Mr. Brett Heath reports

METALLA PROVIDES THREE-YEAR CORPORATE STRATEGY AND HIGHLIGHTS NEAR-TERM CATALYSTS

Metalla Royalty and Streaming Ltd. has profiled its postmerger core assets and provide a three-year corporate strategy and highlights near-term portfolio catalysts.

CORPORATE HIGHLIGHTS

• An emerging mid-tier royalty and streaming company now with over 100 royalties and streams with several cornerstone assets including Cote-Gosselin and Taca Taca
• Six producing assets with three more scheduled to commence production in 2024
• Key production contributors for 2024/2025 are expected to be Tocantinzinho, Wharf, Aranzazu, La Encantada, Amalgamated Kirkland, and Endeavor
• Projected gold equivalent ounce ("GEO") production of over 30,000 ounces annually by 2030 from high-quality, long-life projects, expected to result in substantial growth in cash flow
• Best in class jurisdictional risk profile with royalties on assets located in established mining regions across North America, South America, and Australia
• Approximately $35 million in total liquidity available

Brett Heath, President, and CEO of Metalla commented, "After a combined 12 years of respective acquisitions of high-quality growth assets at Metalla and Nova Royalty Corp., the combination underpins a portfolio that is expected to produce over 30,000 GEOs annually by 2030. We anticipate near-term free cash flow growth to be driven by Tocantinzinho, Endeavor, and Amalgamated Kirkland for the 2024/2025 period, firmly establishing our business as a mid-tier royalty company."

Mr. Heath continued, "Over the next three years as we benefit from the many upcoming catalysts in our portfolio, we intend to focus on additional strategic transactions and the development of a capital return strategy."

THREE-YEAR STRATEGY OBJECTIVES

Pursue additional strategic transactions to complement best-in-class growth portfolio

Focus on increasing shareholder value, including the development of a capital return strategy

Reduce debt and maintain a strong balance sheet

TERMINATION OF AT-THE-MARKET FACILITY

On May 27, 2022, the Company announced that it had entered into an equity distribution agreement to establish an At-The-Market equity program (the "ATM Program"), which could be terminated at any time by the Company or the syndicate of agents. On November 30, 2023, the Board of Directors authorized the termination of the ATM Program and no further sales will take place thereunder. From inception to termination, the Company distributed 1,328,079 common shares under the ATM Program at an average price of $5.01 for gross proceeds of $6.6 million, however, there had been no sales during the five months ended November 30, 2023.

CORE PORTFOLIO VALUE CONTRIBUTORS

Metalla will enter 2024 with royalties on six producing assets and three new mines that are expected to commence production during the year. The portfolio hosts a commodity mix of gold, silver, and copper, creating blended leverage to monetary, strategic, and inflation resilient metals to preserve purchasing power and grow value over the long term. The portfolio is anchored by 10 core assets profiled below, representing over 50 per cent of the consensus NAV of the portfolio.

Cote and Gosselin (1.35 per cent NSR)1

Cote is located near Sudbury, Ontario and is poised to become Canada's third largest gold mine with IAMGOLD Corp. ("IAMGOLD") (TSX: IMG) announcing an expected annual output of 495Koz and total cash costs of US$693/oz in the first six years of operation. The main driver of growth at the Cote mine is expected to be the 5Moz gold Gosselin deposit located adjacent to the 14 Moz Cote pit. Construction is ongoing at Cote and was ~92 per cent complete as of September 30, 2023. The project remains on track to commence production in early 2024.

Since the inaugural resource estimate at Gosselin, an additional 57 holes for 34,790m have been drilled at the deposit which are expected to be incorporated in the year-end resource update. Recent holes have highlighted the depth potential at Gosselin where IAMGOLD intends to drill to a similar depth as the Cote deposit. Metalla's royalty covers the northern portion of Cote and all of the Gosselin deposit.

For royalty ounce calculation, Metalla estimates 6 per cent of Cote and 100 per cent of Gosselin's Mineral Resources and Mineral Reserves are subject to our royalty interest at a rate of 1.35 per cent.

