A REIT for precious metals mines.

The landlord of the gold and silver mining industry.

• Precious Metal Royalties: Rights to a percentage of the revenue or production from a mining operation, primarily focused on gold and silver.
• Precious Metal Streams: Agreements to purchase a portion of future gold and silver production from a mine at a fixed, often discounted, price.

Brett Heath, Chief Executive Officer, Director

Mr. Heath has over two decades of experience in the royalty sector and public markets, during which he founded and built over $1 billion in value using the royalty model in both public and private markets. He founded Metalla Royalty in 2016 and co-founded Nova Royalty in 2018. He has completed over 50 royalty transactions across various metals with diverse counterparties, including major corporates, private equity, and private interests. Mr. Heath previously served as Chairman & Chief Executive Officer of High Stream Corp. from 2015 to 2016 and was a Founding Principal at Ksir Capital Management LLC from 2009 to 2013.

Saurabh Handa, Chief Financial Officer

Mr. Handa, appointed CFO effective November 1, 2020, brings over 15 years of progressive senior-level experience in the mining sector, encompassing finance, mergers and acquisitions, taxation planning, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. He has provided consulting services through his own company, Handa Financial Consulting Inc. His prior roles include Chief Financial Officer of Titan Mining Corp., Vice President, Finance of Imperial Metals Corp., Chief Financial Officer of Meryllion Resources Corp., Chief Financial Officer of Yellowhead Mining Inc., and Controller for SouthGobi Resources Ltd. Mr. Handa also serves as a Director and Chair of the Audit Committee for K92 Mining Inc.

Jason Cho, President

Mr. Cho is an accomplished mining executive with over 25 years of broad-based experience in engineering, corporate finance, portfolio management, and corporate development focused on the mining and materials sector. Prior to joining Metalla, he held the position of Chief Strategy Officer with Eldorado Gold from 2013 to 2023, where he was responsible for over $4 billion in M&A, various equity, debt, and project financings, and restructuring. He also spent over fifteen years in investment banking and institutional sales & trading (Merrill Lynch, UBS Securities), proprietary trading (TD Securities), and engineering (AMEC) roles.

Drew Clark, VP Corporate Development

Mr. Clark possesses over fifteen years of experience in the mining sector, serving as a research analyst, investment banker, and corporate development professional. As the first employee hired at Metalla, he was instrumental in expanding the company's portfolio from 18 to over 100 royalties and streams. His corporate development career includes roles at Carlisle Goldfields, which was sold to Alamos Gold, and Premier Royalty Corp., which was acquired by Sandstorm Gold. Mr. Clark was previously VP Corporate Finance at a boutique investment bank, where he focused on royalty and streaming companies.

1. Reliance on Third-Party Operators and Project Performance: Metalla Royalty & Streaming's financial performance is heavily dependent on the operational success, exploration outcomes, and development timelines of the underlying mining projects, which are operated by third-party mining companies. Metalla has no direct control over the day-to-day operations or the environmental, social, and governance (ESG) risks associated with these projects. Delays in project timelines, lower-than-expected production, or operational issues at these mines can directly impact Metalla's revenue and cash flow.
2. Fluctuations in Precious Metal Prices: As a company focused on gold, silver, and copper royalties and streams, Metalla's revenue and profitability are directly exposed to the volatility of precious metal prices. Significant downturns in commodity markets could negatively affect the value of its royalty interests and the income generated from them.
3. Exploration and Development Risk: A significant portion of Metalla's value is tied to royalties on projects that may be in exploration or development phases and are not yet in full production. There is inherent uncertainty and risk in whether these projects will successfully advance to commercial production, meet anticipated timelines, or achieve projected production levels, which could impact future cash flow expectations.

The addressable markets for Metalla Royalty & Streaming Ltd.'s main products and services, which primarily involve royalties and streams on gold and silver production, are the global markets for these precious metals.

For **gold**, the global market was valued at approximately USD 291.68 billion in 2024. This market is projected to expand to around USD 400 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.51% between 2025 and 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to reach 7,424.4 tons by 2034, with a CAGR of 4.70% during that period.

For **silver**, the global market size was estimated at USD 87.12 billion in 2024. It is anticipated to grow significantly, reaching USD 202.07 billion by 2033, exhibiting a robust CAGR of 9.86% from 2025 to 2033. Global silver demand is expected to be stable at 1.20 billion ounces in 2025, with industrial fabrication projected to exceed 700 million ounces for the first time.

Metalla Royalty & Streaming Ltd. operates in key precious metal producing regions, including Canada, Australia, Argentina, Mexico, and the United States. These countries are significant contributors to global gold and silver mine production. For instance, in 2023, North America (Canada, United States, and Mexico) collectively produced 500 tonnes of gold. Canada alone ranked as the fourth-largest gold producer globally in 2024, yielding nearly 200 tonnes. Mexico was the top silver producer in 2024, accounting for approximately a quarter of the world's mine output.

Share Issuance

• In February 2026, Metalla granted an aggregate of 475,700 stock options at an exercise price of C$9.88 per share and 197,800 restricted share units to directors, officers, consultants, and employees.
• On February 4, 2025, Metalla issued 412,088 common shares to Beedie Capital at C$3.64 per share, resulting from the conversion of C$1.5 million in accrued interest under an existing convertible loan facility.
• As part of the Nova Royalty acquisition, completed on December 1, 2023, 2,835,539 Metalla shares were issued upon the conversion of subscription receipts from Beedie Capital.
• On February 23, 2023, Metalla issued 939,355 common shares at US$5.3228 per share to acquire a portfolio of one silver stream and three royalties from Alamos Gold Inc.

Inbound Investments

• Concurrent with the acquisition of Nova Royalty in December 2023, Beedie Capital provided a $65 million investment through an equity subscription and a convertible credit facility.
• Tether purchased a 5.5% equity stake in Metalla Royalty & Streaming in October 2025.
• Hillsdale Investment Management increased its stake by 375% in Q3 2025, acquiring 249,700 shares to bring its position to 316,300 shares valued at approximately $2.02 million.

Outbound Investments

• In December 2023, Metalla completed its largest transaction by merging with Nova Royalty, which expanded its portfolio to include copper assets alongside gold and silver.
• Metalla acquired an additional 0.15% interest in the Net Smelter Return (NSR) royalty on a portion of the Côté Gold Mine and all of the Gosselin project for C$3.4 million on October 31, 2025, increasing its total ownership to 1.5%.
• On February 23, 2023, Metalla acquired a portfolio of one silver stream and three royalties from Alamos Gold Inc. in exchange for 939,355 of its common shares.

Capital Expenditures

• Metalla Royalty & Streaming reported capital expenditures of approximately -$17.27K in the last 12 months (prior to March 17, 2026).
• As a royalty and streaming company, Metalla's primary capital deployment focuses on acquiring royalty and streaming interests rather than traditional mining capital expenditures.