Metalla Royalty & Streaming Ltd., formerly Excalibur Resources Ltd., signed a letter of intent to acquire 15% of the issued shares in Silverback Ltd. and an option to invest in a second gold stream for US$2 million.

Silverback owns a silver stream at a producing gold mine, and the stream covers 100% of the silver produced from the operation.

As part of the agreement, silver is purchased at 10% of the spot price, with the stream to continue through 2026, according to a Jan. 18 release.

Metalla will also have the option to participate with Silverback on an additional gold stream, subject to due diligence.