Metalla Royalty & Streaming : December 2020 – Download link

DECEMBER 2020

NYSE & TSXV:MTA | 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 | December 2020

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THE KEY POINTS

JUNIOR ROYALTY COMPANY DELIVERING GROWTH

• Experienced Management Team with Proven, Relevant and Global Track Record

✓

✓

✓

✓

✓

Most Active Royalty Company as Measured by Material Acquisitions

Industry-Leading Growth With One Of The Most Robust Pipelines

Consistent Acquisitions Below Market Rates Drives Outperformance

Significant Exposure to Silver Relative to Royalty & Streaming Peers

Focused on Acquiring Royalties on Projects Operated by Large Producers

Metalla Royalty & Streaming | December 2020

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THE BUSINESS STRATEGY

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

BENEFITS FOR METALLA

• 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

ROYALTYSHARE CONSIDERATION

ROYALTY OWNER

BENEFITS FOR 3RD PARTY

• 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

upgrades at no cost

• Ability to progressively build

a project pipeline with

sustainable cash flow

• Share in success of Metalla's business strategy
• Benefit from significant increase in liquidity and price discovery

Metalla Royalty & Streaming | December 2020

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THE TRACK RECORD

$14.00

Amends

62

and

20

$110M

expands

Beedie

$12.00

Acquires

Facility by

Royalties/Streams

2.5% on

$20M

Transactions

Capital Deployed

extensions of

Acquired

Acquires gold

Kirkland's

royalty on Teck /

Fosterville

$10.00

Newmont's

Mine

NUEVAUNIÓN

Project

$8.00

Announces New

Acquires

Announces

application to

Luika Silver

royalty on St

list on the

Stream and $4M

Acquires

Barbara

Acquires 11

NYSE

financing

Valgold for

Fifteen Mile

American

strategic

$6.00

Changes

Consolidates

royalty on

Stream

royalties in

name to

Hoyle Pond

Osisko / O3's

Acquires royalty

Nevada from

Metalla;

Extension

Garrison

Genesis

on Pan

appoints Brett

Royalty

American's

Heath as

COSE

Acquires operating

President

royalty on Karora's

$4.00

Acquires two

Higginsville

Operation

royalties on

Nevada Gold

Mines Cortez

Acquisition of

Acquires

Brokered

Acquires royalty

Trend

$2.00

Royalty on Coeur's

Acquires

royalty on

offering

portfolio from Alamos

Wharf Mine

Agnico

upsized to

Gold; Announces

royalty and

Acquires Timmins royalties

Eagle's

$6.8M due to

$12M convertible

streaming

and closes oversubscribed

Santa

strong

debenture from

portfolio from

financing for $2.3M

Gertrudis

demand

Beedie Capital

$0.00

Coeur Mining

Dec 16

Mar 17

Jun 17

Dec 17

Mar 18

Jun 18

Dec 18

Mar 19

Jun 19

Dec 19

Mar 20

Jun 20

Dec 20

Sep 16

Sep 17

Sep 18

Sep 19

Sep 20

Metalla Royalty & Streaming | December 2020

5

400%

350%

300%

250%

200%

150%

100%

50%

0%

-50%

THE OUTPERFORMANCE

METALLA HAS CONSISTENTLY OUTPERFORMED ITS

PEERS SINCE INCEPTION

Metalla		Maverix		Franco-Nevada		Sandstorm

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

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

80%		SHARE PRICE COMPOUND ANNUAL GROWTH RATE ("CAGR")
70%	67%	4-YEARS POST LAUNCH

(%)	60%
Launch)
50%
40%
Post	30%	29%
30%	27%
(4-Years	20%				18%
10%
CAGR	0%
-10%
	-20%					-9%
	MTA	SSL	FNV	MMX	WPM	OR

Metalla Royalty & Streaming | December 2020

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ACTIVELY EXPANDING PIPELINE

METALLA HAS COMPLETED MORE DEALS THAN

ITS PEERS SINCE INCEPTION (Sept 2016)

							20
						15
			10	10	11
		7
3	4
Wheaton	Royal Gold	Sandstorm	Avg (exlc.	Maverix	Osisko	Franco	Metalla
Precious			MTA)			Nevada

Metalla Royalty & Streaming | December 2020

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ACTIVELY EXPANDING PIPELINE

GREW PORTFOLIO TO 62 ASSETS THROUGH 20 TRANSACTIONS

62

51

Grown Portfolio to 62 Assets Since Inception	46	48
45	46
43

				23	24
				20
	17	17	17	18
	13
	10
	5
0	1
Q2 2016					Q4 2020

2020

Production

Development

Exploration

Metalla Royalty & Streaming | December 2020

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EXPOSURE TO TOP MINING JURISDICTIONS

