METALLA ROYALTY & STREAMING | September 2024 | 25 Notes (1) For details, please refer to IAMGOLD’s 2023 Annual Information Form and IAMGOLD’s Press Release dated October 23, 2023 which Metalla holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such available at sedarplus.ca. Annual GEOs calculated by applying the royalty rate and 6% Cote royalty coverage to life of mine information. Although Metalla does not have any knowledge that such information may not be accurate, the Company has not average production. independently verified this information and there can be no assurance that such third-party information iscomplete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Metalla's royalty, (2) For details, please refer to the Feasibility Study – NI 43-101 Technical Report for the Tocantinzinho Gold Project with an streamor otherinterests. Metalla's royalty, stream or other interests can cover less than 100% and sometimes only a portion of the effective date of December 10, 2021 and the G Mining Ventures’ Press Release dated September 12, 2023. Annual GEOs publicly reported mineral reserves, resources and production of a property. Unless otherwise indicated,the technical and scientific calculated by applying royalty rateto life of mine average production. disclosure contained or referenced in this prsentation, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian NI 43-101, which differs significantly from the requirements of the U.S. Securities and (3) For details, please refer to the Technical Report for the Castle Mountain Project Feasibility Study with an effective date of Exchange Commission (the “SEC”) applicable to U.S. domestic issuers. Accordingly, the scientific and technical information February 26, 2021, NI 43-101 Technical Report on the Preliminary Feasibility Study for the Castle Mountain Project dated contained or referenced in this presentation may not be comparable to similar information made public by U.S. companies August28,2018andEquinoxGold’sQ32023ManagementandDiscussionavailableon sedarplus.ca.AnnualGEOscalculated subject to the reporting and disclosure requirements of the SEC. using2021Feasibility Studyfinancial modelHuntingtonTileRoyaltyrevenue over life of paying royalty mine. “Inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic (4) For details, please refer to the Taca Taca Project, Salta Province Argentina, Amended and Restated NI 43-101 Technical and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher Report issued March 30, 2021 and First Quantum Minerals’ Q3 2023 MD&A. Annual GEOs calculated by applying royalty rate category. Historical results or feasibility models presented herein are not guaranteesor expectations of future performance. to annualcopperproduction revenues divided bygold price. Metalla has included certain performance measures inthis press release that do not have any standardized meaning prescribed (5) For details, please refer to the NI 43-101 Technical Report, Copper World Complex, Pima County, Arizona USA, with an by International Financial Reporting Standards (IFRS) including attributable gold equivalent ounces (GEOs). The Company effective date of May 1, 2022, Hudbay Minerals’ 2022 Annual Information Form and the Information outlined on believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to www.copperworldaz.com and the Copper World Pre-Feasibility Study dated September 8, 2023. Annual GEOs calculated by evaluate the Company's performance and ability to generate cash flow. Attributable GEOs are a non-IFRS financial measure that applying royalty rateto average annualcopperproduction revenues over firstten years divided bygold price is composed of gold ounces attributable to the Company, plus an amount calculated by taking the expected revenue by the Company from payable silver ounces, copper pounds, lead pounds and zinc pounds attributable to the Company, less material (6) For details, please refer to Coeur Mining’s 2023 Annual Information Form and Coeur Mining’s Q3 2023 Management costs, divided by the price of gold. The Company presents attributable GEOs as it believes that certain investors use this Discussion and Analysis 10-Q SEC Filing report. Annual GEOs calculated by applying royalty rate to 2023 production information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious guidance metalsmining industrywhopresentattributable ounceson a similar basisThepresentation of thesenon-IFRS financial measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of (7) For details, please refer to the Feasibility Study of the Re-Opening of the Aranzazu Mine, Zacatecas, Mexico with an effective performancepreparedinaccordance with IFRS.Othercompanies maycalculatethesenon-IFRSfinancial measuresdifferently. date of January 31, 2018 and Aura Minerals’ 2023 Annual Information Form. Aura Minerals press released dated Agust 7 2023. AnnualGEOscalculatedbyapplyingroyalty rateto 2023production guidance Future-Oriented Financial Information (8) For details, please refer to the Vizcachitas Project Pre-Feasibility Study, Valparaiso Region, Chile, NI 43-101 Technical Report, This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about with an effective date of February 20, 2023 and the Los Andes Copper’s 2022 Annual Information Form. Annual GEOs Metalla and anticipated GEOsfrom its portfolio and which issubject to the assumptions, risk factors, limitations and qualifications calculated by applying royalty rateand 50% coverage rateto annualcopperproduction revenues divided bygold price. as set forth in this presentation. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about Metalla's anticipated future business operations. Metalla (9) For details, please refer to the Polymetals Resources’ Mine Restart Study for the Endeavor Mine dated October 16 2023 and disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new Polymetals Resources’ Improved Endeavor Silver Lead Zinc Mine Plan dated August 5 2024 and filed on ASX.com.au. Annual information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should GEOs derived from Polymetals Resources’ Mine Restart Study page 9 Financial Model Summary royalty revenue estimate not beused forpurposesotherthan forwhich itisdisclosed herein. over ten years divided by gold price (0.7 AUD/USD). QUALIFIED PERSON (10) For details, please refer to Agnico Eagle Mines’ Q2 2023 and Q3 2023 Financial Statements and Yamana Gold’s 2023 Annual Information Form.Annual GEOscalculatedbyapplyingroyalty rateto annualgoldproduction guidance. The technical information contained in this presentation has been reviewed and approved by Charles Beaudry, geologist M.Sc., memberoftheAssociation of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec and a consultant Numbersmaynotaddduetorounding to Metalla. Mr. Beaudry isa QP asdefined inNationalInstrument 43-101Standardsof DisclosureforMineral Projects. All GEOscalculatedusing $1,500/ozgold price, $3.50copperprice. Metalla has limited, ifany, access to the properties on which Metalla holds a royalty, stream or other interest. Metalla isdependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Metalla, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on