This is due to the scarcity of mega projects ready to be built in safe We recognize the need to do more to have investors support the jurisdictions and the inelastic nature of demand. As copper prices true valuation of Metalla and see a very attractive opportunity for continue to rise, we believe the royalties acquired through the Nova investors to initiate/increase their positions. transaction will materially enhance the pro昀椀le of Metalla for decades to come. Insiders of this company, including myself, are amongst the largest shareholders of Metalla and it’s the largest component of my net We have seen wide 昀氀uctuations in cost and access to capital worth. I have also consistently added to my position over the years creating some challenging capital market environments along the with on-market purchases. I want shareholders to remember that way. Despite this, we have successfully sourced and acquired since we began in September 2016, our company has always been royalties at attractive valuations for shareholders. run for the long-term. Building a successful royalty company today takes patient capital, an unwavering strategy, and positioning your As our business grows and balance sheet expands, we will be able shareholders for a little luck. to pursue larger transactions. However, we remain committed to follow the same discipline that served us so well to date, we will be While the future is always uncertain, I 昀椀rmly believe that Metalla patient and only pursue transactions that are accretive. (NYSE:MTA; TSX-V:MTA) is undervalued. In the second half of this year, we will see the start of what I believe will be a decade of We understand there are times to be aggressive with capital rising production growth, combined with rising prices and rising deployment and to be cautious. There are times to accumulate reserves and resources on our royalty properties. The diversi昀椀ed assets and to divest. We constantly evaluate several factors to nature of our portfolio has allowed us to maintain stability and determine what will drive shareholder returns over the long-term. underscores the quality and resilience of our assets. The long-term prospects for Metalla have never been brighter. Today, our consensus NAV is approximately double our book value of ~US$257 million. We believe NAV is understated today, due to Thank you for your ongoing trust and support. conservative long-term metals prices that are lower than the spot market and higher discount rates that apply to some of our assets Sincerely, because of our current market capitalization. Simply put, our valuation does not re昀氀ect the quality of our portfolio! Our share price has recently underperformed the track record of our Brett Heath achievements over the past eight years. We have witnessed that in Chief Executive Of昀椀cer some years, our business will outperform our stock, and in other Metalla Royalty & Streaming Ltd. years, our stock will outperform our business. But the two will never July 14, 2024 wander too far from each other over the long term. Metalla Royalty & Streaming Ltd. 5