San Luis ADVANCED EXPLORATION Ancash, Peru OPERATOR Highlander Silver Corp. ("Highlander") COMMODITY TYPE TERMS LAND AREA Gold, Silver Royalty 1.0% NSR 29,338 ha Royalty Summary Reserves San Luis is a district scale high grade gold-silver project owned Reserves & Resources - Au and operated by Highlander Silver and located in the Ancash P&P Reserves (koz Au) - Department in central Peru. A historical feasibility study on the San M&I Resources (koz Au) 348 Luis project was completed in the second quarter of 2010, outlin- Inferred Resources (koz Au) 3.6 ing a 3.5-year underground mine plan focused on the high-grade, Reserves & Resources - Ag silver-gold Ayelén vein. P&P Reserves (koz Ag) - M&I Resources (koz Ag) 9,003 Highlander noted multiple targets remain for growth on the 23,098 Inferred Resources (koz Ag) 175 hectare property including Gemelas, Carhuan-Puquio and La Boni- Metalla Royalty Ounces - GEOs ta. Historic drilling at La Bonita include 5.54 g/t gold and 25.43 g/t P&P Reserves (koz) - silver over 35.25 meters. M&I Resources (koz) 4.6 Inferred Resources (koz) 0.1 Highlander indicated that it plans to verify and update the historical * For Royalty GEOs calculation, Metalla estimates 100% of the San Luis Historical Mineral Resources and Mineral Reserves are subject to our royalty interest at a rate of 1%. Silver has been converted to Royalty mineral resource estimate. GEOs using $23/oz. A quali昀椀ed person has not done suf昀椀cient work to classify the historical estimate as a current mineral resource and Highlander Silver is not treating the historical estimate as a current mineral resource. * For sources, please refer to note 23 on the Notes & Sources page. Royalty & Mineralization Map Mineralization Royalty Boundary Metalla Royalty & Streaming Ltd. 37