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NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
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www.metallaroyalty.com
                         METALLA ROYALTY & STREAMING | MAY 2022   1
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
FORWARD LOOKING
STATEMENTS
This presentation contains certain "forward looking statements" and certain         and operations, actual results of mining and current exploration activities,
"forward-looking information" as defined under applicable Canadian and              conclusions of economic evaluations and changes in project parameters
U.S. securities laws. Forward-looking statements and information can                as plans continue to be refined; accidents, equipment breakdowns, title
generally be identified by the use of forward-looking terminology such as           matters, labor disputes or other unanticipated difficulties or interruptions in
"may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe",   operations; problems inherent to the marketability of gold and other
"continue", "plans" or similar terminology. The forward-looking information         metals; the inherent uncertainty of production and cost estimates and the
contained herein is provided for the purpose of assisting readers in                potential for unexpected costs and expenses; industry conditions, including
understanding management's current expectations and plans relating to               fluctuations in the price of the primary commodities mined at such
the future. Readers are cautioned that such information may not be                  operations, fluctuations in foreign exchange rates and fluctuations in
appropriate for other purposes.                                                     interest rates; government entities interpreting existing tax legislation or
                                                                                    enacting new tax legislation in a way which adversely affects Metalla;
Forward-looking information is subject to known and unknown risks,
                                                                                    stock market volatility; regulatory restrictions; liability, competition, loss of
uncertainties and other factors that may cause the actual actions, events
                                                                                    key employees and other related risks and uncertainties.
or results to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: the impact of            Metalla undertakes no obligation to update forward-looking information
general business and economic conditions; the absence of control over               except as required by applicable law. Such forward-looking information
mining operations from which Metalla will purchase gold and other metals            represents management's best judgment based on information currently
or from which it will receive royalty payments and risks related to those           available. No forward-looking statement can be guaranteed and actual
mining operations, including risks related to international operations,             future results may vary materially. Accordingly, readers are advised not to
government and environmental regulation, delays in mine construction                place undue reliance on forward-looking statements or information.

                                                                                                                         METALLA ROYALTY & STREAMING | MAY 2022         2
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
THE
KEY POINTS
ROYALTY COMPANY DELIVERING INDUSTRY LEADING GROWTH

      Experienced Management Team
                                                     Consistent Acquisitions Below
      with Proven, Relevant and Global
                                                     Market Rates Drives Outperformance
      Track Record

      Leading third-party royalty consolidator
      on some of the premier assets and              100% Exposure to Gold and Silver
      strongest operators globally

      Industry-Leading Growth With One               Focused on Acquiring Royalties on
      Of The Most Robust Pipelines                   Projects Operated by Industry Majors

                                                                    METALLA ROYALTY & STREAMING | MAY 2022   3
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
$18.00

                                                                                                                                                                                                  GDXJ

                                                              28                                70                          $181M
            $16.00
                                                                                                                                                                                                              Centro Gold    Tocantinzinho
                                                                                                                                                                                  Portfolio from
                                                                                                                                                                                    Genesis
                                                                                          Royalties/Streams
                                                             Transactions                                                   Capital Deployed
            $14.00                                                                           Acquired
THE TRACK                                                                                                                                                                                                                               Côté Mine

RECORD
            $12.00
                                                                                                                                                                    Fosterville

            $10.00
                                                                                                                                                           Wharf Mine

                                                                                                                                                                                                               Alturas-Del
             $8.00
                                                                                                                            Fifteen Mile                                                                        Carmen
                                              New Luika                                                                        Stream

                               Changes
                                                                                             Osisko / O3’s
             $6.00             name to
                                                                                               Garrison                                                                                                   Higginsville
                                Metalla;                                                                                                                                                                                      Castle Gold
                               appoints
                              Brett Heath                                                                       COSE
                              as President
                                                                            Streaming
             $4.00                                                           portfolio

                                                                                                                                                        NuevaUnion                             Cortez Trend

                                                                                                                                       Acquires royalty
                                                                                                                                        portfolio from
             $2.00

                                                                                                       Santa Gertrudis
                                                             Acquires Timmins royalties

