40-F - MTA - Equibles

UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 40-F

☐ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

☒ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended: December 31, 2024	Commission File Number: 001-39166

Metalla Royalty & Streaming Ltd.

(Exact name of registrant as specified in its charter)

British Columbia <br>(Province or Other Jurisdiction of Incorporation or Organization)	1040<br>(Primary Standard Industrial<br>Classification Code)	Not Applicable<br>(I.R.S. Employer<br>Identification No.)

543 Granville Street

Suite 501

Vancouver BC

Canada V6C 1X8(604) 696-0741(Address and telephone number of registrant's principal executive offices)

DL Services Inc.

Columbia Center

701 Fifth Avenue, Suite 6100

Seattle, WA 98104-7043

(206) 903-8800

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:	Trading Symbol(s)	Name of Each Exchange On Which Registered:
Common shares, no par value	MTA	NYSE American LLC

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this form:

☒ Annual Information Form	☒ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the period covered by the annual report: As of December 31, 2024, there were 92,076,438 common shares outstanding.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

☒ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

EXPLANATORY NOTE

Metalla Royalty & Streaming Ltd. ("we", "us", "our", "Metalla" or the "Company") is a Canadian corporation that is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this Annual Report on Form 40-F ("Annual Report") pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with disclosure requirements in effect in Canada, which are different from those of the United States.

FORWARD LOOKING STATEMENTS

This Annual Report, including the Exhibits incorporated by reference into this Annual Report, contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. The forward-looking statements are provided as of the date of this Annual Report and the Company does not intend to and does not assume any obligation to update forward-looking information, except as required by applicable law. For this reason and the reasons set forth below, investors should not place undue reliance on forward-looking statements.

All statements included herein that address events or developments that we expect to occur in the ‎future are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking ‎terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", ‎‎"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain ‎actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". ‎

The forward-looking statements are based on reasonable assumptions that have been made by Metalla as at the date hereof and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Metalla to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

risks related to commodity price fluctuations;
the absence of control over mining operations from which Metalla will purchase precious metals pursuant to gold streams, silver streams and other agreements (collectively, "Streams" and each individually a "Stream") or from which it will receive royalty payments pursuant to net smelter returns ("NSR Royalties"), gross overriding royalties ("GOR Royalties"), gross value royalties ("GVR Royalties") and other royalty agreements or interests (collectively, "Royalties" and each individually a "Royalty") and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined;
risks related to exchange rate fluctuations;
that payments in respect of Streams and Royalties may be delayed or may never be made;
risks related to Metalla's reliance on public disclosure and other information regarding the mines or projects underlying its Streams and Royalties;
that some Royalties or Streams may be subject to confidentiality arrangements that limit or prohibit disclosure regarding those Royalties and Streams;
business opportunities that become available to, or are pursued by, Metalla;
that Metalla's cash flow is dependent on the activities of others;
that Metalla has had negative cash flow from operating activities in the past;
that some Royalty and Stream interests are subject to rights of other interest-holders;

that Metalla's Royalties and Streams may have unknown defects;
risks related to Metalla's two material assets, the Côté and Gosselin gold property (the "Côté Property") and the Taca Taca copper-gold-molybdenum project (the "Taca Taca Property");
risks related to global financial conditions;
risks related to geopolitical events and other uncertainties, such as the conflict in the Middle East and Ukraine;
risks related to epidemics, pandemics or other public health crises, including the novel coronavirus ("COVID-19") global health pandemic, and the spread of other viruses or pathogens, and the potential impact thereof on Metalla's business, operations and financial condition;
that Metalla is dependent on its key personnel;
risks related to Metalla's financial controls;
dividend policy and future payment of dividends;
competition among mineral royalty companies and other participants in the global mining industry;
that project operators may not respect contractual obligations;
that Metalla's Royalties and Streams may be unenforceable;
risks related to potential conflicts of interest of Metalla's directors and officers;
that Metalla may not be able to obtain adequate financing in the future;
risks related to Metalla's current credit facility and financing agreements;
litigation;
interpretation by government entities of tax laws or the implementation of new tax laws;
changes in tax laws impacting Metalla;
risks related to anti-bribery and anti-corruption laws;
credit and liquidity risk;
risks related to Metalla's information systems and cyber security;
risks posed by activist shareholders;
that Metalla may suffer reputational damage in the ordinary course of business;
risks related to acquiring, investing in or developing resource projects;
risks applicable to owners and operators of properties in which Metalla holds an interest;
exploration, development and operating risks;
risks related to climate change;
environmental risks;

that the exploration and development activities related to mine operations are subject to extensive laws ‎and regulations; ‎
that the operation of a mine or project is subject to the receipt and maintenance of permits from governmental authorities;
risks associated with the acquisition and maintenance of mining infrastructure;
that Metalla's success is dependent on the efforts of operators' employees;
risks related to mineral resource and mineral reserve estimates;
that mining depletion may not be replaced by the discovery of new mineral reserves;
that operators' mining operations are subject to risks that may not be insured against;
risks related to land title;
risks related to international operations;
risks related to operating in countries with developing economies;
risks related to construction, development and expansion of mines or projects; ‎
risks associated with operating in areas that are presently, or were formerly, inhabited or used by indigenous peoples;
that Metalla is required, in certain jurisdictions, to allow individuals from that jurisdiction to hold nominal interests in Metalla's subsidiaries in that jurisdiction;
the volatility of the stock market;
that existing securityholders may be diluted;
risks related to Metalla's public disclosure obligations;
risks associated with future sales or issuances of debt or equity securities;
that there can be no assurance that an active trading market for Metalla's securities will be sustained;
risks related to the enforcement of civil judgments against Metalla; and
risks relating to Metalla potentially being a passive foreign investment company within the meaning of U.S. federal tax laws, as well as those factors discussed under the heading "Risk Factors" in the AIF (as defined below).

Forward-looking statements included in the AIF include statements regarding:

the completion of future transactions;
our plans and objectives;
our future financial and operational performance;
expectations regarding the Streams of Metalla;
royalty payments to be paid to Metalla by property owners or operators of mining projects pursuant to each Royalty;

the future outlook of Metalla and the mineral reserves and resource estimates for the Côté Property, the Taca Taca Property, and other properties with respect to which the Company has or proposes to acquire an interest;
the expected output, costs, and date of commercial production for the Côté Property, the Taca Taca Property, and other properties with respect to which the Company has or proposes to acquire an interest;
future gold and silver prices;
other potential developments relating to, or achievements by, the counterparties for our Stream and Royalty agreements, and with respect to the mines and other properties in which we have, or may acquire, a Stream or Royalty interest;
estimates of future production, costs and other financial or economic measures;
prospective transactions, growth and achievements;
financing and adequacy of capital; and
future payment of dividends.

Estimates of mineral resources and mineral reserves are also forward-looking statements because they involve estimates of mineralization that will be encountered in the future, and projections regarding other matters that are uncertain, such as future costs and commodity prices.

Forward-looking statements are based on a number of material assumptions, which management of Metalla believe to be reasonable, including, but not limited to, the continuation of mining operations from which Metalla will purchase precious or other metals or in respect of which Metalla will receive Royalty payments, that commodity prices will not experience a material decline, mining operations that underlie Streams or Royalties will operate in accordance with disclosed parameters and achieve their stated production outcomes and such other assumptions as may be set out herein.

Although Metalla has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Investors and readers of this Annual Report should also carefully review the risk factors set out in the AIF under the heading "Risk Factors".

RESOURCE AND RESERVE ESTIMATES

Unless otherwise indicated, all scientific and technical information, including mineral resource and mineral reserve estimates, included in the documents incorporated by reference into this Annual Report have been prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities administrators, which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ from the requirements of the United States Securities and Exchange Commission (the "SEC"), and scientific and technical information, including mineral resource and mineral reserve estimates, contained in the documents incorporated by reference into this Annual Report may not be comparable to similar information disclosed by U.S. companies subject to technical disclosure requirements of the SEC.

DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES

We prepare our financial statements, which are filed with this report on Form 40-F, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Accordingly, our financial statements may not be comparable to financial statements of the United States companies.

DOCUMENTS INCORPORATED BY REFERENCE

The following documents, or the portions thereof indicated below, that are filed as exhibits to this Annual Report, are incorporated herein by reference.

Annual Information Form of the Company for the financial year ended December 31, 2024 (the "AIF");
Audited Annual Consolidated Financial Statements for the year ended December 31, 2024 and notes thereto, together with the report of auditors thereon (the "2024 Financial Statements"); and
Management's Discussion and Analysis of the Company for the year ended December 31, 2024.

CONTROLS AND PROCEDURES

Information regarding our disclosure controls and procedures, internal control over financial reporting and changes in internal control over financial reporting is included in the Management Discussion and Analysis incorporated herein by reference to Exhibit 99.3, under the heading "Disclosure Controls and Internal Control Over Financial Reporting."

Attestation Report of the Registered Public Accounting Firm

This Annual Report does not include an attestation report of the Company's registered public accounting firm because emerging growth companies are exempt from this requirement for so long as they remain emerging growth companies.

