Metalla Royalty & Streaming Ltd. · TSXV:MTA
Metalla Royalty & Streaming — Investor Presentation (November 2022)
28 slides from Metalla Royalty & Streaming's investor presentation, November 2022
Slide 1: First Majestic Royalty Portfolio Acquisition
First Majestic Royalty Portfolio Acquisition NYSE & TSXV:MTA www.metallaroyalty.com METALLA ROYALTY & STREAMING | NOVEMBER 2022 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains certain "forward looking statements" and certain and operations, actual results of mining and current exploration activities, "forward-looking information" as defined under applicable Canadian and conclusions of economic evaluations and changes i
Slide 3: The Key Points
THE KEY POINTS ROYALTY COMPANY DELIVERING INDUSTRY LEADING GROWTH Experienced Management Team Consistent Acquisitions At Accretive with Proven, Relevant and Global Valuations Drives Outperformance Track Record Leading Third-party Royalty Consolidator On Some Of The Premier Assets And 100% Exposure t
Slide 4: First Majestic Royalty Portfolio Acquisition
FIRST MAJESTIC ROYALTY LA ENCANTADA – FIRST MAJESTIC PORTFOLIO ACQUISITION ~7.0MOZ SILVER EQUIVALENT OUNCES ADDED (~$2.90 OUNCE/SILVER) TO METALLA’S DEL TORO – FIRST MAJESTIC ACCOUNT ON ROYALTIES COVERING ~343 MILLION OUNCES OF SILVER OVER 175,000 ha • Immediate Cash Flow: The addition of the produc
Slide 5: Terrific Silver Leverage: La Encantada and Del Toro
La Encantada (Producing) Del Toro (Development) Royalty • 100% GVR on gold Production Royalty • 2% NSR Operator • First Majestic Silver Operator • First Majestic Silver • Coahuila, Mexico • Zacatecas, Mexico Location & • Operating Underground Silver Mine • C&M Underground Silver Mine Terrific Silver
Slide 6: Terrific Silver Leverage: La Parrilla and San Martin
La Parrilla (Development) San Martin (Development) Royalty • 2% NSR Royalty • 2% NSR Operator • First Majestic Silver Operator • First Majestic Silver • Durango, Mexico • Jalisco, Mexico Terrific Silver Location & • C&M Underground Silver Mine Location & • C&M Underground Silver Mine Infrastructure
Slide 7: Terrific Silver Leverage: Plomosas and La Guitarra
Plomosas (Advanced Exploration) La Guitarra (Development) • 2% NSR • 2% NSR Royalty Royalty • 1% buy back for $2 million • 1% buy back for C$1 million Operator • GR Silver (GRSL.V) • Sierra Madre Gold & Silver (SM.V) Operator • Management operated mine for previous operators between 2006 and 2009 Te
Slide 8: The Track Record
$18.00 GDXJ $16.00 30 79 Royalties/Streams $156M Centro Gold Tocantinzinho Transactions US$ Capital Deployed Acquired THE TRACK $14.00 RECORD Côté Mine $12.00 Acquires royalty portfolio from Fosterville $10.00 Wharf Mine $8.00 Alturas-Del Fifteen Mile Carmen Changes New Luika Stream Portfolio from n
Slide 9: The Value Proposition
THE VALUE PROPOSITION METALLA GREW ITS NAV PER SHARE BY 23% IN 2021 2.6X 18.00 2.4X 16.00 2.2X 14.00 2.0X 12.00 1.8X 10.00 1.6X 8.00 1.4X 6.00 1.2X 1.0X 4.00 0.8X 2.00 0.6X 0.00 Jan 20 Jan 21 Jan 22 Apr 20 Apr 21 Apr 22 May 20 May 21 May 22 Mar 20 Mar 21 Mar 22 Aug 20 Aug 21 Aug 22 Sep 19 Feb 20 Sep
