Metalla Royalty & Streaming : REPORTS AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2021 AND PROVIDES ASSET UPDATES

METALLA REPORTS AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED

DECEMBER 31, 2021 AND PROVIDES ASSET UPDATES

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

FOR IMMEDIATE RELEASE

TSXV: MTANYSE American: MTA

March 25, 2022

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

(NYSE American: MTA) announces its operating and financial results for the year ended December 31, 2021. Metalla has also filed with the U.S. Securities and Exchange Commission (the "SEC") its SEC Annual Report on Form 40-F for the year ended December 31, 2021. The Form 40-F includes the Company's Annual Information Form, audited financial statements and management's discussion & analysis for the year ended December 31, 2021. For complete details of the consolidated financial statements and accompanying management's discussion and analysis for the year ended December 31, 2021, 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 year ended December 31, 2021, 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, "2021 represented another major step in the continued growth of Metalla, adding seven high-quality development royalties all being advanced by top operators on proven geological trends. The 1.35% royalty on the Côté-Gosselin project and the 5% royalty on the Castle Mountain project show signs of becoming cornerstone parts of the Metalla portfolio, and the other five royalties acquired by Metalla in 2021 provide an enhanced diverse growth profile of production that is just getting started."

FINANCIAL HIGHLIGHTS

During the year ended December 31, 2021, and the subsequent period up to the date of this news release, the Company:

• • Closed seven new royalty acquisitions to bring the total held to 70 precious metal assets, and amended an existing royalty through the following notable transactions:

  • o an existing 1.35% Net Smelter Returns ("NSR") royalty on a small portion of the Côté deposit in the Côté Gold Project and all of the Gosselin Zone (located ~1.5km to the northeast of the Côté Gold Project) (together referred to as "Cote-Gosselin") owned by IAMGOLD Corporation ("IAMGOLD") and Sumitomo Metal Mining Co., Ltd., from arm's length sellers for total consideration of C$7.5 million in cash;

  • o an existing 5.0% NSR royalty on the South Domes portion of the Castle Mountain Gold Mine ("Castle Mountain") owned by Equinox Gold Corp. ("Equinox"), from an arm's length seller for total consideration of $15.0 million, of which $10.0 million was paid in cash at closing, and the remaining $5.0 million to be paid in cash within 20 months from the closing date bearing interest at 4.0% per annum;

  • o an existing 0.75% Gross Value Return ("GVR") royalty on Eldorado Gold Corp.'s 2 Moz Au Tocantinzinho project ("TZ") located in the Tapajos district in the State of Para in northern Brazil, from Sailfish Royalty Corp. for a total consideration of $9.0 million in cash.(2) Subsequent to the acquisition, Eldorado sold its interest in TZ to G Mining Ventures Corp. ("G Mining") for $115 million;

  • o an existing 1.0%-2.0% NSR royalty on OZ Minerals ("OZ") 1.7Moz Au CentroGold 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 contingent payments of up to $11.0 million comprised of shares and cash subject to the successful completion of certain milestones in respect of the CentroGold project;(3)

  • o an existing 0.45% NSR royalty on Agnico Eagle Mines Ltd.'s ("Agnico")

    Amalgamated Kirkland property in its Kirkland Lake project, and an existing 0.45% NSR royalty on Kirkland Lake Gold's ("Kirkland Lake Gold") 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;(4)

  • o an existing 2.5% NSR royalty on Minera Alamos Ltd.'s La Fortuna project, from Argonaut Gold Ltd. for aggregate consideration of $2.25 million in cash. The 2.5% NSR royalty, which is capped at $4.5 million, will be in addition to Metalla's uncapped 1.0% NSR royalty to increase its total royalty exposure to 3.5% on the La Fortuna project;

  • o an existing 0.5% NSR royalty on Barrick Gold Corp.'s ("Barrick") Del Carmen project, which is part of the 9 Moz 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;(1) and

• o amended an existing 1.0% NSR on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor"). In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the NSR royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor.

• • on May 14, 2021, announced the termination of its original at-the-market program (the "2020 ATM Program"). From January 1, 2021 to May 14, 2021, the Company distributed 1,526,600 common shares under the 2020 ATM Program at an average price of $9.45 per share for gross proceeds of $14.4 million. From inception in September 2020 to termination in May 2021, the Company distributed a total of 1,809,300 common shares under the 2020 ATM Program at an average price of $9.63 per share for gross proceeds of $17.4 million, with aggregate commissions paid and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $16.5 million;

• • on May 14, 2021, announced the establishment of a new at-the-market program (the "2021 ATM Program") with a syndicate of agents. Under the 2021 ATM Program the Company may distribute up to $35.0 million (or the equivalent in Canadian dollars) in common shares of the Company. From inception to December 31, 2021, the Company distributed 1,622,165 common shares under the 2021 ATM Program at an average price of $8.47 per share for gross proceeds of $13.7 million, with aggregate commissions paid or payable and other share issue costs of $0.7 million, resulting in aggregate net proceeds of $13.0 million. For the three months ended December 31, 2021, the Company distributed 269,037 common shares under the 2021 ATM Program at an average price of $7.31 per share for gross proceeds of $2.0 million, with aggregate commissions paid or payable and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $1.8 million. As of the date of this news release, the Company has distributed a total of 1,970,608 common shares under the 2021 ATM program for gross proceeds of $16.1 million;

• • for the year ended December 31, 2021, received or accrued payments on 2,915 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,718 and an average cash cost of $7 per attributable GEO (see non-IFRS Financial Measures);

