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October 2019 TSXV:MTA | OTCQB:MTAFF | Germany:X9CP | www.metallaroyalty.com
Metalla Royalty & Streaming | October 2019
FORWARD LOOKING STATEMENTS
This presentation contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking
terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which Metalla will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and
current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at suchoperations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties.
Metalla undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking
information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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Metalla Royalty & Streaming | October 2019
Greatest Exposure to Silver of Any Publicly Listed Royalty Company
THE KEY POINTS
3
Experienced Management Team with Proven, Relevant and Global Track Record
ü Most Active Royalty Company as Measured by Material Acquisitions
Positive Cash Flow Delivers Dividends and Increasing Growth
Focused on Acquiring Royalties on Projects Operated by Large Producers
Trades at a Significant Discount to Peers Despite Recent Outperformance
ü
ü
ü
ü
ü
JUNIOR ROYALTY COMPANY DELIVERING GROWTH
Metalla Royalty & Streaming | October 2019
THE BUSINESS STRATEGYSECONDARY MARKET OF ROYALTIES ON HIGH-QUALITY OPERATIONS IS THE
KEY TO OUR SUCCESS
4
SHARE CONSIDERATION
ROYALTY OWNER
ROYALTY
§ Partner with strong counter-parties with operational experience and strong balance sheets
§ Reduced cost in financing acquisitions vs. equity
§ Tighter capital structure when royalty owners maintain a shareholding in Metalla
§ High quality royalties give leverage to resource upgrades at no cost
§ Ability to progressively build a project pipeline with sustainable cash flow
§ Monetize royalty asset by sale to Metalla for cash and shares
§ Maintain meaningful exposure to royalty through stake in Metalla equity
§ Diversify risk through participation in Metalla’s portfolio
§ Benefit through Metalla's dividend distribution policy
§ Share in success of Metalla's business strategy
§ Benefit from significant increase in liquidity and price discovery
BENEFITS FOR METALLA BENEFITS FOR 3RD PARTY
Metalla Royalty & Streaming | October 2019
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
Sep
16
Oct
16
Nov
16
Dec
16
Jan
17
Feb
17
Mar
17
Apr 1
7
May
17
Jun
17
Jul 1
7
Aug
17
Sep
17
Oct
17
Nov
17
Dec
17
Jan
18
Feb
18
Mar
18
Apr 1
8
May
18
Jun
18
Jul 1
8
Aug
18
Sep
18
Oct
18
Nov
18
Dec
18
Jan
19
Feb
19
Mar
19
Apr 1
9
May
19
Jun
19
Jul 1
9
Aug
19
Sep
19
Oct
19
THE TRACK RECORD
5
45Royalties/Streams
Acquired
$70MCapital Deployed
15Transactions
Acquires Royalty
Portfolio from Alamos Gold; Announces
$12M Convertible Debenture
from Beedie Capital
Acquires royalty on St
Barbara Fifteen
Mile Stream
Brokered Offering Upsized to $6.8M due to Strong
Demand
Acquires royalty on Pan
American’s COSE
Acquires royalty
on Agnico Eagle’s Santa
Gertrudis
Acquires Valgold
for royalty
on Osisko’s Garrison
Listing as a Tier-1
Issuer on the TSXVAcquires
Royalty and Streaming Portfolio
from Coeur Mining
Consolidates Hoyle Pond
Extension Royalty
Announces New Luika
Silver Stream and $4M Financing
Changes Name to Metalla; Appoints
Brett Heath as President
Acquires Timmins Royalties and Closes
Oversubscribed Financing for $2.3M
Consolidates remaining royalty on
Fifteen Mile Stream for
