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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 1 NYSE & TSXV: MTAMETALLAROYALTY.COMMay 2025
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 2 Forward Looking StatementsThis presentation contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward looking statements in this presentation include, but are not limited to: the ability to enhance shareholder value and providing investors leverage to gold, silver and copper; the projected GEO growth in four years; the potential for significant NAV growth; the expected asset average mine life; the estimated compound annual growth rate; the estimated annual production at Cote and Gosselin, Tocantinzinho, Endeavor, Copper World, Taca Taca, Wasamac and Vizcachitas; the expansion potential at Cote & Gosselin; the publication of a revised mine plan for Cote & Gosselin and the timing thereof; the estimate date of first royalty payment; the estimated average annual GEO production at Cote, Tocantinzinho, Endeavor, Copper World, Taca Taca, Wharf, Aranzazu, Wasamac, Vizcachitas and Castle Mountain, and timing of the forecast for Gosselin; the 2025 guidance GEO forecast at Tocantinzinho, Endeavor and Aranzazu; the expected mine life at Endeavor, Taca Taca, Wharf; the restart of production at Endeavor and the timing thereof; the advancement of feasibility studies at Copper World throughout 2025; Hudbay’s decision on Copper World and the timing thereof; the receipt of final approval for the Environmental and Social Impact Assessment at Taca Taca; the potential to extend Wharf’s mine life; the processing of ore from Wasamac at the Canadian Malartic Mill; the publication of a Feasibility Study for Vizcachitas and the timing thereof; the commencement of production at Vizcachitas and the timing thereof; the expansion of Castle Mountain in phase 2; the potential for Castle Mountain to come one of the top ten gold mines in the USA; the expectations of Metalla regarding the mineralization of Harrier and Phoenix; the expectations of owners/operators and the authors of relevant technical reports and studies with respect to the mineral projects in which Metalla has an interest, including without limitation, estimates of mineral resources and mineral reserves and updates thereto, production, mine life, net present value, internal rate of return, costs, drilling, development, permitting, water sourcing, commodity mix and prices, and the timing thereof; future opportunities and acquisitions; future exploration, financing, development, production and other anticipated developments on the properties in which the Company has or has agreed to acquire an interest; future growth, cash generation and returns; and the establishment of Metalla as an emerging and leading mid-tier royalty and streaming company. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Metalla to control or predict, that may cause Metalla's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the absence of control over mining operations from which Metalla will purchase precious metals or from which it will receive stream or royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; regulatory, political or economic developments in any of the countries where properties in which Metalla holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Metalla holds a royalty or stream or other interest, including changes in the ownership and control of such operators; risks related to global pandemics, including the current novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Metalla; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Metalla holds a royalty, stream or other interest; the volatility of the stock market; competition; future sales or issuances of debt or equity securities; use of proceeds; dividend policy and future payment of dividends; liquidity; market for securities; enforcement of civil judgments; and risks relating to Metalla potentially being a passive foreign investment company within the meaning of U.S. federal tax laws; and the other risks and uncertainties disclosed under the heading “Risk Factors” in the Company’s most recent annual information form, annual report on Form 40-F and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca and the U.S. Securities and Exchange Commission on the EDGAR website at www.sec.gov.Metalla undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 3 AboutMetallaisanemergingmid-tierroyaltyandstreamingcompanywithover100miningroyaltiesandsectorleadingproductiongrowth.Ouraimistoprovideinvestorsleveragetogold,silver,andcopper;andenhanceshareholdervaluebyprudentlyinvestinginadiverseportfoliowithassetsinprovengeologicalbelts,managedbytopoperatorsinsafejurisdictions.