NOTICES PURSUANT TO REGULATION BTR

There were no notices required by Rule 104 of Regulation BTR that the Company sent during the financial year ended December 31, 2024 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

AUDIT COMMITTEE AND AUDITOR INFORMATION

We have a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act. The following information is included in the "Audit Committee" section of our AIF, which are incorporated herein by reference to Exhibit 99.1:

Information regarding our Audit Committee composition, independence, audit committee financial expert and pre-approval policies and procedures; and
Information regarding fees billed by our principal accountants, KPMG LLP (Vancouver, Canada; PCAOB ID Number 85), for each of the last two fiscal years.

CODE OF ETHICS

We have adopted a code of business conduct and ethics that applies to all of our directors, officers and employees. A copy of the code of business conduct and ethics is posted on our website at https://metallaroyalty.com/corporate-responsibility/governance/**. The code was most recently amended on September 24, 2019, in connection with the listing of our common shares on the NYSE American. The Company did not grant any waiver from a provision of the code to any of its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, during the fiscal period ended December 31, 2024.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

MATERIAL CASH REQUIREMENTS FROM KNOWN CONTRACTUAL AND OTHER OBLIGATIONS

Information regarding our material cash requirements from known contractual and other obligations is included in the Management Discussion and Analysis incorporated herein by reference to Exhibit 99.3.

MINE SAFETY DISCLOSURE

We do not operate any mine in the United States and have no mine safety incidents to report for the financial year ended December 31, 2024.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Since the beginning of the last fiscal year, we have not been required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to our Clawback Policy, nor was there an outstanding balance as of the end of the last completed fiscal year of erroneously awarded compensation to be recovered from the application of the Clawback Policy to a prior restatement.

UNDERTAKINGS

We undertake to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

CONSENT TO SERVICE OF PROCESS

We have previously filed with the SEC a written consent to service of process and power of attorney on Form F-X. Any change to the name or address of our agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing our file number.

EXHIBIT INDEX

The following documents are being filed with the SEC as exhibits to this Annual Report on Form 40-F.

Exhibit	Description
97	Clawback Policy (incorporated by reference to Exhibit 97 to the Registrant's Annual Report on Form 40-F filed with the Commission on March 28, 2024)
99.1	Annual Information Form of the Company for the financial year ended December 31, 2024
99.2	Audited Annual Consolidated Financial Statements for the year ended December 31, 2024 and notes thereto, together with the report of auditors thereon
99.3	Management's Discussion and Analysis of the Company for the year ended December 31, 2024
99.4	Certifications by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.5	Certifications by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.6	Certifications by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.7	Certifications by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.8	Consent of KPMG LLP
99.9	Consent of Charles Beaudry
101	Interactive Data File (formatted as Inline XBRL)
101.INS	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Company certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	METALLA ROYALTY & STREAMING LTD.
	/s/ Brett Heath
	Name: Brett Heath
	Title: Chief Executive Officer
Date: March 27, 2025

Metalla Royalty & Streaming Ltd. : Exhibit 99.1 - Filed by newsfilecorp.com

ANNUAL INFORMATION FORM FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2024

MARCH 27, 2025

SUITE 501, 543 GRANVILLE STREET VANCOUVER, B.C. V6C 1X8

METALLA ROYALTY & STREAMING LTD. ANNUAL INFORMATION FORM FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2024

TABLE OF CONTENTS

	Page
INTRODUCTORY NOTES	1
CORPORATE STRUCTURE	4
GENERAL DEVELOPMENT OF THE BUSINESS	6
DESCRIPTION OF THE BUSINESS	12
RISK FACTORS	22
MATERIAL ASSETS	39
DIVIDENDS	89
DESCRIPTION OF CAPITAL STRUCTURE	89
MARKET FOR SECURITIES	91
SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER	92
DIRECTORS AND OFFICERS	92
LEGAL PROCEEDINGS AND REGULATORY ACTIONS	97
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS	97
TRANSFER AGENT AND REGISTRAR	97
MATERIAL CONTRACTS	97
INTERESTS OF EXPERTS	97
AUDIT COMMITTEE	97
OTHER COMMITTEES	100
ADDITIONAL INFORMATION	101
SCHEDULE A - AUDIT COMMITTEE CHARTER	A-1

-i-

INTRODUCTORY NOTES

Cautionary Note Regarding Forward-Looking Statements

This annual information form ("AIF") contains "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. The forward-looking statements are provided as of the date of this AIF and Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") does not intend to and does not assume any obligation to update forward-looking statements, except as required by applicable law. For this reason and the reasons set forth below, investors should not place undue reliance on forward-looking statements.

risks related to commodity price fluctuations;
the absence of control over mining operations from which Metalla will purchase precious metals pursuant to gold streams, silver streams and other agreements (collectively, "Streams" and each individually a "Stream") or from which it will receive royalty payments pursuant to net smelter returns ("NSR Royalties"), gross overriding royalties ("GOR Royalties"), gross value royalties ("GVR Royalties") and other royalty agreements or interests (collectively, "Royalties" and each individually a "Royalty") and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined;
risks related to exchange rate fluctuations;
that payments in respect of Streams and Royalties may be delayed or may never be made;
risks related to Metalla's reliance on public disclosure and other information regarding the mines or projects underlying its Streams and Royalties;
that some Royalties or Streams may be subject to confidentiality arrangements that limit or prohibit disclosure regarding those Royalties and Streams;
business opportunities that become available to, or are pursued by, Metalla;
that Metalla's cash flow is dependent on the activities of others;
that Metalla has had negative cash flow from operating activities in the past;
that some Royalty and Stream interests are subject to rights of other interest-holders;
that Metalla's Royalties and Streams may have unknown defects;
risks related to Metalla's two material assets, the Côté Property (as defined below) and the Taca Taca Property (as defined below);
risks related to global financial conditions;
risks related to geopolitical events and other uncertainties, such as the conflict in the Middle East and Ukraine;
risks related to epidemics, pandemics or other public health crises, including the novel coronavirus ("COVID-19") global health pandemic, and the spread of other viruses or pathogens, and the potential impact thereof on Metalla's business, operations and financial condition;
that Metalla is dependent on its key personnel;
risks related to Metalla's financial controls;
dividend policy and future payment of dividends;
2 -
competition among mineral royalty companies and other participants in the global mining industry;
that project operators may not respect contractual obligations;
that Metalla's Royalties and Streams may be unenforceable;
risks related to potential conflicts of interest of Metalla's directors and officers;
that Metalla may not be able to obtain adequate financing in the future;
risks related to Metalla's current credit facility and financing agreements;
litigation;
interpretation by government entities of tax laws or the implementation of new tax laws;
changes in tax laws impacting Metalla;
risks related to anti-bribery and anti-corruption laws;
credit and liquidity risk;
risks related to Metalla's information systems and cyber security;
risks posed by activist shareholders;
that Metalla may suffer reputational damage in the ordinary course of business;
risks related to acquiring, investing in or developing resource projects;
risks applicable to owners and operators of properties in which Metalla holds an interest;
exploration, development and operating risks;
risks related to climate change;
environmental risks;
that the exploration and development activities related to mine operations are subject to extensive laws ‎and regulations; ‎
that the operation of a mine or project is subject to the receipt and maintenance of permits from governmental authorities;
risks associated with the acquisition and maintenance of mining infrastructure;
that Metalla's success is dependent on the efforts of operators' employees;
risks related to mineral resource and mineral reserve estimates;
that mining depletion may not be replaced by the discovery of new mineral reserves;
that operators' mining operations are subject to risks that may not be insured against;
risks related to land title;
risks related to international operations;
risks related to operating in countries with developing economies;
risks related to construction, development and expansion of mines or projects; ‎
risks associated with operating in areas that are presently, or were formerly, inhabited or used by indigenous peoples;
that Metalla is required, in certain jurisdictions, to allow individuals from that jurisdiction to hold nominal interests in Metalla's subsidiaries in that jurisdiction;
the volatility of the stock market;
that existing securityholders may be diluted;
risks related to Metalla's public disclosure obligations;
risks associated with future sales or issuances of debt or equity securities;
that there can be no assurance that an active trading market for Metalla's securities will be sustained;
risks related to the enforcement of civil judgments against Metalla; and
risks relating to Metalla potentially being a passive foreign investment company within the meaning of U.S. federal tax laws,

as well as those factors discussed under the heading "Risk Factors" in this AIF.

Forward-looking statements included in this AIF include statements regarding:

the completion of future transactions;
our plans and objectives;
our future financial and operational performance;
3 -
expectations regarding the Streams of Metalla;
royalty payments to be paid to Metalla by property owners or operators of mining projects pursuant to each Royalty;
the future outlook of Metalla and the mineral reserves and resource estimates for the Côté Property, the Taca Taca Property, and other properties with respect to which the Company has or proposes to acquire an interest;
the expected output, costs, and date of commercial production for the Côté Property, the Taca Taca Property, and other properties with respect to which the Company has or proposes to acquire an interest;
future gold and silver prices;
other potential developments relating to, or achievements by, the counterparties for our Stream and Royalty agreements, and with respect to the mines and other properties in which we have, or may acquire, a Stream or Royalty interest;
estimates of future production, costs and other financial or economic measures;
prospective transactions, growth and achievements;
financing and adequacy of capital; and
future payment of dividends.

