august 2020 nyse & tsxv:mta | · metalla is at an early stage of its growth trajectory 18...

AUGUST 2020 NYSE & TSXV:MTA | WWW.METALLAROYALTY.COM

Metalla Royalty & Streaming | August 2020

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 suchoperations, 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.

2


Significant Exposure to Silver Relative to Royalty & Streaming Peers

THE KEY POINTS

3

Experienced Management Team with Proven, Relevant and Global Track Record

ü Most Active Royalty Company as Measured by Material Acquisitions

Industry-Leading Growth With One Of The Most Robust Pipelines

Focused on Acquiring Royalties on Projects Operated by Large Producers

Consistent Acquisitions Below Market Rates Drives Outperformance

ü

ü

ü

ü

ü

JUNIOR ROYALTY COMPANY DELIVERING GROWTH


THE BUSINESS STRATEGYSECONDARY MARKET OF ROYALTIES ON HIGH-QUALITY OPERATIONS IS THE

KEY TO OUR SUCCESS

4

SHARE CONSIDERATION

ROYALTY OWNER

ROYALTY

• 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 upgrades at no cost

• Ability to progressively build a project pipeline with sustainable cash flow

• 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

• Share in success of Metalla's business strategy

• Benefit from significant increase in liquidity and price discovery

BENEFITS FOR METALLA BENEFITS FOR 3RD PARTY


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

Sep

16O

ct 1

6N

ov 1

6D

ec 1

6Ja

n 17

Feb

17M

ar 1

7Ap

r 17

May

17

Jun

17Ju

l 17

Aug

17Se

p 17

Oct

17

Nov

17

Dec

17

Jan

18Fe

b 18

Mar

18

Apr 1

8M

ay 1

8Ju

n 18

Jul 1

8Au

g 18

Sep

18O

ct 1

8N

ov 1

8D

ec 1

8Ja

n 19

Feb

19M

ar 1

9Ap

r 19

May

19

Jun

19Ju

l 19

Aug

19Se

p 19

Oct

19

Nov

19

Dec

19

Jan

20Fe

b 20

Mar

20

Apr 2

0M

ay 2

0Ju

n 20

Jul 2

0Au

g 20

THE TRACK RECORD

5

50Royalties/Streams

Acquired

$97MCapital Deployed

18Transactions

Acquires royalty portfolio from Alamos

Gold; Announces $12M convertible debenture from Beedie Capital

Acquires royalty on St

Barbara Fifteen Mile

Stream

Brokered offering

upsized to $6.8M due to

strong demand

Acquires royalty on Pan

American’s COSE

Acquires royalty on

Agnico Eagle’s Santa

Gertrudis

Acquires Valgold for royalty on

Osisko / O3’s Garrison

Acquires royalty and streaming

portfolio from Coeur Mining

Consolidates Hoyle Pond Extension Royalty

Announces New Luika Silver

Stream and $4M financing

Changes name to Metalla;

appoints Brett Heath as President

Acquires Timmins royalties and closes oversubscribed

financing for $2.3M

Announces application to

list on the NYSE

American

Acquires gold royalty on Teck /

Newmont’s NUEVAUNIÓN

Project

Acquires two royalties on

Nevada Gold Mines Cortez

Trend

Announces Acquisition on Coeur’s Wharf

Mine and US$21M

Secondary offering of

Coeur’s shares

Acquires 2.5% on

extensions of Kirkland’s Fosterville

Mine

Amends and

expands Beedie

Facility by $20M


-50%

50%

150%

250%

350%

450%

550%

Jan-

18

Feb-

18

Mar

-18

Apr-1

8

May

-18

Jun-

18

Jul-1

8

Aug-

18

Sep-

18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Mar

-19

Apr-1

9

May

-19

Jun-

19

Jul-1

9

Aug-

19

Sep-

19

Oct

-19

Nov

-19

Dec

-19

Jan-

20

Feb-

20

Mar

-20

Apr-2

0

May

-20

Jun-

20

Jul-2

0

Aug-

20

Metalla Maverix Franco-Nevada Sandstorm

Osisko Wheaton Precious Royal Gold

THE OUTPERFORMANCE

6

METALLA HAS CONSISTENTLY OUTPERFORMED ITSPEERS SINCE INCEPTION

+80%CAGR since

September 2016

Metalla Royalty & Streaming | August 2020 7

METALLA HAS COMPLETED MORE DEALS THANITS PEERS SINCE INCEPTION (Sept 2016)