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 4 The Case for Investment The Case for Valuation.Successful Track Record & Disciplined Capital Allocation Peer-Leading Growth Focused on Inflationary MetalsBest In Class Jurisdictional Risk Profile Emerging Mid-Tier with Cornerstone Assets Best In Class Operator Risk Profile ROYALTY COMPANY DELIVERING INDUSTRY LEADING GROWTH Projected four-year > 35% CAGR on gold equivalent production from 2,500 to over 8,500 ounces annually. Asset base focused solely on North America, South America, and Australia.8 of top 10 assets held by > $2B operators and have an average 20-year life of mine. Over 100 royalties and streams with cornerstone assets, including Côté-Gosselin, Tocantinzinho, Taca Taca, and Copper World. Experienced management team has acquired over 100 royalties in 32 value accretive transactions over 8 years. Trading at material NAV discount to peers with significant growth not reflected at current levels.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 5 -- 0.50 M 1.00 M 1.50 M 2.00 M $2.00 $2.50 $3.00 $3.50 $4.00 Apr -24May -24Jun-24Jul-24Aug-24Se p-2 4Oc t-24Nov-24Dec-24Ja n-25Fe b- 25Mar -25Apr -25 $3.0 0.39M ANALYST COVERAGE The Capital Structure Basic Shares Outstanding (M)92.5Options & Other Dilutive Securities (M)3.8Fully Diluted Shares Outstanding (M)96.3Market Cap (US $3.0*)$288.9Cash $9.7Convertible Debt$12.7Available Debt Facility $21.5L3M Average Daily Volume (NYSE/TSX-V) 350,550US$M, unless otherwise stated*April 2, 2025 CONSENSUS TARGET PRICE$5.28Average Analyst Target 52 week high/low$3.94/$2.48 MTA -Share Price (Daily): $3.0MTA -Volume (Daily): 0.39M Beedie Capital Retail and Other Unidentified Euro PacificVan EckFirst Majestic SilverManagement & InsidersAdrian Day Asset ManagementMerk Investments LLCUS Global Investors Other Identified Institutions Fidelity Management & Research Co. 10%6%5%5%5%4%3%3% 57%
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 6 6Producing Assets 30Development Assets 53Exploration Assets 11Advanced Exploration Assets Portfolio of assets focused solely on favorable mining jurisdictions in the Americas & Australia ProducingDevelopmentExploration Wharf Saddle North La Encantada Aranzazu La Guitarra La Parrilla San Luis Nueva Union Vizcachitas Castle Mountain Copper World Cote & Gosselin Garrison Detour DNA FMS Wasamac Lama CentroGold Taca Taca Endeavor Fosterville AmalgamatedKirkland Tocantinzinho
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 7 Gold54.0%Copper32.8% Silver6.3%Other6.9% NPV by Metal North America50.9%South America43.0% Australia6.1% NPV by Continent Asset Portfolio HighlightsHIGH GROWTH PORTFOLIO FOCUSED ON GOLD, COPPER AND SILVER IN SAFE JURISDICTIONS Source: Metalla internal model Exploration0.5%Current Production9.3% Development (Est. In Production by 2030)40.7%Development (Long Term)39.5% Advanced Exploration10.0% NPV By Stage
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 8 Source: Company disclosure, FactSet, S&P Global Market Intelligence, street researchNote: Top 10 assets based on Street consensus NPV. TOP 10 ASSETS AVERAGE MINE LIFE (YEARS) NUMBER OF TOP 10 ASSETS WITH $2B OPERATOR 20 17 16 16 13 11 Meta llaSands tormTr iple Fl agOs isko Gold Roy altiesGold Royal tyElemental 8 8 5 3 4 2 Meta llaSands tormTr iple Fl agOs isko Gold Roy altiesGold Royal tyElemental A Focus on Asset Quality & Operator
