JANUARY 2020 NYSE & TSXV:MTA | WWW.METALLAROYALTY.COM FORWARD - - PowerPoint PPT Presentation

JANUARY 2020 NYSE & TSXV:MTA | WWW.METALLAROYALTY.COM

Metalla Royalty & Streaming | January 2020

FORWARD LOOKING STATEMENTS

This presentation contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events

• r results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the

impact of general business and economic conditions; the absence of control over mining operations from which Metalla will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such

• perations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or

enacting new tax legislation in a way which adversely affects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss

• f key employees and other related risks and uncertainties.

Metalla undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. 2

Metalla Royalty & Streaming | January 2020

Greatest Exposure to Silver of Any Publicly Listed Royalty Company

THE KEY POINTS

3

Experienced Management Team with Proven, Relevant and Global Track Record

✓

Most Active Royalty Company as Measured by Material Acquisitions Positive Cash Flow Delivers Dividends and Increasing Growth Focused on Acquiring Royalties on Projects Operated by Large Producers Trades at a Significant Discount to Peers Despite Recent Outperformance

✓ ✓ ✓ ✓ ✓

JUNIOR ROYALTY COMPANY DELIVERING GROWTH

Metalla Royalty & Streaming | January 2020

THE BUSINESS STRATEGY

SECONDARY MARKET OF ROYALTIES ON HIGH-QUALITY OPERATIONS IS THE KEY TO OUR SUCCESS

4

SHARE CONSIDERATION ROYALTY OWNER ROYALTY

• Partner with strong counter-

parties with operational experience and strong balance sheets

• Reduced cost in financing

acquisitions vs. equity

• Tighter capital structure

when royalty owners maintain a shareholding in Metalla

• High quality royalties give

leverage to resource upgrades at no cost

• Ability to progressively build

a project pipeline with sustainable cash flow

• Monetize royalty asset by

sale to Metalla for cash and shares

• Maintain meaningful

exposure to royalty through stake in Metalla equity

• Diversify risk through

participation in Metalla’s portfolio

• Benefit through Metalla's

dividend distribution policy

• Share in success of

Metalla's business strategy

• Benefit from significant

increase in liquidity and price discovery

BENEFITS FOR METALLA BENEFITS FOR 3RD PARTY

Metalla Royalty & Streaming | January 2020 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 Sep 16 Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18 May 18 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20

THE TRACK RECORD

5

45

Royalties/Streams Acquired

$70M

Capital Deployed

15

Transactions

Acquires Royalty Portfolio from Alamos Gold; Announces $12M Convertible Debenture from Beedie Capital Acquires royalty on St Barbara Fifteen Mile Stream Brokered Offering Upsized to $6.8M due to Strong Demand Acquires royalty

• n Pan

American’s COSE Acquires royalty on Agnico Eagle’s Santa Gertrudis Acquires Valgold for royalty

• n Osisko’s

/ O3’s Garrison Listing as a Tier-1 Issuer on the TSXV Acquires Royalty and Streaming Portfolio from Coeur Mining Consolidates Hoyle Pond Extension Royalty Announces New Luika Silver Stream and $4M Financing Changes Name to Metalla; Appoints Brett Heath as President Acquires Timmins Royalties and Closes Oversubscribed Financing for $2.3M Consolidates remaining royalty on Fifteen Mile Stream Announces application to list

• n the NYSE

American

Metalla Royalty & Streaming | January 2020

• 40%

10% 60% 110% 160% 210% 260% 310% Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold

75%

CAGR since September 2016

THE OUTPERFORMANCE

6

METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION

Metalla Royalty & Streaming | January 2020 7

METALLA HAS COMPLETED MORE DEALS THAN ITS PEERS SINCE INCEPTION (Sept 2016)

ACTIVELY EXPANDING PIPELINE

2 4 7 7 7.4 10 11 11 15 Wheaton Precious Royal Gold Sandstorm Triple Flag Avg (Excl. MTA) Maverix Metals Osisko Franco-Nevada Metalla

Metalla Royalty & Streaming | January 2020 8

GREW PORTFOLIO TO 45 ASSETS THROUGH 15 TRANSACTIONS

ACTIVELY EXPANDING PIPELINE

1 5 11 14 18 18 18 20 21 24 25 45 45 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Exploration Development Production 2019

Grown Portfolio to 45 Assets Since Inception

Metalla Royalty & Streaming | January 2020

Basic Shares Outstanding 33.8 Fully Diluted 37.1 Market Capitalization (C$8.07 share price, Jan 6, 2020) Cash $7 Convertible Debt $7 Facility Available $5 Dividend Yield 0.6% 1.9 1.4 $273 Warrants (W Avg $2.53) Options (W Avg $4.26)

