THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.

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THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT
December 2019 | TSX & NYSE American: MMX | maverixmetals.com
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
MAVERIX METALS

       PURE PLAY     CORNERSTONE                  GROWTH
     ROYALTY MODEL   SHAREHOLDERS                  DRIVEN

      EXPERIENCED                             GOLD PRICE
       LEADERSHIP                             LEVERAGE

      LOWER RISK &    INCREASING            SUSTAINABLE
      HIGH MARGIN     CASH FLOW               DIVIDEND

                                   TSX & NYSE American: MMX   maverixmetals.com   1
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
MAVERIX OVERVIEW
  SNAPSHOT                                                    SHAREHOLDERS
  Prior to Kinross Transaction

  Share Price (TSX price as of November 29, 2019)    C$5.43

  Market Capitalization                             US$450M
                                                                (25%)                (23%)        (9.4%)

  PRO-FORMA                                                       Management, Board, Insiders (~10%)
                                                                           Resolute Funds Ltd.
  Shares Issued (undiluted)                          119.5M        Tocqueville Asset Management LP
  Options                                              3.6M               Merk Investments LLC
  Warrants                                           18.25M                      US Global
    •   5M at US$1.56, expiry July 2021                                         Ross Beaty
    •   3.25M at US$2.40, expiry July 2021
    •   5M at US$2.40, expiry Dec 2021
    •   5M at US$3.28, expiry June 2023
                                                              RESEARCH COVERAGE
  Cash on Hand                                       ~US$5M

  Debt Outstanding                                  ~US$70M

  Available Credit Facility                          US$50M

  Quarterly Dividend per Share                      US$0.01

                                                                TSX & NYSE American: MMX         maverixmetals.com   2
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
EXPERIENCED LEADERSHIP

Geoff Burns                  David Scott                     Blake Rhodes          Rob Doyle                   Brian Penny                   Stefan Spicer                      Chris Barnes
Chairman                     Director                        Director              Director                    Director                      Director                           Director
 Former CEO of Pan           Former Vice Chair of            SVP, Strategic      CFO of Pan American        CFO of Wallbridge            Former Chairman &                 25+ years of capital
  American Silver              Investment Banking at            Development at       Silver                      Mining                        CEO of Central Fund                markets investment
                               CIBC Capital Markets             Newmont Goldcorp                                                               of Canada                          experience

                      Dan O’Flaherty                      Ryan McIntyre            Matt Fargey                  Doug Ward                          Brendan Pidcock
                      CEO & Director                      President                CFO                          VP Technical Services              Senior Director Evaluations
                       15+ years of mining             Former Co-Portfolio        15+ years of accounting     Mining engineer with 25+          Mining engineer with 25+
                        industry experience              Manager at Tocqueville      industry experience          years of experience                years of experience
                                                         Asset Management

                                                                                                                TSX & NYSE American: MMX                             maverixmetals.com                   3
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
RECORD Q3 RESULTS

RECORD       RECORD        Cash operating margin of 88%
GEOS         REVENUE       Increased royalty on Hope Bay from 1% to 2.5% for
                            US$40 million

   7.2        C$14         Increased revolving credit facility to US$120 million
                           On track to meet annual guidance of 22.5 – 24.5 koz GEOs
     koz        million
                           Waterton announced an update on its Gemfield Project
                            in Nevada
RECORD       RECORD
OPERATING    NET INCOME          Receipt of the final EIS and all other major federal & state permits

CASH FLOW                        Initiated key infrastructure development

 C$10 C$2.4
                                 Expected completion of a feasibility study in Q4 with projected
                                  average gold production in excess of 125,000 ounces per year
                                 Maverix holds a 5% NSR royalty on a portion of the project
   million      million          See more at www.gemfieldresources.com

                                               TSX & NYSE American: MMX           maverixmetals.com      4
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
RECENT HIGHLIGHTS
 Welcomed new institutional shareholders as a result of Gold Fields monetizing
  its 20% interest

 Listed on TSX and NYSE American  Significant increase in trading volume

 Declared inaugural quarterly dividend of US$0.01 per share payable in
  January 2020

 Appointed Ryan McIntyre as President
       Mr. McIntyre was previously a portfolio manager at Tocqueville Asset Management

 Acquisition of a significant royalty portfolio from Kinross Gold

                                                         TSX & NYSE American: MMX   maverixmetals.com   5
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
KINROSS ROYALTY PORTFOLIO ACQUISITION
 Fourth portfolio acquisition from a senior producer
   Maverix to acquire Kinross Gold’s 25 royalties for US$25 million in cash and 11.2 million common shares of Maverix

 Accretive combination of highly complementary portfolios
  INCREASED SCALE &                     IMMEDIATE CASH FLOW WITH                STRONG
  ASSET DIVERSIFICATION                 GROWTH POTENTIAL                        COUNTERPARTIES
   3 royalties on operating mines        Cash flow of US$3M to US$4M
                                           expected in 2020
   25 total royalties
                                          Potential to increase annual
   7 countries                            cash flow significantly

 Kinross to become a new significant and supportive shareholder of Maverix
   Kinross will become a 9.4% shareholder of Maverix
   Kinross joins Newmont Goldcorp and Pan American Silver as cornerstone shareholders of Maverix
   Maverix to receive a right of first offer on future royalties & streams from Kinross
                                                                          TSX & NYSE American: MMX   maverixmetals.com   6
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
NEW ASSETS
      ASSET                                                       OWNER                                           LOCATION    STATUS                      MAVERIX INTEREST

      Omolon                                                                                                                  Operating                       2% GRR(1)

      DeLamar                                                                                                                Development                      2.5% NSR(2)

      Kensington                                                                                                              Operating                       2.5% NRR(3)

      Railroad                                                                                                               Development                      2% NSR(1)

      McCoy-Cove                                                                                                             Development                      2% NSR(1)

      Cerro Casale                                                                                                           Development                     1.25% GRR(4)

