ACQUISITION OF FOSTERVILLE...This presentation contains certain "forward lookingstatements" and...
Transcript of ACQUISITION OF FOSTERVILLE...This presentation contains certain "forward lookingstatements" and...
JULY 2020 NYSE & TSXV:MTA | WWW.METALLAROYALTY.COM
ACQUISITION OF FOSTERVILLE
Metalla Royalty & Streaming | July 2020
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 | July 2020
Greatest Exposure to Silver of Any Publicly Listed Royalty Company
THE KEY POINTS
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Experienced Management Team with Proven, Relevant and Global Track Record
ü Most Active Royalty Company as Measured by Material Acquisitions
Industry-Leading Growth With One Of The Most Robust Pipelines
Focused on Acquiring Royalties on Projects Operated by Large Producers
Trades at a Discount to Peers Despite Recent Outperformance
ü
ü
ü
ü
ü
JUNIOR ROYALTY COMPANY DELIVERING GROWTH
Metalla Royalty & Streaming | July 2020
THE BUSINESS STRATEGYSECONDARY MARKET OF ROYALTIES ON HIGH-QUALITY OPERATIONS IS THE
KEY TO OUR SUCCESS
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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 | July 2020
ACQUISITION OF FOSTERVILLE ROYALTYPROVIDING MEANINGFUL NEAR-TERM CASH FLOW WITH A TIER-ONE
OPERATOR IN A WORLD-CLASS DISTRICT
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• Metalla will acquire a 2.5% NSR royalty on theextensions to the north and south of KirklandLake Gold’s Fosterville Mine for A$6M, A$2payable in cash and the remaining $4Mpayable in shares of MTA
• Fosterville is the largest gold mine in the state ofVictoria, it produced 619Koz of gold at a cashcost of US$119/Oz in 2019(1)
• Southern royalty portion is along the FostervilleFault Zone and on trend with the Harrier andSwan deposits
• Harrier mineralization is expected to continueonto the Metalla royalty claims which isprospective for high-grade visible goldmineralization at depth similar to Swan Zonewhich currently boasts a reserve grade of overone ounce per tonne of gold
• Harrier is the next mining front with mining set tobegin once ventilation upgrades anddevelopment are completed(1)
TRANSACTION OVERVIEW
See Kirkland lake Gold Financial Reports filed on SEDAR
Metalla Royalty & Streaming | July 2020
FOSTERVILLE OVERVIEW
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“We also continue to drill the anticline offset target at Harrier South from underground drill platforms and advance our LODE program on district targets. Drilling at Harrier South remains at an early stage given the time required to extend the existing exploration drift and poor ground conditions encountered in some areas. The fact that we have already intersected quartz veins with VG similar in texture to those found in the Swan Zone is promising. We have not yet seen the ultra-high grades you get at Swan, but it is early days and we remain optimistic. Harrier South will continue to be a high-priority target with extensive drilling to continue into, and throughout, 2020.” – Anthony Makuch Dec 3, 2019(1)
Metalla Royalty & Streaming | July 2020
FOSTERVILLE OVERVIEW
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Operator • Kirkland Lake Gold
Location • Bendigo, Australia
Land Package
• 140,000 ha land package (~90,400 haroyalty coverage). 2,850 ha mining lease(541ha royalty coverage)
• Kirkland Lake Gold is participating in atender process to acquire more land heldunder the royalty grounds
Mineralization
• Fosterville-type orogenic gold deposit• Metamorphosed Interbedded turbidite
sequences• Mineralization controlled by late brittle
faulting• High-grade visible gold occurrences begin
below 800m at Phoenix, Harrier & RobbinsHill
Mining• Underground, decline access• Access from two portals, Falcon and
Ellesmere open pits
Processing• BIOX, CIL & Gravity Circuit• 2,275 tpd mill capacity (~60% utilization
rate in 2019)
2020 Guidance • 590 - 610Koz Au(1)
