February 2019 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.

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ü Cash-flowing portfolio to reinvest, support and grow its dividend

ü Experienced management team with a proven track record of success

ü Trading at a deep discount to peers on numerous valuation metrics

ü Most productive royalty and streaming company since inception with a strong acquisition pipeline and history of accretive transactions

ü World-class counterparties and geographically diversified

ü Strong guidance of 500-600Koz silver for fiscal 2019

METALLA OVERVIEWFoundation of a Successful Royalty Company

THIRD-PARTY ROYALTY MODEL

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• Strong counterparties with topoperational experience

• Royalties on high-quality assets

• Lower financing cost to acquireroyalties

• Tighter share structure byroyalty owners maintainingupside in exposure to Metallaequity

• Allows Metalla to return cash toshareholders

• 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 royaltycompany with equity at acompelling relative valuation

• Maintain exposure of royaltythrough Metalla equity

• Diversification amongst otherhigh-quality royalties

• Liquidity and price-discovery

• Cash flow through dividendprogram

• Immediate revaluation of sharesthrough larger royalty portfolio

COMPANY HISTORY

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Since inception, MTA has acquired 25 royalty/streams by deploying C$55M in consideration

Source: Capital IQ, Pro-Forma closing of Fifteen Mile Stream

Acquisition of COSE royalty

Acquires Timmins-based royalty

portfolio from IEP and closes over-

subscribed financing for $2.3M

Acquires High Stream Capital and changes name to

Metalla, appoints Brett Heath as President

Brokered Offering Upsized to $6.8M due to strong

demand

Acquistion of Santa Gertrudis RoyaltyListing as a tier-1

issuer on the TSXV

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Announces New Luika Silver

Stream and $4M financing

Consolidates Hoyle Pond

extension royalty

Acquires royalty and streaming portfolio from Coeur Mining

Annouces acquisition of Valgold (Garrison

Royalty)

Acquires royalty on Atlantic's Fifteen

Mile Stream

Capital StructureShare Price

Current ($) $1.04 52-Wk. High $1.04 52-Wk. Low $0.63

Dividend Yield 1.7%Cash & Equivalents ($M) $3.1Convertible Held by Coeur (US$M) $1.0Short-Term Loan (US$M) $2.0Shares Outstanding:

Basic (mln) 117.9 Fully Diluted 139.1

Market Cap ($M) $122.6

Share Ownership Coeur Mining 19.99%GoGold Resources 8.55%Europac 5.00%Brett Heath (CEO) 2.49%Original FMS Royalty Owner 2.22%Adrian Day Asset Management 2.10%US Global 1.70%Exp. Capital Partners (Rick Rule) 1.17%Doug Casey 1.16%E.B Tucker (Director) 0.73%Paul Stephens 0.71%

RELATIVE PERFORMANCE

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Metalla has outperformed its peers since its inception in September 2016

Source: Capital IQ

MTA RGLD FNV SSL MMX OR WPM Avg (Excl. MTA)2018 25% -1% -10% 0% 31% -17% -4% 0%2019 21% 3% -5% 9% -5% 6% 5% 2%

-50%

0%

50%

100%

150%

200%

250%

MTA RGLD FNV SSL MMX OR WPM

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

Ecuador• Zaruma

Chile Royalty• Puchildiza

Argentina• COSE• Joaquin

Tanzania• NLGM

Australia• Endeavor

Legend• Producing• Development• Exploration

GEOGRAPHICALLY DIVERSIFIEDPORTFOLIO

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Mexico• Santa Gertrudis

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 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

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

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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, Osiskohas completed an additional 85,000m ofdrilling. Resource update is to be released inearly 2019

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 andspent US$24M to bring into production inQ418. High-grade satellite deposit that will betrucked to Manantial Espejo similar to Joaquin

Asset Fifteen Mile Stream

Interest 1% NSR Royalty

Operator

Metal Au

Location Nova Scotia, 100Km northeast of Halifax

Resources 432Koz 2P, 452Koz M&I (includes 2P), 240Koz Inferred

Expected to produce ~80Koz in 2021. Atlanticsuccessfully put its nearby Touqouy intooperation on time and within budget. Over35,000m drilled since last resource estimateto be included in update estimate in Q119

