated: 10/14/2026