Metalla Royalty & Streaming Ltd

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Market Cap:
$445.87 m
11.37 CAD
52 weeks high
52 weeks low

Company Overview
Metalla was built to generate leveraged precious metal exposure by acquiring royalties and streams for our shareholders. Our goal is to increase share value by accumulating a diversified portfolio of royalties and streams with attractive returns. Our strong foundation of current and future cash generating asset base, combined with an experienced team gives Metalla a clear path to becoming one of the leading gold and silver companies for the next commodities cycle.

  • A pure-play gold/silver streaming and royalty company
  • Fixed per ounce acquisition cost means unlimited leverage to gold/silver prices
  • No exploration risk, mining risk, and project risk
  • Diverse structure focused on deals $2million – $10million
  • Immediate cash flow from producing operations
  • Historically, public multiples on cash flow average 20x -30x
  • Low insolvency risk due to asset-secured lending position

Approach to Royalty/Stream Acquisitions

  • Focused on precious metals streams and royalties
  • Gold
  • Silver


  • Management’s operating track record
  • Profit margin & position on the industry cost curve
  • Counterparty risk, jurisdictional risk, technical risk
  • Producing assets
  • Compliance with the Group’s corporate social responsibility policy


  • Detailed due diligence on assets production profile
  • Site visits by technical team and independent technical advisors local in the jurisdiction
  • Production assumptions based on existing mineable reserves, resources conversion assumptions evaluated on case-by-case basis
  • Consider other factors such as geology, infrastructure and permitting, which could impact production volumes or mine life
  • Legal ownership, permits, licenses, operating agreements, titles, and corporate structure

Growth Strategy

  • Originate new streams and royalties
  • Consolidate royalties held by:
  • Private parties and companies
  • Public companies (Exploration, Junior, Mid-tier, Major producers, Prospect Generators, and others)
  • Private equity funds, Special Purpose Vehicles, Private Investment funds
  • Other existing structures

For Streams and Royalties, please click here

Brett Heath

President and CEO, Director
Mr. Heath has a comprehensive career in the structured finance, corporate finance, and investment management industry. He was previously the Chairman and CEO of High Stream Corporation before Metalla acquired it in August 2016. High Stream was a specialty streaming and royalty consulting company where he worked with First Mining Finance, (FF:CVE)  and several other private equity funds, advising and brokering metal streaming transactions. Before that, he was the President of a private streaming company where he deployed $11 million in 4 producing streaming transactions in 3 separate jurisdictions. Prior to that, he was a founding principal of KSIR Capital Management a hedge fund focused on small and micro-cap mining companies. He also advised several mining companies with KSIR Capital, the corporate finance division of KSIR.

Frank Hanagarne
Technical Advisor

Mr. Hanagarne joined Coeur Mining, Inc. in 2011 after 17 years of service at Newmont Mining. He has held the post of Sr. Vice President and Chief Operating Officer of Coeur Mining since 2013. Mr. Hanagarne served as Sr. Vice President and Chief Financial Officer of Coeur Mining, Inc. from 2011 to 2013. While at Newmont, Mr. Hanagarne managed the royalty portfolio acquired by Newmont (Newmont Capital) from Franco Nevada which included a global distribution of over 200 royalty assets. He led an extensive portion of the effort undertaken to vend the royalty portfolio in 2007 for CAD$ 1.3B through the IPO of Franco Nevada. Mr. Hanagarne also served in responsible positions including Operations, Director of Corporate Development, and as Chief Operating Officer of Valcambi, SA, a precious metal refiner in Switzerland, in which Newmont Mining Corporation has an equity interest. Mr. Hanagarne has a Master’s degree in Business Administration from the University of Nevada, Reno, and a Bachelor of Science Degree in Metallurgical Engineering from the New Mexico Institute of Mining and Technology.