ACTIVELY EXPANDING PIPELINE

34

77.8

9

11

13

18

WheatonPrecious

Royal Gold Sandstorm Avg (exlc. MTA) Maverix Osisko Franco Nevada Metalla


0 1

5

10

13

17 17 17 1820

23 24

4345 46 46

50

Q2

2016

Q2

2020

8

GREW PORTFOLIO TO 50 ASSETS THROUGH 18 TRANSACTIONS

ACTIVELY EXPANDING PIPELINE

Exploration

Development

Production

2020

Grown Portfolio to 50 Assets Since Inception


Basic Shares Outstanding 36.7

Fully Diluted 39.7

Market Capitalization($12.75 share price, August 13, 2020)

Cash $6.5Convertible Debt $1.0Facility Available $20.0

Dividend Yield 0.4%

0.7

2.2

$468

Warrants (W Avg $4.39)

Options (W Avg $3.93)

THE CAPITAL STRUCTURE

9

Strong Shareholders

Analyst Coverage

Management

2.4%

5.5% 4.0%

2.7%

4.5%

Buy, $11.75 Target

Market Perform, $9.50 Target

Buy, $9.25 Target

Financials reflect recent transactions and amendment to Beedie Facility

Buy, $10.25 Target

2.9%

Metalla Royalty & Streaming | August 2020 10

EXPOSURE TO TOP MINING JURISDICTIONS

4Production Assets

18Development Assets

28Exploration Assets


INDUSTRY LEADING GROWTH

11

EXPANSIVE DEVELOPMENT PORTFOLIO WITH TOP OPERATORS

In Production

Endeavor Mine

Joaquin Mine

COSE Mine

Fifteen Mile Stream

Hoyle Pond Extension

Mid – Long Term

35+ OTHER ROYALTIES PROVIDING FUTURE CASH FLOW AND OPTIONALITY

Near Term

Fosterville

WasamacSanta Gertrudis

El RealitoNew Luika Gold Mine

GarrisonWharf Mine


KEY ASSETS

12

FostervilleBendigo, 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(1)

WharfLead, South Dakota


1% NSR

Stable cash flow from a tier one Operator

Annual production is expected to be +80Koz for the remainderof its current 7 year mine life. Over 1Moz currently definedexcluding inferred. (2)


KEY ASSETS

13

Santa GertrudisSonora, Mexico


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(5)

Anglo/ZekeCortez Trend, Nevada


0.5% NSR

Covers a portion of Goldrush South and 190 sq. kilometres of the Cortez Trend

Cortez produced 963Koz in 2019, latest reserve estimate atGoldrush is 2Moz at 9.7 g/t gold with an additional measuredand indicated resource estimate of 9.4Moz at 9.4 g/t gold. (3)(4)


KEY ASSETS

14

Joaquin MineSanta Cruz, Argentina

Metal Exposure: Silver, Gold

2% NSR

Annual Production: ~4 Moz Ag, 2 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 (6)

Fifteen Mile StreamNova Scotia, Canada


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


COSE Mine

KEY ASSETS

15

Santa Cruz, Argentina

Metal Exposure: Silver, Gold

1.5% NSR

LOM Production: 2Moz Ag, 42Koz Au

Development and ramp up ongoing, commercial production expected 2020 (currently impacted by COVID). High-grade

deposit that will be trucked to Manantial Espejo(7)

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


KEY ASSETS

16

NuevaUniónAtacama region, Chile


2% NSR on Gold

Covers 8% of the tonnes on of the La Fortuna deposit. NuevaUnión is one of the largest undeveloped copper-gold-

molybdenum projects in the Americas.