Tocantinzinho (0.75 per cent NSR)2

Tocantinzinho is an advanced-stage gold development project in Para State, Brazil owned by G Mining Ventures (TSXV: GMIN) with a planned 10.5 year mine life and an expected annual gold production of 196Koz over the first five years at an AISC of $666/oz. The fully funded project was 51 per cent complete as of September 12, 2023, and trending on time and on budget for commercial production in the second half of 2024.

Metalla holds a 0.75 per cent Gross Value Royalty interest on Tocantinzinho.

For royalty ounce calculation, Metalla estimates 100 per cent of the Tocantinzinho Mineral Resources and Mineral Reserves are subject to our royalty interest at a rate of 0.75 per cent.

Castle Mountain (5 per cent NSR )3

Castle Mountain is an operating heap leach and mill gold mine operated by Equinox Gold Corp. ("Equinox") (TSX: EQX) (NYSE: EQX) and located in California, USA, north of Equinox's Mesquite mine. Phase 1 is currently operating at the JSLA, Jumbo, and Oro Belle pits with an expected production of 30-40Koz of gold annually. Phase 2, which is expected to begin in 2026 and includes South Domes which is covered by Metalla's royalty, is projected to expand production to more 218Koz at an AISC of $858/oz over the 14-year Phase 2 mine plan. Equinox has outlined the potential to expand the Mineral Reserve pits outlined in the 2021 feasibility study to ultimately connect the JSLA and South Domes pits. Metalla holds a 5 per cent Net Smelter Return ("NSR") royalty on the South Domes portion of the mine.

For royalty ounce calculation, Metalla estimates 100 per cent of the South Domes Mineral Resources and Mineral Reserves are subject to our royalty interest at a rate of 5.0 per cent.

Taca Taca (0.42 per cent NSR)4

Taca Taca, located in Salta, Argentina, is one of the largest undeveloped copper projects in the Americas, wholly-owned by First Quantum Minerals Ltd. ("First Quantum") (TSX: FM). Taca Taca is planned to consist of an open pit mine with a large 60 Mtpa processing plant expected to produce more than 275,000 tonnes of copper per year at its peak along with 106,000 ounces of gold and 2,205 tonnes of molybdenum. Taca Taca is expected to be a long-life asset with an initial 32-year mine life and an exceptionally large resource base providing a pre-tax net present value at an 8 per cent discount rate ("NPV8 per cent ") of $3.4B and a 17.4 per cent internal rate of return ("IRR"). Pre-development activities are ongoing including positive progress on water sourcing and power line development. An initial Environmental and Social Impact Assessment for the project was submitted in 2019 with final approval expected in 2024. First Quantum expects to make a development decision on Taca Taca in 2024.

For royalty ounce calculation, Metalla estimates 100 per cent of Taca Taca's Mineral Resources and Mineral Reserves are subject to our royalty interest and a rate of 0.357 per cent is applicable for the copper and molybdenum Royalty GEOs (which factors in a 15 per cent NSR smelting charge). Copper has been converted to Royalty GEOs assuming $3.50 per pound. Molybdenum has been converted to Royalty GEOs assuming $10 per pound.

Copper World Complex (0.315 per cent NSR)5

Copper World is a large open pit copper development project in Arizona, USA, owned by Hudbay Minerals Inc. ("Hudbay") (TSX: HBM) (NYSE: HBM). The 2023 Pre-Feasibility study contemplates four planned open pit mines with a two-phased mine-plan. A 20-year mine life Phase I plan is expected to produce 92,000 tonnes of copper per year in the first 10 years. Phase II extends the mine life to 44 years through an expansion of the processing facilities, resulting in up to 100,000 tonnes of annual copper production. Hudbay has indicated that it expects to receive the two outstanding operating state permits for Phase I by early 2024. Metalla holds a right of first refusal for an additional 0.36 per cent NSR.