                                IMMEDIATE                                                                     NEAR TERM                     FUTURE GOLD
                                CASH FLOW                                                  +                 DEVELOPMENT           +        OPTIONALITY
(1)   Royalty only covers a portion of the deposit
(2)   Royalty only covers the DeLamar deposit and decreases to 1% after $10 million in royalties have been paid
(3)   Royalty not payable until certain conditions are met
(4)   Royalty payable on 25% of gross revenues and the first $10 million is foregone                                           TSX & NYSE American: MMX          maverixmetals.com   7
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
LARGE DEPOSITS
      Cerro Casale                                                          Hammond Reef                           Monument Bay                           Golden Eagle
      Royalty                             1.25% GRR(1)                      Royalty                     2.0% NSR   Royalty                1.5% NSR        Royalty                   2.0% NSR

      Owners                                                                Operator                               Operator                               Operator

                    23 Moz                                                              4.5 Moz                          3.6 Moz                                1.7 Moz
                   Proven & Probable                                                    Measured & Indicated             Indicated & Inferred                       Historical Indicated
                     Gold Reserves                                                        Gold Resources                   Gold Resources                            Gold Resources

                                                    FUTURE                                                         OPTIONALITY

(1) Royalty payable on 25% of gross revenues and the first $10 million is foregone
For more information on the mineral reserves & resources please refer to the Appendix                                          TSX & NYSE American: MMX                 maverixmetals.com      8
THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
OMOLON HUB
       2.0%                        GROSS
                                   ROYALTY (1)
                                                                                                                                                                           Magadan
                                                                                                                                                                            Region
     Hub comprised of 4 operating gold and silver mines and one
      central processing plant located in Magadan Region, Russia

     In operation since 2010 with a current mine life to 2024

     2018 production of 195 koz gold equivalent at total cash costs of
      US$647/oz AuEq

  Polymetal Snapshot
     Polymetal International plc is a leading precious metals mining         Omolon Hub Reserves & Resources
      group operating in Russia and Kazakhstan with a listing on the           Classification              Tonnes (Mt)              g/t Au             g/t Ag               koz Au                koz Ag

      London Stock Exchange and current market capitalization of               Proven                           8.30                 2.37               34.3                  634                  9,154

      ~US$7 billion                                                            Probable                         1.56                 7.97               30.7                  400                  1,540

                                                                               Proven + Probable                9.86                 3.26               33.7                 1,034                10,693
     The company is a member of FTSE 100, FTSE Gold Mines and
                                                                               Measured                         1.02                 2.81               32.5                  92                   1,067
      MSCI Russia
                                                                               Indicated                        0.85                 6.66               250.8                 182                  6,853

     Polymetal has a portfolio of 9 producing gold and silver mines that      Meas. + Ind.                     1.87                 4.56               131.7                 274                  7,920

      produced a total of 1.56 million gold equivalent ounces in 2018          Inferred                         0.60                 9.69               61.74                 187                  1,191

                                                                              Effective date of the mineral reserves and resources is January 1, 2019 (see Appendix for additional information).
For more information on Omolon, please visit www.polymetalinternational.com   Note the royalty only applies to certain deposits and does not cover all of the reserves & resources in the table above.

(1) Royalty only covers certain deposits that form part of the Omolon hub                     TSX & NYSE American: MMX                                              maverixmetals.com                      9
DELAMAR
       2.5%                         NSR
                                    ROYALTY (1)

     Open-pit gold and silver project located in Idaho being advanced by
      Integra Resources                                                                                                                                                                                                   Idaho

     Past producing gold and silver mine with a 100+ year operating
      history producing over 1.6 million ounces of gold and 100 million
      ounces of silver
     Pre-feasibility study underway

  September 2019 PEA Summary
     After-tax NPV (5%) of US$358M and IRR of 43% at US$1,350/oz Au
      and US$16.90/oz Ag                                                                                             DeLamar Deposit Resources
     Initial 10 year mine life                                                                                       Classification         Tonnes (Mt)              g/t Au                g/t Ag               koz Au           koz Ag

     Average annual production of 124 koz AuEq                                                                       Measured                   14.48                 0.51                  36.4                  238            16,942

                                                                                                                      Indicated                 105.14                 0.39                  23.4                 1,334           79,241
     Various future potential value enhancement opportunities, including:                                            Meas. + Ind.              119.62                 0.41                  25.1                 1,572           96,183

                Unoxidized mineralization processing and increased                                                   Inferred                   21.29                 0.39                  15.2                  266            10,418

                 production profile scenarios                                                                        Effective date of the mineral resources is May 1, 2019 (see Appendix for additional disclosure)

                Significant exploration potential                                                                   For more information on DeLamar, please visit www.integraresources.com

(1) Royalty decreases to 1% after $10 million in royalties have been paid and only applies to the DeLamar deposit.                   TSX & NYSE American: MMX                                             maverixmetals.com                10
FOURTH PORTFOLIO ACQUISITION

                  July 2016
                                                      December 2016

        13                    23%           11                      +100%
      ROYALTIES         EQUITY INTEREST    ROYALTIES               REALIZED GAIN
      & STREAMS           IN MAVERIX                              ON INVESTMENT*
                                             *Sold 20% interest in Maverix in June 2019

                                                       December 2019
                  July 2018

        51                    25%           25                         9.4%
      ROYALTIES          EQUITY INTEREST   ROYALTIES              EQUITY INTEREST
                           IN MAVERIX                               IN MAVERIX

                                            TSX & NYSE American: MMX                      maverixmetals.com   11
DIVERSIFIED ROYALTY AND STREAM PORTFOLIO

   14
PAYING ASSETS
                                                                         Hope Bay
                                                                         2.5% NSR

 105
TOTAL ASSETS
                       Silvertip
                       2.5% NSR
                                   Head Office
                                   Vancouver, BC
                                                     Touquoy (Moose River)
                                                     1% NSR                                                                                           Omolon
                                                                                                                                                      2% GRR

 FOCUSED ON                                        La Colorada
                                                   100% Gold Stream

