La Encantada PRODUCTION Caohuila, Mexico OPERATOR First Majestic Silver Corp. ("First Majestic") COMMODITY TYPE TERMS LAND AREA Gold Royalty 100% GVR 4,076 ha on Au Royalty Summary Reserves The producing La Encantada Silver Mine in Coahuila, Mexico is 100% Reserves & Resources - Ag P&P Reserves (koz Ag) 13,665 owned by First Majestic and has become one of First Majestic’s most M&I Resources (koz Ag) 31,607 stable producing silver mines with 2023 production of 2.7 Moz of sil- Inferred Resources (koz Ag) 19,259 ver and 321 ounces of gold over its 4,076 ha land package. The un- derground silver mine has been in production under First Majestic’s Metalla Royalty Ounces - GEOs tenure since 2006, and through various improvements, the process- P&P Reserves (koz) 1.8 ing plant was upgraded to 4,000 tons per day (“tpd”) and includes a M&I Resources (koz) 4.1 roasting circuit to further enhance recoveries and recover tailings. Inferred Resources (koz) 2.5 * Mineral Resources are reported exclusive of Mineral Reserves * For royalty ounce calculation, Metalla estimates 100% of the La Encantada Mineral Resources and Miner In late 2021, First Majestic announced the successful completion of a al Reserves are subject to our royalty interest and a ratio of 0.013% is applied to convert silver to Metalla royalty gold ounces. land surface agreement on the 4,076 ha property package which it in- * For sources, please refer to note 10 on the Notes & Sources page. dicated would open up a signi昀椀cant amount of near mine exploration opportunities. First Majestic announced that it expects to complete Royalty & Mineralization Map 9,500 meters of exploration drilling at the mine in 2024 and expects 2024 production guidance to be in the range of 2.2 – 2.4 Moz silver. Mineralization Metalla receives 100% of the gold ounces produced at La Encantada, Royalty Boundary up to 1,000 ounces per year. In 2023 and 2022, La Encantada pro- duced 321 and 413 ounces of gold, respectively. 24 Metalla Royalty & Streaming Ltd.