Fifteen Mile Stream DEVELOPMENT Nova Scotia, Canada OPERATOR St. Barbara Mines Ltd. ("St. Barbara") COMMODITY TYPE TERMS LAND AREA Gold Royalty 1.0% NSR 728 ha 3.0% NSR (Plenty) Royalty Summary Reserves The Fifteen Mile Stream Project is located 57km northeast of St Bar- Reserves & Resources - Au P&P Reserves (koz Au) 618 bara’s central milling facility at its Touquoy deposit located in Nova M&I Resources (koz Au) 739 Scotia, Canada. The project lies along the same geological trend as Inferred Resources (koz Au) 98 other related deposits – Touquoy, Beaver Dam and Cochrane Hill. All are hosted within the same critical stratigraphy and structure, over a Metalla Royalty Ounces - GEOs strike length of 80 km. P&P Reserves (koz) 6.7 M&I Resources (koz) 8.1 On October 15 2023, an updated pre-feasibility study released by St. Inferred Resources (koz) 1.2 * Mineral Resources are reported inclusive of Mineral Reserves Barbara outlined a production pro昀椀le averaging 55-60 Koz gold over * For royalty ounce calculation, Metalla estimates 100% of the Fifteen Mile Stream Mineral Resources the 11 year life-of-mine. In addition to the strong project economics and Mineral Reserves are subject to our royalty interest at a rate of 1%. An effective royalty is applied to the Plenty deposit with a 40% coverage. of C$174 million post-tax NPV5 and IRR of 20.3%, the project is ex- * For sources, please refer to note 11 on the Notes & Sources page. pected to be further derisked with a tailing dams optimisation and the utilisation of existing equipment from Touquoy. St. Barbara indicated Royalty & Mineralization Map it will continue to focus on the completion of the updated environmen- tal and social impact assessment and expects to commence devel- 3.0% NSR opment by mid-calendar 2026. 1.0% NSR Metalla holds a 1% NSR royalty on the majority of the Fifteen Mile Mineralization Stream project and a 3% NSR royalty on nearly half of the Plenty deposit, subject to a buy back of 2% for C$1.5 million. Metalla Royalty & Streaming Ltd. 25