  GOLD            Taviche (San Jose)
                  1.5% NSR
                                                   El Mochito
     IN                                            22.5% Silver Stream
                                                                                                                                                     Vivien
                                                                                                                                                     3.5% GRR

 MINING         WESTERN USA

FRIENDLY
                 Moss 100% Silver Stream
                 Florida Canyon 3% NSR
                                                                         Karma
JURISDICTIONS    Friday-Petsite 3% NSR
                                                                         2% NSR                                     Beta Hunt
                                                                                                                    7.5% Gold GRR/NSR
                 DeLamar 2.5% NSR
    WITH         Gemfield 5% NSR

 STRONG
                 McCoy-Cove 1.5% + 2% NSR
                 Hasbrouck–Three Hills 1.25% NSR
OPERATING        Railroad 2% NSR                                          Producing Assets      Advanced Projects
                                                                                                                                               Mt Carlton

PARTNERS         Converse 5% NSR
                 Relief Canyon 2% NSR (partial)
                                                                          Earlier stage assets not shown on map                                2.5% NSR

                                                                                TSX & NYSE American: MMX                         maverixmetals.com            12
DISCIPLINED GROWTH
Gold Equivalent Production
(koz GEOs)                                                                               2019F GEOs by Country
40

                                                                                                               Canada & US
                                                                                            35%         30%
30                                                                                                             Australia
                                                    22.5 –24.5     koz
                                                                                                               Mexico
                                         21 koz                                                         20%
                                                                                             15%               Other
20

                        12 koz
                                                                   Q3
                                                                   to-date

10
                                                                                        2019F Revenue by Metal
             1.4 koz
 0
             2016       2017                 2018    2019 Guidance                                             Gold
                                                                                            75%          21%
     At Inception                                    Today                                                     Silver

       2       paying
               assets      10 Acquisitions           14   paying
                                                          assets
                                                                                                               Other

      13       total
               assets                               105   total
                                                          assets

                                                                             TSX & NYSE American: MMX           maverixmetals.com   13
CORE ASSETS

  La Colorada                                                          Hope Bay                                     Mt Carlton                                  Karma
  Mine Operator                                                        Mine Operator                                Mine Operator                               Mine Operator

                          Market Cap: US$4.0B                                                  Market Cap: C$400M                      Market Cap: A$6.7B                          Market Cap: C$2.7B

  Metal Exposure                                                       Metal Exposure                               Metal Exposure                              Metal Exposure

                        Gold                                                        Gold, Silver                     Gold, Silver, Copper                               Gold, Silver

  Maverix Interest                                                     Maverix Interest                             Maverix Interest                            Maverix Interest

    100% of Payable Gold                                                      2.5% NSR Royalty                          2.5% NSR Royalty                            2.0% NSR Royalty
                  (above $650/oz)                                               (plus a bonus 0.25% NSR)

          2019 Production Guidance                                             2019 Production Guidance                FY 2020 Production Guidance                   2019 Production Guidance
          4.1 – 4.8 koz Gold                                                  140 – 150 koz Gold                         95 – 105 koz Gold                          105 – 115 koz Gold
                 Reserve Mine Life                                                    Reserve Mine Life                      Reserve Mine Life                           Reserve Mine Life
                   15+ Years                                                            20+ Years                               6+ Years                                   10+ Years

 Source: Production guidance and mine life is from publicly available information provided by the operator                           TSX & NYSE American: MMX                   maverixmetals.com       14
OTHER CASH FLOWING ASSETS

Beta Hunt                                                            Silvertip                                Moss                                          El Mochito
Mine Operator                                                        Mine Operator                            Mine Operator                                 Mine Operator

Metal Exposure                                                       Metal Exposure                           Metal Exposure                                Metal Exposure

                      Gold                                                Silver, Lead, Zinc                                Silver                                        Silver
Maverix Interest                                                     Maverix Interest                         Maverix Interest                              Maverix Interest

    7.5% Gold GRR/NSR +                                                        2.5% NSR Royalty                 100% of Payable Silver                        22.5% of Payable Silver
       1.5% Nickel NSR

                        Status                                                  2019 Production Guidance                         Status                           2019 Production Guidance
New reserve estimate and                                                      4.0 – 7.0 Moz AgEq                September quarter the                         850 koz – 1.2 Moz Silver
 mine plan expected in                                                                         Status             strongest operating                                          Status
        Q4 2019                                                      Permit to operate at 1,000 tpd             quarter since achieving                       11 consecutive quarters of
                                                                      year-round expected in Q4                 commercial production                          metal production growth

  Source: Production guidance and mine life is from publicly available information provided by the operator                      TSX & NYSE American: MMX                   maverixmetals.com   15
UPCOMING GROWTH
 Ongoing
         Silvertip ♦ Moss ♦ El Mochito
Ramp Ups

  Hope       First full year of additional 1.5% royalty
  Bay        Ramp up to 2,000 tpd

 Omolon     Expected cash flow of US$3M to US$4M in 2020

 Western
   USA      Gemfield ♦ DeLamar ♦ Railroad ♦ McCoy-Cove ♦ Relief Canyon
 Projects

                                                     TSX & NYSE American: MMX   maverixmetals.com   16
ACQUISITION STRATEGY

 Predominantly precious metals
 Mining friendly jurisdictions
 Producing assets or on a clear path to production
 Long mine life or a track record of continuous reserve replacement
 Demonstrated exploration and expansion potential
 Experienced operators with a proven track record of success
 Accretive on a per share basis
           Sustainable returns with reduced risk
                                                TSX & NYSE American: MMX   maverixmetals.com   17
FOCUS ON INCREASING LIQUIDITY
Maverix Trading Liquidity (Canada + US)
                                   Canada   US OTC    NYSE American
                                                                                                                               Q3 Monthly Average:
                                                                                                                                    US$5.0M

                                   $16.0

                                   $14.0
Total Dollar Value Traded (US$M)

