Mr. Brett Heath reports

METALLA REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2022 AND PROVIDES ASSET UPDATES

Metalla Royalty and Streaming Ltd. has released its operating and financial results for the three and six months ended June 30, 2022. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three and six months ended June 30, 2022, please see the company's filings on SEDAR or EDGAR. Shareholders are encouraged to visit the company's website. (All dollar amounts are in U.S. dollars unless otherwise indicated.)

Brett Heath, president and chief executive officer of Metalla, commented: "In the second quarter of 2022, we saw several significant advancements and milestones achieved within our royalty portfolio. G Mining's Tocantinzinho project secured a $481-million financing package, expected to reach production in the second half of 2024. Wasamac's production profile was increased to 250,000 ounces gold per year by Yamana Gold [Inc.], making it an expected top-10 gold producer in Canada. We also saw discoveries made at Moneta [Gold Inc.]'s Garrison project and Canadian Malartic's Camflo property that look to provide even more potential upside. We are pleased to see our assets continue to advance and benefit from our strong counterparties at a time when equity and debt markets remain constrained."

Financial highlights

During the six months ended June 30, 2022, and the subsequent period up to the date of this news release:

• The company noted the following key milestones announced by operators of certain properties in its portfolio of royalties and streams:
  • Monarch Mining Corp. announced that new production has started at the Beaufor mine (1.0-per-cent net smelter return (NSR) royalty) to bring the total number of producing assets in which the company has an interest to six, with the first royalty payment from Beaufor expected in the second half of 2022.
  • G Mining Ventures Corp. announced a $481-million financing package to fully finance the construction of the Tocantinzinho (TZ) gold project (0.75-per-cent gross value return (GVR) royalty), targeting production for the second half of 2024.
  • Yamana announced its second increase in the projected annual output from its Wasamac mine (1.5-per-cent NSR royalty) since acquiring the project in 2021. Originally slated to produce 169,000 oz annually when acquired by Yamana, the projected output has subsequently been raised to 250 Koz annually until at least 2030 and over 200 Koz annually over the initial 15 years. Bulk sample permit approvals are expected in early 2023, and ramp development could begin in spring 2023.
  • Moneta announced a new discovery at the Garrison project (2.0-per-cent NSR royalty), where drilling to the west of the Garrcon starter pit hit 50.09 grams per tonne gold over 5.05 metres, highlighting the continued potential to significantly expand the Garrcon resource base and support an underground operation at the mine. Moneta expects to release an updated preliminary economic assessment in the second half of 2022.
  • Yamana recently reported that the Canadian Malartic partnership had identified a porphyry-hosted gold mineralization that could potentially be mined through an open pit from the Camflo property (1.0-per-cent NSR royalty).
• The company amended an existing 1.0-per-cent NSR royalty on Monarch's Beaufor mine. In consideration for $1.0-million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the NSR royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of the Beaufor mine. Payments under this NSR royalty will commence shortly as Monarch announced the start of production during July, 2022.
• For the three months ended June 30, 2022, the company received or accrued payments on 560 attributable gold equivalent ounces at an average realized price of $1,844 and an average cash cost of $9 per attributable GEO. For the six months ended June 30, 2022, the company received or accrued payments on 1,284 attributable GEOs at an average realized price of $1,839 and an average cash cost of $7 per attributable GEO.
• For the three months ended June 30, 2022, the company recognized revenue from royalty and stream interests, including fixed royalty payments, of $500,000, net loss of $1.4-million and adjusted EBITDA of negative $200,000. For the six months ended June 30, 2022, the company recognized revenue from royalty and stream interests, including fixed royalty payments, of $1.1-million, net loss of $3.6-million and adjusted EBITDA of negative $200,000.
• For the three months ended June 30, 2022, the company generated operating cash margin of $1,835 per attributable GEO, and for the six months ended June 30, 2022, the company generates operating cash margin of $1,832 per attributable GEO from the Wharf, Joaquin and COSE royalties, the New Luika gold mine (NLGM) stream held by Silverback Ltd., the Higginsville derivative royalty asset, and other royalty interests.
• For the three months ended June 30, 2022, the company recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $600,000, and for the six months ended June 30, 2022, the company recognized payments due or received from the Higginsville derivative royalty asset of $1.2-million.
• On May 12, 2022, the company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that replaced the base shelf prospectus and Form F-10 registration statement previously filed by the company in 2020 and to enhance the company's financial flexibility. In connection with this transition, the company terminated its at-the-market (ATM) program announced on May 14, 2021. From inception on May 14, 2021, to termination on May 12, 2022, the company distributed 1,990,778 common shares under the 2021 ATM program at an average price of $8.18 per share for gross proceeds of $16.3-million, of which 20,170 common shares were sold during the three months ended June 30, 2022, at an average price of $7.13 per common share for gross proceeds of $100,000.
• On May 27, 2022, the company announced that it had entered into a new equity distribution agreement with a syndicate of agents to establish an ATM equity program under which the company may distribute up to $50.0-million (or the equivalent in Canadian dollars) in common shares of the company. From inception to the date of this press release, the company did not distribute any common shares under the 2022 ATM program.
• In August, 2022, the company and Beedie Capital entered into an agreement to extend the maturity date of its loan facility from April 21, 2023, to Jan. 22, 2024. In consideration for the loan extension, the company incurred a fee of 2.0 per cent of the currently drawn amount of $8.0-million (Canadian), the $160,000 (Canadian) fee will be convertible into common shares at a conversion price of $7.34 (Canadian) per share, calculated based on a 20-per-cent premium to the 30-day volume-weighted average price of the company's common shares on the trading day immediately prior to the effective date of the loan extension. The loan extension is subject to stock exchange approvals which are pending.

Qualified person

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, geologist, MSc, member of the Association of Professional Geoscientists of Ontario and of the Ordre des Geologues du Quebec, and a director of Metalla. Mr. Beaudry is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Metalla Royalty and Streaming Ltd.

Metalla is a precious metal royalty and streaming company. Metalla provides shareholders with leveraged precious metal exposure through a diversified and growing portfolio of royalties and streams. Its strong foundation of a current and future cash-generating asset base, combined with an experienced team, gives Metalla a path to become one of the leading gold and silver companies for the next commodity cycle.

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