• $130 - $150 Cash Cost(1)
Development• Development and exploration is ongoing
at depth to find and extend high-grademineralization
See Kirkland Lake Gold Annual Information Form December 31, 2019
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356
619 600
$0
$100
$200
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$400
$500
$600
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600
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2017 2018 2019 2020
Cash
Cos
ts (U
S$/O
z)
Gold
Pro
duct
ion
(Koz
)
Production and Cash Costs at Fosterville Since Kirkland Acquired the Mine and 2020 Guidance (midpoint)
Metalla Royalty & Streaming | July 2020
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
Sep
16
Nov
16
Jan
17
Mar
17
May
17
Jul 1
7
Sep
17
Nov
17
Jan
18
Mar
18
May
18
Jul 1
8
Sep
18
Nov
18
Jan
19
Mar
19
May
19
Jul 1
9
Sep
19
Nov
19
Jan
20
Mar
20
May
20
Jul 2
0
THE TRACK RECORD
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50Royalties/Streams
Acquired
$96MCapital Deployed
18Transactions
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 / O3’s Garrison
Acquires 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
Announces application to
list on the NYSE
American
Acquires gold royalty on
Teck / Newmont’s
NUEVAUNIÓN Project
Acquires two royalties on
Nevada Gold Mines Cortez
Trend
Announces Acquisition on Coeur’s Wharf
Mine and US$21M
Secondary offering of
Coeur’s shares
Acquires 2.5% on extensions of
Kirkland’s Fosterville Mine
Metalla Royalty & Streaming | July 2020
THE OUTPERFORMANCE
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METALLA HAS CONSISTENTLY OUTPERFORMED ITSPEERS SINCE INCEPTION
+65%CAGR since
September 2016
-50%
0%
50%
100%
150%
200%
250%
300%
350%
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
Nov
-19
Dec
-19
Jan-
20
Feb-
20
Mar
-20
Apr-2
0
May
-20
Jun-
20
Jul-2
0
Metalla Maverix Franco-Nevada Sandstorm
Osisko Wheaton Precious Royal Gold
Metalla Royalty & Streaming | July 2020 10
METALLA HAS COMPLETED MORE DEALS THANITS PEERS SINCE INCEPTION (Sept 2016)
ACTIVELY EXPANDING PIPELINE
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77.8
9
11
13
18
WheatonPrecious
Royal Gold Sandstorm Avg (exlc. MTA) Maverix Osisko Franco Nevada Metalla
Metalla Royalty & Streaming | July 2020
0 1
5
10
13
17 17 17 1820
23 24
4345 46 46
50
Q2
2016
Q2
2020
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GREW PORTFOLIO TO 49 ASSETS THROUGH 17 TRANSACTIONS
ACTIVELY EXPANDING PIPELINE
Exploration
Development
Production
2020
Grown Portfolio to 50 Assets Since Inception
Metalla Royalty & Streaming | July 2020
Basic Shares Outstanding 36.0
Warrants (W Avg $3.89) 0.9Options (W Avg $4.44) 2.3
Fully Diluted 39.4
Market Capitalization$324
($9.00 share price, July 27, 2020)Cash $7.3
Convertible Debt $7.0
Facility Available $5.0
Dividend Yield 0.5%
THE CAPITAL STRUCTURE
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Strong Shareholders
Analyst Coverage
Other Strategic / Institutions Management
2.5%
5.9% 4.2%
2.8%
9.3% 4.5%
Buy, $9.25 Target
Buy (S), $8.40 Target
Buy, $9.25 Target
Financials as of February 29, 2020
Buy, $9.10 Target
Metalla Royalty & Streaming | July 2020
BREAKDOWN OF ASSETS
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NPV By Stage NPV By Geography
NPV By Type NPV By Metal
Production$47 34%
Development$74 55%
Exploration$15 11%
Mexico$21 16%
USA/Canada$53 39%
Australia$39 28%
South America
$7 5%
Other$17 12%
Gold$89 66%
Silver$47 34%
Stream$39 28%
Royalty$97 72%
Metalla Royalty & Streaming | July 2020
EXPOSURE TO TOP MINING JURISDICTIONS
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4Production Assets
18Development Assets
28Exploration Assets
Australia Tanzania
Canada
MexicoArgentina
Ecuador
Peru
Chile
NuevaUnion
Metalla Royalty & Streaming | July 2020
KEY ASSETS
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FostervilleBendigo, Victoria, Australia
Metal Exposure: Gold
2.5% NSR
