Metalla Royalty & Streaming : REPORTS AUDITED FINANCIAL RESULTS FOR SEVEN MONTHS ENDED DECEMBER 31, 2020 AND PROVIDES ASSET UPDATES

METALLA REPORTS AUDITED FINANCIAL RESULTS FOR SEVEN MONTHS ENDED

DECEMBER 31, 2020 AND PROVIDES ASSET UPDATES

(All dollar amounts are in United States dollars unless otherwise indicated)

FOR IMMEDIATE RELEASE

TSXV: MTA

NYSE American: MTA

March 26, 2021

Vancouver, Canada: Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company")

(TSXV: MTA) (NYSE American: MTA) announces its operating and financial results for the seven months ended December 31, 2020. Metalla has also filed with the U.S. Securities and Exchange Commission (the "SEC") its SEC Annual Report on Form 40-F for the seven months ended December 31, 2020. The Form 40-F includes the Company's Annual Information Form, audited financial statements and management's discussion & analysis for the seven months ended December 31, 2020. For complete details of the consolidated financial statements and accompanying management's discussion and analysis for the seven months ended December 31, 2020, please see the Company's filings on SEDAR(www.sedar.com) or on EDGAR(www.sec.gov). Shareholders are encouraged to visit the Company's website athttp://www.metallaroyalty.com/.

Metalla shareholders may receive a hard copy of the Company's complete audited financial statements for the seven months ended December 31, 2020, free of charge, upon request. For further information please visit the Company website athttps://www.metallaroyalty.com/financial-reports/.

Brett Heath, President, and CEO of Metalla, commented, "2020 represented another very successful year for Metalla shareholders. We completed a record of 7 transactions adding 18 high-quality accretive royalties. We added two producing assets with the Wharf and Higginsville royalties, two royalties that capture maximum optionality with Cortez and Fosterville, and more than a dozen others that provide growth, exploration upside, diversification, and further optionality. 2021 is already off to a great start with a record of 4 transactions completed in the first quarter, adding 5 development stage royalties with major counterparties capturing a significant amount of what we expect to be future organic growth. This year, we are excited to grow our business with the samedisciplined and focused strategy that has made Metalla one of the top-performing royalty companies since its inception. "

FINANCIAL HIGHLIGHTS

During the seven months ended December 31, 2020, and the subsequent period, the Company:

• • increased the number of royalties and streams held to a total of 68 precious metal assets through the following notable transactions:

  • o acquired a net 1.0% Gross Value Return ("GVR") royalty interest on the operating Wharf mine ("Wharf") in South Dakota from third parties for total consideration of $1.0 million in cash and 899,201 common shares. Wharf is operated by Coeur Mining, Inc. ("Coeur");

  • o acquired a 2.5% GVR royalty on the northern and southern extensions of Kirkland Lake Gold Ltd.'s ("Kirkland Lake Gold") operating Fosterville mine ("Fosterville") in Victoria, Australia, from NuEnergy Gas Limited for total consideration of A$2.0 million in cash and 467,730 common shares;

  • o acquired a 27.5% Price Participation Royalty ("PPR") on Karora Resources Inc.'s ("Karora") operating Higginsville Gold Operations ("Higginsville") in Higginsville, Australia, from the Morgan Stanley Capital Group Inc. for total consideration of 828,331 common shares. The royalty is a 27.5% price participation royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2,500 ounces per quarter until a cumulative total of 34,000 ounces of gold has been delivered to Metalla;

  • o acquired a 1.0% Net Smelter Return ("NSR") royalty on Minera Alamos Inc.'s La Fortuna project ("La Fortuna") from Alamos Gold Inc. ("Alamos Gold"). As part of the Company's acquisition of a royalty portfolio from Alamos Gold announced in April 2019, the Company acquired an option to acquire the La Fortuna royalty, upon completion of satisfactory due diligence, for a deposit of $0.4 million in common shares of the Company. The option allowed the Company to complete the acquisition for an additional $0.6 million in cash, which was paid on October 22, 2020 in full satisfaction of the acquisition price;

  • o completed a purchase agreement to acquire 100% of the issued and outstanding shares of Genesis Gold Corporation ("Genesis") and Geological Services Inc. ("GSI"), two privately held Utah Corporations for total consideration of $1.0 million and 401,875 common shares. Geologic and GSI hold a portfolio of eleven royalties in Nevada and Utah;

• o acquired an existing 0.45% NSR royalty on Agnico Eagle Mines Ltd.'s ("Agnico") Amalgamated Kirkland property ("AK Property") in its Kirkland Lake project, and an existing 0.45% NSR royalty on Kirkland Lake Gold's North

  Amalgamated Kirkland property ("North AK Property") at its Macassa mine, from private third parties for total consideration of C$0.7 million in cash;