THE CAPITAL STRUCTURE

9

Strong Shareholders Analyst Coverage

Other Strategic / Institutions Management 15.5% 6.1% 4.4% 3.0% 9.4% 4.7% Buy, $8.00 Target Buy (S), $7.30 Target Neutral, $6.75 Target

Metalla Royalty & Streaming | January 2020

BREAKDOWN OF ASSETS

10

NPV By Stage NPV By Geography NPV By Type NPV By Metal

Production $47 34% Development $74 55% Exploration $15 11% Mexico $21 16% USA/Canada $53 39% Australia $39 28% South America $7 5% Other $17 12% Gold $89 66% Silver $47 34% Stream $39 28% Royalty $97 72%

Metalla Royalty & Streaming | January 2020

EXPOSURE TO TOP MINING JURISDICTIONS

11

2

Production Assets

15

Development Assets

28

Exploration Assets

Australia Tanzania Canada Mexico Argentina Ecuador Peru Chile

Metalla Royalty & Streaming | January 2020

Endeavor Mine

KEY ASSETS

12

NSW Australia Metal Exposure: Silver 100% Silver Stream Current focus on discovery at Deep Zinc Lode

Steady production since 1983, recent discovery of deep lode indicates further resource expansion potential

Santa Gertrudis

Sonora, Mexico Metal Exposure: Gold 2% NSR Resources: 962 Koz inferred

2019 exploration budget of US$10.2M for ~40,500 m; evaluating scenario using heap leach and small mill for ~ 100 koz Au/year

Metalla Royalty & Streaming | January 2020

KEY ASSETS

13

Joaquin Mine

Santa Cruz, Argentina Metal Exposure: Silver, Gold 2% NSR Production Guidance: ~4 Moz Ag, 2 Koz Au

Mine to be commissioned in H2 2019 with the further guidance upon achieving commercial production. Multiple veins left out

• f the mine plan totalling 40Moz Ag-Eq

Fifteen Mile Stream

Nova Scotia, Canada Metal Exposure: Gold 1% & 3% NSR Resources: 2P – 576 Koz Au, M,I&I – 761 Koz Au

Estimated production of ~95 Koz Au in 2022; latest mine plan completed by Atlantic Gold expanded production at Fifteen Mile Stream and extended its mine life

Metalla Royalty & Streaming | January 2020

COSE Mine

KEY ASSETS

14

Santa Cruz, Argentina Metal Exposure: Silver, Gold 1.5% NSR Production Guidance: 1.34 Moz Ag, 28 Koz Au

Development and ramp up ongoing, commercial production expected H2 2019. High-grade satellite deposit that will be trucked to Manantial Espejo similar to Joaquin

Garrison Mine

Kirkland Lake, Ontario Metal Exposure: Gold 2% NSR Resources: M,I&I – 2 Moz Au

Osisko recently announced that Garrison will be spun out into a new company called O3 Mining which will provide more effective focus on Garrison as a key asset

O3 Mining Inc.

Metalla Royalty & Streaming | January 2020

KEY ASSETS

15

Wasamac Mine

Rouyn-Noranda, Quebec Metal Exposure: Gold 1.5% NSR Resources: 2P – 1.8 Moz Au, MI&I – 2.5 Moz Au

Proposed mine life of 11 years producing an average of 142 Koz Au/year at AISC of US$620/oz. Start date of 2022/2023

El Realito Mine

Sonora, Mexico Metal Exposure: Gold, Silver 2% NSR Resources: 2P – 84 Koz Au, M,I&I – 353 Koz Au

Satellite deposit located adjacent to operating La India Mine; exploration program recently expanded by 5,000m to 17,000m as a result of ongoing success at El Realito

Metalla Royalty & Streaming | January 2020

LEADERSHIP

16

Lawrence Roulston

Non – Executive Chairman

Mining professional and geologist with over 35 years of diverse hands-on experience.

Alexander Molyneux

Non-Executive Director

Metals and mining industry professional with 20+ years of executive experience. Holds several high level executive and board positions.

EB Tucker

Non-Executive Director

Financial analyst with 20 years experience in fund management and news letters

Brett Heath

President and CEO, Director

Founder of Metalla – Mr. Heath is a metals and mining industry professional with 8 years of dedicated royalty and streaming experience.

Bill Tsang

Chief Financial Officer

Chartered Professional Accountant with more than 10 years of financial accounting and auditing experience in the mineral exploration and mining industry.

Drew Clark, CFA

VP Corporate Development

Metals and mining industry professional with 10+ years’ experience in research and corporate development roles

Frank Hanagarne

Technical Advisor

Metals and mining industry professional with 35+years experience at Newmont Mining and Coeur Mining as COO.

James Beeby

Non-Executive Director

Corporate lawyer with 20 years’ experience advising clients on corporate finance and M&A matters with a focus in the mining industry.

