December 2018 I www.metallaroyalty.com I TSXV: MTA I OTCQX: MTAFF I Germany: X9CP

FORWARD LOOKING STATEMENTS

This presentation contains certain "forward looking statements" and certain "forward-looking information" asdefined under applicable Canadian and U.S. securities laws. Forward-looking statements and information cangenerally 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-lookinginformation contained herein is provided for the purpose of assisting readers in understanding management'scurrent expectations and plans relating to the future. Readers are cautioned that such information may not beappropriate for other purposes.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that maycause the actual actions, events or results to be materially different from those expressed or implied by suchforward-looking information, including but not limited to: the impact of general business and economicconditions; the absence of control over mining operations from which Metalla will purchase gold and other metalsor from which it will receive royalty payments and risks related to those mining operations, including risks relatedto international operations, government and environmental regulation, delays in mine construction andoperations, actual results of mining and current exploration activities, conclusions of economic evaluations andchanges 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 themarketability of gold and other metals; the inherent uncertainty of production and cost estimates and thepotential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primarycommodities mined at such operations, 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 adverselyaffects Metalla; stock market volatility; regulatory restrictions; liability, competition, loss of key employees andother 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 currentlyavailable. 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.

FOUNDATION OF A SUCCESSFUL ROYALTY AND STREAMING COMPANY

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✓ EXPERIENCED MANAGEMENT TEAM WITH TRACK RECORD OF SUCCESS

✓ CASH FLOWING PORTFOLIO TO REINVEST AND SUPPORT ITS DIVIDEND

✓ CURRENTLY TRADING AT A DEEP DISCOUNT TO PEERS

✓ STRONG GUIDANCE OF 500-600Koz SILVER FOR FISCAL 2019

✓ STRONG COUNTERPARTIES AND GEOGRAPHICALLY DIVERSIFIED

ROYALTY MODEL

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Third Party Holder Metalla

THIRD-PARTY ROYALTY MODEL

Royalty Value Royalty Value Arbitrage

• A royalty is worth more in a publicly tradedcompany with a portfolio of royalty assets,compared to holding a royalty privately, or in anexploration, development or operating company.

Mining Company Royalty Company

TRADITIONAL ROYALTY MODEL

Value of Ounces in Royalty Company

Value of Ounces in Mining Company

• The same number of ounces in a royaltycompany is worth more than in a miningcompany due to top line cash flow, non-dilutive interests, exploration upside, anddiversification.

THIRD-PARTY ROYALTY MODEL

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• Strong counterparties with top

operational experience

• Royalties on high-quality assets

• Lower financing cost to acquire

royalties

• Tighter share structure by

royalty owners maintaining

upside in exposure to Metalla

equity

• Allows Metalla to return cash to

shareholders

• Highly scalable business

Secondary Market of High-Quality Royalties with Major Operators is Key to Our Success

Share Consideration

Royalty Owner

Royalty

Benefits for Metalla Benefits for Third-Party

• Exposure to a growing royalty

company with equity at a

compelling relative valuation

• Maintain exposure of royalty

through Metalla equity

• Diversification amongst other

high-quality royalties

• Liquidity and price-discovery

• Cash flow through dividend

program

• Immediate revaluation of shares

through larger royalty portfolio

COMPANY HISTORY

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STRONG TRACK RECORD OF ACQUIRING ACCRETIVE ROYALTY AND STREAMING ASSETS

Source: Capital IQ, Pro-forma conversion of Coeur to maintain 19.99% ownership

Acquires High Stream Capital and changes name to

Metalla, appoints Brett Heath as President

Acquisition of Akasaba West royalty

Acquistion of Santa Gertrudis Royalty

Listing as a tier-1 issuer on the TSXV

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Dec-1

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Announces New Luika Silver

Stream and $4M financing

Consolidates Hoyle Pond

extension royalty

Acquires Timmins-based royalty

portfolio from IEP and closes over-

subscribed financing for $2.3M

Acquires royalty and streaming

portfolio from Coeur Mining

Annouces acquisition of Valgold (Garrison

Royalty)

Capital Structure

Share Price

Current ($) $0.80

52-Wk. High $0.87

52-Wk. Low $0.54

Dividend Yield 2.3%

Cash & Equivalents ($M) ~$2

Convertible Held by Coeur (US$M) $3.2

Short-Term Loan (US$M) $1.8

Shares Outstanding:

