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1. A Real Estate Investment Trust (REIT), but for mining properties instead of buildings.

2. Like Visa or Mastercard, but they collect a small fee on the production of gold, silver, and other minerals.

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• Royalty Interests: The company acquires a contractual right to receive a percentage of the revenue or production from a mining asset, providing capital to the mine operator.
• Stream Interests: Metalla provides upfront capital to mining companies in exchange for the right to purchase a portion of future production (e.g., gold, silver) at a predetermined low price.

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Major Customers of Metalla Royalty & Streaming (MTA)

Metalla Royalty & Streaming (MTA) operates on a business model where it acquires royalties and streams on metal production from other mining companies or royalty holders. As such, Metalla does not have "customers" in the traditional sense who purchase goods or services directly from them.

Instead, Metalla's revenue is generated from its ownership interests in these royalties and streams, which pay out based on the production from the underlying mines. Therefore, Metalla's financial performance is directly dependent on the production and operational success of the companies that operate the mines in its portfolio. While these entities are not direct "customers" buying products from Metalla, they are the critical operating partners whose mining activities drive Metalla's revenue streams.

Based on Metalla's portfolio of significant producing royalties and streams, the major operating companies whose mining activities are the primary source of Metalla's revenue include:

• Barrick Gold (NYSE: ABX)
• Newmont Corporation (NYSE: NEM)
• Agnico Eagle Mines Limited (NYSE: AEM)
• Karora Resources Inc. (TSX: KRR)
• Sandfire Resources Ltd (ASX: SFR)

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• SSR Mining Inc. (SSRM)
• Teck Resources Limited (TECK)
• Osisko Mining Inc. (OSK.TO)
• McEwen Mining Inc. (MUX)
• SilverCrest Metals Inc. (SIL)
• Magna Gold Corp. (MGL.V)
• New Found Gold Corp. (NFG.V)

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Brett Heath, Chief Executive Officer, Director

Mr. Heath has over two decades of experience in the royalty sector and public markets. He founded Metalla Royalty in September 2016 and has since built over $1 billion in value using the royalty model in public and private markets. He was previously the Chairman and CEO of High Stream Corporation, a specialty streaming and royalty consulting company, which Metalla acquired in August 2016. At High Stream, he worked with private equity funds, advising and brokering metal streaming transactions. He also co-founded and is a Director of Key Carbon Ltd., a private carbon streaming company. Prior to that, he was President of a private streaming company, where he deployed $11 million in four producing streaming transactions. Mr. Heath was also a founding principal of KSIR Capital Management, a hedge fund focused on small and micro-cap mining companies and precious metals equities. He was previously the Chairman of Nova Royalty, which Metalla acquired in December 2023.

Saurabh Handa, Chief Financial Officer

Mr. Handa possesses over 15 years of progressive senior-level experience as a mining professional, with expertise in finance, mergers and acquisitions, taxation planning, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. He has provided consulting services to various mining companies through his own company, Handa Financial Consulting Inc. Previously, he served as 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 currently 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, primarily focused on the mining and materials sector. Most recently, he held the position of Executive Vice President, Strategy & Corporate Development with Eldorado Gold from 2013 to 2023, where he led over $4 billion in mergers and acquisitions, various equity, debt, and project financings, and restructuring initiatives. Prior to that, he spent over fifteen years in investment banking and institutional sales & trading (Merrill Lynch, UBS Securities), proprietary trading (TD Securities), and engineering (AMEC), focusing on natural resources.

Sundeep Sara, Vice President, Acquisitions

Mr. Sara holds the title of Vice President, Acquisitions at Metalla Royalty & Streaming Ltd.

Kim C. Casswell, Corporate Secretary

Ms. Casswell was appointed Corporate Secretary of Metalla in July 2025, and previously served as the company's assistant corporate secretary since May 2017. She supports the Board of Directors and senior management in corporate governance, regulatory compliance, and public company disclosure obligations. Ms. Casswell brings a strong foundation in corporate governance, having served as assistant corporate secretary for several TSX and TSX-V listed public companies since 1995, and has been providing independent corporate secretary services since 1995.

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The key risks to Metalla Royalty & Streaming's business are primarily tied to the performance of the underlying mining assets, the volatility of commodity prices, and the company's historical reliance on equity financing.