Although Metalla has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Investors and readers of this AIF should also carefully review the risk factors set out in this AIF under the heading "Risk Factors".

Technical and Third-Party Information and Cautionary Note for United States Readers

Except where otherwise stated, the disclosure in this AIF relating to properties and operations in which Metalla holds Royalty, Stream or other interests, including the disclosure in this AIF under the heading "Material Assets" 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 or Stream holder, Metalla has limited, if any, access to properties on which it holds Royalties, Streams, or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose to the public. Metalla is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Metalla, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company holds Royalty, Stream or other interests, and may have limited or no ability to independently verify such information. Although the Company 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 reported public information in respect of a mining property may relate to a larger property area than the area covered by Metalla's Royalty, Stream or other interest. Metalla's Royalty, Stream or other interests may cover less than 100% of a specific mining property and may only apply to a portion of the publicly reported mineral reserves, mineral resources and or production from a mining property.

As at the date of this AIF the Company considers its Royalty and Stream interests in a portion of the Côté deposit and all of the Gosselin deposit which form the Côté gold project (collectively, the "Côté ****** Property") and in the Taca Taca copper-gold-molybdenum ‎project in Salta Province, Argentina ("Taca Taca Property" or "Taca Taca Project") to be its only material mineral properties for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Information included in this AIF with respect to the Côté Property and with respect to the Taca Taca Property has been prepared in accordance with the exemption set forth in section 9.2 of NI 43-101.

Unless otherwise noted, the disclosure contained in this AIF of a scientific or technical nature for the Côté Property is based on the technical report entitled "Technical Report on the Côté Gold Project, Ontario, Canada - Report for NI 43-101" having an effective date of June 30, 2022 which technical report was prepared for IAMGOLD Corporation ("IAMGOLD"), and filed under IAMGOLD's SEDAR+ profile on www.sedarplus.ca, and information that has been provided by IAMGOLD and/or has been sourced from their news releases with respect to the Côté Property.

Unless otherwise noted, the disclosure contained in this AIF of a scientific or technical nature for the Taca Taca Property is based on the amended and restated ‎technical report entitled "Taca Taca Project - Salta ‎Province, Argentina - Amended and Restated NI 43-101 Technical ‎Report" having an effective date of October 30, 2020, which technical ‎report was prepared for First Quantum Minerals Ltd. ("First Quantum") and filed under ‎First Quantum's SEDAR+ profile on www.sedarplus.ca, and information that has been provided by First Quantum and/or has been sourced from their news releases with respect to the Taca Taca Property.

Unless otherwise indicated, all of the mineral reserves and mineral resources disclosed in this AIF have been prepared in accordance with NI 43-101. Canadian standards for public disclosure of scientific and technical information concerning mineral projects differ significantly from the requirements adopted by the United States Securities and Exchange Commission (the "SEC").

Accordingly, the scientific and technical information contained in this AIF, including estimates of mineral reserves and mineral resources, may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

Charles Beaudry, M.Sc., P.Geo. and géo. for Metalla and a "Qualified Person" under NI 43-101 has reviewed and approved the written scientific and technical disclosure contained in this AIF.

Currency Presentation

All dollar amounts referenced as "C$", "CAD" or "CAD$" are references to Canadian dollars, all references to "$", "US$", "USD" or "USD$" are references to United States dollars.

CORPORATE STRUCTURE

Metalla was incorporated on May 11, 1983 pursuant to the Company Act (British Columbia) under the name Cactus West Explorations Ltd. The Company's name was changed to Cimarron Minerals Ltd. and its share capital was consolidated on a five (old) for one (new) basis, on April 29, 1996. On May 1, 2000, the Company's name was changed to DiscFactories Corporation, and its share capital was consolidated on a two (old) for one (new) basis and the Company was continued into the federal jurisdiction under the Canada Business Corporations Act. On February 20, 2007, the Company completed a change of business transaction pursuant to which it changed its name from DiscFactories Corporation to Excalibur Resources Ltd. On January 11, 2010, its share capital was consolidated on an eight (old) for one (new) basis. On December 1, 2016 it changed its name from Excalibur Resources Ltd. to Metalla, and completed a share consolidation on a three (old) for one (new) basis. On November 16, 2017, Metalla continued under the Business Corporations Act (British Columbia) ("BCBCA").

On December 17, 2019 (the "Effective Date"), Metalla completed a share consolidation (the "Share Consolidation") on a one common share of the Company ("Common Share") (new) to four Common Shares (old) basis. Unless otherwise indicated in this AIF, all references to Common Shares, Common Share purchase warrants, stock options or RSUs issued prior to the Effective Date (collectively, the "Consolidated Securities"), including the exercise price and/or conversion prices in respect to any of the Consolidated Securities, have been adjusted to reflect this Share Consolidation.

On December 1, 2023, Metalla acquired all of the issued and outstanding common shares (the "Nova Shares") in the capital of Nova Royalty Corp. ("Nova"), by way of a court-approved plan of arrangement. In consideration for the Nova Shares, Metalla issued Common Shares to the former Nova shareholders. See "General Development of the Business - Current Business of Metalla - 3 Year History - Arrangement with Nova Royalty Corp." for additional information.

The Company's head office is located at 501-543 Granville Street, Vancouver, British Columbia, V6C 1X8, Canada. The Company's registered and records office is located at Suite 2700, 1133 Melville Street, Vancouver, British Columbia, V6E 4E5, Canada.

The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland. As at the date of this AIF, the Common Shares are listed on the TSX Venture Exchange (the "TSXV") under the symbol "MTA", on the Frankfurt Exchange under the Symbol "X9C", and on the NYSE American stock exchange ("NYSE") under the symbol "MTA".

The Company has ten (10) material subsidiaries: (i) ValGold Resources Ltd. which was incorporated under the laws of British Columbia; (ii) MTA Royalty & Streaming Pty Ltd. which was incorporated under the laws of Australia; (iii) Royalty & Streaming Mexico, S.A. de C.V. which was incorporated under the laws of Mexico; (iv) Metalla America Ltd. (“MTA America”) which was incorporated under the laws of the State of Delaware; (v) Nueva Royalty Ltd. which was incorporated under the laws of British Columbia; and (vi) Nova Royalty Corp. which was incorporated under the laws of British Columbia. MTA America has three wholly-owned subsidiaries, (i) Idaho Resources Corporation, which was incorporated under the laws of Nevada, (ii) Genesis Gold Corporation (“Genesis”), which was incorporated under the laws of Utah, and (iii) Geological Services Inc. (“GSI”), which was incorporated under the laws of Utah. Nova has one wholly owned subsidiary, Nova Royalty USA Corp., which was incorporated under the laws of the State of Delaware.

Inter-Corporate Relationships

The chart below illustrates the Company's material inter-corporate relationships as at the date hereof:

GENERAL DEVELOPMENT OF THE BUSINESS

Current Business of Metalla - 3 Year History

Acquisitions

Update on Tocantinzinho Royalty

In 2022, G Mining Ventures Corp. ("G Mining") (TSXV: GMIN; OTCQX: GMINF) announced it has completed a comprehensive financing package totaling $481 million for the development and construction of the Tocantinzinho Project located in Para State Brazil (the "Tocantinzinho Project"), which remains on track and on budget to achieve commercial production in the second half of 2024.

On July 10, 2024, G Mining announced the first gold pour at the Tocantinzinho Project, and on September 3, 2024, G Mining declared commercial production at the Tocantinzinho Project. Metalla holds a 0.75% gross value royalty ("GVR") on the mining claims, tenements and licenses comprising the Tocantinzinho Project that it acquired in March 2021.

First Amendment to Alamos Royalty Agreement

On February 8, 2022, the Company and Monarch Mining Corporation ("Monarch") entered into an agreement entitled "Agreement and First Amendment to Royalty Agreement", pursuant to which the Company paid $1.0 million to Monarch to remove the royalty exemption in respect of the Beaufor mine and make certain consequential amendments to the Alamos Royalty Agreement.

Metalla acquires Lac Pelletier Royalty

On October 4, 2022, Metalla acquired a 1.0% NSR Royalty on the Lac Pelletier Project, located in Rouyn-Noranda, Quebec, owned by Maritime Resources Corp. (“Maritime”) from an arm’s length seller for total consideration of C$0.3 million in cash. The Lac Pelletier Project was later acquired by Emperor Metals Inc. on March 11, 2025.

Metalla acquires Portfolio of Royalties from First Majestic

On December 21, 2022, the Company completed an acquisition of eight royalties on exploration, development and mining properties in Mexico from First Majestic Silver Corp. ("First Majestic") (NYSE: AG; TSX: FR), for a total consideration of $20 million in Common Shares based on the 25-day volume-weighted average price of shares traded on the NYSE prior to the date of the announcement at a price of US$4.7984 per share (representing an aggregate of 4,168,056 Common Shares).