Basic (mln) 102.3

Fully Diluted 112.8

Market Cap ($M) $81.8

Share Ownership

Coeur Mining 19.99%

GoGold Resources 9.85%

Europac 4.89%

Brett Heath (CEO) 2.87%

Adrian Day Asset Management 2.42%

Kjell Akesson 2.03%

US Global 0.98%

Doug Casey 0.94%

E.B Tucker (Director) 0.83%

Paul Stephens 0.81%

MTA.V RGLD.O FNV.TO SSL.TO MMX.V OR.TO WPM.TO Avg (Excl. MTA)

2018 YTD 16% -13% -10% -11% 32% -31% -23% -9%

-50%

0%

50%

100%

150%

200%

MTA.V RGLD.O FNV.TO SSL.TO MMX.V OR.TO WPM.TO

RELATIVE PERFORMANCE

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METALLA HAS OUTPERFORMED ITS PEERS SINCE INCEPTION IN SEPTEMBER 2016

Source: Capital IQ

Canada• Hoyle Pond Extension• Garrison • Timmins West Extension• Akasaba West• TVZ• DeSantis Mine• Bint Property• Montclerg Property• Colbert Anglo• Pelangio Poirier• Beaudoin• DNA • Sirola Grenfell• Mirado Mine• Solomon’s Pillar

Ecuador• Zaruma

Chile Royalty• Puchildiza

Argentina• Joaquin

Tanzania• NLGM

Australia• Endeavor

Legend

• Producing

• Development

• Exploration

GEOGRAPHICALLY DIVERSIFIED

PORTFOLIO

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Mexico• Santa Gertrudis

Venezuela• Los Patos

Asset Santa Gertrudis

Metalla Interest 2% NSR Royalty

Operator

Metal: Au

Location Sonora, Mexico

Resources M&I 810Koz, Inferred 254Koz Au

Recently acquired, currently under expanded exploration 33,800m exploration program.Agnico plans to release an updated resource estimate in February 2019

KEY ASSETS

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Asset Endeavour Mine

Interest Stream on 100% of Ag

Operator

Metal Zn, Pb, Ag

Location NSW Australia

Resources 988Koz Ag in the current mine plan

On-Going Payment US$1 / Oz + 50% of Ag price over US$7/Oz

Production Guidance FY2019

500 – 550Koz Ag

Steady production since 1983, recent discovery of deep lode indicates further resource expansion potential

Asset Joaquin Mine

Interest 2% NSR Royalty

Operator

Metal Ag, Au

Location Santa Cruz, Argentina

Resources 65Moz Ag M&I

Production Guidance

~4Moz Ag and 2Koz Au annually (5Moz Ag-Eq) when

in full production (commissioning in Q119)

Current mine plan calls for the exploitation of only the La Morocha vein at Joaquin, over a dozen veins not considered which currently host NI 43-101 over 40Moz Ag-Eq M&I remain

Asset Hoyle Pond Extension

Interest 2% NSR Royalty (first 500Koz exempt)

Operator

Metal Au

Location Timmins, Ontario

Guidance FY 2019

FY 2018 160Koz Au(Extension under

development)

Goldcorp recently completed the Hoyle Deep Project at a cost of US$194M to access and develop the lower levels of the extension

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KEY ASSETS

Asset Garrison Mine

Interest 2% NSR Royalty

Operator

Metal Au

Location Ontario, 40Km north of Kirkland Lake

Resources 1.2MoZ Au M&I, 0.8Moz Inferred

Since acquiring the property in 2014, Osisko has completed an additional 85,000m of drilling. Resource update is imminent

Asset New Luika Gold Mine

Metalla Interest Stream on 15% of Ag

Operator

Metal Au, Ag

Location Lupa Gold Fields, Tanzania

On-going Payment 10% of spot Ag

Guidance FY 2019 120-150Koz Ag

Steady six years of production of ~80Koz Au and ~150Koz Ag at AISC ~US$750/Oz Au

PORTFOLIO – EARLY STAGE

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(1) See technical report at http://www.orefinders.ca/overview/(2) See technical report at www.regulusresources.com/projects/puchuldiza-chile/