Slide 10: The Value Proposition: Consensus P/NAV vs peers
THE VALUE PROPOSITION Consensus P/NAV favorable to peers and recent transactions 2.00x 1.90x 1.80x 1.53x 1.60x 1.40x 1.33x 1.40x 1.27x 1.25x 1.19x 1.20x 1.14x 1.05x 1.03x 1.01x 1.01x 1.01x 0.97x 1.00x 0.75x 0.80x 0.60x 0.40x 0.20x - TFPM-MM X ELE OR MTA Ave rage RGLD-GBRR TFPM GROY GROY-E LY SSL RGL
Slide 11: The Track Record: High-Quality Deals at Industry-Leading Valuations
1.20x Average Industry P/NAV THE TRACK 1.00x RECORD 0.92x 0.94x Tocantinzinho Project Higginsville Operation High-Quality Deals 0.80x at Industry-Leading Del Carmen Project Centrogold Mine 0.70x Valuations 0.68x 0.60x 0.61x 0.57x 0.56x Wharf Mine 0.57x 0.56x 0.45x Castle Mountain Fifteen Mile Stream
Slide 12: The Outperformance
THE OUTPERPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 50% Share price compound annual growth rate (“CAGR”) 43% 6.25 years post launch 40% 32% 30% 24% 20% 10% 10% 8% 0% 0% -10% WPM MTA FNV MMX SSL OR METALLA ROYALTY & STREAMING | NOVEMBER 2022 12
Slide 13: Actively Expanding Pipeline
ACTIVELY EXPANDING PIPELINE 30 Metalla has completed more 24 deals than its peers 23 since inception (Sept 2016) 16 16 13 11 10 Wheaton Royal Gold Sandstorm Maverix Avg (exlc. MTA) Osisko Franco Nevada Metalla Precious METALLA ROYALTY & STREAMING | NOVEMBER 2022 13
Slide 14: Exposure to Top Mining Jurisdictions
6 EXPOSURE Production Assets TO TOP MINING JURISDICTIONS 31 Development Assets 42 Exploration Assets METALLA ROYALTY & STREAMING | NOVEMBER 2022 14
Slide 15: The Capital Structure
THE CAPITAL STRUCTURE Basic Shares Outstanding 49.2 Supportive Shareholders RSU's 0.5 Exchange Traded Funds Options (W Avg $5.29) 2.93 Fully Diluted 52.6 Analyst Coverage | Average Target of $7.60 Market Capitalization $255 ($5.18 share price, November 25, 2022) Cash $3.3 Convertible Debt $5.2 Debt
Slide 16: Industry Leading Growth: Annual Gold Equivalent Production
INDUSTRY LEADING GROWTH Gosselin With world class Castle Mountain – Mid 20’s Del Carmen operators Fosterville NuevaUnion Tocantinzinho - 2024 Garrison Santa Gertrudis - 2025 Big Springs Wasamac - 2026 Centrogold 30,000 ANNUAL GOLD EQUIVALENT PRODUCTION Cote - 2024 Hoyle Pond Amalgamated Kirkland - 2
Slide 17: The Case for Investment
THE CASE FOR INVESTMENT Strong Value Proposition Metalla currently boasts one of the higher growth rates and strongest counterparties relative to its peers while trading at a significant discount on a P/NAV basis of ~1.0X Organic Growth Portfolio includes stable operations and development projects b
Slide 18: Appendix
APPENDIX WEBSITE CONTACT ADDRESS www.metallaroyalty.com info@metallaroyalty.com Suite 501 - 543 Granville Street 604.696.0741 Vancouver BC Canada V6C 1X8 METALLA ROYALTY & STREAMING | NOVEMBER 2022 18
Slide 19: Key Assets: Wharf and Higginsville
WHARF HIGGINSVILLE KEY ASSETS Lead, South Dakota Kalgoorlie, Western Australia Metal Exposure: Gold Metal Exposure: Gold Price participation - 27.5%* (spot - A$1,340), 1% GVR first 2.5Koz per quarter, until 34Koz delivered 2021 guidance for 105-110Koz with ~50% of the Stable cash flow from a tier on
