Acquisition of Santa Gertrudis NSR - Metalla Royalty · ACQUISTION OF SANTA GERTRUDIS 3 Metalla has entered into a purchase and sale agreement with GoGold Resources Inc. (“GoGold”)TSX:GGD

September 2018 I www.metallaroyalty.com I TSXV: MTA I OTCQX: MTAFF I Germany: X9CP

Acquisition of Santa Gertrudis NSR

FORWARD LOOKING STATEMENTS

This presentation contains certain "forward looking statements" and certain "forward-looking information" asdefined under applicable Canadian and U.S. securities laws. Forward-looking statements and information cangenerally 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-lookinginformation contained herein is provided for the purpose of assisting readers in understanding management'scurrent expectations and plans relating to the future. Readers are cautioned that such information may not beappropriate for other purposes.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that maycause the actual actions, events or results to be materially different from those expressed or implied by suchforward-looking information, including but not limited to: the impact of general business and economicconditions; the absence of control over mining operations from which Metalla will purchase gold and other metalsor from which it will receive royalty payments and risks related to those mining operations, including risks relatedto international operations, government and environmental regulation, delays in mine construction andoperations, actual results of mining and current exploration activities, conclusions of economic evaluations andchanges 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 themarketability of gold and other metals; the inherent uncertainty of production and cost estimates and thepotential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primarycommodities 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 adverselyaffects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss of key employees andother 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 currentlyavailable. 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.

ACQUISTION OF SANTA GERTRUDIS

3

✓ Metalla has entered into a purchase and sale agreement with GoGold ResourcesInc. (“GoGold”) TSX:GGD for its 2% NSR royalty1 on the Santa Gertrudis Projectowned and operated by Agnico Eagle Mines Ltd. (“Agnico”) NYSE:AEM for US$12M

✓ Santa Gertrudis is the latest acquisition by Agnico which Metalla views as havingstrong resource expansion potential on its expansive 42,000 hectare land package

✓ Acquisition enhances Metalla’s strong development pipeline and adds a seconddevelopment royalty with Agnico as its counterparty, one of the premier goldmining companies in the world

✓ Past producing operation with existing infrastructure and potential to have a shorttimeline to production

✓ GoGold can elect to receive shares as part of the consideration of up to US$6M atCAD$0.78 a share

Transaction Highlights

1 Agnico can buy back 1% of the NSR for US$7.5M, has a 45 day right of first refusal on the sale

SANTA GERTRUDIS PROJECT OVERVIEW

4

• GoGold sold the property to Agnico in November

2017 for US$80M (C$105M) in cash and a 2%

NSR, 1% can be repurchased for US$7.5M

• Past-producing property which produced over

550Koz Au in the 1990’s at an average head

grade of 2.13g/t Au

• GoGold completed a Preliminary Economic

Assessment (PEA) in 2014 which yielded positive

economic results and a 12 year mine-life

• 42,000 Ha property is located 180km north of

Hermosillo in Sonora, Mexico and has excellent

access and infrastructure

2014 resource estimate for GoGold completed by P&E Mining Consultants Inc.