                                   $12.0

                                   $10.0

                                    $8.0
                                                      2018 Monthly Average:
                                    $6.0                    US$630K
                                                                                                                Listed in June 2019
                                    $4.0

                                    $2.0

                                    $0.0
                                            Q1 2018      Q2 2018      Q3 2018   Q4 2018   Q1 2019     Q2 2019                         Q3 2019      November 2019

                                                                                                    TSX & NYSE American: MMX             maverixmetals.com     18
ROYALTY COMPANIES - VALUATION MULTIPLES
 LARGER COMPANIES TRADE AT
 HIGHER VALUATION MULTIPLES
         Proven track record of growth
         TSX and US listing
         Sustainable dividend
         Asset diversification
     Increased liquidity
     More research coverage
     Greater access to capital
     Index inclusion (ex: GDXJ)

   MULTIPLE EXPANSION                                                                                                                       Emerging Royalty
                                                                                                                                              Companies
                                                                                                                                                                           Mid-Tier Royalty
                                                                                                                                                                             Companies
                                                                                                                                                                                                Senior Royalty
                                                                                                                                                                                                 Companies
                                      LEADS TO
              SUBSTANTIAL                                                                                                                              ~US$480M                >US$1.0B             US$7.0B+
                                                                                                                        Market Cap.

                                                                                                                       Annual GEOs ~25 – 30 koz                              ~60 – 100 koz           300+ koz
                TORQUE
For illustrative purposes only. Annual GEOs estimated based on public disclosure for each company. Please see the section of the presentation titled
“Disclaimer” and refer to the Forward-Looking Statements for further information.                                                                             TSX & NYSE American: MMX        maverixmetals.com   19
MAVERIX SUMMARY

                                                                                       RE-RATE
                                                                                      POTENTIAL
                                                                                               FROM
                                       LEVERAGE                                       MULTIPLE
                                        TO GOLD                                      EXPANSION
                                     Operators invest in underlying

      GROWTH                                                                         TSX and US Listing
                                      assets (exploration, expansion)
                                     Margin expansion with no
   Production ramp up at Hope
                                      exposure to rising costs                       Sustainable Dividend
    Bay, Silvertip and Moss mines    Exposure to 105 assets with
   Near term assets coming into
                                      14 currently producing                         Increasing Liquidity
    production                       Royalties on advanced stage
                                      development assets that could                  Potential Index Inclusion
   Accretive acquisitions
                                      be built at higher gold prices

                                                                    TSX & NYSE American: MMX       maverixmetals.com   20
Contact Us
 info@maverixmetals.com
    maverixmetals.com
TSX & NYSE American: MMX
KINROSS PORTFOLIO – COMPLETE LIST
ASSET                         LOCATION              OPERATOR                     STATUS                      MAVERIX INTEREST
Omolon Hub                      Russia            Polymetal International         Operating                   2.0% Gross Revenue Royalty

Friday-Petsite                    USA                  Endomines                  Operating                   3.0% NSR Royalty (capped)

Kensington                        USA                 Coeur Mining                Operating                2.5% Net Returns Royalty (capped)

DeLamar                           USA               Integra Resources           Development             2.5% NSR Royalty (can decrease to 1.0%)

Railroad                          USA            Gold Standard Ventures         Development                       2.0% NSR Royalty

McCoy-Cove                        USA              Premier Gold Mines           Development                       2.0% NSR Royalty

Esperanza / Chimberos            Chile           Kingsgate Consolidated         Development                     2.0 – 3.0% NSR Royalty

Cerro Casale                     Chile                 Barrick Gold             Development             1.25% Gross Royalty on 25% of Revenues

Hammond Reef                    Canada             Agnico Eagle Mines        Advanced Exploration                 2.0% NSR Royalty

Monument Bay                    Canada                Yamana Gold            Advanced Exploration                 1.5% NSR Royalty

Golden Eagle                      USA                   Fiore Gold           Advanced Exploration                 2.0% NSR Royalty

Spring Valley (exploration)       USA         Waterton Resource Management   Advanced Exploration                 2.0% NSR Royalty

Morondo                       Cote d’Ivoire           Montage Gold               Exploration                      2.0% NSR Royalty

Enchi                            Ghana             Pinecrest Resources           Exploration                      2.0% NSR Royalty

Jiboia                           Brazil                OZ Minerals               Exploration                    1.5 – 2.0% NSR Royalty

Nangodi / Yameriga               Ghana             Cardinal Resources            Exploration                      1.0% NSR Royalty

Aurora                            USA              Aurora Consolidated           Exploration                    1.5 – 3.0% NSR Royalty

Azul                             Chile           Golden Arrow Resources          Exploration                      2.0% NSR Royalty

Crevasse                          USA              Piedra Dura Mining            Exploration                      5.0% NSR Royalty

Harker                          Canada             Kirkland Lake Gold            Exploration                      2.0% NSR Royalty

Ket 28                          Canada             Grizzly Discoveries           Exploration                      3.0% NSR Royalty

Manhattan                         USA                  Kinross Gold              Exploration                      1.0% NSR Royalty

Rock Creek                        USA            Western States Minerals         Exploration                      0.5% NSR Royalty

Candelaria                        USA             Silver One Resources           Exploration                        Fixed Payment

                                                                             TSX & NYSE American: MMX             maverixmetals.com               22
KINROSS PORTFOLIO – MINERAL RESERVES
100% Basis                                                                                 Proven                                                                             Probable                                                                Proven & Probable
                                         Notes                Tonnes                       Grade                Contained Metal                    Tonnes                        Grade               Contained Metal                    Tonnes                  Grade              Contained Metal
Gold                                                             (kt)                        (g/t)                       (koz)                         (kt)                        (g/t)                      (koz)                        (kt)                   (g/t)                 (koz)
Cerro Casale                                (1)                   229,700                            0.7                      4,780                    967,900                             0.6                   18,465                 1,197,605                            0.6          23,245
Esperanza                                   (2)                            --                          --                           --                   17,100                            0.5                        300                    17,100                          0.5                300
Kensington                                  (3)                      1,451                           6.4                         298                          894                          8.8                        254                     2,346                          7.3                552
Omolon                                      (4)                      8,300                           2.4                         634                      1,560                            8.0                        400                     9,860                          3.3           1,034
Railroad (Dark Star)                        (5)                      5,434                           1.4                         243                     24,023                            0.8                        641                    29,456                          0.9                884

