September 2018 I www.metallaroyalty.com I TSXV: MTA I OTCQX: MTAFF I Germany: X9CP
Acquisition of Santa Gertrudis NSR
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.
ACQUISTION OF SANTA GERTRUDIS
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✓ Metalla has entered into a purchase and sale agreement with GoGold ResourcesInc. (“GoGold”) TSX:GGD for its 2% NSR royalty1 on the Santa Gertrudis Projectowned and operated by Agnico Eagle Mines Ltd. (“Agnico”) NYSE:AEM for US$12M
✓ Santa Gertrudis is the latest acquisition by Agnico which Metalla views as havingstrong resource expansion potential on its expansive 42,000 hectare land package
✓ Acquisition enhances Metalla’s strong development pipeline and adds a seconddevelopment royalty with Agnico as its counterparty, one of the premier goldmining companies in the world
✓ Past producing operation with existing infrastructure and potential to have a shorttimeline to production
✓ GoGold can elect to receive shares as part of the consideration of up to US$6M atCAD$0.78 a share
Transaction Highlights
1 Agnico can buy back 1% of the NSR for US$7.5M, has a 45 day right of first refusal on the sale
SANTA GERTRUDIS PROJECT OVERVIEW
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• GoGold sold the property to Agnico in November
2017 for US$80M (C$105M) in cash and a 2%
NSR, 1% can be repurchased for US$7.5M
• Past-producing property which produced over
550Koz Au in the 1990’s at an average head
grade of 2.13g/t Au
• GoGold completed a Preliminary Economic
Assessment (PEA) in 2014 which yielded positive
economic results and a 12 year mine-life
• 42,000 Ha property is located 180km north of
Hermosillo in Sonora, Mexico and has excellent
access and infrastructure
2014 resource estimate for GoGold completed by P&E Mining Consultants Inc.
• Three favourable geological trends with a strike
length of 18km identified on the property with
limited drilling between deposits
• Agnico has a 2018 drilling budget of US$7.2M for a
28,000m program in 2018 plans to release its initial
resource estimate for the Property in February 2019
Current Resource
Indicated Inferred All Categories
Kt Au g/t Au Koz Kt Au g/t Au Koz Kt Au g/t Au Koz
23,307 1.08 810 7,745 1.02 255 31,052 1.07 1,064
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
COMPANY OVERVIEW
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STRONG TRACK RECORD OF ACQUIRING ACCRETIVE ROYALTY AND STREAMING ASSETS
Acquistion of Santa Gertrudis Royalty
Listing as a tier-1 issuer on the TSXV
$0.00
$0.10
$0.20
$0.30
$0.40
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$0.60
$0.70
$0.80
$0.90
Sep-1
6
Nov-
16
Jan
-17
Mar-
17
May-1
7
Jul-
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Sep-1
7
Nov-
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Jan
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Mar-
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May-1
8
Jul-
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Sep-1
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Acquires High Stream Capital and changes name to
Metalla, appoints Brett Heath as President
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 $2.3M
Acquires royalty and streaming
portfolio from Coeur Mining
Appoints Lawrence Roulston as Chairman
Appoints Frank Hanagarne and Alex Molyneux to the
board, Drew Clark as VP Corporate Development
Annouces acquisition of Valgold (Garrison
Royalty)
Acquisition of Akasaba West royalty
Source: Capital IQ, Pro-forma conversion of Coeur to maintain 19.99% ownership
Capital Structure
Share Price
Current ($) $0.70
52-Wk. High $0.87
52-Wk. Low $0.54
Dividend Yield 2.6%
Cash & Equivalents ($M) ~$5.0
Convertible Held by Coeur ($M) $5.9
Shares Outstanding:
Basic (mln) 88.3
Fully Diluted 98.8
Market Cap ($M) $61.8
Share Ownership
Coeur Mining 19.90%
Europac 5.67%
Brett Heath (CEO) 3.33%
Adrian Day Asset Management 2.80%
Kjell Akesson 2.35%
US Global 1.13%
Doug Casey 1.10%
Paul Stephens 0.94%
E.B Tucker (Director) 0.89%
-30%
-20%
-10%
0%
10%
20%
30%
MTA.V RGLD.O FNV.TO SSL.TO MMX.V OR.TO WPM.TO
RELATIVE PERFORMANCE
7
2018 Relative Performance
METALLA HAS OUTPERFORMED ITS PEERS SINCE INCEPTION
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
PORTFOLIO - PRODUCING
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ASSET ENDEAVOR MINE
METALLA INTEREST 100% OF BY-PRODUCT SILVER STREAM (AG)
OPERATOR
METAL PRODUCED ZN, PB, AG
LOCATION NSW AUSTRALIA
SILVER RESERVES 987,500 AG OUNCES IN CURRENT MINE
PLAN
ON GOING PAYMENT
$1 USD PER OUNCE + 50% OF SILVER PRICE
ABOVE $7 USD PER OZ
PRODUCTION GUIDANCE FY 2019
500,000 – 550,000 OZ AG
ASSET NEW LUIKA GOLD MINE (“NLGM”)
METALLA INTEREST 15% OF BY-PRODUCT SILVER STREAM (AG)
OPERATOR
METAL PRODUCED AU, AG
LOCATION TANZANIA, LUPAGOLD FIELDS
ON GOING PAYMENT
10% OF SPOT OF SILVER (AG)
PRODUCTION GUIDANCE FY 2019
120,000 – 150,000 OZ AG
ASSET ZARUMA MINE
METALLA INTEREST 1.5% NSR ROYALTY ON PRODUCTION
OPERATOR
METAL PRODUCED AU, AG
LOCATION ZARUMA-PORTOVELO DISTRICT- ECUADOR
RESOURCES M&I 1,094,000 OZ AU, AND INFERRED
1,448,000 OZ AU
PRODUCTION Small-scale, updated mine plan expected in
H218
ASSET HOYLE POND EXTENSION
METAL: Au
COUNTRY: CANADA
INTEREST: 2% NSR ROYALTY (500,000 OZ
AU EXEMPTION)
OPERATOR:
GUIDANCE: FY 2018 160Koz Au(EXTENSION UNDER
DEVELOPMENT)
PORTFOLIO - DEVELOPMENT
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ASSET JOAQUIN PROJECT
METAL: Ag, Au
COUNTRY: ARGENTINA
INTEREST: 2% NSR ROYALTY
OPERATOR:
RESOURCES: 65Moz Ag 43-101 underM&I (Q4 2019 EXPECTED
PRODUTION START)
ASSET GARRISON MINE
METAL: Au
COUNTRY: CANADA
INTEREST: 2% NSR ROYALTY
OPERATOR:
RESOURCES: 1.2Moz M&I, 0.8Moz Inferred
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
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, Cu 2% NSR, payable after 210Koz Au Buy-back right
TVZ Zone Goldcorp Canada Development Au 2% NSR Zone at depth
DeSantis Mine Canadian Gold Miner Canada Early Exploration Au 1.5% NSRLocated 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
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 [email protected]: +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
• Discovery of Deep Zinc Lode zone currently being drilled
• New 1.6M Ag oz mine plan through December 2020
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
• Signed 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
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• 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").
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
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