             $0.00

                                                                                                                              May 19
                                                    May 17

                                                                                           May 18

                                                                                                                                                                        May 20

                                                                                                                                                                                                                   May 21

                                                                                                                                                                                                                                                             May 22
                     Sep 16

                                     Jan 17

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                                                                                                                                                                    METALLA ROYALTY & STREAMING | MAY 2022                                               4
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
HIGHLIGHTED
ACQUISITIONS IN 2021
~235,000 GOLD EQUIVALENT OUNCES ADDED (~$170 OUNCE/GOLD)
TO METALLA’S ACCOUNT ON ROYALTIES COVERING ~14 MILLION                               CÔTÉ – IAMGOLD/SUMITOMO
OUNCES OF GOLD INCREASING NAV PER SHARE BY 23%

                                                                                     CASTLE – EQUINOX
•   Accretive ~$40M in capital on a high-quality assets that generate an aggregate
    consensus NAV of over $100M
•   Large Deposits - Five of the seven transactions were on deposits that have 2-    CENTROGOLD – OZ MINERALS
    5Moz of gold that are covered by our royalties
•   High quality operators - Six of the seven transactions are actively being        DEL CARMEN – BARRICK
    advanced by majors toward production
•   Bilateral transactions - In one of the most competitive environments on
    record, we made all of our acquisitions through non-competitive processes        TOCANTINZINHO – G MINING
•   Peer leading growth - Completed seven transactions while our peers
    completed an average of just over three
                                                                                     AK - AGNICO EAGLE

                                                                                       METALLA ROYALTY & STREAMING | MAY 2022   5
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
CÔTÉ & GOSSELIN 1.35% NSR
                      •   Industry-leading sub $2 per gold ounce
Canada’s                  discovery cost
next major
gold mine             •   Gosselin currently drilled only half of the
                          depth as Côté
Côté will average     •   Maiden resource over 5 million ounces
489Koz of gold
over the first five   •   Combined reserve/resource         over   19
years of                  million ounces
production
                      •   Latest drill results (not included in maiden
                          resource) at the Gosselin Zone this year
                          were highlighted by:

                            •   256M @ 2.05g/t Au
                            •   355.5m @ 0.78g/t Au
                            •   173.0 m at 0.70 g/t Au
                            •   357.5 m at 0.55 g/t Au
                            •   87.9 m at 1.30 g/t Au

                      •   Iamgold also believes that there may be
                          an overlap zone between Côté and
                          Gosselin   which    will   provide   an
                          opportunity for optimization of a
                          combined pit shell selection which may
                          unlock additional mineral resources in         METALLA ROYALTY & STREAMING | MAY 2022   6
                          the area
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
CASTLE MOUNTAIN MINE
SLATED TO
                    5% NSR
BECOME ONE OF   •   Slated to become one of Equinox
THE TOP TEN         Gold’s largest assets
GOLD MINES IN
THE USA         •   South Domes is part of the Phase 2
                    expansion slated to begin in 2025

                •   Opportunities exist to move South
                    Domes earlier in the mine plan
                    given its relatively higher grades

                •   South Domes is big, and we
                    expect it to grow with resource
                    conversion,    exploration to the
                    north     and     the     potential
                    connection of the South Domes pit
                    with the JSLA pit

                                                          METALLA ROYALTY & STREAMING | MAY 2022   7
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
THE
  VALUE PROPOSITION
  METALLA GREW ITS NAV PER SHARE BY 23% IN 2021

2.8X                                                                                                                                                                           18.00

2.6X                                                                                                                                                                           16.00

2.4X                                                                                                                                                                           14.00

2.2X                                                                                                                                                                           12.00

2.0X                                                                                                                                                                           10.00

1.8X                                                                                                                                                                           8.00

1.6X                                                                                                                                                                           6.00

1.4X                                                                                                                                                                           4.00

1.2X                                                                                                                                                                           2.00

1.0X                                                                                                                                                                           0.00
                                                    Jul 20

                                                                                                                       Jul 21
                Nov 19

                                  Mar 20

                                           May 20

                                                              Sep 20

                                                                           Nov 20

                                                                                                           May 21

                                                                                                                                           Nov 21

                                                                                                                                                                      May 22
       Sep 19

                         Jan 20

                                                                                      Jan 21

                                                                                                  Mar 21

                                                                                                                                  Sep 21

                                                                                                                                                    Jan 22

                                                                                                                                                             Mar 22
                                                             P/NAV (LHS)            Share Price (RHS)         NAVPS (RHS)

