1. May 2019 I www.metallaroyalty.com I TSXV: MTA I OTCQX: MTAFF I Germany: X9CP
2. 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 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 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.
3. 3
FOUNDATION OF A SUCCESSFUL ROYALTY COMPANY
METALLA : THE KEY POINTS
ü Positive cash flow delivers increased growth and dividends
ü Experienced management team with proven, relevant and global track record
ü Currently the most active royalty company as measured by material acquisitions
ü Focus on acquiring royalties on projects operated by large producers
ü Greatest silver exposure of any listed royalty company
ü Despite outperformance Metalla still trades at a significant discount to peers
4. 4
SECONDARY MARKET OF HIGH-QUALITY OPERATIONS KEY TO OUR SUCCESS
SHARE
CONSIDERATION
ROYALTY
OWNER
ROYALTY
BENEFITS FOR METALLA BENEFITS FOR THIRD-PARTY
§ Partner with strong counter-parties
with operational experience
§ Reduced cost in financing acquisitions
§ 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 exposure to royalty through stake
in Metalla equity
§ Diversify risk through participation in
Metalla project 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
METALLA : THE BUSINESS STRATEGY
5. METALLA: THE OUTPERFORMANCE
5
Source: Capital IQ
Capital Structure
Current ($) $1.16
52-Wk. High $1.40
52-Wk. Low $0.64
Dividend Yield 1.6%
Cash & Equivalents ($M) $11.5
Short-Term Loan ($M) $2.3
Convertible Debenture ($M) $7.0
Shares Outstanding:
Basic (mln) 131.6
Fully Diluted 148.4
Market Cap ($M) $152.6
Enterprise Value ($M) $150.4
Share Ownership
Coeur Mining 17.4%
GoGold Resources 7.7%
Alamos Gold 6.3%
Europac 4.5%
Brett Heath (CEO) 2.2%
Original FMS Royalty Owner 2.0%
Adrian Day Asset Management 1.9%
US Global 1.5%
Exp. Capital Partners (Rick Rule) 1.1%
Doug Cas ey 1.0%
Paul Stephens 1.0%
E.B Tucker (Director) 0.7%
Announces New Luika
Silver Streamand $4M
financing
Acquires royaltyon
Atlantic's Fifteen
Mile Stream
Acquisition of
COSE royalty
Acquires Timmins-
based royalty
portfolioand closes
over-subscribed
financing for $2.3M
Changes name
to Metalla,
appoints Brett
Heath as
President
Brokered Offering
Upsized to $6.8M
due to strong
demand
Acquistion of Santa
Gertrudis Royalty
Listing as a tier-1
issuer on the TSXV
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
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Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Consolidates
Hoyle Pond
extension royalty
Acquires royalty
and streaming
portfolio from
Coeur Mining
Annouces acquisition
of Valgold (Garrison
Royalty)
Acquires royalty
portfolio from
Alamos Gold,
Announces $12M
convertible
debenture from
Beedie Capital
SINCE SEP 2016, MTA HAS ACQUIRED 43 ROYALTIES/STREAMS BY DEPLOYING OVER $66M IN CONSIDERATION
6. MTA RGLD FNV SSL MMX OR WPM Avg (Excl. MTA)
2018 25% -1% -10% 0% 31% -17% -4% 0%
2019 YTD 37% 3% 1% 14% 10% 25% 12% 11%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
MTA RGLD FNV SSL MMX OR WPM
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
MTA RGLD FNV SSL MMX OR WPM
RELATIVE PERFORMANCE
6
Source: Capital IQ
METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION
7. Ontario
• Hoyle Pond Extension
• Garrison
• Timmins West Extension
• TVZ
• DeSantis Mine
• Bint Property
• Montclerg Property
• Colbert Anglo
• Pelangio Poirier
• Beaudoin
• DNA
• Sirola Grenfell
• Mirado Mine
• Solomon’s Pillar
Ecuador
• Zaruma
Chile
• Puchildiza
• Choquelimpie
Argentina
• COSE
• Joaquin
Tanzania
• NLGM
Australia
• Endeavor
Legend
•Producing
•Development
•Exploration
PORTFOLIO PROVIDES GEOGRAPHICAL DIVERSIFICATION
7
Mexico
• Santa Gertrudis
• El Realito
• La Fortuna
• Biricu
Quebec
• Wasamac
• Akasaba West
• Beaufor
• Camflo
• Akasaba West
Canada
• Fifteen Mile
• Dufferin
• Boulevard
• Big Island
Peru
• San Luis
• Pucarana
• Pucara x4
8. 8
Asset Santa Gertrudis
Metalla Interest 2% NSR Royalty
Operator
Metal: Au
Location Sonora, Mexico
Resources Inferred 962Koz Au
Agnico increased budget a second time in
2019 to US$10.2M to drill ~40,500m on the
back of the recent Amelia discovery of 14.7g/t
Au over 11.5m. Evaluating scenario utilizing a
heap leach and small mill facility for mine
similar in size to La India ~100Koz a year.
