We own the revenue.
Someone else owns the mine.

Metalla holds 98 royalties and streams on gold, silver and copper assets. We operate none of them.

Because we hold no mines, we carry no mining costs. Almost the entire realized metal price falls through to cash operating margin, consistently above 99%. Seven interests are producing today; the other 91 carry no holding cost and are where future revenue comes from.

>99%Cash operating margin as a share of the realized metal price

98Royalties, streams and other interests across eight jurisdictions

8 of 10Largest assets held by operators capitalized above US$5 billion

660,000Hectares of geologically prospective land covered by the portfolio

For new investors

What is a royalty?

A mining royalty is a right to a share of revenue from a mine, held by someone who neither owns nor operates it. This section explains the model, the instruments we hold, and what a royalty gives up compared with owning a miner directly.

How it works

The right is registered against the mineral title, so it normally survives a change of owner and lasts as long as the ground produces.

Metalla buys those rights once, up front, and receives payments for as long as the mine runs. The operator raises capital, builds the plant, absorbs cost inflation and pays for closure. If the operator's costs double, our payment does not change, because it is calculated on what the mine sells rather than what it earns.

1:22How royalties work

Instruments we hold

GVR

Gross value royalty

A percentage of gross revenue with no deductions at all. At the same headline rate a GVR is worth more than an NSR, because nothing comes off before we are paid.

Example: Wharf, 1.0% GVR.

NSR

Net smelter return

A percentage of revenue after the cost of smelting, refining and transporting the metal is deducted. The most common form of royalty and the majority of what we own.

Example: Endeavor, 4.0% NSR.

NPI

Net profits interest

A share of the mine's profit after costs are recovered. It behaves more like equity in the mine than a royalty does, because it carries the operator's cost performance. We hold one.

Example: Josemaria, approximately 0.08325% NPI.

Stream

Metal purchase agreement

A right to buy a fixed share of production at a fixed low price rather than receive cash. None of the cornerstone assets above is a stream: our Endeavor silver stream was converted to an NSR in 2023 and our New Luika silver stream expired in the second quarter of 2026.

The case for

Why the economics work

You are carried, permanently

Once the royalty is bought there are no further payments of any kind. No capital calls when a mine expands, no contribution to a cost overrun, no share of a closure bill.

You are paid before the costs

An NSR or a GVR is calculated on revenue, so it is paid whether or not the mine makes a profit that year. In practice that has meant a cash operating margin above 99% of the realized metal price.

It lasts as long as the ground does

Royalties are generally perpetual. A mine that runs for forty years pays for forty years.

Exploration success is free

If an operator drills out a new deposit inside ground the royalty covers, the royalty covers it too, and nothing further is paid for it. Gosselin is the clearest example in our portfolio: it was not part of the original Côté mine plan, and our royalty covers all of it.

What is surrendered

Trade-offs

A royalty is not strictly better than owning the miner. Three things are surrendered.

Control

We do not set the mine plan, the cut-off grade, the capital budget or the timing of a restart. If an operator makes a decision we would not have made, we live with it.

Operating leverage

When a struggling mine is turned around, the operator's equity can re-rate sharply. A royalty holder receives the additional ounces, not the change in multiple.

Information

We see what operators disclose, on their timetable. Our reported ounces, reserves and resources depend on their reporting, and we do not audit it.

The model

Why royalties

A royalty is a claim on a mine's revenue, not on its profit or balance sheet. That distinction produces four characteristics an operating miner cannot replicate.

Margin that does not erode

We are paid off the top line. Mining costs sit with the operator, so almost the entire realized metal price falls through to cash operating margin, consistently above 99%.

Exposure without operating risk

Metalla holds no mines. Across 98 interests we fund no exploration, development capital, cost overruns or closure. There are no capital calls.

Growth we do not fund

Our assets get larger when operators spend their own money. Which results in free carried accretive value for Metalla shareholders.

Diversified by counterparty

98 interests across eight jurisdictions. Eight of our ten largest assets are held by operators capitalized above US$5 billion.

The portfolio

Portfolio overview

The portfolio covers approximately 660,000 hectares across eight jurisdictions. Seven interests generate revenue today; the remaining 91 carry no holding cost.

Portfolio by stage

At 30 June 2026

Producing

Generating attributable ounces today

Development

Defined deposits advancing toward a construction decision

Advanced Exploration

Resource defined, economics not yet established

Exploration

Early-stage ground held at no cost to Metalla

Total

Royalties, streams and other interests

Net present value by region

Share of portfolio NPV

North America54.7%

South America37.9%

Australia7.4%

The portfolio

Cornerstone assets

Seven interests that carry a disproportionate share of current cash flow and future optionality. Full terms for all 98 are in the Asset Handbook.

