La Guitarra DEVELOPMENT Mexico State, Mexico OPERATOR Sierra Madre Gold & Silver ("Sierra Madre") COMMODITY TYPE TERMS LAND AREA Gold, Silver Royalty 2.0% NSR 39,714 ha Royalty Summary Reserves La Guitarra is a fully permitted underground silver mine in Temascalte- Reserves & Resources - Au pec district, Mexico, 100% owned by Sierra Madre. The mine was in P&P Reserves (koz Au) - production in 2018 where production averaged between 1 million to M&I Resources (koz Au) 118 1.5 million AgEq ounces annually between 2015 and 2018. The mine Inferred Resources (koz Au) 68 remains fully permitted with a functional 500 tpd processing facility. Reserves & Resources - Ag P&P Reserves (koz Ag) - Sierra Madre announced a fast-track restart strategy for the mine M&I Resources (koz Ag) 18,073 whereby a district-scale exploration and mine development program Inferred Resources (koz Ag) 14,937 is expected to be initiated. Sierra Madre expects a mine restart study Metalla Royalty Ounces - GEOs in Q3 2024 with commercial production targeted as soon as Q1 2025. P&P Reserves (koz) - Sierra Madre has indicated that the mine restart study will focus on M&I Resources (koz) 7.0 an initial production level of 350 tonnes per day with an evaluation of Inferred Resources (koz) 5.2 increasing the circuit to greater than 500 tpd. * For royalty ounce calculation, Metalla estimates that 100% of the La Guitarra Mineral Resources and Mineral Reserves are subject to our royalty at a rate of 2%. Silver has been converted to Royalty GEOs assuming $23/oz. * For sources, please refer to note 15 on the Notes & Sources page. Additional opportunities remain for the potential reprocessing of tail- ings at La Guitarra where the 2023 Inferred Resource estimate is 5.0 Moz AgEq at 75 g/t AgEq. Metalla holds a 2% NSR royalty on La Guitarra, subject to a 1% buy- back for $2 million. Royalty & Mineralization Map Royalty Boundary Metalla Royalty & Streaming Ltd. 29