November 2019 TSXV:MTA | OTCQB:MTAFF | Germany:X9CP | 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 | November 2019 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 Increasing Growth ✓ Greatest Exposure to Silver of Any Publicly Listed Royalty Company ✓ Focused on Acquiring Royalties on Projects Operated by Large Producers ✓ Trades at a Significant Discount to Peers Despite Recent Outperformance Metalla Royalty & Streaming | November 2019 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 acquisitions vs. equity stake in Metalla equity SHARE ROYALTY 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 leverage to resource ROYALTY OWNER ▪ 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 | November 2019 4
THE TRACK RECORD Acquires $1.40 45 royalty on 15 $70M St Barbara Fifteen Mile Royalties/Streams Transactions Capital Deployed $1.20 Stream Acquired $1.00 Acquires royalty on Pan Consolidates American’s Hoyle Pond COSE Extension Changes Consolidates Royalty $0.80 Name to remaining Metalla; royalty on Appoints Fifteen Mile Brett Stream Heath as $0.60 President Brokered Offering Acquires Upsized to Acquires Royalty Valgold Listing as $6.8M Portfolio from Alamos for a Tier-1 $0.40 Acquires due to Gold; Announces $12M royalty Issuer on royalty on Strong Convertible Debenture on Announces the TSXV Acquires Agnico Demand from Beedie Capital Osisko’s New Luika Royalty and Eagle’s Garrison Silver Stream Streaming Santa and $4M $0.20 Acquires Timmins Royalties Portfolio Gertrudis Financing and Closes from Coeur Oversubscribed Financing Mining for $2.3M $0.00 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 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 Metalla Royalty & Streaming | November 2019 5
THE OUTPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 140% Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold 120% Compound Annual Growth Rate of +65% since September 2016 (inception) 100% 80% 60% 40% 20% 0% -20% -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 Metalla Royalty & Streaming | November 2019 6
THE CAPITAL STRUCTURE Capital Structure Share Ownership Share Ownership Coeur Mining 15.6% Basic Shares Outstanding (M) 134 Alamos Gold 6.1% Fully Diluted Shares Outstanding 151 Euro Pacific Capital (Gold Fund) 4.4% (M) Brett Heath (CEO) 3.2% Dividend Yield 0.8% Adrian Day Asset Management 3.0% Cash (M) $7.0 GoGold Resources 2.8% Original FMS Royalty Owner 2.0% Convertible Debt (M) $7.0 US Global Funds 1.5% Convertible Debt Facility Available $5.0 Quinsam Capital (Roger Dent) 1.1% (M) Exploration Capital Partners (Rick Rule) 1.0% Basic Market Capitalization (M) $190 (Share Price @ November 1: $1.42) Doug Casey 1.0% Basic Enterprise Value (M) $190 E.B Tucker (Director) 0.9% As of November 1, 2019 Metalla Royalty & Streaming | November 2019 7
STRONG OPERATORS & LOYAL SHAREHOLDERS HIGH-QUALITY OPERATORS AND LONG-TERM, SUPPORTIVE SHAREHOLDERS Key Shareholders Royalty Operators O3 Mining Inc. Metalla Royalty & Streaming | November 2019 8
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 | November 2019 9
KEY ASSETS Endeavor Mine Santa Gertrudis Sonora, Mexico NSW Australia Metal Exposure: Gold Metal Exposure: Silver 2% NSR 100% Silver Stream Resources: 962 Koz inferred Current focus on discovery at Deep Zinc Lode 2019 exploration budget of US$10.2M for ~40,500 m; evaluating Steady production since 1983, recent discovery of deep lode scenario using heap leach and small mill for ~ 100 koz Au/year indicates further resource expansion potential Metalla Royalty & Streaming | November 2019 10
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 to be commissioned in H2 2019 with the further guidance completed by Atlantic Gold expanded production at Fifteen upon achieving commercial production. Multiple veins left out Mile Stream and extended its mine life of the mine plan totalling 40Moz Ag-Eq Metalla Royalty & Streaming | November 2019 11
KEY ASSETS COSE Mine Garrison Mine O3 Mining Inc. Santa Cruz, Argentina Kirkland Lake, Ontario Metal Exposure: Silver, Gold Metal Exposure: Gold 1.5% NSR 2% NSR Production Guidance: 1.34 Moz Ag, 28 Koz Au Resources: M,I&I – 2 Moz Au Development and ramp up ongoing, commercial production Osisko recently announced that Garrison will be spun out into expected H2 2019. High-grade satellite deposit that will be a new company called O3 Mining which will provide more trucked to Manantial Espejo similar to Joaquin effective focus on Garrison as a key asset Metalla Royalty & Streaming | November 2019 12
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