Letter to Shareholders Dear Shareholders, Today, six of our royalties are cash 昀氀owing. Over the course of the next year, we expect another 3-4 royalties in our portfolio will begin In 2016, we set out to pursue a strategic long-term vision with an cash 昀氀owing and an additional 6-10 royalties are expected to begin unwavering focus to build a leading royalty company. cash 昀氀owing in the next 3-5 years. That vision was built around giving shareholders exposure to the In fact, most of the gold, silver, and copper in our portfolio will likely, highest quality deposits while minimizing risk and maximizing based on guidance from project owners, begin production over the optionality. Our initial goal was to acquire 100 royalties covering at next ten years. We expect year-on-year growth each of those years, least one million gold equivalent ounces (“GEO”) to our account. starting in the second half of 2024. This aligns incredibly well with the commodity cycle that has begun, which in the past has historically We are excited to share that Metalla has achieved that goal, holding lasted approximately a decade. 102 royalties and ~1.7 million GEO’s to our account, and we will soon begin to realize the full bene昀椀ts of our high-quality, expansive royalty The bene昀椀t of owning royalties on high-quality deposits is that portfolio strategically built over the past eight years. they have a long-stated history of replacing reserves. We expect our operators will aggressively explore, continuing to produce for a Our portfolio now includes royalties on some of the world's highest period well beyond the stated reserve-life index or mine life. In many quality gold, silver, and copper deposits, primarily situated in the cases, our operators consistently convert resources to reserves, safest jurisdictions and operated by many of the top-tier mining leading to ongoing reserve expansion – even net of depletion. companies. We are committed to managing the access, cost, and allocation Our strategy remains focused on acquiring royalties and streams on of capital among our investment opportunities to maximize our deposits where the economic value is evident and highly prospective, shareholders returns over the long-term. but not yet fully understood by their operators. This allows Metalla to bene昀椀t from the signi昀椀cant investments made by the operators as In 2023, we acquired Nova Royalty. At the time of the announcement, these assets advance to production. With that approach, we built a with copper in the mid-three-dollar range and amid high expectations portfolio through 32 accretive transactions with an acquisition cost of a global recession, it was a contrarian, but calculated investment of ~ $180 per GEO. rooted in our long-term vision. Since closing, we have seen the NAV (net present value of future cash 昀氀ows) increase by upwards of As a royalty holder, Metalla avoids in昀氀ationary operating and capital $100 million with copper reaching all-time highs. Copper has since cost pressures. We receive our royalty ounces right off the top, been consolidating those gains and we believe the well documented meaning our pro昀椀t margin is nearly the full selling price, and we supply de昀椀cit and variety of growing demand will drive the price receive the full bene昀椀t of any future increases in price or future mine to new highs over the coming years. The market is beginning to expansions. recognize copper as a strategic commodity which is why we added it as the third metal in our portfolio. 4 Metalla Royalty & Streaming Ltd.