SCHEDULE: Tether Entities Boost Stake in Metalla Royalty to 6.6%

Tether Holdings, S.A. de C.V. and its affiliates have increased their beneficial ownership in Metalla Royalty & Streaming Ltd. to 6.6% of outstanding common shares through recent open market purchases.

Summary

• Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini (collectively, the "Reporting Persons") beneficially own an aggregate of 6,149,203 common shares of Metalla Royalty & Streaming Ltd.
• This ownership represents 6.6% of Metalla Royalty & Streaming Ltd.'s outstanding common shares.
• The percentage is calculated based on 92,561,386 common shares outstanding as of November 12, 2025, as reported in the Issuer's Form 6-K filed on November 13, 2025.
• All 6,149,203 common shares were acquired through open market purchases by Tether Investments, S.A. de C.V. between October 10, 2025, and December 9, 2025.
• Giancarlo Devasini, President of Tether Holdings and Sole Administrator of Tether Investments, has a greater than 50% voting interest in Tether Holdings, S.A. de C.V.
• This filing is Amendment No. 1 to the Schedule 13D originally filed on October 24, 2025.

Sentiment

Score: 6

Explanation: The filing itself is a routine ownership disclosure (Schedule 13D amendment) which is neutral. The increase in stake by Tether entities could be seen as positive for Metalla, indicating investor confidence. However, the disclosed past regulatory issues of the reporting entity (Tether) introduce a degree of caution, preventing a higher score.

Positives

• The increased stake by Tether entities, a significant investor group, could signal confidence in Metalla Royalty & Streaming Ltd.'s long-term prospects.
• Consistent open market purchases over several weeks by Tether Investments, S.A. de C.V. demonstrate sustained investment interest in Metalla Royalty & Streaming Ltd.

Negatives

• The filing itself does not contain negative financial results for Metalla Royalty & Streaming Ltd.

Risks

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings, S.A. de C.V. (then Tether Holdings Limited) and its affiliates, resulting in a civil monetary penalty of $41 million for making untrue or misleading statements regarding whether USDT was fully backed by U.S. Dollars from June 2016 to February 2019.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) settled a 2019 proceeding with Tether and Bitfinex companies, which involved paying $18.5 million in penalties, discontinuing trading activity with New York persons or entities, and submitting to mandatory reporting on certain business functions.
• While these past regulatory issues are not directly related to Metalla Royalty & Streaming Ltd., they represent a potential reputational risk associated with a significant investor group.

Future Outlook

The filing is an amendment to a Schedule 13D, primarily reporting a change in beneficial ownership percentage due to ongoing open market purchases. It does not contain explicit forward-looking statements or guidance from Metalla Royalty & Streaming Ltd. or the Reporting Persons regarding future operations or financial performance, beyond the continued holding of the shares.

Industry Context

This filing indicates a significant investment by entities associated with the cryptocurrency industry (Tether) into a traditional royalty and streaming company (Metalla Royalty & Streaming Ltd.). This could be interpreted as a diversification strategy by Tether or a belief in the long-term value of precious metals and mining royalties, potentially reflecting broader trends of institutional investors seeking exposure to real assets amidst economic uncertainties or as a hedge against inflation. It also highlights the increasing crossover investment between the digital asset and traditional asset sectors.

Comparison to Industry Standards

• N/A. This filing is an ownership disclosure and does not provide performance metrics for Metalla Royalty & Streaming Ltd. that would allow for a direct comparison to industry standards or specific comparable companies/projects. The focus is on the beneficial ownership stake of the reporting entities.

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings, S.A. de C.V. (then Tether Holdings Limited) and its affiliates, resulting in a $41 million civil monetary penalty. The allegations concerned untrue or misleading statements regarding whether USDT was fully backed by U.S. Dollars from June 2016 to February 2019.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) entered into an agreement with Tether and Bitfinex companies to settle a 2019 proceeding. This involved paying $18.5 million in penalties, discontinuing trading activity with New York persons or entities, and submitting to mandatory reporting on certain business functions.

Stakeholder Impact

• Shareholders of Metalla Royalty & Streaming Ltd.: The increased stake by Tether entities could be viewed positively, potentially signaling confidence and attracting further investor interest. However, the past regulatory issues of Tether could introduce reputational concerns for some investors.
• Management of Metalla Royalty & Streaming Ltd.: A significant shareholder like Tether could influence strategic decisions or corporate governance, though the filing does not indicate any activist intent.

Next Steps

• The Reporting Persons will continue to hold or potentially adjust their stake in Metalla Royalty & Streaming Ltd.
• Further amendments to the Schedule 13D would be filed if there are material changes to their beneficial ownership or investment intent.

Key Dates

Recommendation

The filing reports an increase in beneficial ownership by Tether entities, which is generally a positive signal of investor confidence in Metalla Royalty & Streaming Ltd. However, the nature of the filing (Schedule 13D amendment) is primarily informational, and it does not provide new operational or financial performance data for Metalla. The disclosed past regulatory issues of the reporting entity (Tether) introduce a layer of uncertainty or potential reputational risk, which tempers an outright 'buy' recommendation. Without further information on Metalla's current performance or strategic direction, a 'hold' recommendation is prudent, acknowledging the positive signal of increased institutional ownership while remaining cautious due to the investor's past regulatory history.

Keywords

Metalla Royalty & Streaming Ltd., Tether Holdings, Tether Investments, Giancarlo Devasini, Schedule 13D, Beneficial Ownership, Common Shares, Royalty and Streaming, SEC Filing, Shareholder Stake