Silver                                                           (kt)                        (g/t)                       (koz)                         (kt)                        (g/t)                      (koz)                        (kt)                   (g/t)                 (koz)
Cerro Casale                                (1)                   229,700                            0.4                    14,080                     967,900                             0.6                   44,600                 1,197,600                            0.6          58,680
Esperanza                                   (2)                            --                          --                           --                   17,100                          87.0                    47,800                      17,100                         87.0          47,800
Omolon                                      (4)                      8,300                          34.3                      9,154                       1,560                          30.7                      1,540                      9,860                         33.7          10,693

Copper                                                           (kt)                         (%)                       (Mlbs)                         (kt)                        (%)                       (Mlbs)                        (kt)                       (%)              (Mlbs)
Cerro Casale                                (1)                   229,700                            0.4                         962                   967,900                             0.6                     4,818                      1,198                          0.6           5,779

Notes:
(1) Cerro Casale
         • Source: Barrick Gold 2016 Annual Report.
         • Effective date of December 31, 2016.
         • Maverix’s royalty applies to 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca.

(2)   Esperanza
          • Source: Kingsgate Consolidated Limited news release dated September 27, 2019.
          • Mineral reserve estimate as of June 30, 2019.
          • Reserves are based on a floating cut-off grade method. In this method each Resource block is subjected to a series of estimates to generate revenue and cost fields that are used to determine a breakeven cut-off grade.

(3)   Kensington
          • Source: Coeur Mining 2018 Annual Report.
          • Mineral reserve estimate as of December 31, 2018.
          • For details on the estimation of mineral reserves, including the key assumptions, parameters and methods used to estimate the mineral reserves, please refer to the NI 43-101 Technical Report for Kensington on file at www.sedar.com.
          • Maverix’s royalty does not take effect until Coeur has re-couped its initial construction investment + $32.5 million.

(4)   Omolon
         • Source: Polymetal International news release dated March 8, 2019.
         • Mineral reserve estimate as of January 1, 2019.
         • Maverix’s royalty only covers certain deposits including Birkachan and Tsokol Kubaka

(5)   Railroad
           • Source: Gold Standard Ventures news release dated September 10, 2019 (see Technical Report entitled “South Railroad Project NI 43-101 Technical Report, Preliminary Feasibility Study, Carlin Trend, Nevada, USA” available at www.goldstandardv.com.)
           • Mineral reserve estimate as of September 10, 2019.
           • Maverix’s royalty covers a portion of the Dark Star deposit.

                                                                                                                                                                                                            TSX & NYSE American: MMX                                                 maverixmetals.com   23
KINROSS PORTFOLIO – MINERAL RESOURCES
100% Basis                                   Measured                                         Indicated                            (M) + (I)                       Inferred
                       Notes   Tonnes         Grade          Contained Metal    Tonnes         Grade           Contained Metal Contained Metal      Tonnes         Grade           Contained Metal
Gold                            (kt)           (g/t)              (koz)          (kt)           (g/t)               (koz)           (koz)            (kt)            (g/t)              (koz)
Cerro Casale            (1)      22,960                0.3                220    273,700                0.4            3,140            3,360        495,440                 0.4           6,000
DeLamar                 (2)      14,481                0.5                238    105,140                0.4            1,334            1,572         21,291                 0.4                266
Enchi                   (3)             --              --                 --            --               --                 --                --     37,357                 0.9           1,079
Esperanza               (4)        1,600               0.0                 0      27,200                0.5                 400             400       10,600                 0.3                90
Friday                  (5)            245             6.9                54            217             6.2                 43               97             296              4.9                47
Golden Eagle            (6)             --              --                 --     28,500                1.9            1,740            1,740           4,600                1.3                190
Hammond Reef            (7)     165,662                0.7           3,724        42,754                0.6                 777         4,501               501              0.7                12
Kensington              (8)        1,461               8.7                409           972             8.4                 262             671             644              7.8                161
McCoy-Cove              (9)             --              --                 --           950            11.2                 342             342         3,660              11.2            1,322
Monument Bay           (10)             --              --                 --     36,581                1.5            1,787            1,787         41,946                 1.3           1,781
Morondo                (11)             --              --                 --            --               --                 --                --     34,100                 1.1           1,206
Omolon                 (12)        1,020               2.8                92            850             6.7                 182             274             600              9.7                187
Railroad (Dark Star)   (13)        5,857               1.3                246     26,860                0.8                 675             921         2,479                0.7                56

Silver                          (kt)           (g/t)              (koz)          (kt)           (g/t)               (koz)           (koz)            (kt)            (g/t)              (koz)
Cerro Casale            (1)      22,960                1.2                880    273,700                1.1            9,320           10,200        495,440                 1.0          16,500
DeLamar                 (2)      14,481              36.4           16,942       105,140               23.4           79,241           96,183         21,291               15.2           10,418
Esperanza               (4)        1,600             93.0            4,800        27,200               73.0           63,800           68,600         10,600               43.0           14,800
McCoy-Cove              (9)             --              --                 --           950            29.5                 900             900         3,660              20.9            2,457
Omolon                 (12)        1,020             32.5            1,067              850        250.8               6,853            7,920               600            61.7            1,191

Copper                          (kt)           (%)               (Mlbs)          (kt)            (%)               (Mlbs)           (Mlbs)           (kt)            (%)               (Mlbs)
Cerro Casale            (1)      22,960                0.1                67     273,700                0.2                 992         1,059        495,440                 0.2           2,094

