Mr. Brett Heath reports

METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2023 AND PROVIDES ASSET UPDATES

Metalla Royalty & Streaming Ltd. has released its operating and financial results for the three months ended March 31, 2023. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2023, please see the company's filings on SEDAR or EDGAR. Shareholders are encouraged to visit the company's website. (All dollar amounts are in thousands of U.S. dollars unless otherwise indicated.)

Brett Heath, president and chief executive officer of Metalla, commented: "During the first quarter, we received stronger-than-expected production from Wharf and El Realito along with several exciting portfolio updates. We are also very pleased with the continued support of Beedie Capital securing an amendment for an expanded and extended convertible loan facility. We look forward to the balance of 2023, attracting more high-quality third party assets."

Financial highlights

During the three months ended March 31, 2023, and the subsequent period up to the date of this news release, the company:

• Acquired one stream and five royalties to bring the total held as at the date of this press release to 85 precious metal assets, through the following transactions:
  • Acquired an existing 2.5-per-cent to 3.75-per-cent sliding scale gross proceeds royalty over gold, together with a 0.25-per-cent to 3.0-per-cent net smelter return (NSR) royalty on all non-gold and silver metals on the majority of Barrick Gold Corp.'s world-class Lama project in Argentina, from an arm's-length seller for aggregate consideration of $7.5-million. The transaction closed on March 9, 2023, at which time the company paid the $2.5-million in cash, and issued 466,827 common shares of the company to the seller (valued at $5.3553 per share). The remaining $2.5-million, to be paid in cash or common shares, is payable within 90 days upon the earlier of a two-million-ounce gold mineral reserve estimate on the royalty area or 36 months after the closing date;
  • Acquired one silver stream and three royalties from Alamos Gold Corp. $5.0-million in common shares of Metalla valued at $5.3228 per share, representing the 20-day volume-weighted average price (VWAP) of shares of Metalla traded on the New York Stock Exchange prior to the announcement of the transaction. The transaction closed on Feb. 23, 2023, at which time the company issued 939,355 common shares of the company to Alamos. The stream and royalties acquired in this transaction include:
    • A 20-per-cent silver stream over the Esperanza project located in Morales, Mexico, owned by Zacatecas Silver Corp.;
    • A 1.4-per-cent NSR royalty on the Fenn Gibb South project located in Timmins, Ont., owned by Mayfair Gold Corp.;
    • A 2.0-per-cent NSR royalty on the Ronda project located in Shining Tree, Ont., owned by Platinex Inc.;
    • A 2.0-per-cent NSR royalty on the Northshore West property located in Thunder Bay, Ont., owned by New Path Resources Inc.
• For the three months ended March 31, 2023, received or accrued payments on 927 attributable gold equivalent ounces (GEOs) at an average realized price of $1,836 and an average cash cost of $5 per attributable GEO;
• For the three months ended March 31, 2023, recognized revenue from royalty and stream interests, including fixed royalty payments, of $1.0-million, net loss of $1.4-million, and adjusted earnings before interest, taxes, depreciation and amortization of $600,000;
• For the three months ended March 31, 2023, generated operating cash margin of $1,831 per attributable GEO from the Wharf, El Realito, La Encantada, 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 March 31, 2023, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $7-million;
• 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 distributed 1,078,079 common shares under the 2022 ATM program at an average price of $5.20 per share for gross proceeds of $5.6-million;
• On May 11, 2023, the company entered into a second supplemental loan agreement with Beedie Capital, expected to be effective March 31, 2023, once customary conditions are satisfied, to amend its loan facility by:
  • Extending the maturity date to May 9, 2027;
  • Increasing the loan facility by $5.0-million (Canadian) from $20.0-million (Canadian) to $25.0-million (Canadian), of which $21.0-million (Canadian) will be undrawn after giving effect to the $4.0-million (Canadian) conversion described herein;
  • Increasing the interest rate from 8.0 per cent to 10.0 per cent per annum;
  • Amending the conversion price of the fourth drawdown from $11.16 (Canadian) per share to $8.67 (Canadian) per share, being a 30-per-cent premium to the 30-day VWAP (volume-weighted average price) of the company shares measured at market close on the day prior to announcement of the amendment;
  • Amending the conversion price of $4.0-million (Canadian) of the third drawdown from $14.30 (Canadian) per share to $7.33 (Canadian) per share, being the five-day VWAP of the company shares measured at market close on the day prior to announcement of the amendment, and converting the $4.0-million (Canadian) into shares at the new conversion price. The company will issue Beedie 545,702 common shares of the company for the conversion of the $4.0-million (Canadian) once customary conditions are satisfied;
  • Amending the conversion price of the remaining $1.0-million (Canadian) of the third drawdown from $14.30 (Canadian) per share to $8.67 (Canadian) per share, being to the 30-day VWAP of the company shares measured at market close on the day prior to announcement of the amendment;
  • All other terms of the loan facility remain unchanged.
• On March 30, 2023, the company signed an amendment with the arm's-length seller of the Castle Mountain royalty to extend the maturity date of the $5.0-million loan from June 1, 2023, to April 1, 2024. As part of the amendment, on March 31, 2023, the company paid all accrued interest on the loan, and effective April 1, 2023, the interest rate increased to 12.0 per cent per annum, and the principal and accrued interest will be repaid no later than April 1, 2024.

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, a director of Metalla. Mr. Beaudry is a QP 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 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 commodities cycle.

We seek Safe Harbor.