September 2019 TSXV:MTA | OTCQB:MTAFF | Germany:X9CP | - PowerPoint PPT Presentation

September 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 | September 2019 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 Increasing 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 | September 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 | September 2019 4

THE TRACK RECORD Acquires royalty on Atlantic’s (St $1.40 Barbara) Fifteen Mile $70M +440% 44 Stream $1.20 Capital Deployed Share Price Since Inception Royalties/Streams Acquired Acquires royalty on $1.00 Pan American’s COSE Consolidates Hoyle Pond Extension $0.80 Royalty Changes Consolidates Name to remaining Metalla; royalty on Appoints Brett Fifteen Mile Heath as Stream for $2M $0.60 President Brokered Offering Acquires Upsized to Acquires Royalty Listing as a Valgold for $6.8M due to Portfolio from Tier-1 Issuer royalty on $0.40 Alamos Gold; on the TSXV Strong Osisko’s Announces $12M Demand Garrison Announces Acquires Convertible New Luika Royalty and Debenture from Acquires Silver Stream Streaming Beedie Capital $0.20 royalty on and $4M Portfolio from Acquires Timmins Agnico Financing Coeur Mining Royalties and Closes Eagle’s Santa Oversubscribed Gertrudis Financing for $2.3M $0.00 Jan 17 Apr 17 May 17 Jan 18 Apr 18 May 18 Jan 19 Apr 19 May 19 Sep 16 Oct 16 Nov 16 Dec 16 Feb 17 Mar 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Feb 18 Mar 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Feb 19 Mar 19 Jun 19 Jul 19 Aug 19 Sep 19 5 Metalla Royalty & Streaming | September 2019

THE OUTPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 120% Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold 100% ) n o i 80% p t e c n i ( 6 1 0 2 r e b m e t p e S e c n i s 60% % 0 6 f o e t a R h t w o r G l a u n n A d n 40% u o p m o C 20% 0% -20% -40% Jan-18 Feb-18 Mar-18 Apr-18 Jun-18 Oct-18 Jan-19 Feb-19 Mar-19 Apr-19 Jun-19 May-18 Jul-18 Aug-18 Sep-18 Nov-18 Dec-18 May-19 Jul-19 Aug-19 Sep-19 Metalla Royalty & Streaming | September 2019 6

THE CAPITAL STRUCTURE Capital Structure Share Ownership Share Ownership Basic Shares Outstanding (M) 134 Coeur Mining 16.5% Alamos Gold 6.2% Fully Diluted Shares Outstanding (M) 151 Europac 4.4% Dividend Yield 0.9% GoGold Resources 3.7% Brett Heath (CEO) 3.1% Cash (M) $7.0 Adrian Day Asset Management 3.0% Convertible Debt (M) $7.0 Original FMS Royalty Owner 2.0% US Global 1.5% Convertible Debt Facility Available (M) $5.0 Quinsam Capital (Roger Dent) 1.1% Basic Market Capitalization (M) $175 Exploration Capital Partners (Rick Rule) 1.0% (Share Price @ September 4: $1.31) Doug Casey 1.0% Basic Enterprise Value (M) $175 E.B Tucker (Director) 0.7% As of September 4, 2019 – pro-forma drawdown of Beedie and FMS Royalty closing Metalla Royalty & Streaming | September 2019 7

STRONG OPERATORS & LOYAL SHAREHOLDERS HIGH-QUALITY OPERATORS AND LONG-TERM, SUPPORTIVE SHAREHOLDERS Key Shareholders Royalty Operators O3 Mining Inc. Metalla Royalty & Streaming | September 2019 8

EXPOSURE TO TOP MINING JURISDICTIONS 2 Canada Production Assets Australia 15 Development Assets Tanzania 27 Exploration Assets Ecuador Peru Argentina Mexico Chile Metalla Royalty & Streaming | September 2019 9

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 | September 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 | September 2019 11

KEY ASSETS O3 Mining Inc. COSE Mine Garrison Mine 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 | September 2019 12