Asset Endeavor 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
450 – 500Koz 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 H219)
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
Asset Fifteen Mile Stream
Interest 1% NSR Royalty
Operator
Metal Au
Location Nova Scotia, 100Km northeast
of Halifax
Resources 576Koz 2P, 677Koz M&I
(includes 2P), 84Koz Inferred
Expected to produce ~93Koz in 2022. Atlantic
successfully put its nearby Touqouy into
operation on time and within budget. Recent
mine plan update expanded production at
FMS and extended its mine life
METALLA : KEY ASSETS
9. METALLA : KEY ASSETS
9
Asset Garrison Mine
Interest 2% NSR Royalty
Operator
Metal Au
Location Ontario, 40Km north of
Kirkland Lake
Resources 1.6Moz Au M&I, 0.4Moz
Inferred
Located along the Destor Porcupine Fault
Zone in the Abitibi Greenstone Belt. Osisko
recently announced it will vend the property
into a new vehicle called O3 Mining to focus
on its remaining portfolio outside of Windfall.
Asset COSE Mine
Interest 1.5% NSR Royalty
Operator
Metal Ag, Au
Location Santa Cruz, Argentina
Resources 83Koz Au-Eq @ 52.2g/t
indicated, 16Koz Au-Eq @
24.5g/t inferred
Production
Guidance
1.34Moz Ag and 27.6Koz Au in
first year of full production
Acquired from Patagonia for US$15M and
spent US$24M to bring into production in
H219. High-grade satellite deposit that will be
trucked to Manantial Espejo similar to Joaquin
Asset El Realito Mine (Subject to ROFR)
Interest 2% NSR Royalty
Operator
Metal Au, Ag
Location Sonora, Mexico
1.4km East of La India North
Zone
Resources 84Koz Au P&P, 113Koz M&I,
240Koz Inferred
Satellite deposit located adjacent to operating
La India Mine. Budget of $3.1M for 2019
including 10,000m of exploration and 2,000m
infill. Potential short timeline production.
Asset Wasamac Mine
Interest 1.5% NSR Royalty
Operator
Metal Au
Location Rouyn-Noranda, Quebec
Resources 1.8Moz Au P&P, 2.5Moz M&I
Proposed mine life of 11 years producing
142Koz Au annually with an AISC of
US$620/Oz. Production start date 2022/2023.
0.5% of the NSR can be bought back for
C$7.5M
10. Property Operator Location Stage Metal Terms Property Operator Location Stage Metal Terms
Endeavor Mine CBH Resources NSW Australia Production
Zn, Pb,
Ag
Stream on 100% of
Ag
New Luika Shanta Gold
Lupa Goldfields,
Tanzania
Production Au
Stream on 15% of
Ag
Joaquin Mine
Pan American
Silver
Santa Cruz,
Argentina
Development Ag, Au 2% NSR Royalty Wasamac
Monarques
Gold
Val d'Or,
Quebec
Development Au 1.5% NSR
Santa
Gertrudis
Agnico Eagle
Sonora,
Mexico
Development Au 2% NSR Royalty
Timmins West
Extension
Tahoe
Resources
Timmins,
Canada
Development Au
1.5% NSR (subject
to a 0.75% buyback)
Fifteen Mile
Stream
Atlantic Gold
Halifax, Nova
Scotia
Development Au 1% NSR Royalty Beaufor Mine
Monarques
Gold
Val d'Or,
Quebec
Production1
Au 1% NSR
COSE Mine
Pan American
Silver
Santa Cruz,
Argentina
Development Ag, Au 1.5% NSR Royalty San Luis SSR Mining Peru Development Ag, Au 1% NSR
Garrison Mine Osisko Mining
Kirkland Lake,
Ontario
Development Au 2% NSR Royalty Akasaba West Agnico Eagle
Val d'Or,
Quebec
Development Au, Cu
2% NSR, payable
after 210Koz Au
El Realito Agnico Eagle
Sonora,
Mexico
Development Au, Ag 2% NSR TVZ Zone Goldcorp
Timmins,
Ontario
Development Au 2% NSR
Hoyle Pond Goldcorp
Timmins,
Ontario
Development Au
2% NSR, subject to
500Koz exemption
Dufferin East
Resource
Capital
Halifax, Nova
Scotia
Development Au 1.0 % NSR
La Fortuna
Minera
Alamos
Durango,
Mexico
Development
Au, Ag,
Cu
1% NSR Zaruma Core Gold Ecuador Development Au 1.5% NSR
1 Monarch recently extended production activities to April 2019
10
PRODUCTION AND DEVELOPMENT PORTFOLIO
12. 12
LEADERSHIP
Lawrence Roulston
Non – Executive Chairman
Mining professional and geologist
with over 35 years of diverse
hands-on experience
Alexander Molyneux
Non-Executive Director
20+ Years experience metals and mining
industry executive and financier. Holds several
high level executive and board positions.
EB Tucker
Non-Executive Director
Casey Report Editor, 15 years
experience in fund management
and security analysis
Brett Heath
President and CEO, Director
10 years experience in structured finance,
corporate finance, and investment management,
7 years of royalty and streaming experience
Bill Tsang
Chief 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, CFA
VP 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 Hanagarne
Non-Executive Director
25+ years operational experience
at Newmont Mining and Coeur
Mining. (Currently COO of Coeur)
13. Strong Value Proposition Metalla currently trades at a significant discount to its peers1 and remains
the highest yielding dividend payer
13
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
METALLA : THE CASE FOR INVESTMENT