Immediately on trend to the north and south Victoria’s largest gold mine
Kirkland Lakes gold mine produced 619Koz at US$130/Oz in 2019. Currently budgeting US$70-80M for exploration with nine
rigs currently turning on site(1)
WharfLead, South Dakota
Metal Exposure: Gold
1% NSR
Stable cash flow from a tier one Operator
Annual production is expected to be +80Koz for the remainderof its current 7 year mine life. Over 1Moz currently definedexcluding inferred. (2)
Metalla Royalty & Streaming | July 2020
KEY ASSETS
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Santa GertrudisSonora, Mexico
Metal Exposure: Gold
2% NSR
Two major discoveries at Amelia and Espiritu Santo
2020 exploration budget expanded to US$10.4M for ~24,000 m; evaluating heap leach and small mill for ~ 100 koz Au/year(5)
Anglo/ZekeCortez Trend, Nevada
Metal Exposure: Gold
0.5% NSR
Covers a portion of Goldrush South and 190 sq. kilometres of the Cortez Trend
Cortez produced 963Koz in 2019, latest reserve estimate atGoldrush is 2Moz at 9.7 g/t gold with an additional measuredand indicated resource estimate of 9.4Moz at 9.4 g/t gold. (3)(4)
Metalla Royalty & Streaming | July 2020
KEY ASSETS
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Joaquin MineSanta Cruz, Argentina
Metal Exposure: Silver, Gold
2% NSR
Annual Production: ~4 Moz Ag, 2 Koz Au
Recently commissioned with the further guidance upon achieving commercial production in 2020 (currently impacted by COVID). Multiple veins not in plan totalling 40Moz Ag-Eq (6)
Fifteen Mile StreamNova Scotia, Canada
Metal Exposure: Gold
1% & 3% NSR
Two new discoveries at Seloam Brook and 149
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 | July 2020
COSE Mine
KEY ASSETS
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Santa Cruz, Argentina
Metal Exposure: Silver, Gold
1.5% NSR
LOM Production: 2Moz Ag, 42Koz Au
Development and ramp up ongoing, commercial production expected 2020 (currently impacted by COVID). High-grade
deposit that will be trucked to Manantial Espejo(7)
El Realito Mine Sonora, Mexico
Metal Exposure: Gold, Silver
2% NSR
Budgeted 17,000m of drilling at La India for 2020
Satellite deposit located adjacent to operating La India Mine; 2020 exploration program of US$6.6M and 22,000m
Metalla Royalty & Streaming | July 2020
KEY ASSETS
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NuevaUniónAtacama region, Chile
Metal Exposure: Gold
2% NSR on Gold
Covers 8% of the tonnes on of the La Fortuna deposit. NuevaUnión is one of the largest undeveloped copper-gold-
molybdenum projects in the Americas.
Teck/Newmont 2020 planned budget of $152M
Endeavor MineNSW, Australia
Metal Exposure: Silver
100% Silver Stream
Current focus on discovery at Deep Zinc Lode,Tailings
Steady production since 1983, recent discovery of deep lode indicates further resource expansion potential
Metalla Royalty & Streaming | July 2020
LEADERSHIP
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Lawrence RoulstonNon – Executive Chairman
Mining 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 newsletters.
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.
BOARD OF DIRECTORS MANAGEMENT/ADVISORS
Terry KrepiakevichNon-Executive Director
Chartered Professional Accountant with 30+ years experience in public and private companies, and a certified member of the Institute of Corporate Directors.
Sunny SaraCorporate Development Associate
Metals and mining industry professional with 5 years experience as an Economic Geology Research Analyst & gold prospector. Masters of
Science in Geology
Kim CasswellCorporate Secretary
Metals and mining industry professional with 25+ years of Corporate Secretary experience with several public companies listed on TSX-V and
the Toronto Stock Exchange.
Metalla Royalty & Streaming | July 2020
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.
<20 Koz AuEq
$0.5-3B Market Cap.
20-100 Koz AuEq
>$5B Market Cap
>250 Koz AuEq
MajorRoyalty Co.
