FEBRUARY 2020 NYSE & TSXV:MTA | WWW.METALLAROYALTY.COM
FORWARD LOOKING STATEMENTS This 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which Metalla will purchase gold and other metals or from which it will receive 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 continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. 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. Metalla Royalty & Streaming | February 2020 2
THE KEY POINTS JUNIOR ROYALTY COMPANY DELIVERING GROWTH ü Experienced Management Team with Proven, Relevant and Global Track Record ü Most Active Royalty Company as Measured by Material Acquisitions ü Positive Cash Flow Delivers Dividends and Industry-Leading Growth ü Greatest Exposure to Silver of Any Publicly Listed Royalty Company ü Focused on Acquiring Royalties on Projects Operated by Large Producers ü Trades at a Significant Discount to Peers Despite Recent Outperformance Metalla Royalty & Streaming | February 2020 3
THE BUSINESS STRATEGY SECONDARY MARKET OF ROYALTIES ON HIGH-QUALITY OPERATIONS IS THE KEY TO OUR SUCCESS BENEFITS FOR METALLA BENEFITS FOR 3RD PARTY Partner with strong counter- Monetize royalty asset by • • parties with operational sale to Metalla for cash experience and strong and shares balance sheets Maintain meaningful • Reduced cost in financing exposure to royalty through • SHARE ROYALTY acquisitions vs. equity stake in Metalla equity CONSIDERATION Tighter capital structure Diversify risk through • • when royalty owners participation in Metalla’s maintain a shareholding in portfolio Metalla Benefit through Metalla's • High quality royalties give dividend distribution policy • ROYALTY OWNER leverage to resource Share in success of • upgrades at no cost Metalla's business strategy Ability to progressively build • Benefit from significant • a project pipeline with increase in liquidity and sustainable cash flow price discovery Metalla Royalty & Streaming | February 2020 4
THE TRACK RECORD $9.00 45 Acquires 15 $70M Royalty $8.00 Portfolio from Alamos Gold; Royalties/Streams Announces Transactions Capital Deployed Acquires Acquired $12M royalty on St $7.00 Convertible Barbara Debenture Fifteen Mile from Beedie Stream Capital $6.00 Announces New Acquires Luika Silver $5.00 royalty on Stream and $4M Agnico Financing Eagle’s Listing as Consolidates Santa a Tier-1 Hoyle Pond Gertrudis Issuer on $4.00 Changes Extension the TSXV Name to Royalty Metalla; Announces Appoints Brett application to list $3.00 Heath as on the NYSE President Consolidates American remaining royalty on Fifteen Mile $2.00 Stream Acquires Brokered Acquires Acquires royalty Valgold Offering Royalty and on Pan $1.00 for royalty Upsized to Streaming American’s on Osisko’s $6.8M due Portfolio from Acquires Timmins Royalties COSE / O3’s to Strong Coeur Mining and Closes Oversubscribed Garrison Demand Financing for $2.3M $0.00 Jan 17 Apr 17 Jan 18 Apr 18 Jan 19 Apr 19 Jan 20 Sep 16 Oct 16 Nov 16 Dec 16 Feb 17 Mar 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Feb 18 Mar 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Feb 19 Mar 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Feb 20 Metalla Royalty & Streaming | February 2020 5
THE OUTPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 310% Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold 260% 75% 210% CAGR since September 2016 160% 110% 60% 10% -40% Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Metalla Royalty & Streaming | February 2020 6
ACTIVELY EXPANDING PIPELINE METALLA HAS COMPLETED MORE DEALS THAN ITS PEERS SINCE INCEPTION (Sept 2016) 15 11 11 10 7.4 7 7 4 2 Wheaton Royal Gold Sandstorm Triple Flag Avg (Excl. MTA) Maverix Metals Osisko Franco-Nevada Metalla Precious Metalla Royalty & Streaming | February 2020 7
ACTIVELY EXPANDING PIPELINE GREW PORTFOLIO TO 45 ASSETS THROUGH 15 TRANSACTIONS 45 45 2019 Production Grown Portfolio to 45 Assets Since Inception Development 25 24 21 20 18 18 18 14 Exploration 11 5 1 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Metalla Royalty & Streaming | February 2020 8
THE CAPITAL STRUCTURE Basic Shares Outstanding 33.8 Strong Shareholders Warrants (W Avg $2.53) 1.9 15.5% 6.1% 4.4% 3.0% Options (W Avg $4.26) 1.4 Management Other Strategic / Institutions 9.4% 4.7% Fully Diluted 37.1 Analyst Coverage Market Capitalization $277 Hold, $7.50 Target ($8.19 share price, Feb 5, 2020) Cash $7.3 Convertible Debt $7.0 Buy (S), $7.55 Target Facility Available $5.0 Neutral, $6.75 Target Dividend Yield 0.6% Metalla Royalty & Streaming | February 2020 9
BREAKDOWN OF ASSETS NPV By Stage NPV By Geography Other Mexico Exploration South $17 $21 $15 America 12% 16% 11% $7 Production 5% $47 34% Australia $39 USA/Canada 28% $53 Development 39% $74 55% NPV By Type NPV By Metal Stream $39 28% Silver $47 34% Gold $89 Royalty 66% $97 72% Metalla Royalty & Streaming | February 2020 10
EXPOSURE TO TOP MINING JURISDICTIONS 2 Canada Production Assets Australia 15 Development Assets Tanzania 28 Exploration Assets Ecuador Peru Argentina Mexico Chile Metalla Royalty & Streaming | February 2020 11
KEY ASSETS Endeavor Mine Santa Gertrudis NSW, Australia Sonora, Mexico Metal Exposure: Silver Metal Exposure: Gold 2% NSR 100% Silver Stream Resources: 962 Koz inferred Current focus on discovery at Deep Zinc Lode Steady production since 1983, recent discovery of deep lode 2019 exploration budget of US$10.2M for ~40,500 m; evaluating indicates further resource expansion potential scenario using heap leach and small mill for ~ 100 koz Au/year Metalla Royalty & Streaming | February 2020 12
KEY ASSETS Fifteen Mile Stream Joaquin Mine Nova Scotia, Canada Santa Cruz, Argentina Metal Exposure: Gold Metal Exposure: Silver, Gold 1% & 3% NSR 2% NSR Resources: 2P – 576 Koz Au, M,I&I – 761 Koz Au Production Guidance: ~4 Moz Ag, 2 Koz Au Estimated production of ~95 Koz Au in 2022; latest mine plan Mine commissioned in 2019 with the further guidance upon completed by Atlantic Gold expanded production at Fifteen achieving commercial production in H120. Multiple veins left Mile Stream and extended its mine life out of the mine plan totalling 40Moz Ag-Eq Metalla Royalty & Streaming | February 2020 13
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