$2M
Metalla Royalty & Streaming | October 2019
Compound Annual Growth Rate of +65% since September 2016 (inception)
THE OUTPERFORMANCE
6
METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Jan-
18
Feb-
18
Mar
-18
Apr-1
8
May
-18
Jun-
18
Jul-1
8
Aug-
18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr-1
9
May
-19
Jun-
19
Jul-1
9
Aug-
19
Sep-
19
Oct
-19
Metalla Maverix Franco-Nevada Sandstorm Osisko Wheaton Precious Royal Gold
Metalla Royalty & Streaming | October 2019
THE CAPITAL STRUCTURE
7
Capital Structure Share OwnershipShare Ownership
As of October 9, 2019
Basic Shares Outstanding (M) 134
Fully Diluted Shares Outstanding (M) 151
Dividend Yield 0.8%
Cash (M) $7.0
Convertible Debt (M) $7.0
Convertible Debt Facility Available (M) $5.0
Basic Market Capitalization (M)(Share Price @ August 13: $1.26) $200
Basic Enterprise Value (M) $200
Coeur Mining 15.6%
Alamos Gold 6.1%
Euro Pacific Capital (Gold Fund) 4.4%
Brett Heath (CEO) 3.2%
Adrian Day Asset Management 3.0%
GoGold Resources 2.8%
Original FMS Royalty Owner 2.0%
US Global Funds 1.5%
Quinsam Capital (Roger Dent) 1.1%
Exploration Capital Partners (Rick Rule) 1.0%
Doug Casey 1.0%
E.B Tucker (Director) 0.9%
Metalla Royalty & Streaming | October 2019
STRONG OPERATORS & LOYAL SHAREHOLDERS
8
HIGH-QUALITY OPERATORS AND LONG-TERM, SUPPORTIVE SHAREHOLDERS
Royalty Operators Key Shareholders
O3 Mining Inc.
Metalla Royalty & Streaming | October 2019
EXPOSURE TO TOP MINING JURISDICTIONS
9
2Production Assets
15Development Assets
28Exploration Assets
Australia
Tanzania
Canada
MexicoArgentina
Ecuador
Peru
Chile
Metalla Royalty & Streaming | October 2019
Endeavor Mine
KEY ASSETS
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NSW Australia
Metal Exposure: Silver
100% Silver Stream
Current focus on discovery at Deep Zinc Lode
Steady production since 1983, recent discovery of deep lode indicates further resource expansion potential
Santa GertrudisSonora, Mexico
Metal Exposure: Gold
2% NSR
Resources: 962 Koz inferred
2019 exploration budget of US$10.2M for ~40,500 m; evaluating scenario using heap leach and small mill for ~ 100 koz Au/year
Metalla Royalty & Streaming | October 2019
KEY ASSETS
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Joaquin MineSanta Cruz, Argentina
Metal Exposure: Silver, Gold
2% NSR
Production Guidance: ~4 Moz Ag, 2 Koz Au
Mine to be commissioned in H2 2019 with the further guidance upon achieving commercial production. Multiple veins left out
of the mine plan totalling 40Moz Ag-Eq
Fifteen Mile StreamNova Scotia, Canada
Metal Exposure: Gold
1% & 3% NSR
Resources: 2P – 576 Koz Au, M,I&I – 761 Koz Au
Estimated production of ~95 Koz Au in 2022; latest mine plan completed by Atlantic Gold expanded production at Fifteen
Mile Stream and extended its mine life
Metalla Royalty & Streaming | October 2019
COSE Mine
KEY ASSETS
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Santa Cruz, Argentina
Metal Exposure: Silver, Gold
1.5% NSR
Production Guidance: 1.34 Moz Ag, 28 Koz Au
Development and ramp up ongoing, commercial production expected H2 2019. High-grade satellite deposit that will be
trucked to Manantial Espejo similar to Joaquin
Garrison MineKirkland Lake, Ontario
Metal Exposure: Gold
2% NSR
Resources: M,I&I – 2 Moz Au
Osisko recently announced that Garrison will be spun out into a new company called O3 Mining which will provide more
effective focus on Garrison as a key asset
O3 Mining Inc.