Alexander Molyneux
Non-Executive Director

Mr. Molyneux is an experienced metals and mining industry executive and financier. He currently serves as Chief Executive Officer of one of the world largest publicly listed uranium producers, Paladin Energy Ltd. (ASX:PDN) (2015 – present), where he recently presided over a US$700M recapitalization and successful public re-listing of the company. Mr. Molyneux also currently serves as Non-Executive Chairman of Argosy Minerals Ltd. (ASX:AGY) (2016 – present) and Azarga Metals Corp. (TSXV:AZR) (2016 – present). He was previously a Non-Executive Director of Goldrock Mines Corp. (TSXV:GRM) (2012 – 2016) until its successful sale to Fortuna Silver Inc. and was CEO and Director of SouthGobi Resources Ltd. (TSX: SGQ) (2009 – 2012), an Ivanhoe Mines Group company. Prior to these executive and director roles, Mr. Molyneux was Managing Director, Head of Metals and Mining Investment Banking, Asia Pacific for Citigroup in Hong Kong. As a specialist resources investment banker, he spent approximately 10 years providing advice and investment banking services to natural resources corporations. Mr. Molyneux continues to be based in Asia where he has an extensive network within the institutional investment community and local participants in the metals and mining industry. Mr. Molyneux holds a Bachelor Degree in Economics from Monash University in Australia.

E.B. Tucker
Non-Executive Director

Mr. Tucker writes The Casey Report, a monthly investment advisory founded by legendary resource speculator Doug Casey. Prior to joining Casey, he served as the analyst and lead analyst on Stansberry’s Investment Advisory and The Bill Bonner Letter respectively. Prior to joining Stansberry, Mr. Tucker was a founding partner of KSIR Capital Management, an asset management firm focused on precious metal equities. He also co-founded KSIR Capital, a corporate finance advisory firm focused on the precious metals industry. He holds a B.Sc. in Business Administration with a focus in Finance from the College of Charleston in Charleston, South Carolina.

James Beeby
Non-Executive Director

Mr. Beeby is a partner at a national Canadian law firm with over 20 years’ experience advising clients on corporate finance and mergers and acquisitions matters with a focus in the mining industry. Mr. Beeby has been recognized in Best Lawyers in Canada, the Canadian Legal Lexpert Directory and Who’s Who Legal Canada in a number of different practice areas. Mr. Beeby holds Bachelor of Laws degrees from the University of British Columbia and Warwick University (England) and is a member of the Law Society of British Columbia.

Lawrence Roulston
Non-Executive Chairman

Lawrence Roulston is a mining professional with over 35 years of diverse hands-on experience. He recently founded WestBay Capital Advisors, providing business advisory and capital markets expertise to the junior and mid-tier sectors of the mining industry. From 2014 to 2016, he was President of Quintana Resources Capital, which provided resource advisory services for US private investors, focused primarily on streaming transactions. Before Quintana, he was a mining analyst and consultant, as well as the editor of “Resource Opportunities”, an independent investment publication focused on the mining industry. Prior to this, Lawrence was an analyst or executive with various companies in the resources industry, both majors and juniors. He has graduate-level training in business and holds a B.Sc. in geology.

Bill Tsang
Chief Financial Officer

Mr. Tsang is a Chartered Professional Accountant with a Bachelor of Commerce from the University of British Columbia and more than 10 years of financial accounting and auditing experience in the mineral exploration and mining industry. Prior to joining Metalla Royalty & Streaming Ltd., he worked in public practice providing professional services and advice to publicly traded companies on the NYSE, TSX-V, and OTC markets on various public reporting services, such as Qualifying Transactions for Reverse Take-Over, mergers and acquisitions, and financing transactions. Since then, he has served as the CFO of Atico Mining Corporation.

Drew Clark
VP Corporate Development

Mr. Clark has over a decade of experience within the mining sector as a research analyst, investment banker and corporate development professional. He joined Metalla from a boutique investment bank where he was VP Corporate Finance where he covered royalty and streaming companies.  Mr. Clark’s corporate development career includes Carlisle Goldfields and Premier Royalty Corp. As an integral part of the team at Premier Royalty, he was responsible for the identification and evaluation of hundreds of royalty and streaming opportunities.  Mr. Clark started in the industry as a junior mining research associate at CIBC World Markets and went on to become a publishing mining analyst at two boutique investment dealers in Toronto. Drew obtained his Bachelor’s in Commerce Degree from McGill University and is a CFA Charterholder.

Kim Casswell
Corporate Secretary

Ms. Casswell has been the Corporate Secretary of several public companies listed on TSX-V and the Toronto Stock Exchange since 1994, and has been providing independent corporate secretary services since 1995. Ms. Casswell has played an important role in the growth of these companies and is familiar with regulations governing public companies in several jurisdictions. Ms. Casswell has been and currently still is Corporate Secretary of a number of TSX Venture Exchange listed junior exploration companies.

Suite 501 - 543 Granville Street
Vancouver BC Canada V6C 1X8
T: 604-696-0741
F: 604-688-1157
Email: [email protected]