• Three favourable geological trends with a strike

length of 18km identified on the property with

limited drilling between deposits

• Agnico has a 2018 drilling budget of US$7.2M for a

28,000m program in 2018 plans to release its initial

resource estimate for the Property in February 2019

Current Resource

Indicated Inferred All Categories

Kt Au g/t Au Koz Kt Au g/t Au Koz Kt Au g/t Au Koz

23,307 1.08 810 7,745 1.02 255 31,052 1.07 1,064

FOUNDATION OF A SUCCESSFUL ROYALTY AND STREAMING COMPANY

5

✓ EXPERIENCED MANAGEMENT TEAM WITH TRACK RECORD OF SUCCESS

✓ CASH FLOWING PORTFOLIO TO REINVEST AND SUPPORT ITS DIVIDEND

✓ CURRENTLY TRADING AT A DEEP DISCOUNT TO PEERS

✓ STRONG GUIDANCE OF 500-600Koz SILVER FOR FISCAL 2019

✓ STRONG COUNTERPARTIES AND GEOGRAPHICALLY DIVERSIFIED

COMPANY OVERVIEW

6

STRONG TRACK RECORD OF ACQUIRING ACCRETIVE ROYALTY AND STREAMING ASSETS

Acquistion of Santa Gertrudis Royalty

Listing as a tier-1 issuer on the TSXV

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Sep-1

6

Nov-

16

Jan

-17

Mar-

17

May-1

7

Jul-

17

Sep-1

7

Nov-

17

Jan

-18

Mar-

18

May-1

8

Jul-

18

Sep-1

8

Acquires High Stream Capital and changes name to

Metalla, appoints Brett Heath as President

Announces New Luika Silver

Stream and $4M financing

Consolidates Hoyle Pond

extension royalty

Acquires Timmins-based royalty

portfolio from IEP and closes over-

subscribed financing for $2.3M

Acquires royalty and streaming

portfolio from Coeur Mining

Appoints Lawrence Roulston as Chairman

Appoints Frank Hanagarne and Alex Molyneux to the

board, Drew Clark as VP Corporate Development

Annouces acquisition of Valgold (Garrison

Royalty)

Acquisition of Akasaba West royalty

Source: Capital IQ, Pro-forma conversion of Coeur to maintain 19.99% ownership

Capital Structure

Share Price

Current ($) $0.70

52-Wk. High $0.87

52-Wk. Low $0.54

Dividend Yield 2.6%

Cash & Equivalents ($M) ~$5.0

Convertible Held by Coeur ($M) $5.9

Shares Outstanding:

Basic (mln) 88.3

Fully Diluted 98.8

Market Cap ($M) $61.8

Share Ownership

Coeur Mining 19.90%

Europac 5.67%

Brett Heath (CEO) 3.33%

Adrian Day Asset Management 2.80%

Kjell Akesson 2.35%

US Global 1.13%

Doug Casey 1.10%

Paul Stephens 0.94%

E.B Tucker (Director) 0.89%

-30%

-20%

-10%

0%

10%

20%

30%

MTA.V RGLD.O FNV.TO SSL.TO MMX.V OR.TO WPM.TO

RELATIVE PERFORMANCE

7

2018 Relative Performance

METALLA HAS OUTPERFORMED ITS PEERS SINCE INCEPTION

Source: Capital IQ

Canada• Hoyle Pond Extension• Garrison • Timmins West Extension• Akasaba West• TVZ• DeSantis Mine• Bint Property• Montclerg Property• Colbert Anglo• Pelangio Poirier• Beaudoin• DNA • Sirola Grenfell• Mirado Mine• Solomon’s Pillar

Ecuador• Zaruma

Chile Royalty• Puchildiza

Argentina• Joaquin

Tanzania• NLGM

Australia• Endeavor

Legend

• Producing

• Development

• Exploration

GEOGRAPHICALLY DIVERSIFIED

PORTFOLIO

8

Mexico• Santa Gertrudis

Venezuela• Los Patos

PORTFOLIO - PRODUCING

9

ASSET ENDEAVOR MINE

METALLA INTEREST 100% OF BY-PRODUCT SILVER STREAM (AG)

OPERATOR

METAL PRODUCED ZN, PB, AG

LOCATION NSW AUSTRALIA

SILVER RESERVES 987,500 AG OUNCES IN CURRENT MINE

PLAN

ON GOING PAYMENT

$1 USD PER OUNCE + 50% OF SILVER PRICE

ABOVE $7 USD PER OZ

PRODUCTION GUIDANCE FY 2019

500,000 – 550,000 OZ AG

ASSET NEW LUIKA GOLD MINE (“NLGM”)

METALLA INTEREST 15% OF BY-PRODUCT SILVER STREAM (AG)

OPERATOR

METAL PRODUCED AU, AG

LOCATION TANZANIA, LUPAGOLD FIELDS

ON GOING PAYMENT

10% OF SPOT OF SILVER (AG)

PRODUCTION GUIDANCE FY 2019

120,000 – 150,000 OZ AG

ASSET ZARUMA MINE

METALLA INTEREST 1.5% NSR ROYALTY ON PRODUCTION

OPERATOR

METAL PRODUCED AU, AG

LOCATION ZARUMA-PORTOVELO DISTRICT- ECUADOR

RESOURCES M&I 1,094,000 OZ AU, AND INFERRED

1,448,000 OZ AU

PRODUCTION Small-scale, updated mine plan expected in

H218

ASSET HOYLE POND EXTENSION

METAL: Au

COUNTRY: CANADA

INTEREST: 2% NSR ROYALTY (500,000 OZ

AU EXEMPTION)