Teck/Newmont 2020 planned budget of $152M

Endeavor MineNSW, 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


LEADERSHIP

17

Lawrence RoulstonNon – Executive Chairman

Mining professional and geologist with over 35 years of diverse hands-on experience.

Alexander MolyneuxNon-Executive Director

Metals and mining industry professional with 20+ years of executive experience. Holds several high-level executive and board positions.

EB TuckerNon-Executive Director

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

Brett HeathPresident and CEO, Director

Founder of Metalla – Mr. Heath is a metals and mining industry professional with 8 years of dedicated royalty and streaming experience.

Bill TsangChief Financial Officer

Chartered Professional Accountant with more than 10 years of financial accounting and auditing experience in the mineral exploration and

mining industry.

Drew Clark, CFAVP Corporate Development

Metals and mining industry professional with 10+ years’ experience in research and corporate development roles.

Frank HanagarneTechnical Advisor

Metals and mining industry professional with 35+ years experience at Newmont Mining and Coeur Mining as COO.

James BeebyNon-Executive Director

Corporate lawyer with 20 years’ experience advising clients on corporate finance and M&A matters with a focus in the mining industry.

BOARD OF DIRECTORS MANAGEMENT/ADVISORS

Terry KrepiakevichNon-Executive Director

Chartered Professional Accountant with 30+ years experience in public and private companies, and a certified member of the Institute of Corporate Directors.

Sunny SaraCorporate 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 CasswellCorporate 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.


INVEST FOR REVALUATIONMETALLA IS AT AN EARLY STAGE OF ITS GROWTH TRAJECTORY

18

Junior Royalty

Co.

Mid-Tier Royalty

Co.

P/N

AV

0.5x-1.5x

1.5x-2.0x

2.0x +

<$500M Market Cap.

<20 Koz AuEq

$0.5-3B Market Cap.

20-100 Koz AuEq

>$5B Market Cap

>250 Koz AuEq

MajorRoyalty Co.

Sector Average 1.8x


THE CASE FOR INVESTMENT

19

Metalla currently trades at a discount to its peers(1)

despite a higher growth rate and more generousdividend distribution policy

Portfolio includes stable operations and developmentprojects backed by strong counterparties

Experienced management team with a track recordof value accretive transactions delivered with a lowburn rate

focus on third- party royalties on assets operated bymajors; acquisition for shares enables holders tomonetize the intrinsic value of their royalties.

STRONG VALUE PROPOSITION

ORGANIC GROWTH

DISCIPLINED MANAGEMENT

UNIQUE BUSINESS PLAN / APPROACH

(1) Using a price/NAV basis

TSXV:MTA

MTA I MTAFF I X9CP

APPENDIX

www.metallaroyalty.com I [email protected]: +1 (604) 696-0741

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


PRODUCTION & DEVELOPMENT PORTFOLIO

21

Property Operator Location Stage Metal TermsWharf Mine Coeur Mining South Dakota, USA Production Au 1.0% NSR Royalty

Endeavor Mine CBH Resources NSW Australia Production Zn, Pb, Ag Stream on 100% of AgJoaquin Mine Pan American Silver Santa Cruz, Argentina Production Ag, Au 2.0% NSR Royalty

Santa Gertrudis Agnico Eagle Sonora, Mexico Development Au2.0% NSR Royalty (subject to a 1.0%

buyback)Fifteen Mile Stream St Barbara Halfiax, Nova Scotia Development Au 1.0% NSR Royalty

Fosterv ille Kirkland Lake Victoria, South Dakota Development Au 2.5% NSR(FMS) Plenty St. Barbara Halfiax, Nova Scotia Development Au 3.0% NSR RoyaltyCOSE Mine Pan American Silver Santa Cruz, Argentina Production Ag, Au 1.5% NSR Royalty

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% GORRed Hill NuLegacy Gold Nevada, USA Development Au 1.5% GOR

Hoyle Pond Ext. Newmont Timmins, Ontario Development Au2.0% NSR, subject to 500 Koz

exemptionLa Fortuna Minera Alamos Durango, Mexico Development Au, Ag, Cu 1.0% NSR Option