                                                                                                                                METALLA ROYALTY & STREAMING | MAY 2022                8
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
1.20x
                                                                                      Average Industry P/NAV

THE TRACK             1.00x

RECORD                                                                                                                                                         0.92x
                                                                                                                                                                                                  0.94x Tocantinzinho Project

                                                                                                    Higginsville Operation
High-Quality Deals    0.80x

at Industry-Leading                                                                                                                                                                                               Del Carmen Project
                                                                                                                                                                           Centrogold Mine
Valuations                                                                                                                                    0.68x
                                                                                                                                                                                                  0.70x

                      0.60x                                                                                                                       0.61x                                           0.57x
                                       0.56x                                                Wharf Mine                           0.57x                                     0.56x
                                                                                                                                                                                                                              0.45x
                                                                                                                                                                                                         Castle Mountain
                                                         Fifteen Mile Stream
                      0.40x                                                                                                                                                                   0.42x

                                                0.32x                                                                                                                                                   0.34x
                                                                                                                             Fosterville Mine

                      0.20x
                                                              Alamos Portfolio -
                                                                 Wasamac                          Cortez Trend                                        Cortez                  Kirkland Lake

                                                                                                                                                                                                               Côté Mine
                      0.00x
                                                                      Sep 19

                                                                                   Nov 19

                                                                                                                                                      Sep 20

                                                                                                                                                                  Nov 20

                                                                                                                                                                                                                               Sep 21
                                                May 19

                                                                                                                        May 20

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                                       Mar 19

                                                         Jul 19

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                                                                                                                                                                                         Mar 21

                                                                                                                                                                                                                     Jul 21
                              Jan 19

                                                                                                Jan 20

                                                                                                                                                                               Jan 21
                                                                                                                                                               METALLA ROYALTY & STREAMING | MAY 2022                                   9
NYSE & TSXV:MTA www.metallaroyalty.com - Metalla Royalty & Streaming Ltd.
THE
                                    OUTPERPERFORMANCE
                                    METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION

                                    45%

                                    40%        39%
                                                                    Share price compound annual growth rate (“CAGR”)
                                                                  36%
                                                                                  ~5.5 years post launch
                                    35%

                                    30%
CAGR (~4.5 Years Post Launch) (%)

                                    25%

                                                                                     20%
                                    20%
                                                                                                      16%
                                    15%

                                    10%

                                                                                                                       5%
                                    5%

                                    0%

                                                                                                                                              -2%
                                    -5%
                                               WPM                MTA                FNV              MMX              SSL                    OR

                                                                                                                 METALLA ROYALTY & STREAMING | MAY 2022   10
28
ACTIVELY
EXPANDING
PIPELINE
                                                                                                            21
Metalla has
                                                                                           19
completed more
deals than its peers
since inception
(Sept 2016)                                                  14            14

                                                  12

                                      10
                           9

                       Royal Gold   Wheaton    Sandstorm   Maverix   Avg (exlc. MTA)     Osisko       Franco Nevada       Metalla
                                    Precious

                                                                                       METALLA ROYALTY & STREAMING | MAY 2022       11
5
EXPOSURE                                   Production Assets

TO TOP MINING
JURISDICTIONS
                                              24
                                          Development Assets

                                              41
                                           Exploration Assets

                METALLA ROYALTY & STREAMING | MAY 2022          12
THE
CAPITAL STRUCTURE
                                                 Supportive Shareholders
 Basic Shares Outstanding                44.5

                            RSU's         0.5
                 Options (W Avg $6.96)   2.75

 Fully Diluted                           47.7    Exchange Traded Funds

 Market Capitalization
                                         $300
 ($6.75 share price, May 9, 2022)                Analyst Coverage | Average Target of $14.10
  Cash (US$)                             $2.3
  Convertible Debt (US$)                 $5.5
  Debt (US$)                             $5.0
  Facility Available (C$)                $12.0

