Metalla Royalty & Streaming Ltd. · TSXV:MTA
Metalla Royalty & Streaming — Investor Presentation (February 2023)
30 slides from Metalla Royalty & Streaming's investor presentation, February 2023
Slide 1: Metalla Royalty & Streaming Corporate Presentation February 2023
NYSE & TSXV:MTA www.metallaroyalty.com METALLA ROYALTY & STREAMING | FEBRUARY 2023 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 M anagement 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
Slide 4: The Track Record
$18.00 GDXJ $16.00 31 85 Royalties/Streams $170M Centro Gold Tocantinzinho Transactions Capital Deployed Acquired THE TRACK $14.00 RECORD Côté Mine $12.00 $305M Acquires royalty portfolio from Fosterv ille Consensus NAV $10.00 Wharf Mine Lama Alturas-Del $8.00 Fifteen Mile Carmen New Luika Stream Po
Slide 5: First Majestic Royalty Portfolio Acquisition
FIRST MAJESTIC ROYALTY LA ENCANTADA – FIRST M AJESTIC PORTFOLIO ACQUISITION ~7.0MOZ SILVER EQUIVALENT OUNCES ADDED (~$2.90 OUNCE/SILVER) TO METALLA’S DEL TORO – FIRST M AJESTIC ACCOUNT ON ROYALTIES COVERING ~343 MILLION OUNCES OF SILVER OVER 175,000 ha1 • Adds New Major Shareholder: We are excited t
Slide 6: Lama Royalty Acquisition
LAMA ROYALTY ACQUISITION 2.5%-3.75% GVR on gold covering one of the world’s premier gold bearing trends for $7.5M in total consideration1 • Significant Asset: contained metal of 3.13 Moz gold and 236.9 Moz silver at Lama • Near Term Potential: Barrick has initiated a study to evaluate the developmen
Slide 7: Lama Royalty Exploration
LAMA ROYALTY EXPLORATION • Phenomenal Exploration Upside1: Barrick has committed up to $75 million with 10 to 12 drill rigs • Significant Intercept: 1.79 g/t AuEq over 96.2 meters, 300 meters east of resources. • Massive Long-Term Potential: Barrick has discovered a massive Au-Cu Porphyry at depth i
Slide 8: The Value Proposition
THE VALUE PROPOSITION METALLA GREW ITS NAV PER SHARE BY 23% IN 2021, 5% IN 2022 AND NEARLY DOUBLED SINCE MID 2019 2.6X 8.50 2.4X 8.00 2.2X 7.50 2.0X 7.00 1.8X 6.50 1.6X 6.00 1.4X 5.50 1.2X 5.00 1.0X 0.8X 4.50 0.6X 4.00 Jul 19 Jul 20 Jul 21 Jul 22 Aug 21 Feb 21 Aug 19 Sep 19 Jan 20 Feb 20 Aug 20 Sep
Slide 9: 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 1.60x 1.45x 1.40x 1.33x 1.32x 1.40x 1.27x 1.25x 1.23x 1.19x 1.20x 1.05x 1.03x 1.01x 1.00x 0.91x 0.82x 0.80x 0.62x 0.60x 0.40x 0.20x - SSL Average ELE MTA MTA Average RGLD-Cortez MMX SSL-NSR TFPM-MMX GR
Slide 10: The Track Record
Average Annual Royalty P/NAV Consensus Metalla P/NAV 1.40x THE TRACK RECORD 1.20x 1.12x Centrogold Mine High-Quality Deals 1.08x at Industry-Leading 1.00x Valuations 0.94x 0.92x Higginsville Operation 0.80x First Majestic Portfolio Tocantinzinho Project 0.67x Wharf Mine 0.63x 0.61x Del Carmen Projec
Slide 11: Steady Accretive Growth
THE STEADY ACCRETIVE GROWTH Metalla has outpaced all of its peers on Net Asset V alue Per Share (NAVPS) growth THE TRACK RECORD 120% FNV MTA SSL RGLD OR WPM Over 4.5 years Metalla has 100% more than doubled its 80% NAVPS 60% 40% 20% 0% Jan-20 Jun-20 Jan-21 Jun-21 Dec-21 Jan-22 Jun-22 Nov-22 Jan-23 A
Slide 12: Actively Expanding Pipeline
ACTIVELY EXPANDING PIPELINE 31 Metalla has completed more 24 deals than its peers 23 since inception (Sept 2016) 16 16 13 12 10 Wheaton Royal Gold Sandstorm Maverix Avg (exlc. MTA) Osisko Franco Nevada Metalla Precious METALLA ROYALTY & STREAMING | FEBRUARY 2023 12
Slide 13: The Outperformance
THE OUTPERPERFORMANCE METALLA HAS CONSISTENTLY OUTPERFORMED ITS PEERS SINCE INCEPTION 40% Share price compound annual growth rate (“CAGR”) Since Inception 32% 30% 20% 17% 17% 11% 8% 7% 10% 1% 0% -1% -10% -12% -20% -30% -29% -40% MTA FNV WPM RGLD SSL MMX OR VOX ELE GROY METALLA ROYALTY & STREAMING |
Slide 14: The Capital Structure
THE CAPITAL STRUCTURE Supportive Shareholders Basic Shares Outstanding 50.1 RSU's 0.9 Options (W Avg $5.29) 2.93 Fully Diluted 54.0 Exchange Traded Funds Market Capitalization $244 ($4.87 share price, February 6, 2022) Analyst Coverage | Average Target of $7.60 Cash $3.3 Convertible Debt $5.2 Debt $