The portfolio comprises of a total of eight royalties, including one producing gold royalty, two development silver royalties, four advanced exploration silver royalties, and one exploration silver royalty. The royalties cover 100% of all the concessions on the eight properties, all of which are located in Mexico:

La Encantada: 100% GVR Royalty on gold production from the producing La Encantada mine located in Coahuila, Mexico operated by First Majestic, limited to 1,000 ounces annually;
Del Toro: 2.0% NSR Royalty on the Del Toro mine, located in Zacatecas, Mexico owned by First Majestic;
La Guitarra: 2.0% NSR Royalty on the La Guitarra mine, located in Temascaltepec, Mexico owned by Sierra Madre Gold and Silver Ltd. ("Sierra Madre") (TSXV: SM);
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Plomosas: 2.0% NSR Royalty on the Plomosas project located in Sinaloa, Mexico owned by GR Silver Mining Ltd. ("GR Silver") (TSXV: GRSL);
San Martin: 2.0% NSR Royalty on San Martin mine, located in Jalisco, Mexico owned by First Majestic;
La Parrilla: 2.0% NSR Royalty on the Parrilla mine, located in Durango, Mexico. Silver Storm Mining Ltd. ("Silver Storm") (TSXV: SVR) has acquired a 100% interest in the property from First Majestic;
La Joya: 2.0% NSR Royalty on the La Joya project located in Durango, Mexico owned by Silver Dollar Resources Inc. ("Silver Dollar") (CSE: SLV); and
La Luz: 2.0% NSR Royalty on the La Luz project located in San Luis Potosi, Mexico owned by First Majestic.

The Company and First Majestic also entered into a securityholder rights and obligations agreement which, subject to certain conditions and phase outs over time, restricts transfers of the shares issued to First Majestic, and obligates First Majestic to vote the shares in favor of the Board's proposals for certain matters including the election of directors and approval of equity compensation plans, and to refrain from certain types of shareholder activism.

Metalla acquires Portfolio of Royalties from Alamos Gold

On February 23, 2023, the Company acquired one silver stream and three royalties from Alamos Gold Inc. for 939,355 Common Shares at a price of US$5.3228 per share (representing the 20-day volume-weighted average price on the NYSE American at signing).

Esperanza: 20% silver Stream over the Esperanza project owned by Zacatecas Corp. ("Zacatecas") (TSXV: ZAC) located in Mexico;
Fenn Gibb South: 1.4% NSR Royalty on the Fenn Gibb South project owned by Mayfair Gold Corp. ("Mayfair") (TSX: MFG) located in Ontario, Canada;
Ronda: 2.0% NSR Royalty on the Ronda project owned by PTX Metals Inc. ("PTX") (CSE: PTX) located in Ontario, Canada; and
Northshore West: 2.0% NSR Royalty on the Northshore West property owned by Newpath Resources Inc. ("Newpath") (CSE: RDY) located in Ontario, Canada.

Metalla acquires Lama Royalties

On March 9, 2023, Metalla completed the acquisition of one half of an existing ‎‎5% to 7.5% step scale gross gold proceeds royalty (constituting a 2.5% to 3.75% ‎step scale gross gold proceeds royalty payable to Metalla) that is payable on ‎gold bullion and unrefined gold, and one half of an existing 0.5% to 6% sliding ‎scale NSR Royalty (constituting a 0.25% to 3.0% sliding scale NSR Royalty payable to Metalla) on copper and all other minerals ‎‎(other than silver and gold), extracted from the Lama project owned and ‎operated by a wholly-owned subsidiary of Barrick Gold, from an ‎arm’s length third party for $2.5 million in cash and 466,827 Common Shares at a price of $5.3553 per share (representing $2.5 million priced on the ‎‎15-day volume-weighted average price on the NYSE at signing). An ‎additional $2.5 million in cash or Common Shares is to be paid to the third ‎party within 90 days upon the earlier of (i) a 2 Moz gold proven & probable ‎mineral reserve estimate on the royalty area, or (ii) 36 months after the closing ‎for a total purchase price of $7.5 million in cash and Common Shares.‎

Amendment to Castle Mountain Royalty

On March 30, 2023, the Company signed an amendment with the arm's length seller of the South Domes portion of the Castle Mountain gold mine ("Castle Mountain") owned by Equinox Gold Corp. ("Equinox Gold") royalty to ‎extend the maturity date of the $5.0 million Castle Mountain loan from June 1, 2023, to April 1, ‎‎2024. This loan was fully repaid on April 1, 2024.

Sale of Cortez Mineral Claims

On June 30, 2023, the Company sold the JR mineral claims that make up the Pine Valley property ("Pine Valley Property") which is part of the Cortez complex in Eureka County, Nevada, to Nevada Gold Mines, LLC, an entity formed by Barrick Gold and Newmont Corporation ("Newmont") (NYSE: NEM), for $5.0 million in cash. Metalla has retained a 3.0% NSR Royalty on the Pine Valley Property.

Acquisition of Nova Royalty Corp.

On September 7, 2023, Metalla and Nova entered into an arrangement agreement (the "Arrangement Agreement"), pursuant to which Metalla agreed to acquire all of the issued and outstanding Nova Shares by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

On December 1, 2023, the Arrangement was completed and Nova became a wholly-owned subsidiary of Metalla. Under the terms of the Arrangement, (i) each former Nova shareholder received 0.36 (the "Exchange Ratio") of a Common Share per each Nova Share held immediately prior to the completion of the Arrangement; (ii) Nova options became immediately vested, and such Nova options were exchanged for replacement options (the "Replacement Options") exercisable for Common Shares at the Exchange Ratio; and (iii) each restricted share unit of Nova that was outstanding immediately prior to completion of the Arrangement was deemed to be fully vested and settled in Nova Shares, which Nova Shares participated in the Arrangement.

The Nova Shares were de-listed from the TSXV on close of business of December 5, 2023, and Nova was granted an order that it ceased to be a reporting issued in each of the provinces of Canada on December 28, 2023.

Financings

Amendment, Conversion and Drawdown of Beedie Loan Facility

On August 9, 2022, the Company and Beedie entered into an agreement (the "First Supplemental Loan Agreement") to extend the maturity date of its convertible loan facility (the "Beedie Loan Facility") entered into between Metalla and Beedie Capital ("Beedie"), from April 21, 2023, to January 22, 2024 (the "Loan Extension"). In consideration for the Loan Extension the Company incurred a fee of 2.0% of the drawn amount at that time, which was C$8.0 million. The C$160,000 fee will be convertible into Common Shares at a conversion price of C$7.34 per Common Share, calculated based on a 20% premium to the 30-day VWAP of the Common Shares on the trading day immediately prior to the effective date of the Loan Extension.

Effective March 31, 2023, the Company and Beedie entered into a supplemental agreement (the "Second Supplemental Loan Agreement") to amend the Beedie Loan Facility by:

extending the maturity ‎date to May 10, 2027;
increasing the Beedie Loan Facility by ‎C$5.0 million from C$20.0 million to C$25.0 million;
increasing the interest rate from ‎‎8.0% to 10.0% per annum;
amending the conversion price of the Fourth Advance from C$11.16 to C$8.67 per Common Share, representing a 30% premium to the 30-day VWAP of the Common Shares on the TSXV calculated on the day prior to the announcement of the Second Supplemental Loan Agreement; ‎
amending the conversion price of C$4.0 million of the Third Advance from C$14.30 to C$7.33 per Common Share, representing the 5-day VWAP of the Common Shares on the TSXV calculated on the day prior to the announcement of the Second Supplemental Loan Agreement, and converting the C$4.0 million into ‎545,702 Common Shares at the new conversion price; and
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amending the conversion price of the ‎remaining C$1.0 million of the Third Advance from C$14.30 to C$8.67 per Common Share, representing a 30% premium to the 30-day VWAP of the Common Shares on the TSXV calculated on the day prior to the announcement of the Second Supplemental Loan Agreement.

The Beedie Loan Facility is secured by certain assets of Metalla and each respective advance can be repaid with no penalty at any time after the 12-month anniversary of such advance.

