June 2019 TSXV:MTA | OTCQX:MTAFF | Germany:X9CP | www.metallaroyalty.com
FORWARD LOOKING STATEMENTS This presentation contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which Metalla will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Metalla undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Metalla Royalty & Streaming | June 2019 2
THE KEY POINTS JUNIOR ROYALTY COMPANY DELIVERING GROWTH ü Experienced Management Team with Proven, Relevant and Global Track Record ü Most Active Royalty Company as Measured by Material Acquisitions ü Positive Cash Flow Delivers Dividends and Increasing Growth ü Greatest Exposure to Silver of Any Publicly Listed Royalty Company ü Focused on Acquiring Royalties on Projects Operated by Large Producers ü Trades at a Significant Discount to Peers Despite Recent Outperformance Metalla Royalty & Streaming | June 2019 3
THE BUSINESS STRATEGY SECONDARY MARKET OF ROYALTIES ON HIGH-QUALITY OPERATIONS IS THE KEY TO OUR SUCCESS BENEFITS FOR METALLA BENEFITS FOR 3RD PARTY § Partner with strong counter- § Monetize royalty asset by parties with operational sale to Metalla for cash experience and strong and shares balance sheets § Maintain meaningful § Reduced cost in financing exposure to royalty through acquisitions vs. equity stake in Metalla equity SHARE ROYALTY CONSIDERATION § Tighter capital structure § Diversify risk through when royalty owners participation in Metalla’s maintain a shareholding in portfolio Metalla § Benefit through Metalla's § High quality royalties give dividend distribution policy leverage to resource ROYALTY OWNER § Share in success of upgrades at no cost Metalla's business strategy § Ability to progressively build § Benefit from significant a project pipeline with increase in liquidity and sustainable cash flow price discovery Metalla Royalty & Streaming | June 2019 4
THE TRACK RECORD $1.40 Acquires royalty on 43 $70M +400% Atlantic’s Fifteen Mile $1.20 Stream Royalties/Streams Acquired Capital Deployed Share Price Since Inception Acquires Listing as a royalty on $1.00 Tier-1 Issuer Pan on the TSXV American’s COSE Consolidates Hoyle Pond $0.80 Changes Extension Name to Royalty Metalla; Appoints Brett Heath as $0.60 President Acquires Brokered Valgold for Offering royalty on Upsized to Osisko’s $0.40 $6.8M due to Garrison Strong Acquires Announces Demand Acquires Royalty Royalty and New Luika Portfolio from Streaming Silver Stream Acquires Alamos Gold; Portfolio from $0.20 and $4M royalty on Announces $12M Coeur Mining Acquires Timmins Agnico Financing Convertible Royalties and Closes Eagle’s Santa Debenture from Oversubscribed Gertrudis Beedie Capital Financing for $2.3M $0.00 Sep/16 Jan/17 May/17 Sep/17 Jan/18 May/18 Sep/18 Jan/19 May/19 Metalla Royalty & Streaming | June 2019 5
THE OUTPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 120% Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold Metalla 44% -4% 15% 4% 4% 13% 74% 100% Since January 1, 2018 Compound Annual Growth Rate (CAGR) of 60% since September 2016 (inception) 80% 60% +74% 40% 20% 0% -20% -40% -60% 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 Metalla Royalty & Streaming | June 2019 6
THE CAPITAL STRUCTURE Capital Structure Share Ownership Share Ownership Basic Shares Outstanding (M) Coeur Mining 16.6% 132.5 GoGold Resources 7.6% Fully Diluted Shares Outstanding (M) 149 Alamos Gold 6.2% Euro Pacific Capital Gold Fund 4.5% Dividend Yield 1.1% Adrian Day Asset Mgmt. 3.0% Cash (M) $4.5 Brett Heath (CEO) 2.2% Original FMS Royalty Owner 2.0% Short-Term Loan (M) $2.3 US Global Funds 1.5% Convertible Debt Facility Available (M) $12.0 Roger Dent (Quinsam Capital) 1.1% Basic Market Capitalization (M) Exploration Capital Partners (Rick Rule) 1.0% $143 (Share Price @ June 7: $1.08) Doug Casey 1.0% Basic Enterprise Value (M) $141 E.B Tucker (Director) 0.7% As of June 7, 2019 Metalla Royalty & Streaming | June 2019 7
STRONG OPERATORS & LOYAL SHAREHOLDERS HIGH-QUALITY OPERATORS AND LONG-TERM, SUPPORTIVE SHAREHOLDERS Key Shareholders Royalty Operators Metalla Royalty & Streaming | June 2019 8
EXPOSURE TO TOP MINING JURISDICTIONS 2 Canada Production Assets Australia 12 Development Assets Tanzania 29 Exploration Assets Ecuador Peru Argentina Mexico Chile Metalla Royalty & Streaming | June 2019 9
KEY ASSETS Endeavor Mine Santa Gertrudis NSW Australia Sonora, Mexico Metal Exposure: Silver Metal Exposure: Gold 2.0% NSR 100% Silver Stream Resources: 962 Koz inferred 2019 Production Guidance: 450-500 Koz Ag Steady production since 1983, recent discovery of deep lode 2019 exploration budget of US$10.2M for ~40,500 m; evaluating indicates further resource expansion potential heap leach and small mill operation for ~ 100 koz Au/year Metalla Royalty & Streaming | June 2019 10
KEY ASSETS COSE Mine Garrison Mine Santa Cruz, Argentina Kirkland Lake, Ontario Metal Exposure: Silver, Gold Metal Exposure: Gold 1.5% NSR 2.0% NSR Production Guidance: 1.34 Moz Ag, 28 Koz Au Resources: M,I&I – 2 Moz Au Development and ramp up ongoing, commercial production Osisko recently announced that Garrison will be spun out into expected H2 2019. High-grade satellite deposit that will be a new company called O3 Mining which will provide more trucked to Manantial Espejo similar to Joaquin effective focus on Garrison as a key asset Metalla Royalty & Streaming | June 2019 11
KEY ASSETS Fifteen Mile Stream Joaquin Mine Nova Scotia, Canada Santa Cruz, Argentina Metal Exposure: Gold Metal Exposure: Silver, Gold 1.0% NSR 2.0% NSR Resources: 2P – 576 Koz Au, M,I&I – 761 Koz Au Production Guidance: ~4 Moz Ag, 2 Koz Au Estimated production of ~95 Koz Au in 2022; recent mine plan Mine to be commissioned in H2 2019 with further guidance update expanded production at Fifteen Mile Stream and upon achieving commercial production. Multiple veins left out extended its mine life of the mine plan totalling 40Moz Ag-Eq Metalla Royalty & Streaming | June 2019 12
KEY ASSETS Wasamac Mine El Realito Mine Rouyn-Noranda, Quebec Sonora, Mexico Metal Exposure: Gold Metal Exposure: Gold, Silver 1.5% NSR 2.0% NSR Resources: 2P – 1.8 Moz Au, MI&I – 2.5 Moz Au Resources: 2P – 84 Koz Au, M,I&I – 353 Koz Au Proposed mine life of 11 years, producing an average of 142 Satellite deposit located adjacent to operating La India Mine; Koz Au/year at AISC of US$620/oz. Start date of 2022/2023 exploration drilling of 12,000 m planned for 2019 Metalla Royalty & Streaming | June 2019 13
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