                                                                            METALLA ROYALTY & STREAMING | MAY 2022   13
INDUSTRY
LEADING
GROWTH
With world class
                                                                                                                                   Gosselin
operators                                                                                                                        Del Carmen
                                                                                                                                 NuevaUnion
                                                                                       Castle Mountain
                                                                                                                                   Garrison
                                                                                             Fosterville
                                                       30,000                                                                     Big Springs
                   ANNUAL GOLD EQUIVALENT PRODUCTION

                                                                                          Tocantinzinho
                                                                                                                                 Centrogold
                                                                                        Santa Gertrudis
                                                                                                                                 Hoyle Pond
                                                                                            Wasamac
                                                       25,000                                  Cote
                                                                                    Amalgamated Kirkland
                                                                                      Fifteen Mile Stream
                                                                                            Endeavor
                                                       20,000                               La Fortuna

                                                       15,000
                                                                   Higginsville
                                                                      Wharf
                                                       10,000         COSE
                                                                    Joaquin
                                                                     Shanta
                                                                El Realito – 2022
                                                        5,000    Beaufor - 2022

                                                           0
                                                                 Producing          Near Term (1-5 yrs)                Long Term Potential (5-10 yrs)
                                                                                                            METALLA ROYALTY & STREAMING | MAY 2022      14
THE CASE
FOR INVESTMENT
Strong Value Proposition
Metalla currently boasts one of the higher growth rates and strongest counterparties relative to its peers

Organic Growth
Portfolio includes stable operations and development projects backed by strong counterparties

Disciplined Management
Experienced management team with a track record of value accretive transactions delivered with a
low burn rate

Unique Business Plan / Approach
Focus on third-party royalties on assets operated by majors; acquisition for shares enables holders to
monetize the intrinsic value of their royalties.

                                                                                       METALLA ROYALTY & STREAMING | MAY 2022   15
APPENDIX         WEBSITE                  CONTACT                              ADDRESS

           www.metallaroyalty.com   info@metallaroyalty.com          Suite 501 - 543 Granville Street
                                         604.696.0741               Vancouver BC Canada V6C 1X8

                                                              METALLA ROYALTY & STREAMING | MAY 2022    16
WHARF                                                            HIGGINSVILLE
KEY ASSETS

             Lead, South Dakota                                               Kalgoorlie, Western Australia

             Metal Exposure: Gold                                             Metal Exposure: Gold

                                                                              Price participation - 27.5%* (spot - A$1,340),
             1% GVR
                                                                              first 2.5Koz per quarter, until 34Koz delivered

                                                                              2021 guidance for 105-110Koz with ~50% of the
             Stable cash flow from a tier one Operator
                                                                              production from Higginsville(4)

             Annual production is expected to be +80Koz for the               Exploration program on the 180,000Ha property the largest
             remainder of its current 7 year mine life. Over 1Moz currently   in the preceding decade combined. Updated mine plan
             defined excluding inferred(5)                                    and HGO mining strategy provides flexibility to operations(6)

                                                                                               METALLA ROYALTY & STREAMING | MAY 2022         17
FOSTERVILLE                                                   SANTA GERTRUDIS
KEY ASSETS

             Bendigo, Victoria Australia                                   Sonora, Mexico

             Metal Exposure: Gold                                          Metal Exposure: Gold

             2.5% GVR                                                      2% NSR

             Immediately on trend to the north and south                   Three major discoveries at Amelia, Espiritu Santo
             Victoria’s largest gold mine                                  & Santa Teresa

                                                                           2021 exploration budget of US$11M for ~30,000 m; evaluating
             Fosterville gold mine produced 640Koz at US$139/Oz in 2020.
                                                                           heap leach and small mill for operation. Internal technical
             Currently budgeting US$85-95M for exploration in 2021(3)
                                                                           evaluation expected to be completed in 2021(4)

                                                                                           METALLA ROYALTY & STREAMING | MAY 2022        18
CÔTÉ & GOSSELIN                                          JOAQUIN MINE & COSE
KEY ASSETS

             Ontario, Canada                                          Santa Cruz, Argentina

             Metal Exposure: Gold                                     Metal Exposure: Silver, Gold

             1.35% NSR                                                2% NSR & 1.5% NSR

             493Koz Au per year for the first five years, expansion   Annual Production: 4 Moz Ag, 2 Koz Au / 2Moz Ag,
             potential with inclusion of 5Moz Gosselin deposit(7)     42 Koz Au(6)