5		20		37
Production Assets		Development Assets		Exploration Assets

Metalla Royalty & Streaming | December 2020

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Basic Shares Outstanding

39.5

Warrants

0.0

Options (W Avg $3.93)

2.6

Fully Diluted

42.2

Market Capitalization	$478
($12.11 share price, Dec 4, 2020)
Cash	$6.5
Convertible Debt	$1.0
Facility Available	$20.0

THE CAPITAL STRUCTURE

Strong Shareholders

5.5%

4.0%

2.9%2.7% Management

4.5%

Analyst Coverage

Buy, $12.00 Target

Market Perform, $10.50 Target

Buy, $13.00 Target

Neutral, $11.00 Target

Metalla Royalty & Streaming | December 2020

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INDUSTRY LEADING GROWTH

EXPANSIVE DEVELOPMENT PORTFOLIO WITH TOP OPERATORS

In Production

Near Term

Mid - Long Term

Wharf Mine

Higginsville

Fifteen Mile Stream

Santa Gertrudis

Garrison

Wasamac

Joaquin / COSE Mine

New Luika Gold Mine

El Realito

Endeavor Mine

Fosterville

Hoyle Pond Extension

50+ OTHER ROYALTIES PROVIDING FUTURE CASH FLOW AND

OPTIONALITY

Metalla Royalty & Streaming | December 2020

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KEY ASSETS

Fosterville

Bendigo, Victoria, Australia

Metal Exposure: Gold

2.5% NSR

Immediately on trend to the north and south

Victoria's largest gold mine

Kirkland Lakes gold mine produced 619Koz at US$130/Oz in 2019. Currently budgeting US$70-80M for exploration with nine rigs currently turning on site(2)

Santa Gertrudis

Sonora, Mexico

Metal Exposure: Gold

2% NSR

Two major discoveries at Amelia and Espiritu Santo

2020 exploration budget expanded to US$10.4M for ~24,000 m; evaluating heap leach and small mill for ~ 100 koz Au/year(6)

Metalla Royalty & Streaming | December 2020

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KEY ASSETS

Wharf

Lead, South Dakota

Metal Exposure: Gold

1% NSR

Stable cash flow from a tier one Operator

Annual production is expected to be +80Koz for the remainder of its current 7 year mine life. Over 1Moz currently defined excluding inferred. (3)

Higginsville

Kalgoorlie, Western Australia

Metal Exposure: Gold

Price participation - 27.5% * (spot - A$1,340), first

2.5Koz per quarter, until 34Koz delivered

2020 guidance for 90-95Koz with ~50% of the

production from Higginsville

Exploration program on the 180,000Ha property the largest in the preceding decade combined. Updated reserve, resource and mine plan update in Q4 2020

Metalla Royalty & Streaming | December 2020

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KEY ASSETS

Fifteen Mile Stream

Nova Scotia, Canada

Metal Exposure: Gold

1% & 3% NSR

Two new discoveries at Seloam Brook and 149

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

Joaquin Mine/COSE

Santa Cruz, Argentina

Metal Exposure: Silver, Gold

2% NSR & 1.5% NSR

Annual Production: 4 Moz Ag, 2 Koz Au / 2Moz Ag,

42 Koz Au

Recently commissioned with the further guidance upon

achieving commercial production in 2020 (currently impacted by COVID). Multiple veins not in plan totalling 40Moz Ag-Eq(7)

Metalla Royalty & Streaming | December 2020

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KEY ASSETS

Anglo/Zeke & Pine Valley

Cortez Trend, Nevada

Metal Exposure: Gold

0.5% & 3.0% NSR

Covers a portion of Goldrush South and 190 sq.

kilometres of the Cortez Trend

Cortez produced 963 Koz in 2019, latest reserve estimate at Goldrush is 2 Moz at 9.7 g/t gold with an additional measured and indicated resource estimate of 9.4Moz at 9.4 g/t gold. (4)(5)

El Realito Mine

Sonora, Mexico

Metal Exposure: Gold, Silver

2% NSR

Budgeted 17,000m of drilling at La India for 2020

Satellite deposit located adjacent to operating La India Mine;

2020 exploration program of US$6.6M and 22,000m

Metalla Royalty & Streaming | December 2020

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KEY ASSETS

Endeavor Mine

NSW, Australia

Metal Exposure: Silver

100% Silver Stream

Current focus on discovery at Deep Zinc Lode,

Tailings

Steady production since 1983, recent discovery of deep lode

indicates further resource expansion potential

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

Metalla Royalty & Streaming | December 2020

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THE CASE FOR INVESTMENT

STRONG VALUE PROPOSITION

ORGANIC GROWTH

DISCIPLINED MANAGEMENT

UNIQUE BUSINESS PLAN /

APPROACH

(1) Using a price/NAV basis

Metalla currently trades at a 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 of 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.

