Mr. Brett Heath reports

METALLA SELLS CORTEZ MINERAL CLAIMS TO NEVADA GOLD MINES FOR $5 MILLION AND DECLARES A SPECIAL DIVIDEND

Metalla Royalty and Streaming Ltd. has closed on a purchase and sale agreement with Nevada Gold Mines LLC, an entity formed by Barrick Gold Corp. and Newmont Corp., for the sale by Metalla of the JR mineral claims that make up the Pine Valley property which is part of the Cortez complex in Eureka county, Nevada, for $5-million in cash and Metalla will retain 3-per-cent net smelter return (NSR) royalty on the property. Unless otherwise specified, all references to dollars set forth herein shall mean United States dollars.

Brett Heath, president and chief executive officer of Metalla, commented: "This transaction is a great example of the embedded optionality within our portfolio. With 85 assets, we firmly believe as the portfolio matures, shareholders will continue to see years of smart deals turn into big wins." Mr. Heath continued: "We are excited to declare a special dividend allowing shareholders of record to take part in this exciting sale. Our philosophy on paying dividends remains the same in the long term, aiming to pay out a portion of operating cash to shareholders as the company's finances allow. We will also use the remaining proceeds to reduce debt and make future royalty acquisitions."

Background on the transaction

On Dec. 14, 2020, Metalla acquired two private companies -- Genesis Gold Corp. and Geological Services Inc. -- which together held a portfolio of 11 royalties, for $4,125,000 in cash and common shares of the company (see news release of the company dated Dec. 14, 2020). Pursuant to a mining lease agreement dated June 28, 2002, as amended, Genesis had leased the property for a term of 20 years, which term was extended up to June 28, 2023. The lease included annual advanced royalty payments of $100,000 per year and a 3-per-cent royalty on production.

Pursuant to the transaction, Metalla has extinguished the lease and sold the property outright to Nevada Gold Mines for $5-million and the retention by Metalla of a 3-per-cent NSR royalty on the property, which does not contain any buydown or buyback rights.

Pine Valley (3-per-cent NSR)

The property covers approximately 1,060 hectares of exploration land east and south of Nevada Gold Mines' Goldrush deposit along the Battle Mountain-Eureka trend. Prior to the formation of Nevada Gold Mines, Barrick stated that the Goldrush deposit is a large Carlin-type gold development project, which will progress toward a steady-state production of approximately 450,000 ounces of gold per annum during its first full five years of operation. Goldrush's reserve estimate is currently eight million ounces at 7.27 grams per tonne gold, which is inclusive of a measured and indicated resource estimate of 9.9 million ounces at 6.49 g/t gold and an inferred resource estimate of 4.5 million ounces at 5.9 g/t gold. Barrick stated that mineralization at Goldrush is open along strike toward the north and east where the property continues with the favourable stratigraphic host of Goldrush and has identified a mineral potential area known as Goldrush South on Anglo/Zeke and the property. The royalty complements and overlaps a portion of Metalla's Cortez trend royalty land package that it acquired in May, 2020.

Special dividend

Metalla is pleased to announce that its board of directors has approved and declared a special dividend payment on the common shares of the company, in the amount of three Canadian cents per share in cash (subject to any applicable tax withholding obligations).

The attached table sets out the special dividend record and payment dates for shareholders of record.

The special dividends in the attached table are eligible dividends pursuant to the Income Tax Act of Canada.

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 the Ordre des Geologues du Quebec, and a consultant to Metalla. Mr. Beaudry is a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Beaudry has not done sufficient work to classify the historical estimates disclosed above as current mineral resources or mineral reserves, and the company is not treating the historical estimates as current mineral resources or mineral reserves.

About Metalla Royalty and Streaming Ltd.

Metalla is a precious metals 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.

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