                                                                      Continued ramp up in production with high-grade ore from
             Poised to become Canada’s third-largest gold mine.
                                                                      Joaquin & COSE feeding Manantial Espejo. Multiple veins
             Fully-permitted and currently in construction.
                                                                      not in plan totalling 40Moz Ag-Eq(8)

                                                                                     METALLA ROYALTY & STREAMING | MAY 2022      19
ENDEAVOR MINE                                                 WASAMAC MINE
KEY ASSETS

             NSW, Australia                                                Rouyn-Noranda, Quebec

             Metal Exposure: Silver                                        Metal Exposure: Gold

             100% Silver Stream                                            1.5% NSR

             Current focus on expansion at Deep Zinc Lode,
                                                                           2P Reserves – 1.9 Moz Au at 2.56 g/t Au(11)
             Tailings(10)

                                                                           Proposed mine life of ~15 years producing an average of
             Steady production since 1983, recent discovery of deep lode
                                                                           200Koz Au/year for the first four with significant exploration
             indicates potential restart to production
                                                                           and throughput expansion potential.(9)

                                                                                            METALLA ROYALTY & STREAMING | MAY 2022          20
TOCANTINZINHO                                              CENTROGOLD
KEY ASSETS

             Para State, Brazil                                         Maranhão, Brazil

             Metal Exposure: Gold                                       Metal Exposure: Gold

             0.75% GVR                                                  1-2% NSR

             Fully Permitted expected to produce 170Koz per             Massive 120,000Ha exploration package that
             annum over ten years at a $580/Oz cash cost(1)             compliments an already robust PFS

             Shovel Ready project that with over 2Moz of gold in M&I.   Regional exploration includes over 25km of on-strike
             Royalty covers over 28,000Ha on an underexplored land      extensions. PFS contemplates a ten year operation
             package in a known gold district                           producing 160Koz per annum at a $640/Oz cash cost(2)

                                                                                       METALLA ROYALTY & STREAMING | MAY 2022   21
CASTLE MINE                                                      EL REALITO MINE
KEY ASSETS

             San Bernardino, California                                       Sonora, Mexico

             Metal Exposure: Gold                                             Metal Exposure: Gold, Silver

             5.0% NSR                                                         2% NSR

             Covers South Dome pit that currently hosts a                     Near term production supplementing La India
             1.1Moz reserve which is the higher-grade section                 Complex
             of the mining complex

             Currently operating in phase 1, Castle will enter an expansion   Satellite deposit located adjacent to operating La India Mine;
             in phase 2 expansion that will make it one of the top ten gold   2021 exploration program of US$4M and 20,000 metres(4)
             mine in the USA which includes South Dome.

                                                                                              METALLA ROYALTY & STREAMING | MAY 2022           22
LEADERSHIP
                         BOARD OF DIRECTORS                                                              MANAGEMENT / ADVISORS

Lawrence Roulston | Non – Executive Chairman                                       Brett Heath | President and CEO, Director
Mining professional and geologist with over 35 years of diverse hands-on           Founder of Metalla – Mr. Heath is a metals and mining industry professional
experience.                                                                        with 10 years of dedicated royalty and streaming experience.

Douglas Silver | Non-Executive Director                                            Drew Clark, CFA | VP Corporate Development
Co-founder of International Royalty Corp., sold to Royal Gold for C$749M.          Metals and mining industry professional with 15 years experience in research,
Portfolio Manager at Orion where it grew to be the world’s largest mining PE       investment banking and corporate development roles.
fund under his stewardship. U.S. National Mining hall of fame inductee in 2018.
                                                                                   Saurabh Handa | Chief Financial Officer
Alexander Molyneux | Non-Executive Director                                        Chartered Professional Accountant with more than 15 years of financial
Metals and mining industry professional with 20+ years of executive experience.    accounting and auditing experience in the mineral exploration and mining
Holds several high-level executive and board positions.                            industry.

James Beeby | Non-Executive Director                                               Frank Hanagarne | Technical Advisor
Corporate lawyer with 20 years’ experience advising clients on corporate finance   Metals and mining industry professional with 35+ years experience at
and M&A matters with a focus in the mining industry.                               Newmont Mining and Coeur Mining as COO.

