Metalla Royalty & Streaming : August

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 | AUGUST 2023

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THE

KEY POINTS

ROYALTY COMPANY DELIVERING INDUSTRY LEADING GROWTH

Experienced Management Team with Proven, Relevant and Global Track Record

Leading Third-party Royalty Consolidator

On Some Of The Premier Assets And

Strongest Operators Globally

Industry-LeadingGrowth With One

Of The Most Robust Pipelines

Consistent Acquisitions At Accretive

Valuations Drives Outperformance

100% Exposure to Gold and Silver

Focused on Acquiring Royalties on

Projects Operated by Industry Majors

METALLA ROYALTY & STREAMING | AUGUST 2023

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THE TRACK RECORD

$18.00

$16.00

$14.00

$12.00

$10.00

$8.00

$6.00

Metalla

is formed

31			85				$165M
Transactions		Royalties/Streams				Capital Deployed
	Acquired
		$325M
			Consensus NAV					Fosterville
								Wharf Mine
				Fifteen Mile
				Stream
New Luika

Acquires

portfolio from Osisko / O3's Garrison

GDXJ

Centro Gold Tocantinzinho

Côté Mine

Acquires royalty

portfolio from

Lama

Alturas-Del

Carmen

Portfolio from

Genesis

Castle Gold

Higginsville

$4.00

NuevaUnion

$2.00

Acquires royalty

portfolio from

Acquires Timmins royalties

$0.00

Santa Gertrudis

Jan 17 Mar 17

May 17

Jan 18 Mar 18

May 18

Jan 19 Mar 19

May 19

Jan 20

Mar 20

May 20

Sep 16

Nov 16

Jul 17

Sep 17

Nov 17

Jul 18

Sep 18

Nov 18

Jul 19

Sep 19

Nov 19

Jul 20

Cortez Trend	Acquires second
royalty portfolio
	from

Sep 20	Nov 20	Jan 21 Mar 21 May 21 Jul 21	Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22	Sep 22 Nov 22 Jan 23 Mar 23	May 23	Jul 23
		METALLA ROYALTY & STREAMING | AUGUST 2023		4

THE

VALUE PROPOSITION

METALLA'S CONSENSUS NAV PER SHARE HAS GROWN AT A CAGR OF OVER 18% SINCE COVERAGE WAS LAUNCHED

2.6X

2.4X

2.2X

2.0X

1.8X

1.6X

1.4X

1.2X

1.0X

0.8X

0.6X

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 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21	Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23
P/NAV(LHS)	NAVPS (RHS)

8.50

8.00

7.50

7.00

6.50

6.00

5.50

5.00

4.50

4.00

METALLA ROYALTY & STREAMING | AUGUST 2023

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