Metalla Royalty & Streaming : REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2023 AND PROVIDES ASSET UPDATES

METALLA REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2023

AND PROVIDES ASSET UPDATES

(All dollar amounts are in thousands of United States dollars unless otherwise indicated, except for shares,

per ounce, and per share amounts)

FOR IMMEDIATE RELEASE	TSXV: MTA
	NYSE American: MTA
August 11, 2023

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

(NYSE American: MTA) announces its operating and financial results for the three and six months ended June 30, 2023. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three and six months ended June 30, 2023, please see the Company's filings on SEDAR (www.sedar.com) or EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com.

Brett Heath, President, and CEO of Metalla, commented, "In the second quarter of 2023, we strengthened our balance sheet through the completion of the amendment to expand and extend our convertible loan facility with Beedie Capital and through the sale of the JR mineral claims for $5.0 million. Production from El Realito and La Encantada was stronger than expected during the quarter, and we look forward to the balance of 2023."

FINANCIAL HIGHLIGHTS

During the six months ended June 30, 2023, and the subsequent period up to the date of this news release, the Company:

• Acquired 1 stream and 5 royalties, to bring the total held as at the date of this press release to 82 precious metals assets, through the following transactions:
• 1. Acquired an existing 2.5%-3.75% sliding scale Gross Proceeds ("GP") royalty over gold, together with a 0.25%-3.0% Net Smelter Return ("NSR") royalty on all non-gold and silver metals on the majority of Barrick Gold Corporation's ("Barrick") world-class
     Lama project in Argentina, from an arm's length seller for aggregate consideration of $7.5 million. The transaction closed on March 9, 2023, at which time the Company paid the $2.5 million in cash, and issued 466,827 common shares of the Company

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("Common Shares") to the seller (valued at $5.3553 per share). The remaining $2.5 million, to be paid in cash or Common Shares, is payable within 90 days upon the earlier of a 2 Moz gold Mineral Reserve estimate on the royalty area or 36 months after the closing date;

• 1. Acquired one silver stream and three royalties from Alamos Gold Corp. ("Alamos") for $5.0 million in Common Shares valued at $5.3228 per share, representing the 20- day Volume-Weighted Average Price ("VWAP") of shares of Metalla traded on the NYSE prior to the announcement of the transaction. The transaction closed on February 23, 2023, at which time the Company issued 939,355 Common Shares to Alamos. The stream and royalties acquired in this transaction include:
  2. • a 20% silver stream over the Esperanza project located in Morales, Mexico owned by Zacatecas Silver Corp.;
     • a 1.4% NSR royalty on the Fenn Gibb South project located in Timmins, Ontario owned by Mayfair Gold Corp.;
     • a 2.0% NSR royalty on the Ronda project located in Shining Tree, Ontario owned by Platinex Inc.; and
     • a 2.0% NSR royalty on the Northshore West property located in Thunder Bay, Ontario owned by New Path Resources Inc.
• Sold the JR mineral claims that make up the Pine Valley property, which is part of the
  Cortez complex in Nevada, to Nevada Gold Mines LLC ("NGM"), an entity formed by Barrick and Newmont Corporation ("Newmont"), for $5.0 million in cash. The Company will retain a 3.0% NSR royalty on the property. Sold the Conmee mineral claims that make up the Tower Mountain property to Thunder Gold Corp. ("Thunder Gold") for 4,000,000 common shares of Thunder Gold, valued at $0.1 million upon closing. The Company will retain a 2.0% NSR royalty on the property;
• Announced a special dividend payment on the Common Shares, in the amount of C$0.03 per share, with a declaration date of July 10, 2023, a record date of August 1, 2023, and a payment date of September 15, 2023;
• For the three months ended June 30, 2023, received or accrued payments on 856 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,945 and an average cash cost of $8 per attributable GEO. For the six months ended June 30, 2023, received or accrued payments on 1,783 attributable GEOs at an average realized price of $1,888 and an average cash cost of $7 per attributable GEO (see Non-IFRSFinancial Measures);
• For the three months ended June 30, 2023, recognized revenue from royalty and stream interests, including fixed royalty payments, of $1.0 million, net loss of $0.5 million, and Adjusted EBITDA of negative $0.2 million. For the six months ended June 30, 2023, recognized revenue from royalty and stream interests, including fixed royalty payments, of $1.9 million, net loss of $1.8 million, and Adjusted EBITDA of $0.4 million. (see Non-IFRSFinancial Measures);
• For the three months ended June 30, 2023, generated operating cash margin of $1,937 per attributable GEO, and for the six months ended June 30, 2023, generated operating cash margin of $1,881 per attributable GEO from the Wharf, El Realito, La Encantada, the
  New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the