Property Operator Location Stage Metal Terms Notes

Zaruma Core Gold EcuadorSmall-scale

productionAu 1.5% NSR 1.1Moz M&I, 1.45Moz inferred

Timmins West

ExtensionTahoe Resources Canada Production Au

1.5% NSR (subject to a

0.75% buyback)

Guidance FY 2018 55-65Koz,

extension under development

Akasaba West Agnico Eagle Canada Development Au, Cu2% NSR, payable after

210Koz AuBuy-back right

TVZ Zone Goldcorp Canada Development Au 2% NSR Zone at depth

DeSantis MineCanadian Gold

MinerCanada Early Exploration Au 1.5% NSR

Located in Timmins gold trend,

past producer

Bint Property Glencore Canada Early Exploration Au 2% NSR No current work planned

Colbert/Anglo Goldcorp Canada Early Exploration Au 2% NSR Subject to 0.75% buyback

Montclerg IEP CanadaAdvanced

ExplorationAu 1% NSR Drill program planned

Pelangio

PoirierPelangio Exp. Canada Early Exploration Au 1% NSR Down plunge from Gap Zone.

DNA Detour Gold Canada Early Exploration Au 2% NSROn west extension of Detour

Camp

Beaudoin Explor Resources Canada Early Exploration Au, Ag 0.4% NSRLocated adjacent to old DeSantis

mine

Sirola Grenfell Golden Peak Res. Canada Early Exploration Au 0.25% NSR

2-compartment shaft. Potential

for low grade bulk minable

resource

Mirado Mine Orefinders CanadaAdvanced

ExplorationAu 1% NSR + Option

442,000 oz Au inferred 43-101

report (1)

Solomon’s

PillarSage Gold Canada Early Exploration Au 1% NSR

Narrow but very high grade

gold. 3-compartment shaft

Puchildiza Regulus Resources ChileAdvanced

ExplorationAu 1.5% NSR

686,000 oz Au Inferred 43-101

report (2)

Los Patos

ProjectPrivate Party Venezuela

Advanced

ExplorationAu 1.5% NSR

900 km2 land package, Small

high grade indicated

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

20+ Years experience metals and mining industry executive and financier. Holds several

high level executive and board positions.

EB TuckerNon-Executive DirectorCasey Report Editor, 15 years

experience in fund management and security analysis

Brett HeathPresident and CEO, Director

10 years experience in structured finance, corporate finance, and investment management,

5 years of 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

Former research analyst and investment banker, corporate development roles at Premier Royalty Corp and Carlisle

Goldfields acquired by Sandstorm and Alamos respectively

Frank HanagarneNon-Executive Director

25+ years operational experience at Newmont Mining and Coeur

Mining. (Currently COO of Coeur)

WHY INVEST NOW

Strong Value Proposition

Metalla currently trades at a significant discount to its peers1 and remains the highest yielding dividend payer

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Organic Growth

Disciplined Management

Unique Business Plan / Approach

Portfolio includes stable operations and development projects backed by strong counterparties

Experienced management team with a low burn rate and a track record of accretive transactions for shareholders

1 Using Price/Operating Cash Flow and Price/NAV

Focus on third-party royalties on assets operated by majors and using stock to enable holders to properly value royalty assets a key differentiator vs competition

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

ENDEAVOR SILVER STREAM

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Metalla Interest 100% of By-product silver stream (Ag)

Operator CBH Resources

Metal Produced Pb, Zn, Ag

Location NSW Australia

Project Status Producing

Silver Reserves 1.6M Ag ounces in current mine plan

On going payment $1 USD per ounce(1) + 50% of silver price above

$7 USD per Oz

Production Guidance FY 2019

500,000 – 550,000 Oz Ag

(1) Plus adjustments for inflation indexed to CPI

• Long history of operations and replacing reserves

• Development now underway at Deep Lode Zone will further extend mine life

• New 1.6M Ag oz mine plan through December 2020

JOAQUIN ROYALTY

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Metalla Interest 2% NSR Royalty on production

Operator Pan American Silver (TSE:PAAS)

Metal Produced Ag, Au

Location Santa Cruz Province, Argentina

Project Status Development

Resources Existing Measured and Indicated resource of 65.2

million oz Ag and 61,100 oz of Au

• Pan American allocated US$37.8M to develop Joaquin

• Production to start in Q4 2019 using the Manantial Espejo plant for processing

• 43-101 report(1) on La Morocha deposit as an underground mine filed on SEDAR

(1) Please refer to a technical report titled "Joaquin Project NI 43-101 Technical Report" and dated January 31, 2018 (the "Joaquin Report").