NuevaUnion Teck Resources / Newmont Atacama, Chile Development Au 2.0% on Au

New Luika Shanta Gold Lupa Goldfields, Tanzania Production Au Stream on 15% of Ag

Wasamac Monarques Gold Val d'Or, Quebec Development Au1.5% NSR (subject to a 0.5%

buyback)

Timmins West Ext. Pan American Silver Timmins, Ontario Development Au1.5% 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% NSRDufferin East Aurelius Minerals Halfiax, Nova Scotia Development Au 1.0% NSR

Zaruma Titan Minerals Ecuador Development Au 1.5% NSR


EXPLORATION PORTFOLIO

22

Property Operator Location Stage Metal TermsKirkland-Hudson Kirkland Lake Gold Kirkland Lake, Ontario Exploration Au 2.0% NSR

Orion Minera Frisco Nayarit, Mexico Exploration Au, Ag 2.75% NSRBig 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 AgBoulevard Independence Gold Yukon Exploration Au 1.0% NSR

Camflo Northwest Monarques Gold Val d'Or, Quebec Exploration Au 1.0% NSREdwards Mine Trillium Wawa, Ontario Exploration Au 1.25% NSR

Pucarana Buenaventura Peru Exploration Au, Ag 1.8% NSR OptionCapricho Pucara Peru Exploration Au, Ag 1.0% NSRLourdes Pucara Peru Exploration Au, Ag 1.0% NSR

Santo Tomas Pucara Peru Exploration Au 1.0% NSRGuadalupe/Pararin Pucara Peru Exploration Au 1.0% NSR

DNA Detour Gold Cochrane, Canada Exploration Au 2.0% NSRPuchildiza Regulus Resources Chile Exploration Au 1.5% NSR

DeSantis Mine Canadian Gold Miner Timmins, Ontario Exploration Au 1.5% NSRBint Property Glencore Timmins, Ontario Exploration Au 2.0% NSR

Colbert/Anglo Goldcorp Timmins, Ontario Exploration Au 2.0% NSRMontclerg IEP Timmins, Ontario Exploration Au 1.0% NSR

Pelangio Poirier Pelangio Exp. Timmins, Ontario Exploration Au 1.0% NSRBeaudoin Explor Resources Timmins, Ontario Exploration Au, Ag 0.4% NSR

Sirola Grenfell Pelangio Exp. Kirkland Lake, Ontario Exploration Au 0.25% NSRMirado Mine Orefinders Kirkland Lake, Ontario Exploration Au 1.0% NSR + Option

Solomon's Pillar Sage Gold Greenstone, Ontario Exploration Au 1.0% NSRLos Patos Private Venezuela Exploration Au 1.5% NSR

Goodfish Kirana Warrior Gold Kirkland Lake, Ontario Exploration Au 1.0% NSRTower Mountain Private Thunder Bay, Ontario Exploration Au 2% NSR


NOTES

23

(1) 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 at www.klgold.com

(2) 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.com filed under its SEDAR profile on www.sedar.com

(3) Project data source from Barrick Gold Corporation’s presentation dated November 1, 2012 and filed on its website at www.barrick.com.

(4) Project data source from Barrick Gold Corporation’s presentation dated September 19, 2019 and filed on its website at www.barrick.com.

(5) Project data source from NuLegacy Gold Corporation’s presentation dated February, 2020 and filed on its website at www.nulegacygold.com.

(6) Project data sourced from Agnico Eagle Mines Limited’s news release dated February 13, 2020 and filed under its SEDAR profile on www.sedar.com.

(7) Project data sourced from Pan American Silver Corp.’s news release dated December 21, 2017 and filed under its SEDAR profile on www.sedar.com.

(8) Project data sourced from Pan American Silver Corp.’s news release dated December 17, 2017 and filed under its SEDAR profile on www.sedar.com.

While the Company does not have any knowledge that such data and information is not accurate, the Company has notindependently 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 toMetalla. Mr. Beaudry is a QP as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

http://www.klgold.com/

http://www.sedar.com/




http://www.nulegacygold.com/




august 2020 nyse & tsxv:mta | · metalla is at an early stage of its growth trajectory 18...

Documents