Slide 15: Industry Leading Growth
INDUSTRY LEADING GROWTH With world class Tocantinzinho - 2024 Operators Coming Cote - 2024 Gosselin - Centrogold Amalgamated Kirkland – 2024 Online in the Near Santa Gertrudis - 2025 Lama - Garrison 30,000 NuevaUnion - Big Springs and Long Term Wasamac - 2026 Del Carmen - Esperanza Castle Mountain –
Slide 16: Exposure to Top Mining Jurisdictions
5 EXPOSURE Production Assets TO TOP MINING JURISDICTIONS 37 Development Assets 43 Exploration Assets METALLA ROYALTY & STREAMING | FEBRUARY 2023 16
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 relativ e to its peers while trading at a significant discount on a P/NAV basis of ~1.0X Organic Growth Portfolio includes stable operations and dev elopment projects
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 | FEBRUARY 2023 18
Slide 19: The Landscape
Market Capitalization of Stream & Royalty Companies Over Time THE Stream & Royalty Industry M arket Cap in US$ Billion(1)(2) LANDSCAPE $67 $61 $55 ▪ The royalty space has expanded rapidly, especially during the $48 2018-2021 period ▪ Sector market cap has $37 expanded by roughly 2.2x from $33 2010 t
Slide 20: The Landscape: M&A Activity
M&A Activity in the Streaming & Royalty Space THE (US$B) Stream & Royalty Transaction Corporate Transaction LANDSCAPE $4.5 $0.1 ▪ Stream and royalty transaction $3.9 activity has been robust in the past $3.7 couple of years with both transaction volume and value up $3.3 $0.6 $3.2 $0.1 ▪ Corporate tr
Slide 21: 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 2022 guidance for 110-135Koz with ~50% of the Stable cash flow from a tier on
Slide 22: 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 23: Key Assets: Côté & Gosselin and Lama
CÔTÉ & GOSSELIN LAMA KEY ASSETS Ontario, Canada San Juan, Argentina Metal Exposure: Gold Metal Exposure: Silver, Gold 1.35% NSR 2.5-3.75% GVR Au & Ag, 0.25%-3.0% NSR Cu 495Koz Au per year for the first five years, expansion Covers the majority of the Penelope Pit of over potential with inclusion of
Slide 24: Key Assets: La Encantada and Wasamac
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 – 2.17 Moz Au at 2.51 g/t Au(9) in 2021(2) M&I&I Resources – 794 Koz Au Proposed mine life of ~15
Slide 25: 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 175Koz per annum over ten and half years at a compliments an already robust P
Slide 26: Key Assets: Castle Mountain and El Realito
CASTLE MOUNTAIN 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 1.1Moz reserve which is the higher-grade section Operating mine supplementing La India production o
Slide 27: Leadership
LEADERSHIP BOARD OF DIRECTORS MANAGEMENT / ADVISORS Lawrence Roulston | Non – Executiv e 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 28: Production & Development Portfolio
Property Operator Location Stage Metal Terms Wharf Mine Coeur Mining South Dakota, USA Production Au 1.0% NSR Royalty Price participation - 27.5% * (spot - A$1,340), first 2.5Koz per quarter, until 34Koz Higginsville Karora Resources Western Australia Production Au delivered Endeavor Mine Sandfire R
Slide 29: Exploration Portfolio
Property Operator Location Stage Metal Terms K irkland-Huds on K irkland Lake Gold K irkland Lake, Ont ario Explorat ion Au 2.0% NSR Nort h AK K irkland Lake Gold K irkland Lake, Ont ario Explorat ion Au 0.45% NSR Hot Pot / K elly Creek Nevada Explorat ion Humbolt , NV Explorat ion Au 1.5% NSR Orion
Slide 30: Notes
(1) Project data source from Barrick Gold Annual Information Form Information Form December 31, 2021 and filed on its website at dated March 31, 2021 and March 31, 2020 annd Barrick Q3 2021 Results www.karoraresources.com Presentation, Barrick Argentina Q3 2021 Media Day, Barrick Q1 2021 Results Pre
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