SANTA GERTRUDIS ROYALTY

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Metalla Interest 2% NSR Royalty on production (1% can be repurchased for

US$7.5M)

Operator Agnico Eagle (NYSE:AEM)

Metal Produced Au

Location Sonora, Mexico (180km north of Hermosillo)

Project Status Exploration / Development

Resources 810Koz M&I, 240Koz inferred

Past Work 565Koz Au historically produced at 2.13g/t. Over 275Km of total drilling has

been completed to date

• Agnico recently reported a new high-gradediscovery on the 42,000Ha property andexpanded its exploration budget at the minein Q318

• Resource update expected in Q119

NLGM SILVER STREAM

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Metalla Interest 15% of By-product silver stream (Ag)

Operator Shanta Gold (LON:SHG)

Metal Produced Au, Ag

Location Southwest Tanzania, Lupa Gold Fields

Project Status Producing

On going payment 10% of Spot of silver (Ag)

Production Guidance FY 2019

120,000 – 150,000 Oz Ag

• 10 year stream (expires 2026)• Lowest quartile of costs amongst producers• Experienced management team• Achieved underground expansion on time and

under budget

ZARUMA ROYALTY

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Metalla Interest 1.5% NSR Royalty on production

Operator Core Gold Inc. (TSXV:CGLD)

Metal Produced Au, Ag

Location Zaruma-Portovelo Mining District of southern Ecuador

Project Status Producing (small-scale)

Resources Measured and Indicated 1,094,000 oz Au, and

Inferred 1,448,000 Oz Au(1)

Production Small-scale production, new mine plan expected H218

• Operator LOI for US$15M debt restructure with Investabank SA

• Company completed successful corporate restructure

• New experienced management team

(1) See technical report: https://www.dynastymining.com/operations/technical-reports

HOYLE POND EXTENSION ROYALTY

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Metalla Interest 2% NSR Royalty on production (on leased mining

rights subject to 500,000 oz Au exemption)

Operator Goldcorp Inc. (NYSE:GG)

Metal Produced Au

Location Timmins, OntarioCanada

Project Status Producing (extension underdevelopment)

Resources No current reserve/resource on the extension

Production Guidance FY 2018

155,000 – 160,000 Oz Au

• Goldcorp October 25, 2017 NR reserves andresources estimate stated “In 2018, reservereplacement will be focused on theevaluation of the down plunge extension ofthe mineralized veins at Hoyle Pond”

(1) Resources in Porcupine Camp see Goldcorp 2016 reserves and resources report

TIMMINS WEST EXTENSION ROYALTY

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Metalla Interest 1.5% NSR Royalty on production (extension claim) subject to 0.75% buyback for

USD $750,000

Operator Tahoe Resources (NYSE:TAHO)

Metal Produced Au

Location Timmins, OntarioCanada

Project Status Producing (extension under development)

Resource No current reserve/resourceon the extension

Production Guidance FY 2018

55,000 – 65,000 Oz Au

• Planned USD $60M investment on deeper shaft to access lower levels on extension

• 60,000 meters of drilling in 2016• Plans to expand production in mining camp• Currently merging with Pan American Silver

AKASABA WEST ROYALTY

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Metalla Interest 2.0% NSR Royalty on production subject to 1.0%

buyback for $7,000,000

Operator Agnico Eagle Mines (TSE:AEM)

Metal Produced Au, Cu

Location Val d’Or, Quebec, less than 30Km from Goldex

Project Status Under Development, startup in 2020

Resource 145Koz Au and 25.5Kt Cu Reserve, 49Koz and 9Kt Cu

Production Guidance

20-25Koz Au and 8.5-10Mlbs Cu once in operation

• Planned $50M to develop the mine• Internal studies indicate 4-5 year mine life

with cash costs ~$400/Oz• Will be processed at either Laronde or Goldex

processing facilities