EB Tucker | Non-Executive Director                                                 Sunny Sara | VP Acquisitions
Financial analyst with 20 years experience in fund management and newsletters.     Metals and mining industry professional with more than 5 years experience
                                                                                   as an Economic Geology Research Analyst & gold prospector.
Terry Krepiakevich | Non-Executive Director
Chartered Professional Accountant with 30+ years experience in public              Jonah Townsend | Controller
and private companies, and a certified member of the Institute of                  Former Senior Accountant at KPMG Canada working primarily in the mining
Corporate Directors.                                                               practice focused on accounting, tax, and internal controls.

                                                                                                                    METALLA ROYALTY & STREAMING | MAY 2022         23
Property                    Operator                 Location              Stage           Metal                               Terms

                      Wharf Mine                 Coeur Mining          South Dakota, USA        Production         Au                           1.0% NSR Royalty

                                                                                                                                  Price participation - 27.5% * (spot - A$1,340),
                      Higginsville             Karora Resources         Western Australia       Production         Au
                                                                                                                                  first 2.5Koz per quarter, until 34Koz delivered

                    Endeavor Mine             Sandfire Resources          NSW Australia         Production      Zn, Pb, Ag                   Stream on 100% of Ag

                     Joaquin Mine             Pan American Silver     Santa Cruz, Argentina     Production       Ag, Au                         2.0% NSR Royalty

                    Santa Gertrudis              Agnico Eagle            Sonora, Mexico        Development         Au             2.0% NSR Royalty (subject to a 1.0% buyback)

                 Côté Lake / Gosselin        IAMGOLD / Sumitomo        Gogama, Ontario         Development         Au                               1.35% NSR

PRODUCTION &      Fifteen Mile Stream             St Barbara          Halfiax, Nova Scotia     Development         Au                           1.0% NSR Royalty

DEVELOPMENT
                     (FMS) Plenty                 St. Barbara         Halfiax, Nova Scotia     Development         Au                           3.0% NSR Royalty

                      COSE Mine               Pan American Silver     Santa Cruz, Argentina     Production       Ag, Au                         1.5% NSR Royalty

PORTFOLIO            CentroGold

                     Tocantinzinho
                                                  Oz Minerals

                                                   G Mining
                                                                        Maranhão, Brazil

                                                                           Para, Brazil
                                                                                               Development

                                                                                               Development
                                                                                                                   Au

                                                                                                                   Au
                                                                                                                                                1-2% NSR Royalty

                                                                                                                                               0.75% NSR Royalty

                      Pine Valley             Nevada Gold Mines           Nevada, USA          Development         Au             3.0% NSR Royalty (subject to a 1.5% buyback)

                     Castle Gold                 Equinox Gold            California, USA       Development         Au                        5% NSR (South Dome)

                     Garrsion Mine            Moneta Porcupine        Kirkland Lake, Ontario   Development         Au                           2.0% NSR Royalty

                       El Realito                Agnico Eagle            Sonora, Mexico        Development       Ag, Au               2.0% NSR (subject to a 1% buyback)

                     Anglo / Zeke             Nevada Gold Mines           Nevada, USA          Development         Au                               0.5% GOR

                       Fosterville            Kirkland Lake Gold        Victoria, Australia    Development         Au                               2.5% GVR

                        Red Hill               NuLegacy Gold              Nevada, USA          Development         Au                               1.5% GOR

                    Hoyle Pond Ext.                Newmont              Timmins, Ontario       Development         Au               2.0% NSR, subject to 500 Koz exemption

                      La Fortuna                Minera Alamos           Durango, Mexico        Development      Au, Ag, Cu            3.5% NSR (2.5% capped at US$4.5M)

                     NuevaUnion            Teck Resources / Newmont     Atacama, Chile         Development         Au                              2.0% on Au

                      New Luika                  Shanta Gold                Tanzania            Production         Au                         Stream on 15% of Ag

               Big Springs / Golden Dome         Anova Metals                Elko, NV          Development         Au                                2% NSR

                     Del Carmen                  Barrick Gold               Argentina          Development         Au                               0.5% NSR

