Fosterville

Fosterville is a high-grade underground gold mine in Victoria, Australia, which has been in production since 2005. In 2025, Fosterville produced 160,522 ounces of gold at total cash costs of $937/oz. Agnico's updated mine plan outlines production of 140 to 160 koz in 2026 and 2027, increasing to 170 to 190 koz in 2028. In 2016, drilling at depth on the Phoenix decline led to the discovery of the high-grade Swan Zone. Similar zones at depth have been documented at the Harrier Zone, which continues to extend south within Metalla’s royalty claims. The updated production plan is supported by ventilation upgrades and pastefill expansion to Harrier.

Agnico expects to spend approximately US$15.1 million on 49,300 metres of capitalized drilling at Fosterville in 2026, focused on extending Mineral Reserves and Mineral Resources at Lower Phoenix. An additional US$18.7 million is budgeted for 63,000 metres of underground and surface expensed exploration to test new geological targets with a focus on identifying geological settings analogous to the Swan Zone.

Metalla holds a 2.5% GVR royalty on the northern and southern extensions of the Fosterville mining lease and estimates the Phoenix mineralization is currently ~400 meters from the royalty boundary.