Lama DEVELOPMENT San Juan, Argentina OPERATOR Barrick Gold Corp. ("Barrick") COMMODITY TYPE TERMS LAND AREA Gold, Copper Royalty 2.5 - 3.75% GVR (Au) 594 ha 0.5 - 3% NSR (Cu) Royalty Summary Reserves Lama is the Argentine portion of the ~21Moz gold Pascua-Lama Reserves & Resources - Au gold project straddling the border between Chile and Argentina. P&P Reserves (koz Au) - The Chilean Pascua portion has been placed into a closure pro- M&I Resources (koz Au) 527 cess while the Argentina Lama portion, which has contained metal Inferred Resources (koz Au) 2 of 3.13 Moz gold and 236.9 Moz silver, is being considered by Metalla Royalty Ounces - GEOs Barrick as a standalone underground project as part of a potential P&P Reserves (koz) - Veladero-Lama complex operation. M&I Resources (koz) 6.6 Inferred Resources (koz) 0.03 * For royalty ounce calculation, Metalla estimates 50% of the Penelope Mineral Resources and Mineral Barrick indicated it has committed up to $75 million at the Lama Reserves are subject to our royalty interest at a rate of 2.5%. project with 10 to 12 drill rigs operating and studies are ongoing to * For sources, please refer to note 16 on the Notes & Sources page. evaluate the capital required to complete the mill and plant facilities in Argentina. Recent drilling in the royalty area has con昀椀rmed min- Royalty & Mineralization Map eralization 300 meters to the east of the current known resource in an area known as Lama East with signi昀椀cant intercepts including 1.79 g/t AuEq over 96.2 meters. At the Lama porphyry target, Bar- Mineralization rick announced that drilling con昀椀rmed the existence of gold-copper porphyry style mineralization at depth with a footprint of 2-km by Royalty Boundary 1.5-km. The Lama deposit remains open to the east, south and west of the project where no deep drilling has been conducted. Penelope is a satellite pit of the greater Lama project in the south- east section of the Lama project and less than 10km from the Ve- ladero mine which is in a 50% JV between Barrick and Shandong Gold Mining Corporation. In 2021, a small geo-metallurgical drill campaign was carried out to collect additional metallurgical data with a focus on the potential for treating the ore through heap leach processing at Veladero where the mine is nearing an end. Metalla holds a 2.5% GVR royalty on the 昀椀rst 5 Moz gold, 3.75% thereafter, and a 0.25 NSR royalty on all metals except gold and sil- ver which escalates to 3.0% based on cumulate net smelter returns from the royalty area. 30 Metalla Royalty & Streaming Ltd.