SCHEDULE: Tether Entities Boost Stake in Metalla Royalty to 7.8%

Tether Holdings and its subsidiary Tether Investments, along with Giancarlo Devasini, have increased their beneficial ownership in Metalla Royalty & Streaming Ltd. to 7.8% through continued 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 7,201,376 common shares of Metalla Royalty & Streaming Ltd.
• This ownership represents 7.8% of Metalla's outstanding common shares, calculated based on 92,561,386 shares outstanding as of November 12, 2025.
• The shares are held by Tether Investments, S.A. de C.V., which is a controlled subsidiary of Tether Holdings, S.A. de C.V.
• Giancarlo Devasini holds a greater than 50% voting interest in Tether Holdings, S.A. de C.V. and has shared voting and dispositive power over the beneficially owned shares.
• Tether Investments, S.A. de C.V. engaged in numerous open market purchases of Metalla common shares between November 11, 2025, and January 9, 2026.

Sentiment

Score: 7

Explanation: The increased stake by Tether entities, a significant investor, through consistent open market purchases, generally signals a positive outlook from that investor towards Metalla Royalty & Streaming Ltd. This can be interpreted as a vote of confidence. However, the filing itself is a routine ownership update, and the historical regulatory issues of the reporting entity (Tether) are noted as a background risk, though not directly impacting Metalla's operations.

Positives

• A significant investor, Tether entities, has increased its stake in Metalla Royalty & Streaming Ltd., indicating confidence in the company's prospects.
• Consistent open market purchases by Tether Investments, S.A. de C.V. over a two-month period (November 11, 2025, to January 9, 2026) demonstrate continued accumulation and a sustained investment interest.

Negatives

• No direct negatives for Metalla Royalty & Streaming Ltd. are disclosed in this filing.

Risks

• The reporting person, Tether Holdings, S.A. de C.V., and its affiliates have a history of regulatory proceedings, including a $41 million civil monetary penalty from the U.S. Commodity Futures Trading Commission (CFTC) in October 2021 for alleged untrue or misleading statements regarding USDT backing.
• Tether and Bitfinex also settled a 2019 proceeding with the Office of the Attorney General of the State of New York (NYAG) in February 2021, paying $18.5 million in penalties and agreeing to discontinue trading with New York persons/entities and submit to mandatory reporting. These are risks associated with the investor, not directly with Metalla's operations.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from Metalla Royalty & Streaming Ltd. However, the continued accumulation of shares by Tether entities suggests a sustained investment interest in the company.

Management Comments

• No direct quotes or paraphrased statements from Metalla Royalty & Streaming Ltd. management are included in this Schedule 13D filing.

Industry Context

This filing primarily details a change in beneficial ownership by a significant investor, Tether entities, in Metalla Royalty & Streaming Ltd., a company in the royalty and streaming sector of the mining industry. While Tether is primarily known for its stablecoin operations in the cryptocurrency industry, this investment signifies its diversification into traditional asset classes like precious metals and mining royalties. The filing does not offer broader industry trends or competitor analysis for Metalla.

Comparison to Industry Standards

• This filing is a Schedule 13D, which reports beneficial ownership, and does not contain information suitable for a direct comparison of Metalla's operational or financial results to industry benchmarks or specific comparable companies/projects.

Management Changes

Corporate Governance

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) settled regulatory proceedings against Tether Holdings, S.A. de C.V. (then Tether Holdings Limited) and affiliates, resulting in a $41 million civil monetary penalty for alleged untrue or misleading statements regarding USDT backing.
• 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, resulting in $18.5 million in penalties and agreements to discontinue trading with New York persons/entities and submit to mandatory reporting.

Related Party Transactions

• Tether Investments, S.A. de C.V. is a controlled subsidiary of Tether Holdings, S.A. de C.V.
• Giancarlo Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. and is the President of Tether Holdings and Sole Administrator of Tether Investments.
• Giancarlo Devasini disclaims beneficial ownership of the shares held by Tether Investments except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: Existing shareholders may view the increased stake by a significant investor as a positive signal, potentially leading to increased confidence and demand for the stock.
• Management: The continued investment by Tether entities could be seen as validation of Metalla's strategy and assets.

Next Steps

• The Reporting Persons will continue to monitor their investment 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

Keywords

Metalla Royalty & Streaming, Tether Holdings, Tether Investments, Giancarlo Devasini, Schedule 13D, beneficial ownership, common shares, royalty streaming, mining investment, SEC filing