1. Operational Risks of Underlying Mining Projects and Commodity Price Volatility: Metalla's financial performance is directly linked to the operational success of the mining projects from which it holds royalties and streams, as well as the fluctuations in precious metal and copper prices. Production delays, underperformance at these mines, or declines in commodity prices can significantly impact Metalla's revenue and profitability. The company, as a royalty and streaming holder, does not have direct operational control over these mines, making it reliant on the operators' performance and susceptible to risks inherent in mining, such as legal challenges to projects.
2. Financing and Shareholder Dilution Risk: Metalla has historically used its stock to finance expansion, which has led to shareholder dilution. The company has reported negative net losses and has experienced negative cash flow from operating activities in the past. Although a recent revolving credit facility aims to reduce reliance on costly debt, the need for future capital raises, potentially through equity, remains a concern for investors.
3. Competitive Landscape and Contractual Enforcement Risk: The royalty and streaming business is highly competitive, with Metalla facing other companies that may possess greater financial resources. This competition could lead to less favorable terms when acquiring new royalty and streaming agreements, thereby impacting future revenue and profitability. Additionally, there is an inherent risk that project operators might not uphold their contractual obligations, or that Metalla's royalty and stream agreements could be unenforceable, which would directly affect the company's expected cash flows.

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Metalla Royalty & Streaming (MTA) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Commencement and Ramp-Up of New Production Royalties: Metalla anticipates significant revenue contributions from several projects transitioning into or ramping up production. The Endeavor Mine is expected to recommence operations with initial royalty payments in Q3 2025 and a full-year commercial run rate by 2026. Additionally, the Amalgamated Kirkland project is guided to begin production in Q4 2025, with a substantial ramp-up into 2026, projecting 50,000 to 60,000 ounces of gold in 2026 and 2027. The La Parrilla project also holds potential for production to start in the first half of 2026. The Tocantinzinho project, which reached commercial production in Q3 2024, is expected to generate approximately 1,000 gold equivalent ounces in 2025 and between 2,500 and 3,000 gold equivalent ounces from 2026 through 2028.

2. Resource Expansion and Integration at Key Development-Stage Projects: The Côté/Gosselin project is a major driver, with Metalla having increased its royalty to 1.5% in November 2025. IAMGOLD Corporation, the operator, plans extensive drilling at Gosselin in 2025 (45,000 meters) and expects an updated reserves/resources and technical report by year-end 2026, which is anticipated to significantly boost value by 2026-2027 through the integration of Gosselin into the Côté mine plan. Furthermore, the Wharf Mine has seen a substantial increase in its measured, indicated, and inferred mineral resources, positioning it for significant mine life extensions. The Aranzazu project has also extended its mine life to a decade, ensuring continued revenue.

3. Strategic Acquisitions and Portfolio Growth: Metalla has a stated goal of pursuing larger, cash-flowing acquisitions to potentially reach over $100 million in annual revenue by the end of the decade. The company's portfolio, including assets acquired through the C$500 million Nova Royalty deal in late 2023, boasts 105 royalties and streams with long asset lives and increased exposure to copper. This robust pipeline, with 88% of its value in development, supports a projected 30-35% compound annual growth rate in revenue or gold equivalent ounces between now and the end of the decade.

4. Favorable Commodity Price Environment: As a royalty and streaming company, Metalla inherently benefits from rising commodity prices, particularly for gold, silver, and copper. The business model provides leveraged exposure to these metals without the direct operational risks of mining. Management commentary often highlights the upside potential from higher precious metal prices, and a structural bull market for copper, forecasted to start in 2025 and last at least a decade, is expected to drive significant value.

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Share Issuance

• In late 2023, Metalla completed an all-stock acquisition of Nova Royalty Corp. valued at approximately C$180-190 million, issuing Metalla common shares to Nova shareholders.
• Concurrent with the Nova acquisition in September 2023, Beedie Capital made a C$15 million equity investment in Metalla through the subscription of 2.8 million receipts at C$5.29 per receipt, which converted into common shares.
• On December 21, 2022, Metalla acquired eight royalties from First Majestic Silver Corp. for a total consideration of $20 million in Common Shares.

Inbound Investments

• On June 24, 2025, Metalla established a revolving credit facility of up to $40.0 million, with an accordion feature allowing for an additional $35.0 million, for a total potential availability of $75 million.
• In conjunction with the Nova Royalty acquisition in September 2023, Metalla's existing convertible loan facility with Beedie Capital was increased from C$25.0 million to C$50.0 million.

Outbound Investments

• Metalla acquired Nova Royalty Corp. in an all-stock transaction valued at approximately C$180-190 million, which closed around December 1, 2023, significantly expanding Metalla's portfolio with 105 royalties and streams.
• On October 31, 2025, Metalla completed the acquisition of the remaining 0.15% interest in the Côté / Gosselin Royalty for C$3.4 million in cash, increasing its total royalty percentage to 1.5%.
• On December 21, 2022, the company completed the acquisition of eight royalties on exploration, development, and mining properties in Mexico from First Majestic Silver Corp. for $20 million in Common Shares.

Capital Expenditures

• Metalla's business model as a royalty and streaming company generally means lower direct capital expenditures compared to mining operators, as their focus is on acquiring interests rather than mine development.
• In the last 12 months (as of August 2025), Metalla reported capital expenditures of -$7.72 million.
• For the years ended December 31, 2024, and 2023, Metalla reported mineral expenditures and capital assets of approximately $2.06 million and $3.18 million (USD thousands), respectively.