Metalla Royalty & Streaming | October 2019
KEY ASSETS
13
Wasamac MineRouyn-Noranda, Quebec
Metal Exposure: Gold
1.5% NSR
Resources: 2P – 1.8 Moz Au, MI&I – 2.5 Moz Au
Proposed mine life of 11 years producing an average of 142 Koz Au/year at AISC of US$620/oz. Start date of 2022/2023
El Realito Mine Sonora, Mexico
Metal Exposure: Gold, Silver
2% NSR
Resources: 2P – 84 Koz Au, M,I&I – 353 Koz Au
Satellite deposit located adjacent to operating La India Mine; exploration program recently expanded by 5,000m to 17,000m
as a result of ongoing success at El Realito
Metalla Royalty & Streaming | October 2019
LEADERSHIP
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Lawrence RoulstonNon – Executive ChairmanMining professional and geologist
with over 35 years of diverse hands-on experience.
Alexander MolyneuxNon-Executive Director
Metals and mining industry professional with 20+ years of executive experience. Holds several high level executive and
board positions.
EB TuckerNon-Executive Director
Financial analyst with 20 years experience in fund management
and news letters
Brett HeathPresident and CEO, Director
Founder of Metalla – Mr. Heath is a metals and mining industry professional with 8
years of dedicated royalty and streaming experience.
Bill TsangChief Financial Officer
Chartered Professional Accountant with more than 10 years of financial accounting
and auditing experience in the mineral exploration and mining industry.
Drew Clark, CFAVP Corporate Development
Metals and mining industry professional with 10+ years’ experience in research
and corporate development roles
Frank HanagarneTechnical Advisor
Metals and mining industry professional with 35+years
experience at Newmont Mining and Coeur Mining as COO.
James BeebyNon-Executive Director
Corporate lawyer with 20 years’ experience advising clients on
corporate finance and M&A matters with a focus in the mining industry.
Metalla Royalty & Streaming | October 2019
INVEST FOR REVALUATIONMETALLA IS AT AN EARLY STAGE OF ITS GROWTH TRAJECTORY
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Junior Royalty
Co.
Mid-Tier Royalty
Co.
P/N
AV
0.5x-1.5x
1.5x-2.0x
2.0x +
<$500M Market Cap.
<30 Koz AuEq
$0.5-3B Market Cap.
50-100 Koz AuEq
>$5B Market Cap
>300 Koz AuEq
MajorRoyalty Co.
Sector Average 1.7x
Metalla Royalty & Streaming | October 2019
INDUSTRY LEADING GROWTH
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EXPANSIVE DEVELOPMENT PORTFOLIO WITH TOP OPERATORS
In Production
Endeavor Mine Joaquin Mine
COSE Mine
Fifteen Mile Stream
Hoyle Pond ExtensionLa Fortuna
Q4 2019 Mid – Long Term
30+ OTHER ROYALTIES PROVIDING FUTURE CASH FLOW AND OPTIONALITY
Near Term
West Timmins
WasamacSanta Gertrudis
El RealitoNew Luika Gold Mine
Garrison
O3 Mining Inc.
Metalla Royalty & Streaming | October 2019
THE CASE FOR INVESTMENT
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Metalla currently trades at a significant discount to itspeers(1) despite a higher growth rate and moregenerous dividend distribution policy
Portfolio includes stable operations and developmentprojects backed by strong counterparties
Experienced management team with a track recordof value accretive transactions delivered with a lowburn rate
focus on third- party royalties on assets operated bymajors; acquisition for shares enables holders tomonetize the intrinsic value of their royalties.