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 9 Industry Leading Growth ProfileEstimated Compound Annual Growth Rate of > 35% over 4 Years ** Based on management forecast and operator guidance. 202 4A 202 5E 202 6E 202 7E202 8-2 03 0 Production Growth (GEOs)Base Production (GEOs) + Endeavor+ Amalgamated Kirkland+ TZ – Full Year + La Parrilla+ Endeavor – Full Year + Côté+ 15 Mile Stream + Copper World+ Fosterville+ Castle Mountain+ Taca Taca+ Wasamac+ Gosselin }Base ProductionAranzazuWharfEl RealitoLa EncantadaTocantinzinho (TZ)La Guitarra 2,481 ~4,000 ~6,500 ~ 15,000 – 30,000 ~8,000
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 10 Key AssetsOntario, CanadaMetal Exposure: Gold1.35% NSR –DevelopmentEstimated 496Koz Au per year for the first six years, expansion potential with inclusion of 7.4 Moz Gosselin depositRevised mine plan to incorporate Gosselin expected in 2026 CÔTÉ & GOSSELIN Production ProfileEstimate date of first royalty payment 2027Côté estimated average annual GEO production ~ 400Gosselin estimated average annual GEO production forecast available in year 2026 Please see section 1 in Notes.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 11 Key AssetsTOCANTINZINHO Production ProfileQ4-2024 attributable GEOs: 3562025 Guidance GEO Forecast ~1,400Average Annual GEO production ~1,300 Para State, BrazilMetal Exposure: Gold0.75% GVR -ProductionCommercial production achieved September 2024 with estimated production of 175Koz per annum over ten and half years at a $681/oz AISC.Nameplate throughput target of 12,890 tpdby Q1-2025Over 2 Moz of gold in measured & indicated categories.Royalty covers over 28,000Ha on an underexplored land package in a known gold district. --2004006008001,0001,2 0 01,4001,6001,8002,000 2025202620272028202920302031203220332034 Feasibility Study GEO Delivery Please see section 2 in Notes. GEO forecast based on royalty rate applied to Tocantinzinho Feasibility Study yearly production schedule.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 12 Cobar, AustraliaMetal Exposure: Zinc, Silver, Lead4% NSR -DevelopmentUnderground mine restart with excellent infrastructure.Recent restart plan projects a ten-year mine life producing 10.6Moz Ag, 260Kt Zn and 90Kt Pb.Financing & offtake has been secured to fund restart for H1-2025 production ENDEAVOR Production ProfileEstimated mine restart H1-20252025 GEO Forecast ~1,100Average Annual GEO production ~1,700 Key Assets --5001,0001,5 002,0002,5 003,0003,5 00 20252026202720282029203020312032203320342035 Yearly GEO Forecast Please see section 3 in Notes. GEO forecast based on royalty rate applied to Endeavor yearly production schedule net of 15% estimated NSR deductions
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 13 Castle Mountain 5.0% NSR ~2028 Amalgamated Kirkland 0.45% NSR H2 / 2025 Endeavor 4.0% NSR H1 / 2025 Côté/Gosselin 1.35% NSR ~2027/2030 Fosterville 2.5% GVR ~2027 Taca Taca 0.42% NSR ~2029 Copper World 0.315% NSR ~2028 New Luika 15% Ag Stream~100 GEO/YR La Guitarra 2.0% NSR ~250 GEO/YR Aranzazu 1.0% NSR ~800 GEO/YR La Encantada 100% Au GVR ~250 GEO/YR Wharf 1.0% GVR ~800 GEO/YR Tocantinzinho 0.75% GVR ~1,300 GEO/YR Asset Portfolio HighlightsHIGH GROWTH PORTFOLIO FOCUSED ON GOLD, COPPER AND SILVER OPERATED BY TIER ONE COUNTERPARTIES *Est. GEOs/year are based on average of past performance and future estimates of guidance. Est. mine start based on management forecasts and operator guidance. Please refer to “Notes” for more information. Key Development Royalties Producing Royalties
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 14 $4 $5 $5 $6 $6 $7 $7 $8 $8 $9 $9 Ju l 1 9Jan 20Ju l 2 0Jan 21Ju l 2 1Jan 22Ju l 2 2Jan 23Ju l 2 3Jan 24Ju l 2 4Jan 25 The Track Record SOURCE: Consensus broker research. Cortez Trend Wharf Mine Fosterville HigginsvillePortfolio from Genesis GDXJ CentroGoldTocantinzinhoCôté / Gosselin Castle Mountain Acquires royalty portfolio from Lama Acquires second royalty portfolio from Merges with Aranzanzu,VizcachitasCopper WorldNueva UnionTacaTacaand 24 others 32Transactions 100Royalties / Streams Acquired $309MCapital Deployed $564MConsensus NAV NAV/Sh