• • for the year ended December 31, 2021, generated operating cash margin of $1,711 per attributable GEO, from the Wharf, Joaquin and COSE royalties, 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);

• • for the year ended December 31, 2021, recognized revenue from royalty and stream interests, including fixed royalty payments, of $3.0 million, net loss of $10.4 million, and adjusted EBITDA of negative $1.4 million (see non-IFRS Financial Measures);

• • for the year ended December 31, 2021, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $2.2 million (see non-IFRS Financial Measures); and

• • converted C$5.0 million outstanding on the Beedie Capital amended loan facility (the "Beedie Loan Facility") at C$9.90 per share for a total of 505,050 common shares and completed a draw down for an additional C$5.0 million from the Beedie Loan Facility with a conversion price of C$14.30 per share, and drew down an additional C$3.0 million from the Beedie Loan Facility with a conversion price of C$11.16, with such conversion prices representing a 20% premium above the 30-day volume-weighted average price of the Company's common shares on the trading day prior of the applicable draw down date in accordance with the terms of the Beedie Loan Facility. As at the date of this News Release, the Company has a total of C$8.0 million outstanding under the Beedie Loan Facility bearing interest at a rate of 8% per annum with a remaining C$12.0 million available on standby under the Beedie Loan Facility.

ASSET UPDATES

Wharf Royalty

On February 16, 2022, Coeur Mining Inc. ("Coeur") reported in a news release that Wharf's updated Proven and Probable Reserves totaled 852 Koz at 0.73 g/t. Total Measured and Indicated Resources were reported at 412 Koz at 0.63g/t, with an Inferred Resource estimate of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021 financial statements, an updated mine life of 8 years for Wharf.

In fiscal 2021, Wharf produced 91,136 ounces of gold at 0.84 g/t, in line with the production guidance of 85-95 Koz for 2021. Fiscal 2022 guidance is expected to be 70-80 Koz, primarily driven by lower expected gold grades due to mine sequencing.

Additionally, on February 16, 2022, Coeur reported in a news release on the continued exploration success at Wharf where a total of 6,625 meters of drilling was completed in the Portland Ridge - Boston claim group, Flossie and Juno areas. Coeur spent $4 million in exploration at the mine in 2021, its largest since acquiring the asset in 2015. The Company plans to keep one reverse circulation drill rig during the first quarter of 2022 focused on infill drilling the Portland Ridge and Flossie areas.

Metalla holds a 1.0% GVR royalty on the Wharf mine.

Higginsville Royalty

On March 14, 2022, Karora Resources Inc. ("Karora") reported production of 112,814 ounces of gold from its Higginsville Gold Operations ("Higginsville") and Beta Hunt mines, in line with 2021 production guidance of 105-115 Koz. On February 7, 2022, Karora announced guidance for fiscal 2022 of 110-134 K oz.

Metalla holds a 27.5% Price Participation Royalty ("PPR") royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until a cumulative total of 34.0 Koz of gold at the Higginsville operation have been delivered. As at December 31, 2021, 14.1 Koz of gold had been delivered.

New Luika Silver Stream

On January 24, 2022, Shanta Gold Limited ("Shanta") reported that it produced 55,280 ounces of gold at its NLGM in Tanzania in 2021. On July 19, 2021, Shanta announced a new mine plan for NLGM, where average annual production is expected to be 73.6 Koz gold with the potential to extend mine life beyond 2026 through conversion of significant known resources and the expanded 2,450 tpd mill throughput. Shanta expects total gold production from NLGM for the five-year plan to total 368 Koz from both open pit and underground mine sources from the mining license. Shanta outlined that the resources presently sitting outside of the mine plan amounts to 552 Koz at 2.37 g/t at NLGM. Shanta has forecast production to be between 68-76 Koz in fiscal 2022.

On February 1, 2022, Shanta reported that as at December 31, 2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05 g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred Resources were 296 Koz at 1.73 g/t gold.

Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price.

Endeavor Silver Stream

On January 20, 2022, Sandfire Resources Limited reported that a ground magnetic survey was completed at the Endeavor mine and will assist in the targeting of Elura type deposits at depth.

Metalla has the right to buy 100% of the silver production up to 20 Moz (~12.6 Moz remaining under the contract for delivery) from the Endeavor Mine for an operating cost contribution of $1.00/oz of payable silver, indexed annually for inflation, plus a further increment of 50% of the silver price in excess of $7.00/oz.

Côté-Gosselin

On February 23, 2022, IAMGOLD reported that construction had reached 43.4% completion at the Côté Gold Project and remains on track for commercial production in H2 2023. On December 2, 2021, IAMGOLD announced the release of a NI 43-101 technical report on the Côté Gold Project which estimated an initial Indicated Resource estimate of 3.35 Moz at 0.84 g/t gold and an Inferred Resource estimate of 1.71 Moz at 0.73 g/t gold at the Gosselin zone. The Gosselin deposit has only been drilled to approximately half the depth of the Côté deposit and remains open at depth and along strike where a number of drill holes ended in mineralization (see Figure 1). Gosselin has an industry leading discovery cost per gold ounce of less than $2.

IAMGOLD has planned additional technical studies which will include a metallurgical testing program and mining and infrastructure studies to optimize the inclusion of the Gosselin deposit into the future Côté life-of-mine plans. Per IAMGOLD, additional drilling will target areas where drill spacing is too wide to classify mineral resources and the overlap area between the Gosselin and the Côté deposits which may provide an opportunity for optimization of a combined pit shell. In addition, IAMGOLD will commence work on defining environmental baseline data and