OPERATOR:

GUIDANCE: FY 2018 160Koz Au(EXTENSION UNDER

DEVELOPMENT)

PORTFOLIO - DEVELOPMENT

10

ASSET JOAQUIN PROJECT

METAL: Ag, Au

COUNTRY: ARGENTINA

INTEREST: 2% NSR ROYALTY

OPERATOR:

RESOURCES: 65Moz Ag 43-101 underM&I (Q4 2019 EXPECTED

PRODUTION START)

ASSET GARRISON MINE

METAL: Au

COUNTRY: CANADA

INTEREST: 2% NSR ROYALTY

OPERATOR:

RESOURCES: 1.2Moz M&I, 0.8Moz Inferred

PORTFOLIO – EARLY STAGE

11

(1) See technical report at http://www.orefinders.ca/overview/(2) See technical report at www.regulusresources.com/projects/puchuldiza-chile/

Property Operator Location Stage Metal Terms Notes

Timmins West

ExtensionTahoe Resources Canada Production Au

1.5% NSR (subject to a 0.75%

buyback)

Guidance FY 2018 55-65Koz,

extension under development

Akasaba West Agnico Eagle Canada Development Au, Cu 2% NSR, payable after 210Koz Au Buy-back right

TVZ Zone Goldcorp Canada Development Au 2% NSR Zone at depth

DeSantis Mine Canadian Gold Miner Canada Early Exploration Au 1.5% NSRLocated in Timmins gold trend,

past producer

Bint Property Glencore Canada Early Exploration Au 2% NSR No current work planned

Colbert/Anglo Goldcorp Canada Early Exploration Au 2% NSR Subject to 0.75% buyback

Montclerg IEP CanadaAdvanced

ExplorationAu 1% NSR Drill program planned

Pelangio

PoirierPelangio Exp. Canada Early Exploration Au 1% NSR Down plunge from Gap Zone.

DNA Detour Gold Canada Early Exploration Au 2% NSROn west extension of Detour

Camp

Beaudoin Explor Resources Canada Early Exploration Au, Ag 0.4% NSRLocated adjacent to old DeSantis

mine

Sirola Grenfell Golden Peak Res. Canada Early Exploration Au 0.25% NSR

2-compartment shaft. Potential

for low grade bulk minable

resource

Mirado Mine Orefinders CanadaAdvanced

ExplorationAu 1% NSR + Option

442,000 oz Au inferred 43-101

report (1)

Solomon’s

PillarSage Gold Canada Early Exploration Au 1% NSR

Narrow but very high grade

gold. 3-compartment shaft

Puchildiza Regulus Resources ChileAdvanced

ExplorationAu 1.5% NSR

686,000 oz Au Inferred 43-101

report (2)

Los Patos

ProjectPrivate Party Venezuela

Advanced

ExplorationAu 1.5% NSR

900 km2 land package, Small

high grade indicated

LEADERSHIP

12

Lawrence RoulstonNon – Executive ChairmanMining professional and geologist

with over 35 years of diverse hands-on experience

Alexander MolyneuxNon-Executive Director

20+ Years experience metals and mining industry executive and financier. Holds several

high level executive and board positions.

EB TuckerNon-Executive DirectorCasey Report Editor, 15 years

experience in fund management and security analysis

Brett HeathPresident and CEO, Director

10 years experience in structured finance, corporate finance, and investment management,

5 years of 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

Former research analyst and investment banker, corporate development roles at Premier Royalty Corp and Carlisle

Goldfields acquired by Sandstorm and Alamos respectively

Frank HanagarneNon-Executive Director

25+ years operational experience at Newmont Mining and Coeur

Mining. (Currently COO of Coeur)

WHY INVEST NOW

Strong Value Proposition

Metalla currently trades at a significant discount to its peers1 and remains the highest yielding dividend payer

13

Organic Growth

Disciplined Management

Unique Business Plan / Approach

Portfolio includes stable operations and development projects backed by strong counterparties

Experienced management team with a low burn rate and a track record of accretive transactions for shareholders

1 Using Price/Operating Cash Flow

Focus on third-party royalties on assets operated by majors and using stock to enable holders to properly value royalty assets a key differentiator vs competition

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

ENDEAVOR SILVER STREAM

15

Metalla Interest 100% of By-product silver stream (Ag)