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 15 $6.1 $52.3 Cote & Gosselin $52.3 $125.8 $2.0 $268.4 Nova Portfolio $270.4 $8.6 $3.1 $44.3 Alamos Portfolio $47.4 $9.0 $1.1 $23.4 Tocantinzinho $24.5 $5.8 $6.7 $10.8 $17.5 Wharf $15.0 $41.2 Castle Mountain $41.2 The Track Record InvestmentCash FlowConsensus NAV All amounts are in United States Dollars.Return represents After Tax Cash + Analyst NAV consensus as of December 31. 2024After-tax cash represents revenue less Cost of Sales and Cash Taxes Paid as of Dec 31, 2024Analyst NAV based on consensus analyst asset detail for specific assets as available and disclosed as of December 31, 20204 $4.1 $5.9 $17.2 Genesis / Cortez $23.1 $13.0 $16.7 $23.8 Coeur Portfolio $40.4 ~28% CAGR ~25% CAGR ~15% CAGR ~33% CAGR ~71% CAGR ~67% CAGR ~29% CAGR ~41% CAGR THE COMBINATION OF CASH FLOW AND ACCRETION AT THE ASSET LEVEL DRIVES STRONG NAVPS GROWTHAVERAGE ~37% COMPOUND ANNUAL GROWTH RATE ON MATERIAL INVESTMENTS BASED ON ANALYST CONSENSUS
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 16 2.3x2.3x 2.0x 1.5x1.5x 1.2x1.4x 1.0x1.1x 0.8x0.9x 0.5x0.5x0.4x WPMFNVRGL DTFP MORSSLOGNAL SVO XRDRRELEMTAGROYECOR The Value Proposition Source: Consensus Broker Research
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 17 The Investment Thesis The Case for Valuation.Successful Track Record & Disciplined Capital Allocation Peer-Leading Growth Focused on Inflationary MetalsBest In Class Jurisdictional Risk Profile Emerging Mid-Tier with Cornerstone Assets Best In Class Operator Risk Profile ROYALTY COMPANY DELIVERING INDUSTRY LEADING GROWTH Projected four-year > 35% CAGR on gold equivalent production from 2,500 to over ~8,500 ounces annually. Asset base focused solely on North America, South America, and Australia.8 of top 10 assets held by > $2B operators and have an average 20-year life of mine. Over 100 royalties and streams with cornerstone assets, including Côté-Gosselin, Tocantinzinho, Taca Taca and Copper World. Experienced management team has acquired over 100 royalties in 32 value accretive transactions over 8 years. Trading at material NAV discount to peers with significant growth not reflected at current levels.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 18 METALLA ROYALTY & STREAMING (MTA-NYSE) | January 2025| 18 604.696.0741INFO@METALLAROYALTY.COM CONTACT US Suite 501 –543 Granville StreetVancouver, BC Canada V6C 1X8
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 19 The Leadership Team Mandy Johnston Non-Executive Director Brett Heath CEO & Director Lawrence Roulston Non-Executive Chairman James Beeby Non-Executive DirectorAlex Molyneux Non-Executive Director EXPERIENCED BOARD WITH A TRACK RECORD OF SUCCESS Jason Cho PresidentSaurabh Handa CFO Sunny Sara VP AcquisitionsFounder of Metalla – a metals and mining industry professional with 10 years of dedicated royalty and streaming experience. Accomplished mining executive with 25+ years experience in engineering, finance, portfolio management and corporate development focused in mining.. Chartered Professional Accountant with 15+ years experience in finance, accounting, M&A, and multi-jurisdictional reporting in the mining industry. Metals and mining industry professional with more than 7 years experience royalty and streaming experience. Mining professional and geologist with over 35 years of diverse hands-on experience. Corporate lawyer with 20 years’ experience advising clients on corporate finance and M&A.CPA with 15+ years experience, formerly served as the VP Finance for Osisko Mining.Mining professional with 20+ years executive experience. Holds several executive and board positions. Chris Beer Non-Executive Director Capitalmarketsprofessionalwith8+yearsofexperienceininvestmentbankingandequityresearch. 35+ years experience in mining finance and exploration, including 24 years as MD & Senior PM at RBC Global Asset Management. Faya Haqna Director Corporate Development
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 20 Arizona, USAMetal Exposure: Copper, Gold, Silver, Molybdenum0.315% NSR -DevelopmentEstimated average annual GEO production ~ 1,100Long-life cathode production of up to ~92Kt per annum in the first ten yearsRecent PFS outlined a two-phased mine plan with positive economics. Hudbayreceived the last outstanding permit in 2024. Hudbayintends to advance feasibility studies throughout 2025. towards a sanctioning decision in 2026. Key AssetsCOPPER WORLD Please see section 4 in Notes. GEO forecast based on royalty rate applied to Copper World Phase 1 yearly production schedule net of 15% estimated NSR deductions --2004006008001,0001,2 0 01,4001,600 1234567891011121314151617181920 Copper World Phase 1 GEO Forecast