PORTFOLIO LIST

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Property Operator Location Stage Metal Terms Property Operator Location Stage Metal Terms

Endeavor Mine CBH Resources NSW Australia ProductionZn, Pb,

AgStream on 100% of Ag DeSantis Mine

Canadian Gold

MinerTimmins, Canada Exploration Au 1.5% NSR

Joaquin Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 2% NSR Royalty Bint Property Glencore Timmins, Canada Exploration Au 2% NSR

Santa Gertrudis Agnico Eagle Sonora, Mexico Development Au 2% NSR Royalty Colbert/Anglo Goldcorp Timmins, Canada Exploration Au 2% NSR

Fifteen Mile Stream Atlantic Gold Nova Scotia Development Au 1% NSR Royalty Montclerg IEP Timmins, Canada Exploration Au 1% NSR

COSE Mine Pan American Silver Santa Cruz, Argentina Development Ag, Au 1.5% NSR Royalty Pelangio Poirier Pelangio Exp. Timmins, Canada Exploration Au 1% NSR

Garrison Mine Osisko Mining Kirkland Lake, ON Development Au 2% NSR Royalty DNA Detour Gold Cochrane, Canada Exploration Au 2% NSR

New Luika Shanta GoldLupa Goldfields,

TanzaniaProduction Au Stream on 15% of Ag Beaudoin Explor Resources Timmins, Canada Exploration Au, Ag 0.4% NSR

Hoyle Pond Goldcorp Timmins, Canada Production Au2% NSR, subject to 500Koz

exemptionSirola Grenfell Golden Peak Res.

Kirkland Lake,

CanadaExploration Au 0.25% NSR

Zaruma Core Gold Ecuador Development Au 1.5% NSR Mirado Mine OrefindersKirkland Lake,

CanadaExploration Au 1% NSR + Option

Timmins West

ExtensionTahoe Resources Timmins, Canada Production Au

1.5% NSR (subject to a

0.75% buyback)Solomon’s Pillar Sage Gold

Greenstone,

CanadaExploration Au 1% NSR

Akasaba West Agnico Eagle Val d'Or, Canada Development Au, Cu2% NSR, payable after

210Koz AuPuchildiza

Regulus

ResourcesChile Exploration Au 1.5% NSR

TVZ Zone Goldcorp Timmins, Canada Development Au 2% NSR Los Patos Private Party Venezuela Exploration Au 1.5% NSR

Dufferin East Resource Capital Halifax, Canada Development Au 1.0 % NSR

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,

7 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 itspeers1 and remains the highest yielding dividend payer

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Organic Growth

Disciplined Management

Unique Business Plan / Approach

Portfolio includes stable operations and developmentprojects backed by strong counterparties

Experienced management team with a low burn rateand a track record of accretive transactions forshareholders

1 Using Price/Operating Cash Flow and Price/NAV

Focus on third-party royalties on assets operated bymajors and using stock to enable holders to properlyvalue 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

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.

ENDEAVOR

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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 LodeZone will further extend mine life

• New 1.6M Ag oz mine plan through December 2020

JOAQUIN

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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

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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

FIFTEEN MILE STREAM

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Metalla Interest 1% NSR Royalty on production

Operator Atlantic Gold (TSX-V:AGB)

Metal Produced Au

Location Nova Scotia, Canada(100km northeast of Halifax)

Project Status Development

Resources 432Koz 2P, 452Koz M&I (includes 2P), 240Koz Inferred

PFS Highlights Production in 2021 of 80Koz, LOM production of 391Koz at a

cash cost of C$561/oz and a pre-tax IRR of 60.9%

• Company has drilled over 35,000m in 290holes since the last resource which hasresulted in the discovery of new deposits andexpansion potential within the currentresource

• Resource update expected in Q119

NEW LUIKA GOLD MINE

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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, LupaGold 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

HOYLE POND EXTENSION

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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, Ontario

Canada

Project Status Producing (extension under

development)

Resources No current reserve/resource

on the extension

Production Guidance FY 2018

155,000 – 160,000 Oz Au

• Goldcorp report on drilling in 2018 expected

to be delivered to Metalla in March or 2019.

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