STRONG VALUE PROPOSITION
ORGANIC GROWTH
DISCIPLINED MANAGEMENT
UNIQUE BUSINESS PLAN / APPROACH
(1) Using a price/NAV basis
TSXV:MTA
MTA I MTAFF I X9CP
APPENDIX
www.metallaroyalty.com I info@metallaroyalty.comPhone: +1 (604) 696-0741
Suite 501 - 543 Granville Street, Vancouver, BC V6C 1X8 Canada
Metalla Royalty & Streaming | October 2019
PRODUCTION & DEVELOPMENT PORTFOLIO
Property Operator Location Stage Metal Terms
Endeavor Mine CBH Resources NSW Australia Production Zn, Pb, Ag Stream on 100% of Ag
Joaquin Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 2.0% NSR Royalty
Santa Gertrudis Agnico Eagle Sonora, Mexico Development Au 2.0% NSR Royalty
Fifteen Mile Stream St Barbara Halfiax, Nova Scotia Development Au 1.0% NSR Royalty
(FMS) Plenty St. Barbara Halfiax, Nova Scotia Development Au 3.0% NSR Royalty
COSE Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 1.5% NSR Royalty
Garrsion Mine Osisko Mining Kirkland Lake, Ontario Development Au 2.0% NSR Royalty
El Realito Agnico Eage Sonora, Mexico Development Ag, Au 2.0% NSR
Hoyle Pond Ext. Newmont Goldcorp Timmins, Ontario Development Au 2.0% NSR, subject to 500 Koz exemption
La Fortuna Minera Alamos Durango, Mexico Development Au, Ag, Cu 1.0% NSR Option
New Luika Shanta Gold Lupa Goldfields, Tanzania Production Au Stream on 15% of Ag
Wasamac Monarques Gold Val d'Or, Quebec Development Au 1.5% NSR
Timmins West Ext. Pan American Silver Timmins, Ontario Development Au 1.5% NSR (subject to a 0.75% buyback)
Beaufor Mine Monarques Gold Val d'Or, Quebec Development Au 1.0% NSR
San Luis SSR Mining Peru Development Ag, Au 1.0% NSR
Akasaba West Agnico Eagle Val d'Or, Quebec Development Au, Cu 2.0% NSR, payable after 210 Koz Au
TVZ Zone Newmont Goldcorp Timmins, Ontario Development Au 2.0% NSR
Dufferin East Resource Capital Halfiax, Nova Scotia Development Au 1.0% NSR
Zaruma Core Gold Ecuador Development Au 1.5% NSR
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Metalla Royalty & Streaming | October 2019
EXPLORATION PORTFOLIO
Property Operator Location Stage Metal TermsKirkland-Hudson Kirkland Lake Gold Kirkland Lake, Ontario Exploration Au 2.0% NSR
Orion Minera Frisco Nayarit, Mexico Exploration Au, Ag 2.75% NSRBig Island Copper Reef Mining Flin Flon, Manitoba Exploration Au 2.0% NSR
Biricu Guerrero Venturs Guerrero, Mexico Exploration Au, Ag 2.0% NSR + $10/oz AgBoulevard Independence Gold Yukon Exploration Au 1.0% NSR
Camflo Northwest Monarques Gold Val d'Or, Quebec Exploration Au 1.0% NSREdwards Mine Waterton Wawa, Ontario Exploration Au 1.25% NSR
Pucarana Buenaventura Peru Exploration Au, Ag 1.8% NSR OptionCapricho Pucara Peru Exploration Au, Ag 1.0% NSRLourdes Pucara Peru Exploration Au, Ag 1.0% NSR
Santo Tomas Pucara Peru Exploration Au 1.0% NSRGuadalupe/Pararin Pucara Peru Exploration Au 1.0% NSR
DNA Detour Gold Cochrane, Canada Exploration Au 2.0% NSRPuchildiza Regulus Resources Chile Exploration Au 1.5% NSR
DeSantis Mine Canadian Gold Miner Timmins, Ontario Exploration Au 1.5% NSR
Bint Property Glencore Timmins, Ontario Exploration Au 2.0% NSRColbert/Anglo Goldcorp Timmins, Ontario Exploration Au 2.0% NSR
Montclerg IEP Timmins, Ontario Exploration Au 1.0% NSRPelangio Poirier Pelangio Exp. Timmins, Ontario Exploration Au 1.0% NSR
Beaudoin Explor Resources Timmins, Ontario Exploration Au, Ag 0.4% NSR
Sirola Grenfell Golden Peak Resources Kirkland Lake, Ontario Exploration Au 0.25% NSR
Mirado Mine Orefinders Kirkland Lake, Ontario Exploration Au 1.0% NSR + OptionSolomon's Pillar Sage Gold Greenstone, Ontario Exploration Au 1.0% NSR
Los Patos Private Venezuela Exploration Au 1.5% NSRGoodfish Kirana Warrior Gold Kirkland Lake, Ontario Exploration Au 1.0% NSRTower Mountain Private Thunder Bay, Ontario Exploration Au 2% NSR
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