Slide 20: Key Assets: Fosterville and Santa Gertrudis
FOSTERVILLE SANTA GERTRUDIS KEY ASSETS Bendigo, Victoria Australia Sonora, Mexico Metal Exposure: Gold Metal Exposure: Gold 2.5% GVR 2% NSR Immediately on trend to the north and south Three major discoveries at Amelia, Espiritu Santo Victoria’s largest gold mine & Santa Teresa 2022 exploration budge
Slide 21: Key Assets: Côté & Gosselin, Joaquin Mine & COSE
CÔTÉ & GOSSELIN JOAQUIN MINE & COSE KEY ASSETS Ontario, Canada Santa Cruz, Argentina Metal Exposure: Gold Metal Exposure: Silver, Gold 1.35% NSR 2% NSR & 1.5% NSR 495Koz Au per year for the first five years, expansion Annual Production: 4 Moz Ag, 2 Koz Au / 2Moz Ag, potential with inclusion of 5Moz
Slide 22: Key Assets: La Encantada and Wasamac Mine
LA ENCANTADA WASAMAC MINE KEY ASSETS Coahuila, Mexico Rouyn-Noranda, Quebec Metal Exposure: Gold Metal Exposure: Gold 100% Gold GVR 1.5% NSR Produced 3.2Moz of silver and 460 ounces of gold 2P Reserves – 1.9 Moz Au at 2.56 g/t Au(11) in 2021 Proposed mine life of ~15 years producing an average of St
Slide 23: Key Assets: Tocantinzinho and Centrogold
TOCANTINZINHO CENTROGOLD KEY ASSETS Para State, Brazil Maranhão, Brazil Metal Exposure: Gold Metal Exposure: Gold 0.75% GVR 1-2% NSR Fully permitted & financed expected to produce Massive 120,000Ha exploration package that 170Koz per annum over ten years at a $580/Oz compliments an already robust PF
Slide 24: Key Assets: Castle Mine and El Realito Mine
CASTLE MINE EL REALITO MINE KEY ASSETS San Bernardino, California Sonora, Mexico Metal Exposure: Gold Metal Exposure: Gold, Silver 5.0% NSR 2% NSR Covers South Dome pit that currently hosts a Near term production supplementing La India 1.1Moz reserve which is the higher-grade section Complex, expect
Slide 25: Leadership
LEADERSHIP BOARD OF DIRECTORS MANAGEMENT / ADVISORS Lawrence Roulston | Non – Executive Chairman Brett Heath | President and CEO, Director Mining professional and geologist with over 35 years of diverse hands-on Founder of Metalla – Mr. Heath is a metals and mining industry professional experience.
Slide 26: Production & Development Portfolio
Property Operator Location Stage Metal Terms Wharf Mine Coeur Mining South Dakota, USA Production Au 1.0% NSR Royalty Higginsville Karora Resources Western Australia Production Au Price participation - 27.5% * (spot - A$1,340), first 2.5Koz per quarter, until 34Koz delivered Endeavor Mine Sandfire R
Slide 27: Exploration Portfolio
Property Operator Location Stage Metal Terms Kirkland-Hudson Kirkland Lake Gold Kirkland Lake, Ontario Exploration Au 2.0% NSR North AK Kirkland Lake Gold Kirkland Lake, Ontario Exploration Au 0.45% NSR Hot Pot / Kelly Creek Nevada Exploration Humbolt, NV Exploration Au 1.5% NSR Orion Minera Frisco
Slide 28: Notes
(1) Project data source from Eldorado Gold’s Annual Information (8) Project data sourced from Pan American Silver Corp.’s news release Form dated March 30, 2020, Eldorado Gold’s news release filed on dated December 17, 2017 and December 21, 2017 and February 17, December 2, 2020 and technical report
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