On October 19, 2023, Metalla and Beedie entered into an amended and restated convertible loan facility agreement (the "Amended and Restated Convertible Loan Agreement"), which became effective as at the closing of the Arrangement. Pursuant to the Amended and Restated Convertible Loan Agreement, the parties agreed:

to increase the Beedie Loan Facility from C$25.0 million to C$50.0 million;
to drawdown C$16.4 million (convertible at a conversion price of C$6.00 per Common Share), to refinance the C$4.2 million principal outstanding under the Beedie Loan Facility as at the time of the closing of the Arrangement, and the C$12.2 million principal outstanding under Nova's convertible loan facility with Beedie Capital (the "Nova Convertible Loan"), plus C$2.7 million, being the aggregate accrued and unpaid interest and fees outstanding under the Nova Convertible Loan and the Beedie Loan Facility as at the time of the closing of the Arrangement, with the interest convertible at a conversion price as of the date of conversion and unpaid fees shall not be convertible, plus an amendment fee of approximately C$0.1 million payable to Beedie, plus certain expenses of Beedie (collectively, the "Initial Drawdown");
that the interest on the principal will accrue at a rate of 10.0% per annum;
for an eighteen-month period from the close of the Arrangement, accrued interest will be capitalized and added to the principal amount, and thereafter, at Metalla's election, 2.0% per annum of the interest accruing on the principal will be capitalized and added to the principal amount;
that the standby fee (1.5% per annum), the commitment fee (1.0% on any subsequent advance (not payable on the Initial Drawdown)), the make whole fee (entitling Beedie to earn a minimum of 12 months of interest on each advance made) and the default interest rate (14.0% per annum) remain the same; and
to update existing security arrangements to reflect security provided by Nova and its subsidiary for the Beedie Loan Facility, along with updated security arrangements at Metalla to reflect developments in our business.

Concurrent with closing of the Arrangement, Metalla drew down on the Beedie Loan Facility and paid out and discharged all obligations under the Nova Convertible Loan, and the Nova Convertible Loan has been terminated.

Any future advances from the remaining C$30.9 million made available by Beedie under the Beedie Loan Facility will require a minimum drawdown of C$2.5 million by Metalla with a conversion price based on a 20% premium to the 30-day VWAP of the Common Shares on the date of such advance.

On March 19, 2024, Beedie converted approximately C$1.5 million of the accrued and unpaid interest under the Beedie Loan Facility into 429,800 Common Shares, at a price of C$3.49 per Common Share, being the closing price of the Common Shares on the TSXV on February 20, 2024, the date that Beedie provided notice of their intention to convert.

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Prospectus Supplement and ATM Program

On May 27, 2022, Metalla filed a prospectus supplement qualifying the distribution of Common Shares having an aggregate sale price of up to $50 million to be sold from time to time by a syndicate of agents (the "Agents") **** including BMO Nesbitt Burns Inc., PI Financial Corp. and Scotia Capital Inc. as the Canadian agents, and BMO Capital Markets Corp. and Scotia Capital (USA) Inc. as the United States agents, for a new at-the-market equity program (the "ATM Program") in accordance with the terms and conditions of a new equity distribution agreement dated May 27, 2022 by and among Metalla and the Agents (the "New Distribution Agreement").

From the effective date of the ATM Program until its termination on December 28, 2023, Metalla sold 1,328,079 **** Common Shares under the ATM Program at an ‎average price of $5.01 per Common Share for gross proceeds of $6.6 million, with aggregate commissions paid or payable to the Agents under the New Distribution Agreement and other share issue costs of $0.6 million, resulting in aggregate net proceeds of $6.0 million.

Subscription Receipt Financing

On October 23, 2023, Metalla completed a private placement, pursuant to which Beedie subscribed for 2,835,539 subscription receipts (the "Subscription Receipts") of Metalla at a price of C$5.29 per Subscription Receipt for aggregate gross proceeds of C$15.0 million (the "Financing"). As per the terms of the Financing, in connection with the completion of the Arrangement, on December 1, 2023, each Subscription Receipt converted into one Common Share without payment of additional consideration or further action on the part of Beedie, for an aggregate total of 2,835,539 Common Shares. The proceeds of the Financing will be used for the acquisition of royalties and streams, transaction expenses, and general and administrative expenses of the combined company following completion of the Arrangement.

Filing of Base Shelf Prospectus

On June 28, 2024, Metalla filed a short form base shelf prospectus (the "Shelf Prospectus") with the securities regulatory authorities in each of the provinces of Canada and a corresponding registration statement on Form F-10 (the "Registration Statement") with the SEC under the Multijurisdictional Disclosure System established between Canada and the United States.

The Shelf Prospectus and the Registration Statement will enable the Company to make offerings of up to C$300 million of Common Shares, warrants, subscription receipts, units and share purchase contracts or a combination thereof of the Company from time to time, separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of the offering and as set out in an accompanying prospectus supplement, during the 25-month period that the Shelf Prospectus and Registration Statement remains effective.

Private Placement

On July 4, 2024, in connection with the appointment of Jason Cho as President of the Company, Mr. Cho made a C$1.0 million equity investment into the Company, through the acquisition of 250,000 Common Shares at a price of C$4.00 per Common Share, by way of private placement.

Corporate Developments

Establishment of Environmental, Social and Governance Committee

On February 11, 2022, the board of directors of the Company established a new committee, the environmental, social and governance committee (the "ESG Committee"), to oversee the Company's environmental, social and governance ("ESG") practices.

The ESG Committee formalizes the Company's ongoing commitment to ESG principles in the evaluation and monitoring of the Company's Royalty and Stream interests and related corporate practices. The scope of the ESG Committee's mandate is to implement the Company's environmental, social, governance committee charter (the "ESG Charter") and to evaluate and monitor the ESG performance of the companies which operate the properties in which the Company has a Royalty or Stream interest or is considering acquiring such an interest. Pursuant to the ESG Charter, the ESG Committee monitors the ESG performance of operating companies in which it has or is considering acquiring an interest or which operate properties in which the Corporation has a royalty, streaming or other interest (the "Operating Companies"). The ESG Committee also has a general mandate to: (i) consider and evaluate the Company's own ESG matters; (ii) monitor Operating Companies' ESG policies, procedures and adherence therewith; and (iii) recommend to the board of directors of the Company, steps to be taken in connection with these matters, including adopt of an ESG Policy and any amendments to such policy.

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Appointment of Amanda Johnston as Director

On August 16, 2022, the Company appointed Amanda Johnston to the board of directors of the Company as an independent director.

Change in the Board of Directors

On May 16, 2023, Douglas Silver stepped down from the board of directors of the Company as an independent director.

Payment of Special Dividend

On July 10, 2023, the board of directors of the Company approved and declared a special dividend (the "Special Dividend") payment on the Common Shares, in the amount of C$0.03 per Common Share in cash (subject to any applicable tax withholding obligations). The Special Dividend was paid on September 15, 2023.

Departure of Vice President

On March 29, 2024, Drew Clark, Vice President Corporate Development, stepped down from the Company to pursue other opportunities.

Director Retirement

On December 5, 2023, E.B. Tucker retired from the board of directors of the Company.

Appointment of Jason Cho as President

On July 24, 2024, the Company appointed Jason Cho as President of the Company.

Appointment of Chris Beer as Director

On December 9, 2024, the Company appointed Chris Beer to the board of directors of the Company as an independent director.

Subsequent Events to December 31, 2024

Conversion and payment under Beedie Loan Facility

On January 31, 2025, the Company made a payment of approximately C$2 million under the Beedie Loan Facility to repay all accrued fees reducing them to $nil and repay an outstanding accrued and unpaid interest. On February 4, 2025, Beedie converted C$1.5 million of the accrued and unpaid interest under the Beedie Loan Facility into 412,088 Common Shares, at a price of C$3.64 per Common Share, being the closing price of the Common Shares on the TSXV on January 13, 2025, the date that Beedie provided notice of their intention to convert.

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DESCRIPTION OF THE BUSINESS

Metalla is a publicly traded precious metals royalty and streaming company listed on the TSXV, NYSE and Frankfurt Exchange. Metalla's business model is focused on managing and growing its portfolio of Royalties and Streams. Metalla's long-‎term goal is to provide its shareholders with a model which provides:‎

exposure to gold, silver, and copper price optionality;‎
a perpetual (in most jurisdictions), free carried, non-dilutive interest over large areas of geologically prospective lands which it acquires at no additional ‎cost other than the initial investment;‎
limited exposure to many of the risks associated with operating companies;‎
free cash-flow with limited to no cash calls;‎
high margins that can generate cash through the commodity cycle;‎
diversity that is scalable, in which a large number of assets can be managed with a small stable overhead; and
management focus on forward-looking growth opportunities rather than operational or development issues.‎

A Royalty is a non-dilutive asset level interest in an underlying mineral project that, when in production, provides topline cash relative to the percentage of the royalty. Depending on the nature of a royalty interest, the laws applicable to it and the specific project, the royalty holder is generally not responsible for, and has no obligation to contribute to operating or capital costs or environmental liabilities. An NSR Royalty is generally based on the value of production or net proceeds received by an operator from a smelter or refinery for the minerals sold. These proceeds are usually subject to deductions or charges for transportation, insurance, smelting and refining costs as set out in the agreement governing the terms of the royalty.

A Stream provides the purchaser the right to acquire all or a portion of the future metal production from a mining project at the lesser of a defined price and the market price.

Principal Product

Since inception, Metalla has deployed over $300 million, comprised of cash consideration, Common Shares, and other equity-related structures, issued to sellers across 32 transactions, amassing a portfolio of over 100 **** Royalties and Streams. Metalla's portfolio provides exposure to established counterparties, including Agnico Eagle, Polymetals Resources Ltd. ("Polymetals"), Newmont, Teck, Barrick Gold, G Mining, IAMGOLD, First Majestic, First Quantum, Aura Minerals, Los Andes Copper, Anglo American, Hudbay, Equinox Gold, Pan American Silver, Lundin Mining, and many more.

