MM EE TT AA LL LL AA RR OO YY AA LL TT YY && SS TT RR EE AA MM II NN GG || SS ee pp tt ee mm bb ee rr 22 00 22 44 | | 1717 TheValue Proposition 2.8X 8.50 8.00 Metalla’sconsensus 2.3X NAV per share has 7.50 grown at a CAGR of 7.00 over 16% since 1.8X Trading at Historic 6.50 coverage was P/NAV Valuation Gap 6.00 launched. 1.3X 5.50 0.8X 5.00 4.50 0.3X 19 19 19 19 19 0 0 0 0 0 0 0 0 0 20 0 0 21 21 21 21 21 21 21 21 21 21 21 21 22 22 22 22 22 22 22 22 22 22 22 22 23 23 23 23 23 23 23 23 23 23 23 23 4 4 4 4 4 4 4 4 4.00 ug pe c t ov ec an 2eb 2ar 2 pr 2ay 2 un 2Jul 2ug 2ep 2 t ov 2 ec 2Jan eb ar Apr ay un Jul ug ep Oct ov ec an eb ar pr ay un Jul ug ep t ov ec an eb ar pr ay un Jul ug ep t ov ec an 2eb 2 ar 2pr 2 ay 2un 2 Jul 2ug 2 A S O N D J F M A M J A S Oc N D F M M J A S N D J F M A M J A S Oc N D J F M A M J A S Oc N D J F M A M J A P/NAV(LHS) NAVPS (RHS) Source: SNL, street research