Metalla Royalty & Streaming | December 2020

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APPENDIX

MTA I X9CP

www.metallaroyalty.com I [e-mail]

Phone: [phone]

Suite 501 - 543 Granville Street, Vancouver, BC V6C 1X8 Canada

LEADERSHIP

BOARD OF DIRECTORS

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.

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.

EB Tucker

Non-Executive Director

Financial analyst with 20 years experience in fund management and newsletters.

Terry Krepiakevich

Non-Executive Director

Chartered Professional Accountant with 30+ years experience in public and private

companies, and a certified member of the Institute of Corporate Directors.

MANAGEMENT/ADVISORS

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.

Drew Clark, CFA

VP Corporate Development

Metals and mining industry professional with 10+ years' experience in

research and corporate development roles.

Saurabh Handa

Chief Financial Officer

Chartered Professional Accountant with more than 15 years of financial accounting and auditing experience in the mineral exploration and mining industry.

Frank Hanagarne

Technical Advisor

Metals and mining industry professional with 35+ years experience at

Newmont Mining and Coeur Mining as COO.

Sunny Sara

Corporate Development Associate

Metals and mining industry professional with 5 years experience as an Economic Geology Research Analyst & gold prospector. Masters of Science in Geology

Kim Casswell

Corporate Secretary

Metals and mining industry professional with 25+ years of Corporate

Secretary experience with several public companies listed on TSX-V and

the Toronto Stock Exchange.

Metalla Royalty & Streaming | December 2020

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PRODUCTION & DEVELOPMENT PORTFOLIO

Property	Operator	Location	Stage	Metal	Terms
Wharf Mine	Coeur Mining	South Dakota, USA	Production	Au	1.0% NSR Royalty
Higginsville	Karora	Western Australia	Production	Au	Price participation - 27.5% * (spot - A$1,340), first 2.5Koz per
quarter, until 34Koz delivered
Endeavor Mine	Sandfire Resources	NSW Australia	Production	Zn, Pb, Ag	Stream on 100% of Ag
Joaquin Mine	Pan American Silver	Santa Cruz, Argentina	Production	Ag, Au	2.0% NSR Royalty
Santa Gertrudis	Agnico Eagle	Sonora, Mexico	Development	Au	2.0% NSR Royalty (subject to a 1.0% buyback)
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	Production	Ag, Au	1.5% NSR Royalty
Fosterville	Kirkland Lake	Bendigo, Australia	Production	Au	2.5% NSR Royalty
Pine Valley	Nevada Gold Mines	Nevada, USA	Development	Au	3.0% NSR Royalty (subject to a 1.5% buyback)
Garrsion Mine	O3 Mining	Kirkland Lake, Ontario	Development	Au	2.0% NSR Royalty
El Realito	Agnico Eagle	Sonora, Mexico	Development	Ag, Au	2.0% NSR (subject to a 1% buyback)
Anglo / Zeke	Nevada Gold Mines	Nevada, USA	Development	Au	0.5% GOR
Red Hill	NuLegacy Gold	Nevada, USA	Development	Au	1.5% GOR
Hoyle Pond Ext.	Newmont	Timmins, Ontario	Development	Au	2.0% NSR, subject to 500 Koz exemption
La Fortuna	Minera Alamos	Durango, Mexico	Development	Au, Ag, Cu	1.0% NSR Option
NuevaUnion	Teck Resources /	Atacama, Chile	Development	Au	2.0% on Au
Newmont
New Luika	Shanta Gold	Lupa Goldfields, Tanzania	Production	Au	Stream on 15% of Ag
Big Springs / Golden	Anova Metals	Elko, NV	Development	Au	2% NSR
Dome
Wasamac	Yamana Gold	Val d'Or, Quebec	Development	Au	1.5% NSR (subject to a 0.5% buyback)
Timmins West Ext.	Pan American Silver	Timmins, Ontario	Development	Au	1.5% NSR (subject to a 0.75% buyback)
Beaufor Mine	Monarques Gold	Val d'Or, Quebec	Development	Au	1.0% NSR
San Luis	SSR Mining	Peru	Development	Ag, Au	1.0% NSR
Akasaba West	Agnico Eagle	Val d'Or, Quebec	Development	Au, Cu	2.0% NSR, payable after 210 Koz Au
TVZ Zone	Newmont	Timmins, Ontario	Development	Au	2.0% NSR
Dufferin East	Aurelius Minerals	Halfiax, Nova Scotia	Development	Au	1.0% NSR
Zaruma	Titan Minerals	Ecuador	Development	Au	1.5% NSR