The principal products of Metalla are: (i) precious metals that it has agreed to purchase pursuant to Stream agreements that it has entered into with mining companies; and (ii) Royalty payments pursuant to Royalty agreements acquired by Metalla or entered into with mining companies. Metalla is focused on precious metal streams and royalties for gold, silver and copper.

The Company's sole material assets are its Royalty interests in the Côté Property and in the Taca Taca Property. See "Material Assets" below.

Project Statuses

For this AIF, Metalla introduced a new classification scheme for each royalty asset. The four stages are ‎described ‎below. Readers should note that this classification scheme is used by Metalla for purposes of ‎categorizing its ‎own portfolio of assets; however, such classification scheme and categorization may not ‎necessarily be the ‎same as, or consistent with, the classification scheme used in our financial statements ‎and management's discussion & analysis, which is governed by the applicable financial reporting ‎standards, or any particular owner's classification of its property:

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Production: A project is considered to be in "Production" when the underlying property, or part of it, is subject to active mining to produce a payable product and the Company's Royalty is cash flowing based on this production. "Production" also includes properties that are in the later stages of their lives, such as residual leaching and stockpile processing.

Development: A project is considered to be in "Development" when the project has sufficiently initiated or completed economic studies (e.g., Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study) or where the operator has otherwise disclosed an active plan or decision to construct mine workings including a reasonable estimate with projected costs and timeline to commence development which will lead to eventual production. In most cases, the project will have a Mineral Resource estimate and in some cases, there may also be a Mineral Reserve estimate. Generally, projects in the "Development" status will be in active construction or development towards production, while others may be sufficiently advanced pending final investment decision. Developing projects also include assets which previously were in Production and have been placed on care and maintenance or assets that are currently producing but the Company's royalty does not cover the producing part of the mine.

Advanced Exploration: A project is considered to be in "Advanced Exploration" when exploration work has advanced sufficiently to prepare a Mineral Resource estimate or material exploration activities are occurring or are planned to occur that are designed to support a Mineral Resource estimate on the property. Projects with historical non-compliant technical studies or dated Mineral Resource estimates may be included in this category. Exploration work may include enhancing geological studies, drilling programs, technical studies, and any other work including permitting activities that would de-risk the project. Advanced Exploration projects may have had study work initiated or completed to better understand economic potential on the property, but which has generally not resulted in work being approved, initiated or advanced that would substantially progress the project towards development and eventual production.

Exploration: A project is considered to be "Exploration" when there has been primarily early-stage exploration activities (such as exploration drilling, geophysics, geochemical sampling, lithological / structural mapping, etc.) or insufficient exploration work to prepare a Mineral Resource estimate. In some cases, the project may have a historical Mineral Resource estimate or an Inferred Mineral Resource estimate, but without current material exploration work being performed or proposed to further advance the project.

The following table summarizes the Royalty and Stream interests that are owned by Metalla or are under contract to be acquired as of the date of filing this AIF:

****	Property	Operator	Location	Stage	Metal^(1)^	Terms
1.	Wharf	Coeur Mining	South Dakota, U.S.A.	Production	Au	1.0% GVR Royalty
2.	New Luika	Saturn Resources	Lupa Goldfields, Tanzania	Production	Au, Ag	Stream on 15% of Ag
3.	La Encantada	First Majestic	Mexico	Production	Au	100.0% Gold GVR Royalty<br>(limited to 1,000 ounces annually)
4.	Aranzazu	Aura Minerals Inc.	Mexico	Production	Cu-Au-Ag	1.0% NSR Royalty

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
5.	La Guitarra	Sierra Madre	Mexico	Production	Ag	2.0% NSR Royalty<br>(subject to a 1% buy back right)
6.	Tocantinzinho	G Mining	Brazil	Production	Au	0.75% GVR Royalty
7.	Côté and Gosselin	IAMGOLD	Gogama, Canada	Development	Au	1.35% NSR Royalty (right of first refusal for an additional 0.15% NSR Royalty)
8.	Santa Gertrudis	Agnico Eagle	Sonora, Mexico	Development	Au	2.0% NSR Royalty<br>(subject to a 1.0% buy back for $7.5M)
9.	Cap-Oeste Sur East Mine	Patagonia Gold	Santa Cruz, Argentina	Development	Au, Ag	1.5% NSR Royalty
10.	Fosterville	Agnico Eagle‎	Victoria, Australia	Development	Au	2.5% GVR Royalty
11.	Castle Mountain (South Dome)	Equinox Gold	California	Development	Au	5% NSR Royalty
12.	Fifteen Mile Stream<br>(Hudson, Egerton-Maclean, 149 East Zone, Plenty deposit)	St. Barbara Limited	Nova Scotia, Canada	Development	Au	1.0% NSR Royalty
13.	Fifteen Mile Stream<br>(Plenty deposit and Seloam Brook prospect)	St Barbara	Nova Scotia, Canada	Development	Au	3.0% NSR Royalty<br><br>(subject to Royalty payor's buy back right to purchase two-thirds of the 3.0% NSR Royalty for a period five years)
14.	NuevaUnion	Newmont and Teck Resources Limited	Chile	Development	Au, Cu	2.0% NSR Royalty^(^^4^^)^
15.	Garrison Mine	STLLR Gold	Kirkland Lake, Canada	Development	Au	2.0% NSR Royalty

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
16.	Hoyle Pond Extension	Newmont^(2)^	Timmins, Canada	Development	Au	2.0% NSR, subject to 500Koz exemption
17.	West Timmins Extension	Pan American	Timmins, Canada	Development	Au	1.5% NSR Royalty<br>(subject to a 0.75% buy back)
18.	Akasaba West	Agnico Eagle	Val d'Or, Canada	Development	Au, Cu	2.0% NSR Royalty, payable after 210Koz Au<br>(subject to a 1.0% buy back for C$7.0 million)
19.	La Fortuna	Minera Alamos	Durango, Mexico	Development	Au, Ag, Cu	3.5 % NSR Royalty (2.5% of the 3.5% NSR Royalty subject to cap at $4.5M)
20.	Wasamac	Agnico Eagle	Rouyn-Noranda, Canada	Development	Au	1.5% NSR Royalty<br><br>(subject to 0.5% buy back)^(^^10^^)^
21.	CentroGold	G Mining	Brazil	Development	Au	1.0% - 2.0% NSR Royalty^(^^7^^)^
22.	Amalgamated Kirkland	Agnico Eagle	Kirkland Lake, Canada	Development	Au	0.45% NSR Royalty
23.	North Amalgamated Kirkland	Agnico Eagle	Kirkland Lake, Canada	Development	Au	0.45% NSR Royalty
24.	Lama	Barrick Gold	Argentina	Development	Au	2.5% GVR Royalty<br>(subject to escalation up to 3.75%)
25.	Lama	Barrick Gold	Argentina	Development	Cu	0.25% NSR Royalty<br>(subject to escalation up to 3.0%)
26.	Esperanza	Zacatecas Silver Corp.	Mexico	Development	Ag	20% Ag Stream

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
27.	Taca Taca	First Quantum Minerals Ltd.	Argentina	Development	Cu-Au-Mo	0.42% NSR Royalty (subject to a buyback based on amount of proven reserves in a feasibility study multiplied ‎by the prevailing market prices of all applicable commodities)
28.	Vizcachitas	Los Andes Copper	Chile	Development	Cu-Mo	0.98% NSR Royalty on open pit production and 0.49% NSR on underground production from the San Jose 1/3000 claim
29.	Dumont	Nion Nickel	Canada	Development	Ni-Co	2.0% NSR Royalty (subject to a 1.0% buyback for $1 million)
30.	Copper World and Rosemont	Hudbay Minerals Inc.	USA	Development	Cu-Mo-Ag	0.315% NSR Royalty (right of first refusal for additional 0.360% NSR Royalty)
31.	Josemaria	Lundin Mining Corporation	Argentina	Development	Cu-Au-Ag	Right to acquire a portion of a 0.5% NPI, payable for a 10-year period^(1^^6^^)^
32.	Twin Metals	Antofagasta plc	USA	Development	Cu-Ni	2.4% NSR Royalty on copper and nickel^(^^1^^7^^)^
33.	La Parrilla	Silver Storm^(1^^2)^	Mexico	Development^(1^^1^^)^	Ag	2.0% NSR Royalty
34.	Endeavor Mine	Polymetals^(^^3^^)^	NSW, Australia	Development^(1^^1^^) (1^^3^^)^	Zn, Pb, Ag	4.0% NSR Royalty^(1^^4^^)^
35.	Joaquin Mine	Unico Silver Limited	Santa Cruz, Argentina	Development^(1^^3^^)^	Au, Ag	2.0% NSR Royalty
36.	El Realito	Agnico Eagle	Sonora, Mexico	Development	Au, Ag	2.0 % NSR Royalty<br>(subject to 1.0% buy back)