                                                                                                                  TSX & NYSE American: MMX                        maverixmetals.com                   24
KINROSS PORTFOLIO – MINERAL RESOURCES
Notes:
(1) Cerro Casale
         • Source: Barrick Gold 2016 Annual Report.
         • Effective date of December 31, 2016.
         • Mineral resources are exclusive of mineral reserves.
         • Maverix’s royalty applies to 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca.
(2) DeLamar
         • Source: Integra Resources news release dated June 17, 2019 (see “Technical Report and Preliminary Economic Assessment for the DeLamar and Florida Mountain Gold-Silver Project, Owyhee County, Idaho, USA” available at www.integraresources.com.)
         • Effective date of May 1, 2019.
         • Maverix’s royalty applies to the DeLamar deposit only.
(3) Enchi
         • Source: Pinecrest Resources news release dated November 6, 2019 (2015 NI 43-101 prepared by WSP and detailed in the technical report entitled “Technical Report and Preliminary Economic Assessment on the Enchi Gold Project” dated April 2015 using a 0.5 g/t cut-off grade) available at www.pinecrestresources.com.
(4) Esperanza
         • Source: Kingsgate Consolidated Limited news release dated September 27, 2019.
         • Mineral resource estimate as of June 30, 2019, and are inclusive of mineral reserves.
         • Reserves are based on a floating cut-off grade method. In this method each Resource block is subjected to a series of estimates to generate revenue and cost fields that are used to determine a breakeven cut-off grade.
(5) Friday
         • Source: Endomines AB 2018 Annual Report.
         • Mineral resource estimate as of December 31, 2018.
         • The mineral resource estimate was prepared by HRC based on data and information available as of March 1, 2016. The Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 3.4 g/t Au based on the estimated operating costs, recoveries, and a
           $1,300/oz gold price.
(6) Golden Eagle
         • Historical resource estimate as described in report entitled ‘Golden Eagle Project, Washington State, USA, Technical Report’, July 2009 by Snowden Mining Industry Consultants Inc. for Midway Gold Corp. Resources were reported within an ultimate pit shell generated with a $750 gold price and 85% gold recovery. The
           estimated metal content does not include consideration of any other mining, mineral processing, or metallurgical recoveries. Fiore reports these historic resources for illustrative purposes only. Although the estimates are believed to be reliable and relevant, a qualified person has not done sufficient work to classify the historical
           estimates as current mineral resources or mineral reserves, and Fiore does not treating the historical estimates as current mineral resources. For more information, please visit www.fioregold.com.
(7) Hammond Reef
         • Source: Agnico Eagle Mines 2018 Annual Report.
         • Mineral resources are calculated using a cut-off gold grade of 0.32 g/t, and are as of December 31, 2018.
(8) Kensington
         • Source: Coeur Mining 2018 Annual Report.
         • Mineral resource estimate as of December 31, 2018, and are exclusive of mineral reserves.
         • For details on the estimation of mineral resources, including the key assumptions, parameters and methods used to estimate the mineral resources, please refer to the NI 43-101 Technical Report for Kensington on file at www.sedar.com.
         • Maverix’s royalty does not take effect until Coeur has re-couped its initial construction investment + $32.5 million.
(9) McCoy-Cove
         • Mineral resources at Cove were estimated using a gold price of US$1,400 per ounce. The current independent technical report on the property, dated June 29, 2018, is entitled “Preliminary Economic Assessment for the Cove Project, Lander County, Nevada” available at www.premiergoldmines.com.
         • Maverix’s royalty covers a portion of the McCoy-Cove property only.
(10) Monument Bay
         • Source: Yamana Gold 2018 Annual Report.
         • Mineral resources are as of December 31, 2018, and are calculated using a US$1,200 per ounce and a cut-off gold grade of 0.4 g/t and 0.7 g/t for open pits and 4.0 g/t for underground.
(11) Morondo
         • Source: Montage Gold November 2019 Corporate Presentation available at www.montagegoldcorp.com.
         • The Mineral Resource has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards for Mineral Resources and Mineral Reserves” (CIM, 2014).
(12) Omolon
         • Source: Polymetal International news release dated March 8, 2019.
         • Mineral reserve estimate as of January 1, 2019.
         • Maverix’s royalty only covers certain deposits including Birkachan and Tsokol Kubaka

(13) Railroad
          • Source: Gold Standard Ventures news release dated September 10, 2019 (see Technical Report entitled “South Railroad Project NI 43-101 Technical Report, Preliminary Feasibility Study, Carlin Trend, Nevada, USA” available at www.goldstandardv.com.)
          • Mineral reserve estimate as of September 10, 2019, and are inclusive of mineral reserves.
          • Maverix’s royalty covers a portion of the Dark Star deposit.

                                                                                                                                                                                                                    TSX & NYSE American: MMX                                                              maverixmetals.com                                  25
ROYALTY & STREAMING MODEL

        MAXIMIZE
       Gold Exposure
                                                         MINIMIZE
       Cash Flow and Margins                        Exposure to Operating Costs
       Future Exploration Upside    MAVERIX
                                    OBJECTIVES       Exposure to Capital Costs
       Long-Term Optionality
       Diversification                              Risk
       Growth                                       Involvement in Operations

   Fully carried assets with no future capital costs
                                                 TSX & NYSE American: MMX   maverixmetals.com   26
HOPE BAY
                                                                                                                                                                                          Iqaluit

                                      2.5% NSR
                               royalty on all payable metal production                                                                                                Nunavut,
                                            (plus a bonus 0.25% NSR)                                                                                                  Canada

                                                                                                                              High grade cornerstone asset with 20+ year mine life
                                                                                                                              Made up of 3 main deposits (Doris, Madrid and Boston)
                                                                                                                               defined on a large 1,101 km2 prospective land package
                                                                                                                              Continuing to optimize operations
                                                                                                                                   Third consecutive quarter of positive earnings in Q3 2019
                                                                                                                                   Q3 2019 production rate of 1,710 tpd at a grade of 8.8 g/t
                                                                                                                                   Realized recovery of 82% for Q3 2019
                                                                                                                                   Ramping up to deliver 2,000 tpd

