JUNE 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 | June 2020 2
THE KEY POINTS JUNIOR ROYALTY COMPANY DELIVERING GROWTH ✓ Experienced Management Team with Proven, Relevant and Global Track Record ✓ Most Active Royalty Company as Measured by Material Acquisitions ✓ Positive Cash Flow Delivers Dividends and Industry-Leading Growth ✓ Greatest Exposure to Silver of Any Publicly Listed Royalty Company ✓ Trades at a Discount to Peers Despite Recent Outperformance ✓ Focused on Acquiring Royalties on Projects Operated by Large Producers Metalla Royalty & Streaming | June 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 | June 2020 4
ACQUISITION OF IRC – ANGLO/ZEKE PROVIDING SHAREHOLDERS EXPOSURE TO ONE OF THE WORLDS MOST PROLIFIC GOLD TRENDS AND ITS PREMIER OPERATOR, NEVADA GOLD MINES TRANSACTION OVERVIEW Purchasing Idaho Resources Corp. (IRC) for • US$4M split between cash and shares of MTA which holds two royalties covering ~19,000 Ha IRC holds a 0.5% Gross Overriding Royalty (GOR) • on the Anglo/Zeke claim which is ~7,500 Ha southeast of goldrush and owned by Nevada Gold Mines (NGM), the world’s largest gold producer The Anglo/Zeke claim covers a portion of • goldrush south which remains open in multiple directions (1) Goldrush’s end of 2018 reserve estimate is • 2 million ounces at 9.7 g/t gold with a measured and indicated resource estimate of 9.4 million ounces at 9.4 g/t gold (2) Anglo/Zeke Claim Metalla Royalty & Streaming | June 2020 5
ACQUISITION OF IRC – RED HILL PROVIDING SHAREHOLDERS EXPOSURE TO ONE OF THE WORLDS MOST PROLIFIC GOLD TRENDS AND ITS PREMIER OPERATOR, NEVADA GOLD MINES TRANSACTION OVERVIEW 1.5% GOR on ~11,500 Ha on NuLegacy • Gold’s (NUG) Red Hill project which are contiguous to the Anglo/Zeke Claim and along trend from NGM’s Cortez Complex High Grade intercepts have been on the east • flank of the Rift Anticline in thin Wenban5 units (3) 9.6g/t Au in 5.1m within 20.8m of 2.7g/t • 16.9g/t Au in 8.7m within 22.1m of 6.6 g/t • Geophysical surveys have outlined • prospective Wenban 5 limestone formations in a large anticline system similar to Goldrush, known as the Rift Anticline (3) NUG expect to receive the drill permits end of • October 2020 and have a 15 hole plan targeting the Rift Anticline (3) 6 ex-Barrick personnel on management / • exploration team instrumental to discovery or construction of Barrick’s best gold deposits Metalla Royalty & Streaming | June 2020 6
THE TRACK RECORD $9.00 Acquires royalty 48 16 $80M portfolio from Announces Alamos Gold; $8.00 application to Announces list on the $12M Royalties/Streams NYSE Transactions Capital Deployed convertible Acquired American debenture $7.00 from Beedie Capital Acquires $6.00 royalty on St Barbara Announces New Fifteen Mile Acquires Luika Silver royalty on Stream Stream and $4M $5.00 Agnico financing Eagle’s Listing as Consolidates Santa a Tier-1 Changes Hoyle Pond Gertrudis Acquires gold Issuer on $4.00 name to Extension royalty on the TSXV Metalla; Royalty Teck / appoints Brett Newmont’s Heath as NUEVAUNIÓN President Project $3.00 Consolidates remaining Acquires two royalty on royalties on Fifteen Mile Nevada Gold $2.00 Stream Mines Cortez Trend Acquires Brokered Acquires Valgold Acquires royalty offering royalty and for royalty on Pan upsized to streaming $1.00 on Osisko’s American’s $6.8M due portfolio from Acquires Timmins royalties / O3’s COSE to strong Coeur Mining and closes oversubscribed Garrison demand financing for $2.3M $0.00 Aug 17 Aug 18 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 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 Mar 20 Apr 20 May 20 Jun 20 Metalla Royalty & Streaming | June 2020 7
THE OUTPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 300% Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold 250% +65% 200% CAGR since September 2016 150% 100% 50% 0% -50% 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 Mar-20 Apr-20 May-20 Jun-20 Metalla Royalty & Streaming | June 2020 8
ACTIVELY EXPANDING PIPELINE METALLA HAS COMPLETED MORE DEALS THAN ITS PEERS SINCE INCEPTION (Sept 2016) 16 11 11 9 7.3 7 4 2 Wheaton Royal Gold Sandstorm Avg (exlc. MTA) Maverix Osisko Franco Nevada Metalla Precious Metalla Royalty & Streaming | June 2020 9
ACTIVELY EXPANDING PIPELINE GREW PORTFOLIO TO 48 ASSETS THROUGH 16 TRANSACTIONS 2020 48 46 46 45 Production 43 Grown Portfolio to 48 Assets Since Inception Development 24 23 20 18 17 17 17 Exploration 13 10 5 1 0 Q2 2016 Q2 2020 Metalla Royalty & Streaming | June 2020 10
THE CAPITAL STRUCTURE Strong Shareholders Basic Shares Outstanding 34.9 15.0% 5.9% Warrants (W Avg $3.89) 1.0 4.3% 2.9% Management Options (W Avg $4.44) 2.3 Other Strategic / Institutions 9.3% 4.5% Fully Diluted 38.2 Analyst Coverage Buy, $9.00 Target Market Capitalization $282 ($8.07 share price, June 1, 2020) Buy (S), $8.40 Target Cash $7.3 Convertible Debt $7.0 Facility Available $5.0 Hold, $8.00 Target Dividend Yield 0.6% Neutral, $7.20 Target Financials as of February 29, 2020 Metalla Royalty & Streaming | June 2020 11
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