Metalla Royalty & Streaming | January 2020

INVEST FOR REVALUATION

METALLA IS AT AN EARLY STAGE OF ITS GROWTH TRAJECTORY

17

Junior Royalty Co. Mid-Tier Royalty Co.

P/NAV

0.5x-1.5x 1.5x-2.0x 2.0x + <$500M Market Cap. <20 Koz AuEq $0.5-3B Market Cap. 20-100 Koz AuEq >$5B Market Cap >250 Koz AuEq

Major Royalty Co.

Sector Average 1.7x

Metalla Royalty & Streaming | January 2020

INDUSTRY LEADING GROWTH

18

EXPANSIVE DEVELOPMENT PORTFOLIO WITH TOP OPERATORS

In Production

Endeavor Mine Joaquin Mine COSE Mine Fifteen Mile Stream Hoyle Pond Extension La Fortuna

Mid – Long Term

30+ OTHER ROYALTIES PROVIDING FUTURE CASH FLOW AND OPTIONALITY

Near Term

West Timmins Wasamac Santa Gertrudis El Realito New Luika Gold Mine Garrison

O3 Mining Inc.

Metalla Royalty & Streaming | January 2020

THE CASE FOR INVESTMENT

19

Metalla currently trades at a significant discount to its peers(1) despite a higher growth rate and more generous dividend distribution policy Portfolio includes stable operations and development projects backed by strong counterparties Experienced management team with a track record

• f value accretive transactions delivered with a low

burn rate focus on third- party royalties on assets operated by majors; acquisition for shares enables holders to monetize the intrinsic value of their royalties. STRONG VALUE PROPOSITION ORGANIC GROWTH DISCIPLINED MANAGEMENT UNIQUE BUSINESS PLAN / APPROACH

(1) Using a price/NAV basis

TSXV:MTA MTA I MTAFF I X9CP

APPENDIX

www.metallaroyalty.com I info@metallaroyalty.com

Phone: +1 (604) 696-0741 Suite 501 - 543 Granville Street, Vancouver, BC V6C 1X8 Canada

Metalla Royalty & Streaming | January 2020

PRODUCTION & DEVELOPMENT PORTFOLIO

21

Property Operator Location Stage Metal Terms Endeavor Mine CBH Resources NSW Australia Production Zn, Pb, Ag Stream on 100% of Ag Joaquin Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 2.0% NSR Royalty Santa Gertrudis Agnico Eagle Sonora, Mexico Development Au 2.0% NSR Royalty Fifteen Mile Stream St Barbara Halfiax, Nova Scotia Development Au 1.0% NSR Royalty (FMS) Plenty

• St. Barbara

Halfiax, Nova Scotia Development Au 3.0% NSR Royalty COSE Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 1.5% NSR Royalty Garrsion Mine Osisko Mining Kirkland Lake, Ontario Development Au 2.0% NSR Royalty El Realito Agnico Eage Sonora, Mexico Development Ag, Au 2.0% NSR Hoyle Pond Ext. Newmont Goldcorp Timmins, Ontario Development Au 2.0% NSR, subject to 500 Koz exemption La Fortuna Minera Alamos Durango, Mexico Development Au, Ag, Cu 1.0% NSR Option New Luika Shanta Gold Lupa Goldfields, Tanzania Production Au Stream on 15% of Ag Wasamac Monarques Gold Val d'Or, Quebec Development Au 1.5% NSR 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 Goldcorp Timmins, Ontario Development Au 2.0% NSR Dufferin East Aurelius Minerals Halfiax, Nova Scotia Development Au 1.0% NSR Zaruma Core Gold Ecuador Development Au 1.5% NSR

Metalla Royalty & Streaming | January 2020

EXPLORATION PORTFOLIO

22

Property Operator Location Stage Metal Terms

Kirkland-Hudson Kirkland Lake Gold Kirkland Lake, Ontario Exploration Au 2.0% NSR Orion Minera Frisco Nayarit, Mexico Exploration Au, Ag 2.75% NSR Big Island Copper Reef Mining Flin Flon, Manitoba Exploration Au 2.0% NSR Biricu Guerrero Venturs Guerrero, Mexico Exploration Au, Ag 2.0% NSR + $10/oz Ag Boulevard Independence Gold Yukon Exploration Au 1.0% NSR Camflo Northwest Monarques Gold Val d'Or, Quebec Exploration Au 1.0% NSR Edwards Mine Waterton Wawa, Ontario Exploration Au 1.25% 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 DNA Detour Gold Cochrane, Canada Exploration Au 2.0% NSR Puchildiza Regulus Resources Chile Exploration Au 1.5% NSR DeSantis Mine Canadian Gold Miner 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 Golden Peak Resources 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 Au 1.0% NSR Tower Mountain Private Thunder Bay, Ontario Exploration Au 2% NSR