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
37.	Zaruma	Pelorus‎ Minerals	Ecuador	Advanced Exploration	Au	1.5% NSR Royalty
38.	Aureus East Mine	Aurelius Minerals Inc.	Nova Scotia, Canada	Advanced Exploration	Au	1.0% NSR Royalty
39.	San Luis	Highlander Silver	Peru	Advanced Exploration	Au, Ag	1.0% NSR Royalty
40.	Big Springs	Warriedar Resources	Nevada	Advanced Exploration	Au	2.0% NSR Royalty^(6)^<br>(subject to annual advance royalty payments)
41.	Del Toro	First Majestic	Mexico	Advanced Exploration	Ag	2.0% NSR Royalty
42.	Plomosas	GR Silver	Mexico	Advanced Exploration	Ag	2.0% NSR Royalty<br>(subject to a 1% buy back right)
43.	San Martin	First Majestic	Mexico	Advanced Exploration	Ag	2.0% NSR Royalty
44.	La Joya	Silver Dollar	Mexico	Advanced Exploration	Au, Ag, Cu	2.0% NSR Royalty
45.	Lac Pelletier	Emperor Metals	Quebec, Canada	Advanced Exploration	Au	1.0% NSR Royalty
46.	West Wall	50/50 joint venture between Anglo American plc and Glencore plc	Chile	Advanced Exploration	Cu-Au-Mo	1.0% Net proceeds of production Royalty
47.	Saddle North	Newmont	Canada	Advanced Exploration	Cu-Au	0.25% NSR Royalty
48.	Dundonald	Class 1 Nickel	Canada	Advanced Exploration	Ni	1.25% NSR Royalty
49.	Anglo/Zeke	Nevada Gold Mines	Nevada, U.S.A.	Exploration	Au	0.5% GOR Royalty
50.	Red Hill	NuLegacy Gold	Nevada, U.S.A.	Exploration	Au	1.5% GOR Royalty
51.	Fortuity 89	Not Applicable	Nevada, U.S.A.	Exploration	Au	1-2% NSR Royalty

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
52.	TVZ Zone	Newmont	Timmins, Canada	Exploration	Au	2.0% NSR Royalty
53.	DeSantis Mine	Canadian Gold Miner	Timmins, Canada	Exploration	Au	1.5% NSR Royalty
54.	Bint Property	Glencore	Timmins, Canada	Exploration	Au	2.0% NSR Royalty
55.	Colbert/Anglo	Newmont	Timmins, Canada	Exploration	Au	2.0% NSR Royalty
56.	Montclerg	GFG ‎Resources	Timmins, Canada	Exploration	Au	1.0% NSR Royalty
57.	Pelangio Poirier	Pelangio Exploration	Timmins, Canada	Exploration	Au	1.0% NSR Royalty
58.	Detour DNA	Agnico Eagle ‎	Cochrane, Canada	Exploration	Au	2.0% NSR Royalty
59.	Beaudoin	Explor Resources	Timmins, Canada	Exploration	Au, Ag	0.4% NSR Royalty
60.	Sirola Grenfell	Record Gold Corp.	Kirkland Lake, Canada	Exploration	Au	0.25% NSR Royalty
61.	Mirado Mine	Orecap Invest Corp.	Kirkland Lake, Canada	Exploration	Au	1.0% NSR Royalty and Option
62.	Solomon's Pillar	Private Party	Greenstone, Canada	Exploration	Au	1.0% NSR Royalty
63.	Puchildiza ‎	Not Applicable	Chile	Exploration	Au	1.5% NSR Royalty^(8)^
64.	Los Patos	Private Party	Venezuela	Exploration	Au	1.5% NSR Royalty
65.	Big Island	Voyageur<br>Mineral Explorers Corp.^(5)^	Flin Flon, Canada	Exploration	Au	2.0% NSR Royalty
66.	Biricu	Minaurum Gold Inc.	Guerrero, Mexico	Exploration	Au, Ag	2.0% NSR Royalty^(9)^<br><br>(subject to a 1.0% limited buy back right)
67.	Boulevard	Independence Gold	Yukon, Canada	Exploration	Au	1.0% NSR Royalty

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
68.	Camflo Mine	Agnico Eagle	Val d'Or, Canada	Exploration	Au	1.0% NSR Royalty
69.	Edwards Mine	Alamos Gold	Wawa, Canada	Exploration	Au	1.25% NSR Royalty
70.	Goodfish Kirana	Warrior Gold	Kirkland Lake, Canada	Exploration	Au	1.0% NSR Royalty
71.	Kirkland-Hudson	Agnico Eagle ‎	Kirkland Lake, Canada	Exploration	Au	2.0% NSR Royalty
72.	Pucarana	Buenaventura	Peru	Exploration	Au	Option - 1.8% NSR Royalty
73.	Capricho	Copper Standard/Solaris ‎Resources	Peru	Exploration	Au, Ag	1.0% NSR Royalty
74.	Los Tambos	Copper Standard Resources	Peru	Exploration	Au	1.0% NSR Royalty
75.	Tower Mountain	Thunder Gold	Thunder Bay, Canada	Exploration	Au	2.0% NSR Royalty
76.	Orion	Minera Frisco	Mexico	Exploration	Au, Ag	2.75% NSR Royalty^(10)^
77.	Pine Valley	Nevada Gold Mines	Nevada, U.S.A.	Exploration	Au	3.0% NSR Royalty
78.	Green Springs	Orla Mining	Nevada, U.S.A.	Exploration	Au	2.0% NSR Royalty
79.	Black Ridge (Carlin East)	Ridgeline Minerals	Nevada, U.S.A.	Exploration	Au	0.5% NSR<br><br>(subject to annual advance royalty payments)
80.	Caldera	Not Applicable	Nevada, U.S.A.	Exploration	Au	1.0% NSR Royalty
81.	Jersey Valley	Not Applicable	Nevada, U.S.A.	Exploration	Au	2.0% - 3.0% NSR Royalty
82.	Kings Canyon	Pine Cliff Energy	Utah, U.S.A.	Exploration	Au	2.0% NSR Royalty^(6)^
83.	Golden Brew	Highway 50 Gold	Nevada, U.S.A.	Exploration	Au	0.5% NSR Royalty
84.	Golden Dome	Warriedar Resources	Nevada, U.S.A.	Exploration	Au	2.0% NSR Royalty^(6)^<br>(subject to annual advance royalty payments)

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
85.	La Luz	First Majestic	Mexico	Exploration	Ag	2.0% NSR Royalty
86.	Fenn Gibb South	Mayfair	Ontario, Canada	Exploration	Au	1.4% NSR Royalty
87.	Ronda	PTX Metals^(1^^5^^)^	Ontario, Canada	Exploration	Au	2.0% NSR Royalty<br>(subject to 1.0% buy back right)
88.	Northshore West	Newpath	Ontario, Canada	Exploration	Au	2.0% NSR Royalty
89.	Janice Lake	Forum Energy Metals	Canada	Exploration	Cu-Ag	1.0% NSR Royalty (subject to a 0.375% buyback for $0.75 million prior to commercial production)
90.	Wollaston	Transition Metals Corp.	Canada	Exploration	Cu-Ag	1.0% NSR Royalty
91.	Bancroft	Transition Metals Corp.	Canada	Exploration	Ni-Cu-PGM	1.0% NSR Royalty
92.	Maude Lake	Transition Metals Corp.	Canada	Exploration	Ni-Cu-PGM	1.0% NSR Royalty
93.	Saturday Night	Transition Metals Corp.	Canada	Exploration	Ni-Cu-PGM	1.0% NSR Royalty
94.	Copper King	Pacific Empire Minerals	Canada	Exploration	Cu-Au	1.0% NSR Royalty
95.	Nub East	Pacific Empire Minerals	Canada	Exploration	Cu-Au	1.0% NSR Royalty
96.	NWT	Pacific Empire Minerals	Canada	Exploration	Cu-Au	1.0% NSR Royalty
97.	Pinnacle	Pacific Empire Minerals	Canada	Exploration	Cu-Au	1.0% NSR Royalty
98.	Homathko	Transition Metals Corp.	Canada	Exploration	Au	1.0% NSR
99.	Elephant Head	Canadian Gold Miner	Canada	Exploration	Au	1.0% NSR Royalty (subject to a 0.5% buyback for $0.75 million)

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****	Property	Operator	Location	Stage	Metal^(1)^	Terms
100.	West Matachewan	Laurion/Canadian Gold Miner	Canada	Exploration	Au	1.0% NSR Royalty (subject to a 0.5% buyback for $0.75 million)

Notes:

(1) "Au" means gold, "Ag" means silver, "Ph" means lead, "Zn" means Zinc, "Cu" means copper, "Mo" means Molybdenum, "Ni" means Nickel and "PGM" means platinum group metals.

(2) On January 27, 2025, Newmont entered into a definitive agreement with Discovery Silver Corp. ("Discovery Silver"), pursuant to which Discovery Silver shall acquire 100% of Newmont's interest in it's the Hoyle Pond Extension, among other assets.