Sector Average 1.8x
Metalla Royalty & Streaming | July 2020
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 Extension
Mid – Long Term
35+ OTHER ROYALTIES PROVIDING FUTURE CASH FLOW AND OPTIONALITY
Near Term
Fosterville
WasamacSanta Gertrudis
El RealitoNew Luika Gold Mine
GarrisonWharf Mine
Metalla Royalty & Streaming | July 2020
THE CASE FOR INVESTMENT
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Metalla currently trades at a discount to its peers(1)
despite a higher growth rate and more generousdividend 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 [email protected]: +1 (604) 696-0741
Suite 501 - 543 Granville Street, Vancouver, BC V6C 1X8 Canada
Metalla Royalty & Streaming | July 2020
PRODUCTION & DEVELOPMENT PORTFOLIO
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Property Operator Location Stage Metal TermsWharf Mine Coeur Mining South Dakota, USA Production Au 1.0% NSR Royalty
Endeavor Mine CBH Resources NSW Australia Production Zn, Pb, Ag Stream on 100% of AgJoaquin Mine Pan American Silver Santa Cruz, Argentina Production Ag, Au 2.0% NSR Royalty
Santa Gertrudis Agnico Eagle Sonora, Mexico Development Au2.0% NSR Royalty (subject to a 1.0%
buyback)Fifteen Mile Stream St Barbara Halfiax, Nova Scotia Development Au 1.0% NSR Royalty
Fosterv ille Kirkland Lake Victoria, South Dakota Development Au 2.5% NSR(FMS) Plenty St. Barbara Halfiax, Nova Scotia Development Au 3.0% NSR RoyaltyCOSE Mine Pan American Silver Santa Cruz, Argentina Production Ag, Au 1.5% NSR Royalty
Garrsion Mine O3 Mining Kirkland Lake, Ontario Development Au 2.0% NSR Royalty
El Realito Agnico Eagle Sonora, Mexico Development Ag, Au 2.0% NSR (subject to a 1% buyback)
Anglo / Zeke Nevada Gold Mines Nevada, USA Development Au 0.5% GORRed Hill NuLegacy Gold Nevada, USA Development Au 1.5% GOR
Hoyle Pond Ext. Newmont Timmins, Ontario Development Au2.0% NSR, subject to 500 Koz
exemptionLa Fortuna Minera Alamos Durango, Mexico Development Au, Ag, Cu 1.0% NSR Option
NuevaUnion Teck Resources / Newmont Atacama, Chile Development Au 2.0% on Au
New Luika Shanta Gold Lupa Goldfields, Tanzania Production Au Stream on 15% of Ag
Wasamac Monarques Gold Val d'Or, Quebec Development Au1.5% NSR (subject to a 0.5%
buyback)
Timmins West Ext. Pan American Silver Timmins, Ontario Development Au1.5% 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 Timmins, Ontario Development Au 2.0% NSRDufferin East Aurelius Minerals Halfiax, Nova Scotia Development Au 1.0% NSR
Zaruma Titan Minerals Ecuador Development Au 1.5% NSR
Metalla Royalty & Streaming | July 2020
EXPLORATION PORTFOLIO
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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 Minaurum Gold 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 Trillium 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% NSRBint Property Glencore Timmins, Ontario Exploration Au 2.0% NSR
Colbert/Anglo Goldcorp Timmins, Ontario Exploration Au 2.0% NSRMontclerg IEP Timmins, Ontario Exploration Au 1.0% NSR
Pelangio Poirier Pelangio Exp. Timmins, Ontario Exploration Au 1.0% NSRBeaudoin Explor Resources Timmins, Ontario Exploration Au, Ag 0.4% NSR
Sirola Grenfell Pelangio Exp. Kirkland Lake, Ontario Exploration Au 0.25% NSRMirado Mine Orefinders Kirkland Lake, Ontario Exploration Au 1.0% NSR + Option
Solomon's Pillar Sage Gold Greenstone, Ontario Exploration Au 1.0% NSRLos Patos Private Venezuela Exploration Au 1.5% NSR
Goodfish Kirana Warrior Gold Kirkland Lake, Ontario Exploration Au 1.0% NSRTower Mountain Private Thunder Bay, Ontario Exploration Au 2% NSR
Metalla Royalty & Streaming | July 2020
NOTES
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(1) Project data source from Kirkland Lake Gold’s news release filed on December 3, 2019 and Kirkland Lake news release filed on June 30, 2020 and Kirkland Lake Annual Information Form December 31, 2019 and filed on its website at www.klgold.com
(2) Project data source from Coeur Mining’s presentation dated May 14, 2020 and from Coeur Mining annual report dated February 19, 2020 and filed on its website atwww.Coeur.com filed under its SEDAR profile on www.sedar.com
(3) Project data source from Barrick Gold Corporation’s presentation dated November 1, 2012 and filed on its website at www.barrick.com.
(4) Project data source from Barrick Gold Corporation’s presentation dated September 19, 2019 and filed on its website at www.barrick.com.
(5) Project data source from NuLegacy Gold Corporation’s presentation dated February, 2020 and filed on its website at www.nulegacygold.com.
(6) Project data sourced from Agnico Eagle Mines Limited’s news release dated February 13, 2020 and filed under its SEDAR profile on www.sedar.com.
(7) Project data sourced from Pan American Silver Corp.’s news release dated December 21, 2017 and filed under its SEDAR profile on www.sedar.com.
(8) Project data sourced from Pan American Silver Corp.’s news release dated December 17, 2017 and filed under its SEDAR profile on www.sedar.com.
While the Company does not have any knowledge that such data and information is not accurate, the Company has notindependently verified this information and there can be no assurance that such third-party information is complete or accurate.
QUALIFIED PERSON
The technical information contained in this presentation has been reviewed and approved by Charles Beaudry, geologist M.Sc.,member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec and a consultant toMetalla. Mr. Beaudry is a QP as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.