Group 1 - Scotiabank analyst Eric Winmill raised the price target on Metalla Royalty & Streaming Ltd. (NYSE:MTA) to $9 from $7.50, maintaining a Sector Perform rating due to higher gold and silver price assumptions amid economic uncertainty [1] - Metalla reported record royalty and streaming revenue of $11.7 million for 2025, a 99% year-over-year increase, with 3,436 attributable gold equivalent ounces, up 38% from 2024 [3] - The company faced operational challenges in Q4 and full-year deliveries due to ramp-up delays and a safety incident at Endeavor Mine, but emphasized ongoing developments across its portfolio [3] Group 2 - Significant milestones include a $600 million strategic investment by Mitsubishi in Hudbay's Copper World project and progress in permitting and studies at various projects, which support future royalty cash flows [4] - Metalla Royalty & Streaming Ltd. focuses on acquiring and managing precious metals royalties and streaming interests, primarily in gold and silver, and is recognized as one of the best Canadian growth stocks by hedge funds [5]

Core Insights - Metalla Royalty & Streaming Ltd. announced preliminary results for 2025, expecting record revenues of $11.7 million, a 99% increase from $5.9 million in 2024 [1] - The company anticipates receiving payments on 3,436 attributable Gold Equivalent Ounces (GEOs), a 38% increase from 2,481 GEOs in 2024 [1] - The company plans to release its 2026 guidance on March 26, 2026, alongside its audited financial statements [1] Preliminary 2025 Results - Record revenue from royalty and stream interests is projected at $11.7 million, up 99% from 2024 [1] - Expected payments on 3,436 GEOs represent a 38% increase compared to 2024 [1] - The company faced ramp-up delays and a safety incident affecting GEOs at Endeavor Mine and Wharf Mine [1] Asset Updates - **Tower Mountain**: Inaugural Indicated Mineral Resource estimate of 514 Koz with 34.5Mt averaging 0.46 g/t gold; Inferred Mineral Resource of 3.05 Moz with 221.1Mt averaging 0.45 g/t gold, with a Scoping Study expected in 2027 [2] - **15-Mile**: Prefeasibility Study outlines an average production profile of 103 Koz gold over 11 years [2] - **Del Toro**: Acquisition by Sierra Madre announced, with plans to restart operations in mid-2027 [2] - **Gurupi**: $21 million resource expansion budget for 2026; preliminary economic assessment targeted for H2 2026 [1][2] - **Wharf**: Reports of a fire at the Wharf mine crushing facility, with all workers accounted for [1][2] - **Taca Taca**: Key milestones expected in H1 2026, including environmental and social impact assessment approvals [1][2] - **Castle Mountain**: Phase 2 Permitting Record of Decision expected in December 2026 [1] Corporate Updates - Metalla awarded 247,375 restricted share units and 475,700 stock options to directors, officers, and employees [2] - The company retained Sideways Frequency LLC for marketing services at a rate of $150,000 per month for an initial three-month term [3]

Core Viewpoint - Metalla Royalty & Streaming Ltd. (MTA) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, and changes in these estimates are strongly correlated with near-term stock price movements [2][4]. - Rising earnings estimates for Metalla Royalty & Streaming indicate an improvement in the company's underlying business, which is expected to positively influence its stock price [5][8]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of Metalla Royalty & Streaming to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Metalla Royalty & Streaming is expected to report break-even earnings per share, unchanged from the previous year, while the Zacks Consensus Estimate has increased by 269.2% over the past three months [8].

Core Viewpoint - American Antimony Corporation, operating as Xtra Energy Corp., has received initial head grade results from ALS Metallurgy following the shipment of approximately 400 kilograms of high-grade antimony material sourced from its Antimony King stockpiles in Nevada [1] Group 1 - The high-grade material was derived from historic stockpiles generated during past production at the Antimony King Mine [1] - The shipment to ALS was intended for advanced flotation testing, high-grade concentrate development, and processing flowsheet optimization [1] - This announcement follows a previous disclosure made by the company on January 7, 2026 [1]