                                                                                                                              TMAC production guidance for 2019: 140 – 150 koz gold

(1)   Resources include total measured & indicated resources, inclusive of reserves as at December 31, 2018 (TMAC website)                                                                          27
LA COLORADA
                                           100% Au                                                                                                                                  Mexico City

                         stream of payable gold production for $650/oz
                                       ongoing payment
                                                                                                                                                                                           Zacatecas,
                                                                                                                                                                                           Mexico

                                                                                                                                            Core low cost silver producer for Pan American Silver

                                                                                                                                            Long life mine with 15+ years of proven & probable reserves

                                                                                                                                            Continued exploration success

                                                                                                                                            Major mine expansion to 1,800 tpd completed during 2017

                                                                                                                                            Pan American production guidance for 2019:
                                                                                                                                             4,100 – 4,800 oz contained gold

(1)   Resources as at June 30, 2019 and include measured, indicated and inferred, and are inclusive of reserves (see Pan American Silver
      news release dated September 4, 2019)
(2)   Not attributable to Maverix                                                                                                                                                                          28
MT CARLTON
                                                                                                                                                                             Brisbane

                                     2.5% NSR
                              royalty on all payable metal production                                                                                   Queensland,
                                                                                                                                                        Australia

                                                                                                                       High grade low cost gold mine
                                                                                                                       Commercial production achieved in July 2013
                                                                                                                       Current ~6 year mine life
                                                                                                                       Focus at Mt Carlton is on progressing Stage 3 with
                                                                                                                        underground development due to commence in the
                                                                                                                        September quarter of 2019
                                                                                                                       Evolution production guidance for FY 2020:
                                                                                                                        95,000 – 105,000 oz of gold

(1)   Resources as at December 31, 2018 and include measured, indicated and inferred, and are inclusive of reserves
      (Evolution Mining website)                                                                                                                                                    29
KARMA
                                                                                                                                                                              Ouagadougou

                                     2.0% NSR
                                 royalty on payable metal production                                                                                                   Burkina Faso,
                                                                                                                                                                       Africa

                                                                                                                       Shallow, primarily free digging open pit operations with
                                                                                                                        moderate strip ratios
                                                                                                                            Exploiting 6 oxidized, saprolitic deposits over 10+ year life

                                                                                                                       Heap leach processing producing gold doré at site
                                                                                                                       Initial production early 2016; commercial production
                                                                                                                        declared in October 2016
                                                                                                                       Long-life asset with excellent exploration potential to
                                                                                                                        extend life-of-mine
                                                                                                                       Endeavour production guidance for 2019:
                                                                                                                        105,000 – 115,000 oz of gold

(1)   Resources as at December 31, 2018 and include measured, indicated and inferred, and are inclusive of reserves
      (Endeavour Mining website)                                                                                                                                                             30
MOSS
                                                                                                                                                                                Phoenix

                                           100% Ag
              stream of payable silver production for ongoing payment
                          equal to 20% of the silver price
                                                                                                                                                                                          Arizona,
                                                                                                                                                                                          USA

                                                                                                                                    New open pit, heap leach operation with an initial 10 year
                                                                                                                                     mine life

                                                                                                                                    Declared commercial production effective September 2018

                                                                                                                                    Excellent exploration potential  Moss vein has a 1.5km
                                                                                                                                     strike visible at surface with 3km of untested strike length
                                                                                                                                     and down dip potential at depth

(1)   Resources include total measured & indicated resources, inclusive of reserves as at June 8, 2015 (Northern Vertex website)
(2)   Not attributable to Maverix                                                                                                                                                                   31
BETA HUNT
                           GOLD                                                    NICKEL                                                      Perth

                                                                                                                                                 Kambalda,
                          Gross revenue royalty +                                                    NSR royalty                                 Western Australia
                                         NSR royalty

                                                                                                                    Discovery of the high-grade Father’s Day Vein in Q3 2018
                                                                                                                         Estimated ~27 – 30 koz of high-grade gold recovered
                                                                                                                          from initial discovery area
                                                                                                                         Including ~9,250 oz at over 70 oz/t (2,200 g/t)
                                                                                                                    RNC completed a 40,000 metre drill program focused on
                                                                                                                     expanding the known coarse gold areas
                                                                                                                    Recently updated resource in Q2 2019
                                                                                                                    New reserve estimate and updated mine plan expected in
                                                                                                                     Q4 2019

(1)   Includes measured, indicated and inferred resources; See RNC Minerals news release dated August 13, 2019                                                                  32
SAN JOSE
      (Taviche Oeste Deposit)

                                     1.5% NSR                                                                                                                                      Mexico City

                     royalty on all payable metal production from the                                                                                                           Oaxaca,
                                    Taviche Oeste deposit                                                                                                                       Mexico

                                                                                                                                            Mine began accessing ore from the Taviche Oeste
                                                                                                                                             concession in 2015, which hosts the high grade Trinidad
                                                                                                                                             North veins

                                                                                                                                            Fortuna expects to mine these high grade resources over
                                                                                                                                             the next ~8 years

                                                                                                                                            Expecting ~33-50% of all ore to be sourced from Taviche
                                                                                                                                             Oeste

                                                                                                                                            Increased production in 2017 and 2018, post expansion to
                                                                                                                                             3,000 tpd completed in 2016

(1)   Resources include measured, indicated and inferred – see the Amended Technical Report for San Jose dated January 30, 2017 filed by
      Fortuna Silver on SEDAR                                                                                                                                                                           33
SILVERTIP                                                                                                                       BC,
                                                                                                                                      Canada

                                     2.5% NSR
                              royalty on all payable metal production                                                                                          Vancouver

                                                                                                        Acquired by Coeur Mining in September 2017 for upfront
                                                                                                         consideration of $200M
                                                                                                        Coeur plans to invest US$25 – $35M in surface infrastructure,
                                                                                                         accelerated underground development and drilling and mill
                                                                                                         optimization
                                                                                                        Achieved commercial production September 2018
                                                                                                        Coeur production guidance for 2019:
                                                                                                             Silver: 1.5 – 2.5 Moz
                                                                                                             Zinc: 25 – 45 Mlbs
                                                                                                             Lead: 20 – 35 Mlbs

