Esperanza DEVELOPMENT Morelos, Mexico OPERATOR Zacatecas Silver Corp. ("Zacatecas") COMMODITY TYPE TERMS LAND AREA Silver Stream 20% Silver Stream 14,337 ha Royalty Summary Reserves Esperanza is an advanced stage, low-capital-intensity gold project in Reserves & Resources - Au Morelos State, Mexico operated by Zacatecas. Esperanza was pre- P&P Reserves (koz Au) - viously acquired from Alamos which progressed the project through M&I Resources (koz Au) 913 advanced engineering, including metallurgical work, while focusing Inferred Resources (koz Au) 256 on stakeholder engagement through building community relations. Reserves & Resources - Ag Esperanza is an oxidized gold-silver skarn deposit which Zacatecas P&P Reserves (koz Ag) - expects to be mined via open pit and processed through heap leach- M&I Resources (koz Ag) 8,510 ing. The project has been envisioned by Zacatecas as a 7.3 Mt/an- Inferred Resources (koz Ag) 4,087 num project producing an annual average of 111 Koz gold and 225 Metalla Royalty Ounces - GEOs Koz silver. P&P Reserves (koz) - M&I Resources (koz) 6.4 Inferred Resources (koz) - Zacatecas has outlined that signi昀椀cant drilling has occurred on the Esperanza project with more than 69,000 meters completed to date. * For Royalty GEOs calculation, Metalla estimates that 100% of the Esperanza Mineral Resources and Mineral Reserves are subject to our royalty up to 500koz silver. Three zones of skarn mineralization exist within one kilometer of the * For sources, please refer to note 21 on the Notes & Sources page. deposit, the Northern Contact, NE Intrusive Contact and Colopotec Royalty & Mineralization Map prospects. Two holes at the Northern Contact have intercepted be- tween 12 and 15 meters of Skarn mineralization, averaging 150 g/t Mineralization silver. Additional targets exist on the 14,337 hectare land package including the Coatetelco, Mercury Mines and Alpuyeca targets. Royalty Boundary Zacatecas Silver has committed to incur a minimum of $7.5 million over a three-year period directed to advancing the development of Esperanza and to obtain approval of an Environmental Impact As- sessment Report. Metalla holds the 20% silver stream on Esperanza subject to ongoing payments of 20% of the silver spot price. The stream is subject to a maximum of 500 Koz silver delivery if commercial production occurs prior to 2029. Metalla also retains the right of 昀椀rst refusal on future royalty and stream 昀椀nancing for the Esperanza project. Metalla Royalty & Streaming Ltd. 35