Mr. Brett Heath reports

METALLA PROVIDES UPDATE ON COTE AND GOSSELIN ROYALTY

Iamgold Corp. has announced by press release dated Oct. 23, 2023, that the Cote mine project has progressed to 90.6-per-cent completion and exploration drilling continues to expand the adjacent Gosselin zone discovery.

Metalla owns a 1.35% Net Smelter Return royalty on Gosselin and a portion of Cote (collectively, the "Royalty").

Brett Heath, President & CEO of Metalla commented, "We are thrilled to see the continued success in exploration activities at Gosselin, especially the significant intercepts at depth. The results are very exciting and suggest that the Gosselin deposit, subject to the completion of further delineation drilling, has potential to expand in size similar to the adjacent Cote deposit. We look forward to the future at Gosselin and IAMGOLD's work to include the deposit into the future Cote life-of-mine plans."

"We are also pleased to see the continued progress of the construction of the Cote mine as IAMGOLD is near the finish line and has announced that it expects production to commence in early 2024."

IAMGOLD announced the completion of another successful drill campaign at Gosselin and reported additional results. IAMGOLD stated recent drilling at Gosselin provide evidence that the 5 Moz gold Gosselin deposit(1) is approaching similar dimensions as the adjacent ~14 Moz gold Cote deposit(1). IAMGOLD expects to incorporate recent drill results into an updated resource estimate for Gosselin in IAMGOLD's year end Mineral Resources disclosure. In addition, IAMGOLD continues to advance technical studies on Gosselin, including metallurgical testing, mining and infrastructure studies to review alternatives to optimize the possible inclusion of the Gosselin deposit into a future Cote Gold life-of-mine plan.(1)

IAMGOLD REPORTED THE FOLLOWING GOSSELIN DRILLING PROGRAM HIGHLIGHTS (1)

0.65 g/t gold over 472 meters including 1.59 g/t gold over 51 meters

0.82 g/t gold over 356 meters including 1.09 g/t gold over 132 meters

1.40 g/t gold over 300.8 meters including 1.71 g/t gold over 207.3 meters

1.53 g/t gold over 240 meters including 2.26 g/t gold over 120 meters

0.72 g/t gold over 500.8 meters

IAMGOLD REPORTED THE FOLLOWING COTE HIGHLIGHTS (1) Overall Cote project progress was estimated to be 90.6% complete as of September 30, 2023, with construction progress approximately 92% complete Cote development remains on track with production to commence in early 2024

According to IAMGOLD (1) :

"This diamond drilling program has strategically targeted the expansion potential of the Gosselin deposit at depth, specifically below the East and newly discovered West hydrothermal breccia bodies, the gap area between these breccia's, and also along the southern edge of the deposit. The assay results confirmed the extension of gold bearing altered and mineralized hydrothermal breccia and associated tonalite intersected in numerous drill holes up to 400 metres vertically below the previous resource pit shell over an approximate one-kilometer strike length. The results are very encouraging and indicate that the Gosselin deposit, subject to the completion of further delineation drilling, has potential to expand in size similar to the adjacent Cote deposit"

NOVA SPECIAL MEETING

Metalla is also pleased to report that, further to its joint new release with Nova Royalty Corp. ("Nova"), dated September 8, 2023, Nova has announced it has obtained an interim order of the Supreme Court of British Columbia in connection with the proposed arrangement (the "Arrangement") to be implemented under a statutory plan of arrangement pursuant to section 288 of the Business Corporations Act (British Columbia). The Interim Order provides for the holding of a special meeting (the "Special Meeting") of the holders of common shares of Nova (collectively, the "Nova Shareholders") to consider and vote on a special resolution approving the Arrangement. The Special Meeting is scheduled to be held at the offices of DLA Piper (Canada) LLP, at Suite 2700, 1133 Melville Street, Vancouver, BC V6E 4E5 on Monday, November 27, 2023, at 10:00 a.m. (Vancouver time) and the record date for determining Nova Shareholders entitled to receive notice of and vote at the Special Meeting has been fixed as at the close of business on October 25, 2023.

The Special Meeting materials, including a management information circular, will be available on SEDAR+ under Nova's profile at www.sedarplus.ca and on Nova's website once they have been mailed to Nova Shareholders in the coming days.

ABOUT METALLA

Metalla was created to provide shareholders with leveraged precious and strategic metal exposure by acquiring royalties and streams. Our goal is to increase share value by accumulating a diversified portfolio of royalties and streams with attractive returns. Our 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 royalty companies.

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, geologist M.Sc., 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 QP as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").

TECHNICAL AND THIRD-PARTY INFORMATION

Except where otherwise stated, the disclosure in this press release relating to the Cote mine and the Gosselin deposit is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof and none of this information has been independently verified by Metalla. Specifically, as a royalty holder, Metalla has limited, if any, access to the properties subject to the Royalty. Although Metalla does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information publicly reported by the operator may relate to a larger property than the area covered by Metalla ' s Royalty interest. Metalla ' s royalty interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production of a property.

The disclosure was prepared in accordance with Canadian NI 43-101, which differs significantly from the current requirements of the U.S. Securities and Exchange Commission (the " SEC " ) applicable to U.S. domestic issuers. Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian NI 43-101, which differs significantly from the requirements of the SEC applicable to U.S. domestic issuers. Accordingly, the scientific and technical information contained or referenced in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

"Inferred mineral resources" have a great amount of uncertainty as to their geological existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.

We seek Safe Harbor.