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 21 Salta, Argentina Metal Exposure: Copper, Gold, Molybdenum 0.42% NSR –Development –32 year LOM Estimated average annual GEO production ~ 4,600 One of the largest undeveloped copper deposits in the Americas, with potential to reach annual recovered copper production of 227Kt per year for the first six years initial Environmental and Social Impact Assessment for the project was submitted in 2019 with final approval expected in 2025 Key AssetsTACA TACA Please see section 5 in Notes. GEO forecast based on royalty rate applied to Taca Taca yearly production schedule net of 15% estimated NSR deductions --5001,0001,5 002,0002,5 003,0003,5 004,0004,5005,000 1234567891011121314151617181920212223242526272829303132 Taca Taca Yearly GEO Forecast
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 22 South Dakota, USAMetal Exposure: Copper, Gold, Molybdenum1.0% GVR –Production –7-year LOMEstimated average annual GEO production ~ 8002025 guidance of 90-100 Kozgold production.Open pit, heap leach operation located in the Northern Black Hills of South Dakota acquired by Coeur in February 2015 from Goldcorp Inc. for cash consideration of approximately $99.5 million.Wharf has been in production since 1983. Coeur acquired the asset in 2015 from Goldcorp Inc. (now Newmont Corporation) and subsequently increased plant efficiency and replaced reserves through exploration.Two new opportunities, North Foley and Juno, were recently identified with the potential to meaningfully extend Wharf’s mine life Key AssetsWHARF 2003004005006007008009001000 2021202220232024 ( est) Reliable GEO Delivery Please see section 6 in Notes.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 23 Zacatecas, MexicoMetal Exposure: Copper, Gold, Silver1% NSR -ProducingEstimated average annual GEO production ~ 800Steady producer with history of strong cash margins with 88 –97 GEOs guided for 2025Increased 2P by 53% net of depletion since restarting in 2018. ~29,400m drill program was completed in 2024. ARANZAZU Key Assets Production Profile2025 GEO Guidance ~800Average Annual GEO production ~800 2003004005006007008009001000 2021202220232024 ( est) Reliable GEO Delivery Please see section 7 in Notes.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 24 Rouyn-Noranda, QuebecMetal Exposure: Gold1.5% NSR -DevelopmentEstimated average annual GEO production ~ 3,0002P mineral reserves –1.3 Moz Au at 2.9 g/tIndicated mineral resources -667 KozAu at 2.19 g/t Inferred mineral resources -312 KozAu at 2.48 g/tUnderground bulk mining operation. Studies are ongoing for ore to be processed at Agnico Eagle’s Canadian MalarticMill. WASAMAC MINE Key Assets Central ChileMetal Exposure: Copper, Silver, Molybdenum0.98% NSR -DevelopmentEstimated average annual GEO production ~ 4,600Recent PFS outlined robust economics with an annual copper production of 183Kt for the first eight yearsLocated in the Chilean copper belt, surrounded by multiple world-class operations. Feasibility Study expected in 2025 and potential commencement of production in 2030. VIZCACHITAS Please see section 8 and 9 in Notes.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 25 San Bernardino, CaliforniaMetal Exposure: Gold5.0% NSR –Development (Phase 2)Estimated average annual GEO production ~ 5,000Covers South Dome pit that currently hosts a 1.1Moz 2P Reserve which is the higher-grade section of the mining complex Currently operating in phase 1, Castle is anticipated to enter in phase 2 expansion with potential to make it one of the top ten gold mine in the USA which includes South Domes. CASTLE MOUNTAIN MINE Key Assets Bendigo, AustraliaMetal Exposure: Gold2.5% GVR –DevelopmentCovers the southeastern and northeastern sections of Fosterville mining lease and large area east and south of the mining lease. Mineralization at the Harrier and Phoenix/Swan Zone are on strike with the royalty grounds in the south. Metalla expects Harrier and Phoenix mineralization to continue onto the royalty area as exploration drilling continues to extend mineralization. FOSTERVILLE Please see section 10 and 11 in Notes.