february 2020 nyse & tsxv:mta | · metalla royalty & streaming | february 2020 $0.00 $1.00...

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

Metalla Royalty & Streaming | February 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


Greatest Exposure to Silver of Any Publicly Listed Royalty Company

THE KEY POINTS

3

Experienced Management Team with Proven, Relevant and Global Track Record

ü Most Active Royalty Company as Measured by Material Acquisitions

Positive Cash Flow Delivers Dividends and Industry-Leading Growth

Focused on Acquiring Royalties on Projects Operated by Large Producers

Trades at a Significant Discount to Peers Despite Recent 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

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

Sep

16

Oct

16

Nov

16

Dec

16

Jan

17

Feb

17M

ar 1

7

Apr 1

7

May

17

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct

17

Nov

17

Dec

17

Jan

18

Feb

18M

ar 1

8

Apr 1

8

May

18

Jun

18

Jul 1

8

Aug

18

Sep

18

Oct

18

Nov

18

Dec

18

Jan

19

Feb

19M

ar 1

9

Apr 1

9

May

19

Jun

19

Jul 1

9

Aug

19

Sep

19

Oct

19

Nov

19

Dec

19

Jan

20

Feb

20

THE TRACK RECORD

5

45Royalties/Streams

Acquired

$70MCapital Deployed

15Transactions

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’s

/ O3’s Garrison

Listing as a Tier-1

Issuer on the TSXV

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

Consolidates remaining royalty on

Fifteen Mile Stream

Announces application to list

on the NYSE American


-40%

10%

60%

110%

160%

210%

260%

310%

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

Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold

THE OUTPERFORMANCE

6

METALLA HAS CONSISTENTLY OUTPERFORMED ITSPEERS SINCE INCEPTION

75%CAGR since

September 2016

Metalla Royalty & Streaming | February 2020 7

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

ACTIVELY EXPANDING PIPELINE

2

4

7 77.4

10

11 11

15

WheatonPrecious

Royal Gold Sandstorm Triple Flag Avg (Excl. MTA) Maverix Metals Osisko Franco-Nevada Metalla

Metalla Royalty & Streaming | February 2020 8

GREW PORTFOLIO TO 45 ASSETS THROUGH 15 TRANSACTIONS

ACTIVELY EXPANDING PIPELINE

1

5

11

14

18 18 1820 21

24 25

45 45

Aug

-16

No

v-16

Feb

-17

Ma

y-17

Aug

-17

No

v-17

Feb

-18

Ma

y-18

Aug

-18

No

v-18

Feb

-19

Ma

y-19

Aug

-19

Exploration

Development

Production

2019

Grown Portfolio to 45 Assets Since Inception


Basic Shares Outstanding 33.8

Fully Diluted 37.1

Market Capitalization($8.19 share price, Feb 5, 2020)

Cash $7.3Convertible Debt $7.0Facility Available $5.0

Dividend Yield 0.6%

1.9

1.4

$277

Warrants (W Avg $2.53)

Options (W Avg $4.26)

THE CAPITAL STRUCTURE

9

Strong Shareholders

Analyst Coverage

Other Strategic / Institutions Management

15.5% 6.1%

4.4% 3.0%

9.4% 4.7%

Hold, $7.50 Target

Buy (S), $7.55 Target

Neutral, $6.75 Target


BREAKDOWN OF ASSETS

10

NPV By Stage NPV By Geography

NPV By Type NPV By Metal

Production$47 34%

Development$74 55%

Exploration$15 11%

Mexico$21 16%

USA/Canada$53 39%

Australia$39 28%

South America

$7 5%

Other$17 12%

Gold$89 66%

Silver$47 34%

Stream$39 28%

Royalty$97 72%


EXPOSURE TO TOP MINING JURISDICTIONS

11

2Production Assets

15Development Assets

28Exploration Assets

Australia

Tanzania

Canada

MexicoArgentina

Ecuador

Peru

Chile


Endeavor Mine

KEY ASSETS

12

NSW, Australia

Metal Exposure: Silver

100% Silver Stream

Current focus on discovery at Deep Zinc Lode

Steady production since 1983, recent discovery of deep lode indicates further resource expansion potential

