Gold Equivalent Royalty Ounces Metalla Gold Equivalent Royalty Ounces ("GEOs") are derived from the Mineral Reserves and Mineral Resources reported by the respective operating partners. GEOs represent the portion of an op- erator's reported Mineral Reserves or Mineral Resources that are at- tributed to Metalla’s royalty or stream interest. Calculation of GEOs: A traditional Net Smelter Return ("NSR") royalty on a gold mining property entitles Metalla to a percentage of the revenue from that property. For example, with a 2% NSR royalty, we calculate 2% of the declared Mineral Resources and Mineral Reserves as our "Royalty Ounces." We typically do not adjust for recoveries and re昀椀ning fees for gold NSRs, as these are typically minor. When calculating Royalty Ounces, our aim is to ensure they are comparable to attributable gold NSR Royalty Ounces. To achieve this comparability, we make adjust- ments under certain conditions: a. The asset does not cover all of the Mineral Reserves or Mineral Resources on a property: Metalla provides our best estimate of the total coverage of the asset towards the Mineral Reserves and Mineral Resources, including royalty coverage maps. b. An asset producing in base metals or silver: the attributable silver ounces and base metal pounds are converted into GEOs. The pric- ing assumptions for conversion are: $1,800 per ounce gold; $23 per ounce silver; $3.5 per pound copper; $10 per pound molybdenum; $1 per pound lead; $1.1 per pound zinc and $8 per pound nickel. c. Net Pro昀椀t Interest ("NPI") Royalty: An NPI is in昀氀uenced by the oper- ating and capital expenses unique to each asset. Metalla has created internal projections for the lifespan of each property to arrive at a rea- sonable estimate of the economic equivalent of a gold NSR Royalty GEO, based on an assumed gold price of $1,800. 12 Metalla Royalty & Streaming Ltd.