                Amalgamated Kirkland             Agnico Eagle         Kirkland Lake, Ontario    Exploration        Au                               0.45% NSR

                      Wasamac                   Yamana Gold             Val d'Or, Quebec       Development         Au                1.5% NSR (subject to a 0.5% buyback)

                   Timmins West Ext.          Pan American Silver       Timmins, Ontario       Development         Au                1.5% NSR (subject to a 0.75% buyback)

                     Beaufor Mine              Monarques Gold           Val d'Or, Quebec       Development         Au                               1.0% NSR

                        San Luis                  SSR Mining                   Peru            Development       Ag, Au                             1.0% NSR

                    Akasaba West                 Agnico Eagle           Val d'Or, Quebec       Development       Au, Cu               2.0% NSR, payable after 210 Koz Au

                       TVZ Zone                    Newmont              Timmins, Ontario       Development         Au                               2.0% NSR

                      Aureus East              Aurelius Minerals      Halfiax, Nova Scotia     Development         Au                               1.0% NSR

                        Zaruma                   Titan Minerals             Ecuador            Development         Au                               1.5% NSR

                      Carlin East              Ridgeline Minerals            Elko, NV          Development         Au                             1.0-2.0% NSR

                       Caldera                Discovery Harbour         Nye County, NV         Development    METALLA
                                                                                                                  Au  ROYALTY & STREAMING 1.0%
                                                                                                                                          | MAYNSR 2022                             24
                     Green Springs              Contact Gold             White Pine, NV        Development         Au                             1.0-2.0% NSR
Property               Operator               Location             Stage         Metal                  Terms

                Kirkland-Hudson        Kirkland Lake Gold   Kirkland Lake, Ontario   Exploration      Au                  2.0% NSR

                    North AK           Kirkland Lake Gold   Kirkland Lake, Ontario   Exploration      Au                  0.45% NSR

              Hot Pot / Kelly Creek   Nevada Exploration        Humbolt, NV          Exploration      Au                  1.5% NSR

                     Orion               Minera Frisco         Nayarit, Mexico       Exploration     Au, Ag               2.75% NSR

                   Big Island              Voyageur          Flin Flon, Manitoba     Exploration      Au                  2.0% NSR

                     Biricu             Minaurum Gold         Guerrero, Mexico       Exploration     Au, Ag          2.0% NSR + $10/oz Ag

EXPLORATION        Boulevard          Independence Gold            Yukon             Exploration      Au                  1.0% NSR

PORTFOLIO
               Camflo Northwest          Yamana Gold          Val d'Or, Quebec       Exploration      Au                  1.0% NSR

                 Edwards Mine               Trillium           Wawa, Ontario         Exploration      Au                  1.25% NSR

                 Jersey Valley           Abacus Mining          Pershing, NV         Exploration      Au                  1.0% NSR

                Island Mountain             Tuvera                Elko, NV           Exploration      Au               1.0% - 2.0% NSR

                 Kings Canyon              Pine Cliff            Millard, UT         Exploration      Au               1.0% - 2.0% NSR

                   Pucarana              Buenaventura               Peru             Exploration     Au, Ag            1.8% NSR Option

                   Capricho                 Pucara                  Peru             Exploration     Au, Ag               1.0% NSR

                    Lourdes                 Pucara                  Peru             Exploration     Au, Ag               1.0% NSR

                 Santo Tomas                Pucara                  Peru             Exploration      Au                  1.0% NSR

              Guadalupe/Pararin             Pucara                  Peru             Exploration      Au                  1.0% NSR

                  Detour DNA              Detour Gold       Cochrane, Canada         Exploration      Au                  2.0% NSR

                   Puchildiza               Metalla                 Chile            Exploration      Au                  1.5% NSR

                 DeSantis Mine        Canadian Gold Miner     Timmins, Ontario       Exploration      Au                  1.5% NSR

                   Fortuity 89          Newcrest Mining       Timmins, Ontario       Exploration      Au                  1.5% NSR

                  Bint Property            Glencore           Timmins, Ontario       Exploration      Au                  2.0% NSR

                 Colbert/Anglo             Goldcorp           Timmins, Ontario       Exploration      Au                  2.0% NSR