For royalty ounce calculation, Metalla estimates 99 per cent of the Copper World Mineral Resources and Mineral Reserves are subject to our royalty interest and a rate of 0.268 per cent is applicable for the copper and molybdenum Royalty GEOs (which factors in a 15 per cent NSR smelting charge). Copper has been converted to Royalty GEOs assuming $3.50 per pound of copper. Molybdenum has been converted to Royalty GEOs assuming $10 per pound. Silver has been converted to Royalty GEOs assuming $23 per ounce.

Wharf (1 per cent NSR)6

Wharf is an open pit, heap leach gold mine operated by Coeur Mining Inc. (NYSE: CDE) in the Black Hills of South Dakota. Wharf has been in operation since 1982 and continues to be a steady-state gold operation with total 2022 production of 79.8 Koz gold. Wharf currently has an eight-year mine life, and gold production guidance for 2023 is expected to be 88-95 koz gold. Metalla holds a 1 per cent royalty on Wharf.

For royalty ounce calculation, Metalla estimates 100 per cent of the Wharf Mineral Resources and Mineral Reserves are subject to our royalty interest at a rate of 1.0 per cent.

Aranzazu (1 per cent NSR)7

Aranzazu is an underground copper-gold-silver mine in Zacatecas, Mexico owned and operated by Aura Minerals Inc. ("Aura") (TSX: ORA). The mine reopened in 2018 as a 3,350 tonne per day operation which produced 111,531 GEOs in 2022 at a $680/oz gold-equivalent cash cost. Guidance for 2023 is for 101-116Koz of GEOs. Aura has a long history of replacing reserves at Aranzazu, since restarting production in 2018, Aura has increased its Proven and Probable Reserves by 53 per cent net of depletion. Exploration is ongoing with 29,400 meters of drilling budgeted for 2023 on the property of which only 6 per cent has been drill-tested to date.

For royalty ounce calculation, Metalla estimates 100 per cent of the Aranzazu Mineral Resources and Mineral Reserves are subject to our royalty interest and a rate of 0.85 per cent is applicable for the copper Royalty GEOs (which factors in a 15 per cent NSR smelting charge). Copper has been converted to Royalty GEOs assuming $3.50/lb. Silver has been converted to Royalty GEOs assuming $23/oz

Vizcachitas (0.49 per cent NSR on Underground, 0.98 per cent NSR on Open Pit)8

Vizcachitas is a large copper-molybdenum porphyry deposit in central Chile, owned by Los Andes Copper Ltd. ("Los Andes") (TSXV: LA). The 2023 pre-feasibility study outlined an initial 26-year open pit mine life with annual copper production of 183,000 tonnes in the first eight years, a post-tax NPV8 per cent of $2.8B and an IRR of 24 per cent. The project has existing infrastructure including transport, power, and access to desalinated water. Los Andes has resumed exploration and optimization drilling where several targets include possible resource extensions to the east, west and at depth. Los Andes expect to complete a Feasibility study between 2023 and 2024, with potential commencement of commercial production in 2029. The royalty covers approximately 50 per cent of the open pit.

For royalty ounce calculation, Metalla estimates 50 per cent of the Vizcachitas Mineral Resources and Mineral Reserves are subject to our royalty interest and a rate of 0.417 per cent is applicable for the copper and molybdenum Royalty GEOs (which factors in a 15 per cent NSR smelting charge). Copper has been converted to Royalty GEOs assuming $3.50 per pound. Molybdenum has been converted to Royalty GEOs assuming $10 per pound. Silver has been converted to Royalty GEOs assuming $23 per ounce.

Endeavor (4 per cent NSR)9

Endeavor is a past-producing major underground silver-zinc-lead mine in Cobar, Australia owned by Polymetals Resources Limited ("Polymetals") (ASX: POL). As part of the restart plan Polymetals declared an initial 10-year mine life producing 9.8 Moz silver, 210 kt zinc and 62 kt lead with first concentrate production targeted for H2-2024. The mine restart study produced a NPV8 per cent of A$201 million and an IRR of 91 per cent, with expenditures estimated to be A$23.7 million. Metalla holds a 4.0 per cent NSR royalty on all silver, zinc, and lead produced from Endeavor.

