MTA, KTRI, TECT
Metalla Royalty & Streaming aka MTA reported its Q1 results, which I am giving a grade of C-. Revenue and earnings were below expectations, while costs were higher, though some of that was one-time costs associated with buying out Nova Royalty.
As well, in Q1 their portfolio delivered only 0.6k GEO, though MTA reiterated annual guidance of 2.5-3.5 GEOs, implying a much stronger H2. Management also reiterated that the are continuing to look for opportunities both to rationalize their existing portfolio and to make accretive acquisitions. MTA ended Q1 with a cash stash of $11.0M so they do have a bit of capital to play with.
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In response BMO issued a new analyst report on MTA. Balancing the poor quarter with expectations of a better H2, they maintained MTA at Market Perform with a target of $7.
It seemed to take Kootenay Resources forever to spin out and list Kooternay Resources aka KTRI, which holds a portfolio of mineral properties in BC, but it was finally completed when KTRI listed on the TSXV earlier this month. It certainly did not take long for the first material news, that they had optioned out what I had thought of as their feature properties, three Cu/Au prospects on the Nechako Plateau, to Rokmaster Resources. RKR can earn an initial 60% interest in Mystery, Fox, and Coconut over four years by issuing shares and meeting exploration requirements, and then the remaining 40% by issuing more shares. There is also a very complex set of NSR transactions which I will leave it to you to evaluate.
I am taking this announcement as indicating that KTRI is actually more interested in the Moye Anticline prospect in SE BC, though they also still have other assets in the Nechako region.
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Tectonic Metals aka TECT has been very quiet about its Flat Au prospect in Alaska of late, but finally we hear about a programme of metallurgical testing aiming at testing the suitable of the ore to heap leaching, generally the cheapest and most straightforward way to exploit this kind of deposit.
Not a word about any more exploration, though....
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