(1)   Resources as at December 31, 2018 and include measured, indicated and inferred (Coeur website)
                                                                                                                                                                           34
OTHER ASSETS
ASSET                                                                          LOCATION                      OPERATOR                             STATUS                     MAVERIX INTEREST
Shalipayco                                                                          Peru                     Nexa Resources                      Development                     1.0% NSR Royalty

Agua Rica                                                                        Argentina                    Yamana Gold                        Development                 2.5% NSR Royalty (capped)

La Bolsa                                                                          Mexico                   Pan American Silver                   Development                      5% Gold Stream

Maria Cecilia                                                                       Peru                      Stellar Mining                       Operating                        1.5% Royalty

Calcatreu                                                                        Argentina                   Patagonia Gold                      Development                     1.25% NSR Royalty

El Peñón (Dominador/Fortuna Deposit)                                               Chile                      Yamana Gold                         Operating*                     2.0% NSR Royalty

Romero                                                                       Dominican Republic             GoldQuest Mining                     Development                     1.25% NSR Royalty

Long Operation                                                                    Australia                 Mincor Resources                     Development              0.65% to 5% Sliding Scale Royalty

Pike River                                                                        Canada                     McEwen Mining                        Exploration                    2.5% NSR Royalty

Mpokoto                                                                             DRC                 African Royalty Company                  Development                     1.5% NSR Royalty

Tres Cruces                                                                         Peru                       Barrick Gold                       Exploration                    1.5% NSR Royalty

Pico Machay                                                                         Peru                   Pan American Silver                   Development                     1.0% NSR Royalty

Golden Arrow                                                                        USA                      Emgold Mining                        Exploration                    3.0% NSR Royalty

La Violeta                                                                        Mexico                      Grupo Minero                        Exploration                    2.5% NSR Royalty

                                                                                                                                                                      3.0% NSR Gold + 1.0% NSR Silver + 0.25%
Macmillan Pass                                                                    Canada                      Fireweed Zinc                       Exploration
                                                                                                                                                                                NSR Base Metals

Marigold (exploration)                                                              USA                        SSR Mining                         Exploration                    2.0% NSR Royalty

Wayamaga (Bon Espoir Project)                                                  French Guiana              AUPLATA / Newmont                       Exploration                1.0% Net Revenue Royalty

Committee Bay (Three Bluffs Project)                                              Canada                    Auryn Resources                       Exploration              1.0% NSR Royalty on Diamonds

Taviche Este                                                                      Mexico                     Minaurum Gold                        Exploration                    1.5% NSR Royalty

Quiruvilca                                                                          Peru          Sociedad Minera Quiruvilca Inversiones         Past Producer           2.0% NSR Royalty (50% attributable)

 Note: Table is not inclusive of all royalties in the Maverix portfolio.
 *Operating mine but not currently mining on claims subject to the royalty                                                                 TSX & NYSE American: MMX               maverixmetals.com             35
DISCLAIMER
The purpose of this presentation is to inform the recipient as to the operations of Maverix Metals Inc. (the “Company”). No representation or warranty, express or implied, is made as to the accuracy or completeness of the
information set out herein and nothing contained in this presentation is, or shall be relied upon, as a promise or representation. The Company does not make any representation or warranty as to results obtained from the use of the
information contained herein and makes no express or implied warranties for fitness for a particular use. No person has been authorized by the Company to provide any information or make any representation with respect to
information not contained in this presentation and, if given or made, such information or representation may not be relied upon as being authorized by the Company. This presentation presents information as of the date set forth on
the cover page hereof, and this presentation does not imply there has been no change in the affairs of the Company since such date. The Company does not intend to update or revise this presentation after the date set forth on the
cover page.

Recipients of this presentation agree that this presentation is furnished or made available to the recipients or their representatives by the Company, whether communicated in written or oral form, solely for the purposes of providing
information to the recipients. This presentation is for the use and information of the recipients only and is not to be reproduced. The information expressed herein represents the beliefs of the management of the Company except
where such information is noted as being attributable to an external source.

This presentation is not, and under no circumstances is to be construed as, an offering memorandum, a solicitation or an offer of any kind. The matters set forth in this presentation do not constitute an agreement
or offer that may be accepted. Accordingly, no person may bring a claim or action against another for a failure to negotiate, agree or enter into any agreement with respect to matters contained in this presentation.

This presentation includes forward-looking statements with respect to the Company’s assessment of future results of operations. Forward looking statements may relate to the future price of gold, the estimation of mineral reserves
and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. These forward-looking statements were derived using assumptions regarding expected growth, results of
operations, market conditions, performance and business prospects and opportunities that could cause actual results to differ materially from those in the forward-looking statements. Any statements that express or involve
discussions with respect to forecasts, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”,
“anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved, or the negative of any of these terms and similar expressions) may be forward-looking statements and are not statements of fact. Readers are cautioned that the assumptions the Company has made with
respect to such forward-looking statements, and the success of the operations of the Company, are subject to a number of mitigating factors, together with the other information contained in this presentation or made available by or
on behalf of the Company. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, amongst others, gold price volatility,
discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operation and development risks relating to the parties which produce the gold Maverix will purchase or
based which Maverix will receive royalty payments, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and
competition. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Maverix to be materially different
from those express or implied by such forward-looking statements. Recipients and readers are directed to the Company’s Annual Information Form for the year ended December 31, 2018, filed under the Company’s profile on
SEDAR (www.sedar.com) for a list of applicable risk factors.

Qualified Person
Doug Ward, B.Sc., Mining Engineering, MMSA, is Vice President, Technical Services for Maverix, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved
the scientific and technical disclosure contained in this presentation.

                                                                                                                                                   TSX & NYSE American: MMX                                   maverixmetals.com                  36
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