Operator CBH Resources

Metal Produced Pb, Zn, Ag

Location NSW Australia

Project Status Producing

Silver Reserves 1.6M Ag ounces in current mine plan

On going payment $1 USD per ounce(1) + 50% of silver price above

$7 USD per Oz

Production Guidance FY 2019

500,000 – 550,000 Oz Ag

(1) Plus adjustments for inflation indexed to CPI

• Long history of operations and replacing reserves

• Discovery of Deep Zinc Lode zone currently being drilled

• New 1.6M Ag oz mine plan through December 2020

NLGM SILVER STREAM

16

Metalla Interest 15% of By-product silver stream (Ag)

Operator Shanta Gold (LON:SHG)

Metal Produced Au, Ag

Location Southwest Tanzania, Lupa Gold Fields

Project Status Producing

On going payment 10% of Spot of silver (Ag)

Production Guidance FY 2019

120,000 – 150,000 Oz Ag

• 10 year stream (expires 2026)• Lowest quartile of costs amongst producers• Experienced management team• Achieved underground expansion on time and

under budget

ZARUMA ROYALTY

17

Metalla Interest 1.5% NSR Royalty on production

Operator Core Gold Inc. (TSXV:CGLD)

Metal Produced Au, Ag

Location Zaruma-Portovelo Mining District of southern Ecuador

Project Status Producing (small-scale)

Resources Measured and Indicated 1,094,000 oz Au, and

Inferred 1,448,000 Oz Au(1)

Production Small-scale production, new mine plan expected H218

• Signed LOI for US$15M debt restructure with Investabank SA

• Company completed successful corporate restructure

• New experienced management team

(1) See technical report: https://www.dynastymining.com/operations/technical-reports

JOAQUIN ROYALTY

18

Metalla Interest 2% NSR Royalty on production

Operator Pan American Silver (TSE:PAAS)

Metal Produced Ag, Au

Location Santa Cruz Province, Argentina

Project Status Development

Resources Existing Measured and Indicated resource of 65.2

million oz Ag and 61,100 oz of Au

• Pan American allocated US$37.8M to develop Joaquin

• Production to start in Q4 2019• 43-101 report(1) on La Morocha deposit as an

underground mine filed on SEDAR

(1) Please refer to a technical report titled "Joaquin Project NI 43-101 Technical Report" and dated January 31, 2018 (the "Joaquin Report").

HOYLE POND EXTENSION ROYALTY

19

Metalla Interest 2% NSR Royalty on production (on leased mining

rights subject to 500,000 oz Au exemption)

Operator Goldcorp Inc. (NYSE:GG)

Metal Produced Au

Location Timmins, OntarioCanada

Project Status Producing (extension underdevelopment)

Resources No current reserve/resource on the extension

Production Guidance FY 2018

155,000 – 160,000 Oz Au

• Goldcorp October 25, 2017 NR reserves andresources estimate stated “In 2018, reservereplacement will be focused on theevaluation of the down plunge extension ofthe mineralized veins at Hoyle Pond”

(1) Resources in Porcupine Camp see Goldcorp 2016 reserves and resources report

TIMMINS WEST EXTENSION ROYALTY

20

Metalla Interest 1.5% NSR Royalty on production (extension claim) subject to 0.75% buyback for

USD $750,000

Operator Tahoe Resources (NYSE:TAHO)

Metal Produced Au

Location Timmins, OntarioCanada

Project Status Producing (extension under development)

Resource No current reserve/resourceon the extension

Production Guidance FY 2018

55,000 – 65,000 Oz Au

• Planned USD $60M investment on deeper shaft to access lower levels on extension

• 60,000 meters of drilling in 2016• Plans to expand production in mining camp

AKASABA WEST ROYALTY

21

Metalla Interest 2.0% NSR Royalty on production subject to 1.0%

buyback for $7,000,000

Operator Agnico Eagle Mines (TSE:AEM)

Metal Produced Au, Cu

Location Val d’Or, Quebec, less than 30Km from Goldex

Project Status Under Development, startup in 2020

Resource 145Koz Au and 25.5Kt Cu Reserve, 49Koz and 9Kt Cu

Production Guidance

20-25Koz Au and 8.5-10Mlbs Cu once in operation

• Planned $50M to develop the mine• Internal studies indicate 4-5 year mine life

with cash costs ~$400/Oz• Will be processed at either Laronde or Goldex

processing facilities