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 26 The Track RecordCOMBINATION OF CASH FLOW AND ACCRETION AT THE ASSET-LEVEL DRIVES STRONG NAVPS GROWTH All amounts in US$MM as at January 21, 2025 $29 $309 $564 $272 010020030040050060 0 Por tfolio Investment Con sensus NAV Enterprise Value + Portf olio Return Portfolio Investment Cash Flow / Revenue Since Inception Portfolio Consensus NAV Enterprise Value
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 27 Our AssetsEXPLORATION PROPERTYOPERATORLOCATIONMETAL TERMSBancroftTransition Metals Ontario, CanadaAu1.0% NSRBeaudoinExplorResourcesTimmins, OntarioAu, Ag0.4% NSRBig IslandVoyageur Flin Flon, ManitobaAu2.0% NSRBint PropertyGlencoreTimmins, OntarioAu2.0% NSRBiricuMinaurumGoldGuerrero, MexicoAu, Ag2.0% NSR + $10/oz AgBoulevardIndependence GoldYukonAu1.0% NSRCalderaMetallaNye County, NVAu1.0% NSRCamfloAgnico EagleVal d'Or, QuebecAu1.0% NSRCaprichoCopper Standard ResourcesPeruAu, Ag1.0% NSRColbert/AngloNewmontTimmins, OntarioAu2.0% NSRCopper King Pacific EmpireBC, CanadaCu1.0% NSRCOSE MinePan American SilverSanta Cruz, ArgentinaAg, Au1.5% NSR RoyaltyDeSantis MineCanadian Gold MinerTimmins, OntarioAu1.5% NSRDetour DNAAgnico EagleCochrane, CanadaAu2.0% NSRDundonaldTransition Metals CanadaCu, Ni1.25% NSREdwards MineAlamos GoldWawa, OntarioAu1.25% NSRElephant HeadTransition Metals CanadaAu1.0% NSRFenn-Gibb SouthMayfair GoldTimmins, OntarioAu1.4% NSRFortuity 89MetallaNevada, USAAu1.5% NSRGolden Brew Highway 50 GoldNevada, USAAu0.5% NSR RoyaltyGolden DomeWarriedar ResourcesNevada, USAAu2.0% NSR RoyaltyGoodfishKiranaKirkland Lake DiscoveriesKirkland Lake, OntarioAu1.0% NSRGreen SpringsOrla MiningWhite Pine, NVAu1.0-2.0% NSRHomathkoTransition Metals CanadaAu1.0% NSRJanice LakeForum EnergyCanadaCu, Ag1.0% NSRJersey ValleyAbacus MiningPershing, NVAu1.0% NSRKings CanyonPine CliffMillard, UTAu1.0% -2.0% NSRKirkland-HudsonAgnico EagleKirkland Lake, OntarioAu2.0% NSRLa LuzFirst MajesticSan Luis Potosi, MexicoAg2.0% NSRLos PatosPrivateVenezuelaAu1.5% NSRMaude LakeTransition Metals CanadaNi, Cu1.0% NSRMiradoMineOrefindersKirkland Lake, OntarioAu1.0% NSR + OptionMontclergIEPTimmins, OntarioAu1.0% NSRNorth AKAgnico EagleKirkland Lake, OntarioAu0.45% NSRNorthshore WestNewpathResourcesOntarioAu2.0% NSRNub EastPacific EmpireCanadaCu, Au1.0% NSRNWTPacific EmpireCanadaCu1.0% NSROrion Minera FriscoNayarit, MexicoAu, Ag2.75% NSRPelangioPoirierPelangioExp.Timmins, OntarioAu1.0% NSRPinnaclePacific EmpireCanadaCu, Au1.0% NSRPucaranaBuenaventuraPeruAu, Ag1.8% NSR OptionPuchildizaMetallaChileAu1.5% NSRRondaPlatinexTimmins, OntarioAu2.0% NSRSanto TomasCopper Standard ResourcesPeruAu1.0% NSRSaturday NightTransition Metals CanadaNi, Cu1.0% NSRSirolaGrenfellPelangioExp.Kirkland Lake, OntarioAu0.25% NSRSolomon's PillarSage GoldGreenstone, OntarioAu1.0% NSRTower MountainThunder GoldThunder Bay, OntarioAu2% NSRWest MatachewanTransition Metals CanadaAu1.0% NSRWollaston CopperTransition Metals CanadaCu1.0% NSR PRODUCTION PROPERTYOPERATORLOCATIONMETAL TERMSAranzazuAura MineralsZacatecas, MexicoCu, Au, Ag1% NSREl RealitoAgnico EagleSonora, MexicoAg, Au2.0% NSR (subject to a 1% buyback)La EncantadaFirst Majestic SilverCoahuila, MexicoAg, Au100% Gold GVRNew LuikaShanta GoldTanzaniaAu Stream on 15% of AgTocantinzinho G MiningPara, BrazilAu 0.75% NSR RoyaltyWharf MineCoeur MiningSouth Dakota, USAAu 1.0% NSR Royalty DEVELOPMENT AkasabaWestAgnico EagleVal d'Or, QuebecAu, Cu2.0% NSR, payable after 210 KozAuAmalgamated KirklandAgnico EagleKirkland Lake, OntarioAu 0.45% NSRAnglo / ZekeNevada Gold MinesNevada, USAAu 0.5% GORCarlin EastRidgeline MineralsElko, NVAu 1.0-2.0% NSRCastle MountainEquinox GoldCalifornia, USAAu 5% NSR (South Dome)CentroGoldG MiningMaranhão, BrazilAu 1-2% NSR RoyaltyCopper WorldHudbayArizona, USACu, Mo, Ag0.32% NSRCôté / GosselinIAMGOLDGogama, OntarioAu 1.35% NSRDumontNion NickelQuebec, CanadaNi2.0% NSR (subject to 1.0% buyback)Endeavor MinePolymetalsNSW