                   Montclerg                  IEP             Timmins, Ontario       Exploration      Au                  1.0% NSR

                Pelangio Poirier         Pelangio Exp.        Timmins, Ontario       Exploration      Au                  1.0% NSR

                   Beaudoin             Explor Resources      Timmins, Ontario       Exploration     Au, Ag               0.4% NSR

                 Sirola Grenfell         Pelangio Exp.      Kirkland Lake, Ontario   Exploration      Au                  0.25% NSR

                  Mirado Mine              Orefinders       Kirkland Lake, Ontario   Exploration      Au              1.0% NSR + Option

                Solomon's Pillar          Sage Gold         Greenstone, Ontario      Exploration      Au                  1.0% NSR

                   Los Patos                Private              Venezuela           Exploration      Au                  1.5% NSR

                Goodfish Kirana           Warrior Gold      Kirkland Lake, Ontario   Exploration ROYALTY Au
                                                                                     METALLA                             1.0%
                                                                                                         & STREAMING | MAY    NSR
                                                                                                                            2022            25
                Tower Mountain            White Metal       Thunder Bay, Ontario     Exploration      Au                   2% NSR
(1) Project data source from Eldorado Gold’s Annual Information         (8) Project data sourced from Pan American Silver Corp.’s news release
        Form dated March 30, 2020, Eldorado Gold’s news release filed on        dated December 17, 2017 and December 21, 2017 and February 17,
        December 2, 2020 and technical report prepared by Eldorado Gold         2021 and filed under its SEDAR profile on www.sedar.com.
        for the Tocantinzinho Project dated June 21, 2019 and filed under its
        SEDAR profile on www.sedar.com.                                         (9) Project data source from Barrick Gold Corporation’s presentation
                                                                                dated February 18, 2021 and November 20, 2020 and filed on its
NOTES   (2) Project data source from Oz Minerals 2020 Annual Report dated       website at www.barrick.com.
        February 18, 2021. Oz Minerals December 2020 Quarterly Report
        Presentation and CentroGold Pre-feasbility Study dated July 11 2019     (10) Project data source from Sandfire Resources ASX
        and CentroGold Mineral Resource as of 6 May 2019 and Ore Reserve        Announcement dated February 25, 2021 and filed on its website at
        as at 24 June 2019 Statement filed under its ASX profile on             www.sandfire.com.au.
        www.asx.com.au
                                                                                (11) Project data source from Yamana Gold news released filed on
        (3) Project data source from Kirkland Lake Gold’s news release filed    February 11, 2021 and filed on its website at www.yamana.com
        on February 25, 2021 on its website at www.klgold.com
                                                                                While the Company does not have any knowledge that such data
        (4) Project data sourced from Agnico Eagle Mines Limited’s news         and information is not accurate, the Company has not independently
        release dated February 11, 2021 and filed under its SEDAR profile on    verified this information and there can be no assurance that such
        www.sedar.com.                                                          third-party information is complete or accurate.

        (5) Project data source from Coeur Mining’s presentation dated          QUALIFIED PERSON
        February 18, 2021 and from Coeur Mining annual report dated             The technical information contained in this presentation has been
        February 17, 2021 and filed on its website at www.Coeur.com filed       reviewed and approved by Charles Beaudry, geologist M.Sc.,
        under its SEDAR profile on www.sedar.com                                member of the Association of Professional Geoscientists of Ontario
                                                                                and of the Ordre des Géologues du Québec and a consultant to
        (6) Project data source from Karora Resources’ news release filed on    Metalla. Mr. Beaudry is a QP as defined in National Instrument 43-101
        January 19, 2021 & November 9, 2020 and Karora Resources Annual         Standards of Disclosure for Mineral Projects.
        Information Form December 31, 2019 and filed on its website at
        www.karoraresources.com

        (7) Project data source from IAMGOLD news release filed on July 21,
        2020, news release dated January 21, 2021, IAMGOLD Corporate
        Presentation dated March 2021 and Presentation dated July 21, 2020
        and Cote Gold Project NI 43-101 dated November 1, 2018 and filed on
        IAMGOLD’s SEDAR profile on www.sedar.com.
                                                                                                    METALLA ROYALTY & STREAMING | MAY 2022              26
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