Core Viewpoint - The silver market is currently experiencing volatility and resistance above $80 per ounce, but this is not indicative of a trend reversal. Instead, it presents structural investment opportunities amidst market noise [1][2][3]. Market Dynamics - The recent increase in margin requirements by CME has led to short-term sell-offs, but CWG Markets believes this is a temporary reaction rather than a sign of a market collapse [1][2]. - Historical data shows that the last week of 2025 saw the largest weekly decline in silver prices since March, highlighting the need for investors to identify underlying opportunities rather than succumbing to panic [1][2]. Supply and Demand Factors - There is a significant decoupling in the physical silver market, with global refined silver export restrictions affecting approximately 70% of supply flow, leading to a historical high in physical silver scarcity [3][4]. - The contradiction between "paper suppression" and physical shortages is seen as a core driver for silver prices potentially reaching $200 in the future [3]. Strategic Competition - Unlike the manipulation seen in the 1980s, the current silver market dynamics reflect a global strategic reserve competition, with silver being classified as a strategic mineral by multiple countries [4]. - The existing inventory of 22,000 tons in London is now a target for various nations, further intensifying competition [4]. Economic Context - Basel III regulations require banks to increase physical reserves, which is tightening liquidity in the market [4]. - The macroeconomic backdrop, including the Federal Reserve's interest rate cuts and the dollar index falling below 100, has significantly reduced the opportunity cost of holding silver, setting a solid foundation for its price increase [4]. Investment Opportunities - The recent short-term pullback in the silver market is viewed as a buying opportunity for long-term investments, particularly in silver-related mining and trust assets such as Metalla Royalty (MTA), Wheaton Precious Metals (WPM), and Sprott Physical Silver Trust (PSLV) [4]. - The dual drivers of resource security and currency devaluation are redefining the strategic value of silver [4].

Core Insights - Wabtec Corporation has secured a $386 million follow-on order from New York's Metropolitan Transportation Authority (MTA) for R255 hybrid battery-diesel work locomotives, marking a strong start for 2026 [1][10] Group 1: Contract Details - The agreement supports MTA's infrastructure renovation goals by providing advanced equipment for maintenance teams, covering both locomotives and spare parts [2][10] - Deliveries of the R255 locomotives are expected to begin in 2027, with manufacturing taking place at Wabtec's Erie, PA facility [3][10] Group 2: Technological Advancements - The R255 hybrid locomotives are designed to operate emission-free in tunnels, enhancing reliability, operational efficiency, and air quality as part of MTA's modernization efforts [3][10] - Each locomotive features advanced technologies, including onboard cameras and diagnostics for improved maintenance operations [5][10] Group 3: Company Statements - Alan Hamilton, Wabtec's vice president of Engineering, emphasized the strong collaboration with MTA, which has positioned the R255 as an ideal solution for efficient subway system maintenance [6]

Core Viewpoint - American Antimony Corporation, operating as Xtra Energy Corporation, has successfully completed an internal technical visit and delivered a significant shipment of high-grade antimony ore sourced from Nevada, marking a milestone under the Metallurgical Testing Agreement [1] Group 1 - The company delivered a 400-kilogram super sack of antimony ore [1] - This delivery is the first material shipment completed under the Metallurgical Testing Agreement announced previously [1] - The announcement follows a press release dated December 8, 2025, indicating ongoing developments in the company's operations [1]

Core Viewpoint - Beedie Investments Ltd. has completed an internal reorganization involving the transfer of shares in Metalla Royalty and Streaming Ltd. to its subsidiary, Beedie Capital Investments Ltd., which is now wholly owned by Beedie Capital Holdings Ltd. [1][2][3] Group 1: Reorganization Details - Beedie Capital transferred 9,546,575 common shares of Metalla to Beedie Capital Investments as part of the reorganization [1] - The shares represent approximately 10.31% of the issued and outstanding common shares on a partially diluted basis [2][3] - Following the reorganization, Beedie Capital continues to own and control the same number of shares through its subsidiary [3] Group 2: Investment Intentions - All securities held by Beedie Capital in Metalla are for investment purposes [4] - The company may consider various actions regarding its Metalla holdings, including purchasing additional shares, engaging in corporate transactions, or selling portions of its holdings [4]

Group 1 - LSB (LXU) is currently ranked 2 (Buy) in the Zacks Rank system, indicating strong analyst sentiment and an improving earnings outlook [3] - Year-to-date, LSB has gained approximately 26.6%, outperforming the Basic Materials sector average gain of 25.5% [4] - LSB belongs to the Chemical - Diversified industry, which is currently ranked 216 in the Zacks Industry Rank, with stocks in this group having lost about 25.5% year-to-date [5] Group 2 - The Zacks Consensus Estimate for LSB's full-year earnings has increased by 70.3% over the past three months, reflecting a positive shift in analyst expectations [3] - Another outperforming stock in the Basic Materials sector is Metalla Royalty & Streaming Ltd. (MTA), which has returned 198% year-to-date [4] - The Mining - Miscellaneous industry, to which Metalla belongs, is currently ranked 89 and has moved up by 29.4% year-to-date [6]