AustraliaZn, Pb, Ag4.0% NSREsperanzaZacatecas SilverMorelos, MexicoAg20% Ag Stream, capped at 500 Kozof AgFifteen Mile StreamSt BarbaraHalifax, Nova ScotiaAu 1.0% NSR RoyaltyFMS PlentySt. BarbaraHalfiax, Nova ScotiaAu 3.0% NSR RoyaltyFostervilleAgnico EagleVictoria, AustraliaAu 2.5% GVRGarrison MineSTLLR Gold Kirkland Lake, OntarioAu 2.0% NSR RoyaltyHoyle Pond Ext.NewmontTimmins, OntarioAu2.0% NSR, subject to 500 KozexemptionJosemariaLundin MiningArgentinaCu, Au, Ag0.08325% NPILa FortunaMinera AlamosDurango, MexicoAu, Ag, Cu3.5% NSR (2.5% capped at US$4.5M)Joaquin MinePan American SilverSanta Cruz, ArgentinaAg, Au2.0% NSR RoyaltyLa GuitarraSierra MadreMexico State, MexicoAg, Au2% NSRLa ParillaSilver StormDurango, MexicoAg, Pb2% NSRLamaBarrick GoldSan Juan, ArgentinaAu, Ag, Cu2.5-3.75% GVR Au, Ag, 0.25-3.0% NSR CuNuevaUnionTeck Resources / Newmont Atacama, ChileAu 2.0% NSRPine ValleyNevada Gold MinesNevada, USAAu3.0% NSR Royalty (subject to a 1.5% buyback)Red HillNuLegacyGoldNevada, USAAu 1.5% GORSanta GertrudisAgnico EagleSonora, MexicoAu, Ag2.0% NSR Royalty (subject to a 1.0% buyback)TacaTacaFirst QuantumArgentinaCu, Mo, Ag0.42% NSRTimmins West Ext.Pan American SilverTimmins, OntarioAu1.5% NSR (subject to a 0.75% buyback)TVZ ZoneNewmontTimmins, OntarioAu 2.0% NSRVizcachitasLos Andes ChileCu, Mo, Ag0.98% NSRWasamacAgnico EagleVal d'Or, QuebecAu1.5% NSR (subject to a 0.5% buyback) ADVANCEDEXPLORATION Aureus EastAurelius MineralsHalifax, Nova ScotiaAu 1.0% NSRBig Springs / Golden DomeWarriedarResourcesElko, NVAu 2% NSRDel ToroFirst Majestic SilverZacatecasAg, Au2% NSRLa JoyaSilver DollarDurango, MexicoAg, Au2% NSRLac PelletierEmperor MetalsQuebec, CanadaAu 1% NSRPlomosasGR SilverSinaloa, MexicoAg, Au2.0% NSR (subject to a 1% buyback)San LuisHighlander SilverPeruAg, Au1.0% NSRSan MartinFirst Majestic SilverJalisco, MexicoAg, Au2% NSRSaddle NorthNewmontBritish ColumbiaAu, Cu0.25% NSRWest WallAnglo American / GlencoreChileCu, Mo, Ag1.0% Net Proceeds Production RoyaltyZarumaPelorus CapitalEcuadorAu 1.5% NSR
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 28 Notes(1)For details, please refer to IAMGOLD’s October 15, 2024 Press Release, 2023 Annual Information Form and IAMGOLD’s Press Release dated October 23, 2023 available at sedarplus.ca. Annual GEOs calculated by applying the royalty rate and 6% Cote royalty coverage to life of mine average production. Royalty coverage is based on management estimates.(2)For details, please refer to the Feasibility Study – NI 43-101 Technical Report for the Tocantinzinho Gold Project with an effective date of December 10, 2021 and the G Mining Ventures’ Press Release dated September 12, 2023 and Press Release dated January 21, 2025. Annual GEOs calculated by applying royalty rate to life of mine average production.(3)For details, please refer to the Polymetals Resources’ Mine Restart Study for the Endeavor Mine dated October 16 2023 and Polymetals Resources’ Improved Endeavor Silver Lead Zinc Mine Plan dated August 5 2024 and filed on ASX.com.au. AnnualGEOsderivedfromPolymetalsResources’MineRestartStudypage9FinancialModelSummaryroyaltyrevenueestimateandmanagementforecasts.(4)For details, please refer to the NI 43-101 Technical Report, Copper World Complex, Pima County, Arizona USA, with an effective date of May 1, 2022, Hudbay Minerals’ 2022 Annual Information Form and the Information outlined on www.copperworldaz.com and the Copper World Pre-Feasibility Study dated September 8, 2023. Annual GEOs calculated by applying royalty rate to average annual copper production revenues over phase 1 divided by gold price(5)Fordetails,pleaserefertotheTacaTacaProject,SaltaProvinceArgentina,AmendedandRestatedNI43-101TechnicalReportissuedMarch30,2021andFirstQuantumMinerals’Q32023MD&A.AnnualGEOscalculatedbyapplyingroyaltyratetoannualpeakproductionrevenuesdividedbygoldprice.