METALLA ROYALTY & STREAMING | September 2024 | 23 Pre-2010 $66 TheLandscape $64 $64 $61 • The royalty space has expanded rapidly, especially during the 2018-2021 period • Sector market cap has expanded by roughly 2.2x from 2010 to 2022, with the number of publicly listed companies expanding to 24 $48 • Sector has slowly become saturated at the junior level – which has led to consolidation $37 $31 $33 $25 $27 $23 $22 $20 $17 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Current Acquired New Stream and Acquired Acquired Royalty Companies Acquired Acquired Acquired Acquired Acquired Acquired Number of (3) 14 15 16 16 16 17 18 19 20 20 25 28 25 25 Companies 24 Source: Scotiabank (1) Excludes private royalty companies (2) Market cap measured as of year end in respective year (3) Other new companies include Nova Royalty, Trident, Empress Royalty, Orogen Royalties