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Higginsville derivative royalty asset, and other royalty interests (see Non-IFRSFinancial Measures);

• For the three months ended June 30, 2023, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.7 million, and for the six months ended June 30, 2023, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $1.4 million (see Non-IFRSFinancial Measures);
• On May 27, 2022, the Company announced that it had entered into a new equity distribution agreement with a syndicate of agents to establish an ATM equity program (the
  "2022 ATM Program") under which the Company may distribute up to $50.0 million (or the equivalent in Canadian Dollars) in Common Shares of the Company. From inception to the date of this press release, the Company distributed 1,328,078 Common Shares under the 2022 ATM Program at an average price of $5.01 per share for gross proceeds of $6.6 million, of which 279,430 Common Shares were sold during the three months ended June 30, 2023, at an average price of $4.34 per share for gross proceeds of $1.2 million;
• On May 19, 2023, the Company closed a second supplemental loan agreement (the
  "Supplemental Loan Agreement") to amend its loan facility by:
• 1. extending the maturity date to May 9, 2027;
  2. increasing the loan facility by C$5.0 million from C$20.0 million to C$25.0 million, of which C$21.0 million will be undrawn after giving effect to the C$4.0 million conversion described below;
  3. increasing the interest rate from 8.0% to 10.0% per annum;
  4. amending the conversion price of the fourth drawdown from C$11.16 per share to C$8.67 per share, being a 30% premium to the 30-day VWAP of the Company shares measured at market close on the day prior to announcement of the amendment;
  5. amending the conversion price of C$4.0 million of the third drawdown from C$14.30 per share to C$7.33 per share, being the 5-day VWAP of the Company shares measured at market close on the day prior to announcement of the amendment, and converting the C$4.0 million into shares at the new conversion price. Upon closing the Company issued Beedie 545,702 Common Shares for the conversion of the C$4.0 million;
  6. amending the conversion price of the remaining C$1.0 million of the Third Drawdown from C$14.30 per share to C$8.67 per share, being to the 30-day VWAP of the Company shares measured at market close on the day prior to announcement of the amendment; and
  7. All other terms of the loan facility remain unchanged.
• On March 30, 2023, the Company signed an amendment with the arm's length seller of the Castle Mountain royalty to extend the maturity date of the $5.0 million loan from June 1, 2023, to April 1, 2024. As part of the amendment, on March 31, 2023, the Company paid all accrued interest on the loan, and effective April 1, 2023, the interest rate increased to 12.0% per annum, and the principal and accrued interest will be repaid no later than April 1, 2024. On July 7, 2023, the Company paid all accrued interest on the loan at the time and made a principal repayment of $4.3 million.

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ASSET UPDATES

Below are updates during the three months ended June 30, 2023, and subsequent period to certain of the Company's assets, based on information publicly filed by the applicable project owner:

La Encantada

On July 20, 2023, First Majestic Silver Corp. ("First Majestic") announced production of 76 ounces of gold and 0.8 Moz of silver from La Encantada in the second quarter of 2023 and provided 2023 guidance in the range of 3.1 - 3.3 Moz silver. First Majestic also completed 1,950 meters of drilling on the property with the use of two underground rigs during the quarter.

Metalla received 233 GEOs from La Encantada for the second quarter of 2023.

Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz annually.

El Realito

On July 26, 2023, Agnico Eagle Mines Ltd. ("Agnico") reported that gold production from La India totaled 17,833 oz gold for the second quarter of 2023. Mine production levels for the second quarter were good with grades higher than target. An investigation is ongoing for additional sulphide mineralization with a plan to drill 4,000 meters at the Chipriona target which is northwest and adjacent to El Realito royalty boundary.

Metalla holds a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right for $4.0 million.

Wharf Royalty

On May 10, 2023, Coeur Mining Inc. ("Coeur") reported first quarter production of 15.5 Koz gold and reiterated the full year guidance for Wharf. On February 16, 2022. Coeur has guided 2023 production to be in the range of 85 - 95 Koz. Successful exploration and infill drilling during the year allowed for a 7% increase, net of depletion, at Wharf where Proven & Probable Reserves totaled 908 Koz gold at 0.027 oz/t (0.84 g/t). Additionally, a total of 293 Koz gold at 0.02 oz/t (0.62 g/t) of Measured & Indicated Resources, and Inferred Resources stand at 63 Koz gold at 0.02 oz/t (0.62 g/t), were declared at Wharf. Exploration efforts in 2023 will focus on geological modelling and planning for 2024.

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

New Luika Silver Stream

On July 20, 2023, Shanta Gold Limited ("Shanta") reported that it produced 19.3 Koz of gold at its NLGM in Tanzania in the second quarter of 2023. Shanta also reiterated their guidance of 66 - 72 Koz of gold from NLGM in 2023.

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Metalla holds a 15% interest in Silverback, 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.

Wasamac

On July 26, 2023, Agnico reported that during the quarter, it advanced internal studies to assess potential production opportunities at Wasamac along with alternative processing scenarios at either LaRonde and Canadian Malartic mill. Agnico also stated that it was updating studies that were previously completed at Wasamac and believes it has the potential to be a low-cost mine with annual production of 150 - 200 Koz of gold with moderate capital outlays and initial production commencing in 2029. The results of the Wasamac internal evaluation will be reported through the first half of 2024.

Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buy back of 0.5% for C$7.5 million.

Garrison

On April 11, 2023, Moneta Gold Inc. ("Moneta") announced the results of assays from historical drill core at Garrison. The sampling confirmed the continuity and extension of gold mineralized zones not currently included in the latest Mineral Resource estimate. Significant results include

1.87 g/t over 18 meters and 1.58 g/t gold over 18.5 meters at Garrcon and 13.5 g/t gold over 3.2 meters and 4.79 g/t gold over 3.75 meters at Jonpol.

Metalla holds a 2.0% NSR royalty on the Garrison project.

Amalgamated Kirkland Property

On July 26, 2023, Agnico reported infill drill results from the Amalgamated Kirkland deposit featuring highlights of 11.1 g/t gold over 5.1 meters and 10.4 g/t gold over 2.5 meters. Agnico is evaluating the opportunity to process near surface and AK ore at the LaRonde complex. Average annual production from the near surface deposit and AK deposit could be between 20 Koz and 40 Koz of gold, commencing in 2024. The results of an internal evaluation on the AK deposit will be reported in the first half of 2024.

Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland property.

Endeavor

On July 21, 2023, Polymetals Resources Inc ("Polymetals") released an amended quarterly report reporting that significant progress has been made in preparing for a decision to restart operations at Endeavor, underpinned by a mine restart study scheduled for release during the December 2023 quarter, with targeted commencement of operations by mid-2024. In May 2023, Polymetals released an updated resource estimate for the Upper Main lodes at Endeavor where total Measured, Indicated and Inferred resources stand at 8.89 Moz silver at 528 g/t AgEq.

On March 28, 2023, Polymetals announced the execution of a share sale and purchase agreement in relation to the proposed acquisition of all of the issued share capital of Orana Minerals Pty Ltd., which is the sole shareholder of Cobar Metals Pty Ltd. ("Cobar Metals"). Cobar