Metalla Royalty & Streaming | December 2020

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EXPLORATION PORTFOLIO

Property	Operator	Location	Stage	Metal	Terms
Kirkland-Hudson	Kirkland Lake Gold	Kirkland Lake, Ontario	Exploration	Au	2.0%	NSR
Hot Pot / Kelly Creek	Nevada Exploration	Humbolt, NV	Exploration	Au	1.5%	NSR
Orion	Minera Frisco	Nayarit, Mexico	Exploration	Au, Ag	2.75% NSR
Big Island	Copper Reef Mining	Flin Flon, Manitoba	Exploration	Au	2.0%	NSR
Biricu	Minaurum Gold	Guerrero, Mexico	Exploration	Au, Ag	2.0% NSR +	$10/oz Ag
Boulevard	Independence Gold	Yukon	Exploration	Au	1.0%	NSR
Camflo Northwest	Yamana Gold	Val d'Or, Quebec	Exploration	Au	1.0%	NSR
Edwards Mine	Trillium	Wawa, Ontario	Exploration	Au	1.25% NSR
Jersey Valley	Abacus Mining	Pershing, NV	Exploration	Au	1.0%	NSR
Island Mountain	Tuvera	Elko, NV	Exploration	Au	1.0% - 2.0% NSR
Kings Canyon	Pine Cliff	Millard, UT	Exploration	Au	1.0% - 2.0% NSR
Pucarana	Buenaventura	Peru	Exploration	Au, Ag	1.8% NSR Option
Capricho	Pucara	Peru	Exploration	Au, Ag	1.0%	NSR
Lourdes	Pucara	Peru	Exploration	Au, Ag	1.0%	NSR
Santo Tomas	Pucara	Peru	Exploration	Au	1.0%	NSR
Guadalupe/Pararin	Pucara	Peru	Exploration	Au	1.0%	NSR
DNA	Detour Gold	Cochrane, Canada	Exploration	Au	2.0%	NSR
Puchildiza	Metalla	Chile	Exploration	Au	1.5%	NSR
DeSantis Mine	Canadian Gold Miner	Timmins, Ontario	Exploration	Au	1.5%	NSR
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	Pelangio Exp.	Kirkland Lake, Ontario	Exploration	Au	0.25% NSR
Mirado Mine	Orefinders	Kirkland Lake, Ontario	Exploration	Au	1.0% NSR + Option
Solomon's Pillar	Sage Gold	Greenstone, Ontario	Exploration	Au	1.0%	NSR
Los Patos	Private	Venezuela	Exploration	Au	1.5%	NSR
Goodfish Kirana	Warrior Gold	Kirkland Lake, Ontario	Exploration	Au	1.0%	NSR
Tower Mountain	White Metal	Thunder Bay, Ontario	Exploration	Au	2% NSR

Metalla Royalty & Streaming | December 2020

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NOTES

1. Project data source from Karora Resources' news release filed on August 10, 2020 and Karora Resources Annual Information Form December 31, 2019 and filed on its website atwww.karoraresources.com
2. Project data source from Kirkland Lake Gold's news release filed on December 3, 2019 and Kirkland Lake news release filed on June 30, 2020 and Kirkland Lake Annual Information Form December 31, 2019 and filed on its website atwww.klgold.com
3. Project data source from Coeur Mining's presentation dated May 14, 2020 and from Coeur Mining annual report dated February 19, 2020 and filed on its website atwww.Coeur.comfiled under its SEDAR profile on www.sedar.com
4. Project data source from Barrick Gold Corporation's presentation dated November 1, 2012 and September 19, 2019 and filed on its website atwww.barrick.com.
5. Project data source from NuLegacy Gold Corporation's presentation dated February, 2020 and filed on its website atwww.nulegacygold.com.
6. Project data sourced from Agnico Eagle Mines Limited's news release dated February 13, 2020 and filed under its SEDAR profile onwww.sedar.com.
7. Project data sourced from Pan American Silver Corp.'s news release dated December 21, 2017 and filed under its SEDAR profile onwww.sedar.com.
8. Project data sourced from Pan American Silver Corp.'s news release dated December 17, 2017 and filed under its SEDAR profile onwww.sedar.com.

While the Company does not have any knowledge that such data and information is not accurate, the Company has not independently verified this information and there can be no assurance that such third-party information is complete or accurate.

QUALIFIED PERSON

The technical information contained in this presentation has been reviewed and approved by Charles Beaudry, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec and a consultant to Metalla. Mr. Beaudry is a QP as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Metalla Royalty & Streaming | December 2020

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