Copper World DEVELOPMENT Arizona, USA OPERATOR Hudbay Minerals Inc. ("Hudbay") COMMODITY TYPE TERMS LAND AREA Copper, Silver, Royalty 0.315% NSR 8,000 ha Molybdenum Royalty Summary Reserves Copper World is a large open pit copper development project in Arizo- Reserves & Resources - Cu na, USA, owned by Hudbay. The 2023 pre-feasibility study released P&P Reserves (mlbs Cu) 4,583 by Hudbay contemplates four planned open pit mines with a two- M&I Resources (mlbs Cu) 6,512 phased mine-plan. The 20-year mine life Phase I plan is expected Inferred Resources (mlbs Cu) 1,940 Reserves & Resources - Ag to produce 92,000 tonnes of copper per year in the 昀椀rst 10 years P&P Reserves (koz Ag) 67,413 at $1.53/lb cash costs. Phase I comprised of the Bolsa, Broad Top M&I Resources (koz Ag) 78,781 Butte, Copper World, Peach and Elgin deposits are largely contained Inferred Resources (koz Ag) 19,473 within private lands, allowing for a simple permitting process. Phase II extends the mine life to 44 years through an expansion of the pro- Reserves & Resources - Mo cessing facilities and federal lands, resulting in up to 100,000 tonnes P&P Reserves (mlbs Mo) 92 of annual copper production. M&I Resources (mlbs Mo) 194 Inferred Resources (mlbs Mo) 50 Hudbay has indicated that it expects to receive the two outstanding Metalla Royalty Ounces - GEOs operating state permits for Phase I in 2024. Hudbay also indicated P&P Reserves (koz) 28.7 that it intends to initiate a minority joint venture partner process fol- M&I Resources (koz) 40.8 lowing receipt of permits with a goal of 昀椀rst production in 2027. Metal- Inferred Resources (koz) 11.9 * Mineral Resources are reported exclusive of Mineral Reserves la holds a right of 昀椀rst refusal for an additional 0.36% NSR. * For Royalty GEOs calculation, Metalla estimates 99% of the Copper World Mineral Resources and Miner al Reserves are subject to our royalty interest and a rate of 0.268% is applicable for the copper and molyb denum Royalty GEOs (which factors in a 15% NSR smelting charge). Copper has been converted to Royalty GEOs assuming $3.50 per pound of copper. Molybdenum has been converted to Royalty GEOs assuming $10.00/lb. Silver has been converted to Royalty GEOs assuming $23.00/oz. * For sources, please refer to note 32 on the Notes & Sources page. Royalty & Mineralization Map Metalla Royalty & Streaming Ltd. 47