For royalty ounce calculation, Metalla estimates 100 per cent of the Endeavor Mineral Resources and Mineral Reserves are subject to our royalty interest and the zinc and lead Royalty GEOs factor in a 15 per cent NSR smelting charge). Zinc has been converted to Royalty GEOs assuming $1.10 per pound. Lead has been converted to Royalty GEOs assuming $1 per/oz. Silver has been converted to Royalty GEOs assuming $23/oz.

Wasamac (1.5 per cent NSR)10

Wasamac is a development-stage underground gold project near Rouyn-Noranda, Quebec owned and operated by Agnico Eagle Mines Ltd ("Agnico Eagle") (TSX: AEM) (NYSE: AEM). Agnico Eagle envisions the project as an underground bulk mining operation with production of up to 200 Koz gold per year. Studies are ongoing to assess the potential to process the ores of Wasamac at the LaRonde or Canadian Malartic processing facilities with preliminary results expected in 2024.

For royalty ounce calculation, Metalla estimates 100 per cent of the Wasamac Mineral Resources and Mineral Reserves are subject to our royalty interest and a rate of 1.50 per cent is applicable. Agnico Eagle classify the Wasamac Reserve & Resource estimate as historic as the estimate was prepared on behalf of a prior owner of the property.

CORPORATE UPDATE

E.B. Tucker retires from the Board of Directors

The Company announces the retirement of E.B. Tucker from the Board of Directors after serving as a member for the past seven years.

Brett Heath, President and CEO of Metalla commented, "Today E.B. Tucker has retired from the Metalla board of directors after almost seven years of service. E.B. was a founding director of Metalla shortly after its initial public offering in 2016 and played a key role in the Company's growth and success. On behalf of the Company and the Board of Directors, we would like to thank E.B. for his unwavering dedication and insightful leadership and wish him the best to focus on his future endeavors."

E.B. Tucker, former director of Metalla commented, "It's been an honor to serve the shareholders of Metalla for almost seven years. A period where its portfolio of royalties grew from a handful to more than 100 today. As a shareholder I'm excited for what's ahead for this new, larger, emerging royalty company."

Shares for services agreements

In connection with the closing of the acquisition by Metalla (the "Arrangement") of all of the issued and outstanding shares of Nova Royalty Corp. ("Nova"), Metalla announces that it has entered into a shares for services agreement with Trinity Advisors Corporation ("Trinity Advisors") (the "Trinity Shares for Services Agreement"), pursuant to which, subject to receipt of TSXV approval and NYSE American approval, Metalla will issue to Trinity Advisors of 143,832 Metalla Shares at a deemed price of C$5.29 per share (which is equal to the closing price of the Metalla Shares on the date of announcement of the Arrangement), as partial payment of the success fee payable by Metalla to Trinity in connection with the completion of the Arrangement. In addition, Nova, Metalla, and PI Financial Corp. ("PI Financial") have entered into a shares for services agreement pursuant to which, subject to receipt of TSXV approval and NYSE American approval, Nova agreed to assign, and Metalla agreed to assume, the obligation to pay a portion of the success fee payable to PI Financial in connection with the completion of the Arrangement, by issuance to PI Financial of 164,379 Metalla Shares, also at a deemed price of C$5.29 per share (being the closing price of the Metalla Shares on the date of announcement of the Arrangement).

Both Trinity Advisors and PI Financial are arm's length parties to Metalla, Nova and each of their affiliates.

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, M.Sc., geologist and 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 ("NI 43-101"). ABOUT METALLA

Metalla is an emerging mid-tier royalty and streaming company focused on leveraged exposure to gold, silver, and copper. Our goal is to increase share value by accumulating a diversified portfolio of royalties and streams with attractive returns on high quality assets with experienced operators in low-risk jurisdictions. 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 for the next commodities cycle.

We seek Safe Harbor.