(6)For details, please refer to Coeur Mining’s 2023 Annual Information Form and Coeur Mining’s Q4 2024 Management Discussion and Analysis 10-Q SEC Filing report. Annual GEOs calculated by applying royalty rate to 2025 production guidance(7)For details, please refer to the Feasibility Study of the Re-Opening of the Aranzazu Mine, Zacatecas, Mexico with an effective date of January 31, 2018 and Aura Minerals’ 2023 Annual Information Form. Aura Minerals press released dated February 28 2025 and August 7 2023. Annual GEOs calculated by applying royalty rate to 2025 production guidance(8)For details, please refer to Agnico Eagle Mines’ February 13, 2025 press release, Q2 2023 and Q3 2023 Financial Statements and Yamana Gold’s 2023 Annual Information Form. Annual GEOs calculated by applying royalty rate to annual gold production guidance.(9)For details, please refer to the Vizcachitas Project Pre-Feasibility Study, Valparaiso Region, Chile, NI 43-101 Technical Report, with an effective date of February 20, 2023 and the Los Andes Copper’s 2022 Annual Information Form. AnnualGEOscalculatedbyapplyingroyaltyrateand50%coverageratetoannualcopperproductionrevenuesdividedbygoldprice.(10)Fordetails,pleaserefertotheTechnicalReportfortheCastleMountainProjectFeasibilityStudywithaneffectivedateofFebruary26,2021,NI 43-101 Technical Report on the Preliminary Feasibility Study for the Castle Mountain Project dated August 28, 2018 andEquinoxGold’sQ32023ManagementandDiscussionavailableonsedarplus.ca.AnnualGEOscalculatedusing2021FeasibilityStudyfinancialmodelHuntingtonTileRoyaltyrevenueoverlifeofpayingroyaltymine.Numbers may not add due to roundingAll GEOs calculated using consensus long term broker estimates of $2,125/oz gold price, $4.25 copper price.Metalla has limited, if any, access to the properties on which Metalla holds a royalty, stream or other interest. Metalla is dependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Metalla, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which Metalla holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. Although Metalla does not have any knowledge that such information may not be accurate, the Company has not independently verified this information and there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Metalla's royalty, stream or other interests. Metalla's royalty, stream or other interests can cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, resources and production of a property. Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this prsentation, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”) applicable to U.S. domestic issuers. Accordingly, the scientific and technical information contained or referenced in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. “Inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Metalla has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including attributable gold equivalent ounces (GEOs). The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Attributable GEOs are a non-IFRS financial measure that is composed of gold ounces attributable to the Company, plus an amount calculated by taking the expected revenue by the Company from payable silver ounces, copper pounds, lead pounds and zinc pounds attributable to the Company, less material costs, divided by the price of gold. The Company presents attributable GEOs as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry who present attributable ounces on a similar basis The presentation of these non-IFRS financial measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS financial measures differently. Future-Oriented Financial InformationThis presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Metalla and anticipated GEOs from its portfolio and which is subject to the assumptions, risk factors, limitations and qualifications as set forth in this presentation. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about Metalla's anticipated future business operations. Metalla disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.QUALIFIEDPERSONThetechnicalinformationcontainedinthispresentationhasbeenreviewedandapprovedbyCharlesBeaudry,geologistM.Sc.,memberoftheAssociationofProfessionalGeoscientistsofOntarioandoftheOrdredesGéologuesduQuébecandaconsultanttoMetalla.Mr.BeaudryisaQPasdefinedinNationalInstrument43-101StandardsofDisclosureforMineralProjects.
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METALLA ROYALTY & STREAMING (MTA-NYSE) | May 2025 | 29 NYSE & TSXV: MTAMETALLAROYALTY.COM