1.50% NSRDEVELOPMENT

Côté & Gosselin

Ontario, Canada · IAMGOLD Corporation / Sumitomo Metal Mining

Our flagship interest, and one of the largest gold complexes in Canada. The royalty covers a portion of the northern and northeastern areas of the Côté pit and the entirety of the Gosselin deposit. For the purpose of calculating attributable ounces we estimate that ~7% of Côté and 100% of Gosselin fall within it, excluding the Saddle Area; only that portion of the deposits is subject to our royalty.

IAMGOLD is advancing an updated technical report that will evaluate an integrated Côté–Gosselin mine plan and a potential plant expansion. Current reserve and resource figures, as reported by IAMGOLD, are set out in the Asset Handbook.

1.0% GVR

Wharf

South Dakota, United States

Coeur Mining, Inc. · Producing

One of our largest contributors of attributable ounces. The royalty covers approximately 82% of Wharf's reserves and resources, and it is a gross value royalty, so no smelting, refining or transport costs are deducted before we are paid. Coeur has funded a crusher upgrade that raised throughput at the mine.

Outlook

Growth outlook

Attributable ounce guidance and quarterly deliveries are on the Financial Reports and GEO Tracker pages.

Deliveries move with operator mine plans, grade and sequencing. The GEO Tracker sets out the quarterly record asset by asset.

Our corporate presentation sets out an outlook of approximately 12,000 to 25,000 attributable ounces in the 2030 to 2032 window. A separate long-term optionality figure of more than 35,000 ounces carries no date and is not a target for any year.

That step-up is driven by operator capital: Côté and Gosselin moving through an updated technical report, Taca Taca advancing through permitting, and the 28 development-stage interests behind them reaching construction decisions.

Capital deployment

Metalla has completed 33 transactions over eight years, acquiring more than 100 royalties and deploying US$309 million of capital.

We do not currently pay a dividend. Capital is directed to acquiring royalties and streams, funded from operating cash flow and a revolving credit facility.

Revenue, earnings, cash, debt, share count and quarterly deliveries are reported quarterly at the links below.

Financial Reports →Quarterly and annual statements, MD&A and regulatory filings Stock Information →Share price, share count and market data GEO Tracker →Quarterly attributable ounces, asset by asset

Risks & resources

Key risks

The characteristics that make the model attractive also concentrate specific risks.

Metal prices pass straight through

Revenue moves directly with gold, silver and copper. A margin above 99% cuts both ways: with almost no cost base to absorb a fall, a lower metal price reaches the bottom line largely undiluted.

Operator performance is outside our control

If an operator misses its plan, suspends a mine, defers capital or encounters a labour or technical problem, our attributable ounces move with it. We have no ability to intervene.

Current revenue is concentrated

Seven of 98 interests generate essentially all revenue today, and a small number of those seven account for most of it. The GEO Tracker shows the current split asset by asset.

Most of the portfolio is pre-production

91 of 98 interests are not yet producing. Development and permitting timelines are long, are set by operators and regulators, and some may never be reached at all.

We depend on operator disclosure

Reserve, resource, production and guidance figures on this page originate with operators.

Related resources

Portfolio →All 98 interests, with operator, location, metal and terms GEO Tracker →Quarterly attributable ounces by asset Asset Handbook →Full technical detail on every asset Corporate presentation →The current investor deck Investor relations →Speak to the team directly

Notes and disclosures

Qualified person. Charles Beaudry, an independent consultant, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec, is the qualified person who has reviewed and approved the scientific and technical information disclosed on this page.

Mineral reserves and resources. Mineral reserve and mineral resource estimates referred to on this page, in the Asset Handbook and on asset pages are those reported by the operators of the relevant properties and have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. United States investors should note that these standards differ from the disclosure requirements of Regulation S-K subpart 1300 under United States securities law. Metalla has not independently verified operator estimates.

Forward-looking information. This page contains forward-looking information and future-oriented financial information within the meaning of applicable Canadian and United States securities legislation, including the 2030 to 2032 outlook of approximately 12,000 to 25,000 attributable gold equivalent ounces, the long-term optionality figure of more than 35,000 ounces, and statements regarding expected technical reports, permitting outcomes and expansions. Those figures are based on management forecast and operator guidance using 2026 budget pricing, and were prepared to provide information about Metalla's anticipated future business operations. Actual results may differ materially. Readers should not place undue reliance on forward-looking statements. See our Legal Disclosures for the full statement.

Non-IFRS measures. Attributable gold equivalent ounces, cash operating margin per attributable ounce and adjusted EBITDA are not measures defined under International Financial Reporting Standards, do not have standardized meanings and may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Measures section of our most recent Management's Discussion and Analysis, available on SEDAR+ and at sec.gov.

Currency, dates and what this page does not contain. All dollar figures are in United States dollars. This page deliberately carries no reported financial results, share data or quarterly production figures, because those change every reporting period and a page that repeats them is out of date the moment they are filed. Portfolio composition is as at 30 June 2026 and changes only when Metalla transacts. Outlook figures are drawn from the August 2026 corporate presentation. For current results, share data and quarterly attributable ounces, see Financial Reports, Stock Information and the .

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