Santa GertrudisSonora, Mexico

Metal Exposure: Gold

2% NSR

Resources: 962 Koz inferred

2019 exploration budget of US$10.2M for ~40,500 m; evaluating scenario using heap leach and small mill for ~ 100 koz Au/year


KEY ASSETS

13

Joaquin MineSanta Cruz, Argentina

Metal Exposure: Silver, Gold

2% NSR

Production Guidance: ~4 Moz Ag, 2 Koz Au

Mine commissioned in 2019 with the further guidance upon achieving commercial production in H120. Multiple veins left

out of the mine plan totalling 40Moz Ag-Eq

Fifteen Mile StreamNova Scotia, Canada


1% & 3% NSR

Resources: 2P – 576 Koz Au, M,I&I – 761 Koz Au

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

14

Santa Cruz, Argentina

Metal Exposure: Silver, Gold

1.5% NSR

Production Guidance: 1.34 Moz Ag, 28 Koz Au

Development and ramp up ongoing, commercial production expected H120. High-grade satellite deposit that will be

trucked to Manantial Espejo similar to Joaquin

El Realito Mine Sonora, Mexico

Metal Exposure: Gold, Silver

2% NSR

Resources: 2P – 84 Koz Au, M,I&I – 353 Koz Au

Satellite deposit located adjacent to operating La India Mine; exploration program recently expanded by 5,000m to 17,000m

as a result of ongoing success at El Realito


KEY ASSETS

15

Wasamac MineRouyn-Noranda, Quebec


1.5% NSR

Resources: 2P – 1.8 Moz Au, MI&I – 2.5 Moz Au

Proposed mine life of 11 years producing an average of 142 Koz Au/year at AISC of US$620/oz. Start date of 2022/2023

Garrison MineKirkland Lake, Ontario


2% NSR

Resources: M,I&I – 2 Moz Au

Covers the majority of the Garrison project that spans 50 km of the Destor-Porcupine fault. O3 recently acquired additional

claims adjacent to the property.

O3 Mining Inc.


LEADERSHIP

16

Lawrence RoulstonNon – Executive ChairmanMining 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 news letters

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.


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

17

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 1.7x


INDUSTRY LEADING GROWTH

18

EXPANSIVE DEVELOPMENT PORTFOLIO WITH TOP OPERATORS

In Production

Endeavor Mine Joaquin Mine

COSE Mine

Fifteen Mile Stream

Hoyle Pond ExtensionLa Fortuna

Mid – Long Term

30+ OTHER ROYALTIES PROVIDING FUTURE CASH FLOW AND OPTIONALITY

Near Term

West Timmins

WasamacSanta Gertrudis

El RealitoNew Luika Gold Mine

Garrison

O3 Mining Inc.


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

Santa Gertrudis Agnico Eagle Sonora, Mexico Development Au 2.0% NSR RoyaltyFifteen Mile Stream St Barbara Halfiax, Nova Scotia Development Au 1.0% NSR Royalty

(FMS) Plenty St. Barbara Halfiax, Nova Scotia Development Au 3.0% NSR RoyaltyCOSE Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 1.5% NSR Royalty

Garrsion Mine O3 Mining Kirkland Lake, Ontario Development Au 2.0% NSR RoyaltyEl Realito Agnico Eage Sonora, Mexico Development Ag, Au 2.0% NSR

Hoyle Pond Ext. Newmont Goldcorp Timmins, Ontario Development Au 2.0% NSR, subject to 500 Koz exemption

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

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

Wasamac Monarques Gold Val d'Or, Quebec Development Au 1.5% NSR

Timmins West Ext. Pan American Silver Timmins, Ontario Development Au 1.5% NSR (subject to a 0.75% buyback)

Beaufor Mine Monarques Gold Val d'Or, Quebec Development Au 1.0% NSRSan 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 Goldcorp 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 Waterton 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 Golden Peak Resources 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

february 2020 nyse & tsxv:mta | · metalla royalty & streaming | february 2020 $0.00 $1.00...

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