MM EE TT AA LL LL AA RR OO YY AA LL TT YY && SS TT RR EE AA MM II NN GG || DD ee cc ee mm bb ee rr 22 00 22 44 | | 1717 TheValue Proposition 2.8X 8.50 8.00 2.3X Metalla’sconsensus 7.50 NAV per share has 7.00 grown at a CAGR of 1.8X Trading at Historic 6.50 over 16% since P/NAV Valuation coverage was Gap 6.00 1.3X launched. 5.50 0.8X 5.00 4.50 0.3X 19 19 19 19 19 0 0 0 0 0 0 0 0 0 0 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 24 24 4 4.00 ug pe t ov ec an 2eb 2 ar 2pr 2ay 2 un 2Jul 2ug 2ep 2ct 2ov 2 ec 2Jan eb ar Apr ay un Jul ug ep Oct ov ec an eb ar pr ay un Jul ug ep ct ov ec an eb ar pr ay un Jul ug ep ct ov ec an 2eb 2ar 2pr 2 ay 2un 2Jul 2ug 2ep ct ov 2 A S Oc N D J F M A M J A S O N D F M M J A S N D J F M A M J A S O N D J F M A M J A S O N D J F M A M J A S O N P/NAV(LHS) NAVPS (RHS) Source: SNL, street research adjusted for updated cap structure