Vizcachitas DEVELOPMENT Central Chile OPERATOR Los Andes Copper ("Los Andes") COMMODITY TYPE TERMS LAND AREA Copper, Silver, Royalty 0.98% NSR (OP) 70 ha Molybdenum 0.49% NSR (UG) Royalty Summary Reserves Vizcachitas is a large copper-molybdenum porphyry deposit in central Reserves & Resources - Cu Chile, owned by Los Andes. On April 11 2023, Los Andes published a P&P Reserves (mlbs Cu) 9,623 pre-feasibility study outlining an initial 26-year open pit mine life with M&I Resources (mlbs Cu) 13,021 projected annual copper production of 183,000 tonnes at $0.93/lb Inferred Resources (mlbs Cu) 13,747 cash cost in the 昀椀rst eight years, a post-tax Net Present Value of $2.8 Reserves & Resources - Ag billion and an IRR of 24%. The project has existing infrastructure in- P&P Reserves (koz Ag) 43,600 cluding transport, power, access to desalinated water and year-round M&I Resources (koz Ag) 53,800 working conditions. Inferred Resources (koz Ag) 55,300 Los Andes has resumed exploration and optimization drilling where Reserves & Resources - Mo P&P Reserves (mlbs Mo) 365 several targets include possible resource extensions to the east, west M&I Resources (mlbs Mo) 526 and at depth. Los Andes indicated that it expects to complete a fea- Inferred Resources (mlbs Mo) 495 sibility study in 2024-2025 with potential commencement of commer- Metalla Royalty Ounces - GEOs cial production in 2030. The royalty covers approximately 50% of the P&P Reserves (koz) 89.1 open pit. M&I Resources (koz) 127.8 Inferred Resources (koz) 126.2 * Mineral Resources are reported inclusive of Mineral Reserves * For Royalty GEOs calculation, Metalla estimates 50% of the Vizcachitas Mineral Resources and Mineral Reserves are subject to our royalty interest and a rate of 0.417% is applicable for the copper and molyb denum Royalty GEOs (which factors in a 15% NSR smelting charge). Copper has been converted to Royalty GEOs assuming $3.50/lb. Molybdenum has been converted to Royalty GEOs assuming $10.00/lb. Silver has been converted to Royalty GEOs assuming $23.00 per ounce. Royalty & Mineralization Map * For sources, please refer to note 31 on the Notes & Sources page. Santa Maria 46 Metalla Royalty & Streaming Ltd.