Revenue and Profitability - Revenue from royalty interests for the three months ended September 30, 2025, was $4,000,000, a 147.5% increase from $1,622,000 in the same period of 2024[5] - Gross profit for the nine months ended September 30, 2025, was $6,705,000, compared to $1,890,000 for the same period in 2024, reflecting a significant improvement[5] - Net loss for the nine months ended September 30, 2025, was $1,838,000, an improvement from a net loss of $4,392,000 in the same period of 2024[5] - The company’s total royalty revenue for the nine months ended September 30, 2025, was $8,416 thousand, compared to $3,752 thousand in 2024, reflecting a growth of 124.8%[42] - Royalty revenue for the three months ended September 30, 2025, was $3,898 thousand, compared to $1,541 thousand in 2024, marking an increase of 153.5%[42] Financial Position - Cash and cash equivalents increased to $11,109,000 as of September 30, 2025, from $9,717,000 at the end of 2024[2] - Total assets as of September 30, 2025, were $269,018,000, slightly up from $268,677,000 as of December 31, 2024[2] - Total liabilities decreased to $15,627,000 as of September 30, 2025, from $16,650,000 at the end of 2024[2] - As of September 30, 2025, total financial assets increased to $14,722,000 from $12,538,000 as of December 31, 2024, representing a growth of 17.4%[59] - Total financial liabilities decreased to $15,101,000 as of September 30, 2025, down from $16,114,000 as of December 31, 2024, indicating a reduction of 6.3%[59] Shareholder Information - The weighted average number of shares outstanding for the three months ended September 30, 2025, was 92,543,216[5] - As of September 30, 2025, the company had 92,561,386 common shares issued and outstanding, an increase from 92,076,438 as of December 31, 2024[47] - The company issued 955,000 stock options during the nine months ended September 30, 2025, with a weighted-average exercise price of C$4.41[50] - The company issued 412,088 common shares valued at $1.0 million for the conversion of a portion of the accrued interest amount during the nine months ended September 30, 2025[58] Debt and Financing - The revolving credit facility (RCF) was established at $40 million with an accordion feature for an additional $35 million, with $13.1 million drawn down as of September 30, 2025[25][26] - Interest expenses associated with the RCF for the three and nine months ended September 30, 2025, were $0.3 million, compared to $Nil for the same period in 2024[28] - The company’s loans payable as of September 30, 2025, totaled $12,097,000, which includes a revolving credit facility[24] - The company was in full compliance with all covenants related to the RCF as of September 30, 2025[27] - The company fully repaid the amended and restated convertible loan facility on June 24, 2025, including a principal repayment of C$16.4 million and C$0.7 million in accrued interest and standby fees[36] Operational Highlights - The company completed the acquisition of a 0.15% interest in a Net Smelter Return royalty on the Côté gold mine for C$3.4 million, increasing total ownership to 1.50%[21] - The company reclassified Endeavor from development assets to producing assets due to the restart of the Endeavor mine, impacting asset categorization[22] - The company recognized a loss of $0.7 million on the extinguishment of the A&R Loan Facility on June 24, 2025[39] Expenses and Charges - General and administrative expenses for the three months ended September 30, 2025, were $1,116 thousand, slightly down from $1,150 thousand in 2024[45] - The company recorded charges to share-based payments expense of $0.8 million for the nine months ended September 30, 2025, compared to $0.7 million in 2024[50] - Finance charges for the nine months ended September 30, 2025, totaled $0.2 million, down from $0.3 million in the same period of 2024[40] - The company recognized finance charges related to standby fees associated with the RCF of less than $0.1 million for both the three and nine months ended September 30, 2025[28] Risk and Compliance - The company has not hedged its exposure to currency fluctuations, and a 1% change in the USD against other currencies would result in a pre-tax income change of less than $0.1 million[69] - The company has no significant concentration of credit risk, with cash deposits primarily held with a Canadian chartered bank[66] - The company believes its capital resources are sufficient for its present needs for at least the next twelve months[65] - The cumulative deficit as of September 30, 2025, was $70,680,000, indicating ongoing challenges in achieving profitability[12]