• o acquired an existing 0.5% NSR royalty on Barrick Gold Corp.'s Del Carmen project ("Del Carmen"), which is part of the 9Moz Au Alturas-Del Carmen project in the prolific El Indio belt in the San Juan province of Argentina, from Coin Hodl Inc. for a total consideration of C$1.6 million in cash;

• o acquired an existing 0.75% GVR royalty on Eldorado Gold Corp.'s 2Moz Au Tocantinzinho project ("Tocantinzinho") located in the prolific Tapajos district

  in the State of Para in northern Brazil, from Sailfish Royalty Corp. for a total consideration of $9.0 million in cash, of which $6.0 million was paid upon closing and the remaining $3.0 million is payable 60 days after closing; and

• o acquired an existing 1%-2% NSR royalty on OZ Minerals 1.7Moz Au

  CentroGold (Gurupi) project ("CentroGold") located in the State of Maranhão in northern Brazil, from Jaguar Mining Inc. for total consideration of $7.0 million in cash and with additional potential payments of up to $11.0 million in shares and cash subject to the completion of certain milestones.

• • to December 31, 2020, the Company had distributed 282,700 common shares under the ATM Program at an average price of $10.58 per share for gross proceeds of $3.0 million. As at the date of this MD&A, the Company had distributed a total of 1,301,593 common shares under the ATM program for gross proceeds of $12.9 million;

• • was added to the VanEck Vectors Junior Gold Miners ETF (NYSE: GDXJ) (the

  "GDXJ"), U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE Arca: GOAU), and the ETFMG Prime Junior Silver Miners ETF (NYSE Arca: SILJ);

• • received or accrued payments on 1,404 (May 31, 2020 - 1,989) attributable gold equivalent ounces at an average realized price of $1,784 (May 31, 2020 - $1,589) and average cash cost of $18 (May 31, 2020 - $607) per attributable gold equivalent oz. (see non-IFRS Financial Measures);

• • generated operating cash margin of $1,766 (May 31, 2020 - $983) per attributable gold equivalent ounce from the Wharf, Joaquin, COSE, the New Luika Gold Mine

  ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures);

• • recognized revenue from royalty and stream interests, including fixed royalty payments, of $1.3 million (May 31, 2020 - $2.8 million), net loss of $4.7 million (May 31, 2020 - $4.4 million), and adjusted EBITDA of negative $1.0 million (May 31, 2020 - negative $1.5 million) (see non-IFRS Financial Measures);

• • completed a secondary public offering for Coeur for a total of 3,910,000 common shares of the Company previously held, at a price of $5.30 per common share for gross proceeds of $20.7 million (the "Secondary Offering"). The net proceeds of the Secondary Offering were paid directly to Coeur; and

• • completed an amendment of the convertible loan facility with Beedie Capital ("Beedie") in August 2020 whereby Beedie converted C$6.0 million of the C$7.0 million initial advance at C$5.56 per share for a total of 1,079,136 shares. The Company drew down the remaining C$5.0 million from the original loan facility with a revised conversion price of C$9.90 per share and Beedie made an additional C$20.0 million available to the Company to fund future acquisitions. In October 2020, Beedie converted the remaining C$1.0 million of the initial advance at C$5.56 per share for a total of 179,856 common shares. In March 2021, Beedie converted the C$5.0 million outstanding at C$9.90 per share for a total of 505,050 common shares and the Company drew down an additional C$5.0 million from the amended loan facility with a conversion price of C$14.30 per share, in accordance with the terms of the amended loan facility. Following the three conversions and the additional drawdowns the Company has a total of C$5.0 million outstanding and C$15.0 million available on standby under the amended loan facility as at the date of this press release.

ASSET UPDATES

Santa Gertrudis

On February 11, 2021, Agnico announced an updated mineral resource estimate for Santa Gertrudis with an Indicated resource of 111 Koz gold and 816 Koz silver (5,778 Kt at 0.6 g/t gold and 4.39 g/t silver) and inferred resource of 1,625 Koz gold and 7,715 Koz silver (27,671 Kt at 1.83 g/t gold and 8.67 g/t silver).

In the same quarter, in its February 11, 2021 news release, Agnico released drill results at the Amelia deposit in the Trinidad Trend that were not captured in the updated resource estimate. Several holes intersected known structures as well as new structures, notable intercepts include 5.7 g/t gold and 10 g/t silver over 33 meters, 4.8 g/t gold and 3 g/t silver over 4.2 meters and 2.8 g/t gold and 12 g/t silver over 12.4 metres. Drilling focused at Espiritu Santo in the Trinidad Trend showed that mineralization remains open at depth with highlight intercepts of 3.9 g/t gold and 36 g/t silver over 10.5 metres and 5.5 g/t gold and 16 g/t silver over 10.1 metres.