(3) On March 28, 2023, Polymetals announced that it has acquired a 100% interest in the Endeavor mine.

(4) Under the joint venture arrangement with Nova, Metalla will be entitled to all payments under the NSR Royalty with respect to gold production and Nova will be entitled to all payments under the NSR Royalty with respect to copper production, and all other payments under the NSR Royalty will be split evenly between the Purchasers.

(5) Formerly Copper Reef Mining Corporation prior to a name change announced on August 15, 2020.

(6) 1.0% NSR Royalty for encumbered claims.

(7) The Royalty is comprised of (a) a 1.0% NSR Royalty on the first 500Koz of gold or gold equivalents commencing at the earlier of the production of 5Koz or commercial production; (b) a 2.0% NSR on production exceeding ‎500Koz of gold or gold ounce equivalents up to 1,500Koz of gold or gold ounce ‎equivalents‎; and (c) a perpetual 1.0% NSR on all ounces of gold or gold ‎ounce equivalents in excess of 1,500Koz.

(8) 1.5% Royalty has subsequently been extinguished upon acquisition of the underlying concessions by Metalla.

(9) On January 19, 2021, Metalla sold Minaurum a limited time option to repurchase 1.0% of the NSR Royalty in consideration for 100,000 common shares of Minaurum. Under the limited repurchase option, Minaurum must pay Metalla a cash payment of ‎(a) $500,000 if the repurchase option is exercised on or before December 31, 2023; (b) $750,000 if the ‎repurchase option is exercised after December 31, 2023 and on or before December 31, 2024; and (c) $1,000,000 if the repurchase option is exercised after December 31, 2024 and on or before ‎December 31, ‎‎2025‎.‎

(10) Not currently owned by Metalla. Under contract to be acquired subject to customary closing conditions.

(11) Currently on care and maintenance.

(12) On August 14, 2023, Silver Storm (formerly known as Golden Tag Resources Ltd.) announced that it has acquired a 100% interest in the La Parrilla property from First Majestic.

(13) The mine was previously classified as production; however, it was placed on care and maintenance. As such, ‎the Company has reclassified it as a development stage property.‎

(14) Metalla converted its 100% silver stream in the Endeavor mine into a 4.0% NSR Royalty on all lead, zinc and silver ‎produced from those mining tenements.

(15) ‎Formerly Platinex Inc. prior to a name change announced on February 26, 2024.

(16) Metalla currently expects to acquire, through Nova, approximately 16.7% of an existing 0.5% net profit interest ("NPI") Royalty on the Josemaria copper-gold-silver project in San Juan, Argentina, owned by Lundin Mining Corporation (approximately 0.08325% NPI) for ‎total aggregate consideration of $2.4 million, with a right of first refusal over an additional 16.7% of the royalty ‎‎(approximately 0.08325% NPI).‎

(17) The total royalty payable is ½ of the U.S. Government royalty, which was most recently quoted at 4.8%. The U.S. ‎government royalty is subject to change, which would change the royalty payable to Metalla. The royalty currently ‎payable to Nova is calculated in the following formula: 4.8% * ½ * 1/3 * ore mined * grade mined * applicable prices ‎of copper and nickel. The royalty is calculated on the basis of contained metal in ore by multiplying ore mined by ‎the grade of the material - and does not subtract the usual deductions due to recoveries, payabilities, TC/RCs, and ‎other applicable operating costs. The 1/3 multiplier in the royalty calculation formula is the mechanism by which ‎those usual costs are captured. In the technical report, copper reserves are calculated using recoveries of 94.0% ‎and payabilities of 76.4% and nickel reserves are calculated using recoveries of 60.8% and payabilities of 70.8%.

Further details regarding the purchase agreements entered into by Metalla in respect of certain Stream and Royalty acquisition agreements with respect to development or production properties can be found under the heading General Development of the Business‎ above.

Competitive Conditions

Metalla will compete with other companies that operate in the Stream and Royalty market segment to acquire Streams and Royalties. Metalla will also compete with companies that provide financing to mining companies. Metalla also competes with other precious metals focused companies for capital and human resources. See section "Description of the Business - Risk Factors - Competition".

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Components

Metalla expects to purchase or acquire Royalties or Streams as previously described above under the heading Description of the Business.

Employees

As at the date of this AIF, Metalla has a total of 6 full-time and 3 part-time employees. No management functions of Metalla are performed to any substantial degree by persons other than the directors and executive officers of the Company.

Foreign Operations

Metalla currently purchases or expects to purchase precious or other metals or receives or expects to receive payments under Royalties from mines or operations in Australia, Argentina, Mexico, Canada, Tanzania, Peru, Chile, Brazil, Venezuela and the United States. Metalla may in the future purchase precious metals or receive payments under Royalties from mines or operations in other countries. Changes in legislation, regulations or governments in such countries are beyond Metalla's control and could adversely affect the Company's business. Metalla may also be exposed to political, economic or other risks and uncertainties, including a risk of war or civil unrest. In particular, the Company's business could be materially adversely affected by the conflict in the Middle East or between Russia and Ukraine, which could in turn have potential impacts on commodity prices and negative implications on the financial markets. The effect of these factors cannot be predicted with any accuracy by Metalla or its management. See section "Description of the Business - Risk Factors - International Interests" in this AIF.

RISK FACTORS

Investing in the securities of the Company is speculative and involves a high degree of risk due to the nature of our business and the present ‎stage of its development. The following risk factors, as well as risks currently unknown to us, could materially and adversely affect ‎our future business, operations and financial condition and could cause them to differ materially from the estimates described in ‎forward-looking statements relating to the Company, or its business, property or financial results, contained herein, each of which could cause purchasers of our securities to lose part or all of their ‎investment. The risks set out below are not the only risks we face; risks and uncertainties not currently known to us or that we ‎currently deem to be immaterial may also materially and adversely affect our business, financial condition, results of operations ‎and prospects.

Investors should carefully consider all of the information disclosed in this AIF prior to investing in the securities of Metalla. In addition to the other information presented in this AIF, the following risk factors should be given special consideration when evaluating an investment in such securities. These risk factors could materially affect Metalla's future operating results and could cause actual events to differ materially from those described in forward-looking statements relating to Metalla. The risk factors described in this AIF are not the only risks that Metalla faces. Additional risks or uncertainties that Metalla does not have any knowledge of or are currently deemed as immaterial, could also materially adversely affect Metalla.

Risks Relating to Metalla

Changes in Commodity Prices that underlie Royalty, Stream or Other Interests

The price of Metalla's Common Shares may be significantly affected by declines in commodity prices. The revenue derived by ‎Metalla from its asset portfolio will be significantly affected by changes in the market price of commodities that underlie the Royalty, ‎Stream or other investments or interests of Metalla. Metalla's revenue is particularly sensitive to changes in the price of gold and ‎silver. Any future cash flow derived from silver Streams is dependent on the future price of silver. The price of gold, silver and ‎other commodities fluctuates daily and are affected by factors beyond the control of Metalla, including levels of supply and ‎demand, industrial development, inflation and interest rates, the U.S. dollar's strength and geo-political events. External economic ‎factors that affect commodity prices can be influenced by changes in international investment patterns, monetary systems and ‎political developments.‎

23 -

The Chinese market is a significant source of global demand for commodities. A sustained slowdown in China's growth or demand, ‎or a significant slowdown in other markets, in either case, that is not offset by reduced supply or increased demand from other regions ‎could have an adverse effect on the price and/or demand for the products in respect of which we have Streams, Royalties or other ‎interests.

All commodities, by their nature, are subject to wide price fluctuations and future material price declines will result in a decrease in ‎revenue and may cause a suspension or termination of production by relevant operators, which would result in a complete cessation ‎of revenue from applicable Royalties, Streams or working interests. Even if Metalla works to ensure a diversification of commodities ‎that underlie its Royalties, Streams and other interests, the commodity market trends are cyclical in nature and a general downturn in ‎commodity prices could result in a significant decrease in overall revenue.‎

Metalla Has No Control Over Mining Operations

Metalla is not directly involved in the operation of mines. The revenue Metalla may derive from its portfolio of Royalty and Stream ‎assets and other interests is based entirely on production from third-party mine owners and operators. Metalla is party to precious metal ‎purchase agreements to purchase a certain percentage of precious metals or other metals produced by certain mines and operations ‎and Metalla expects to receive payments under Royalty agreements based on production from certain mines and operations, ‎however, Metalla will not have a direct interest in the operation or ownership of those mines and projects. The owners and operators ‎generally will have the power to determine the manner in which the properties are exploited, including decisions to expand and ‎continue or reduce, suspend or discontinue production from a property, to make decisions about the marketing of products extracted ‎from the property and to make decisions to advance exploration efforts and conduct development of non producing properties. The ‎interests of third-party owners and operators and those of Metalla in respect of a relevant project or property may not always be ‎aligned. The inability of Metalla to control the operations for the properties in which it has a Royalty, Stream or other interest may ‎result in a material adverse effect on the profitability of Metalla, the results of operations of Metalla and its financial condition. ‎Except in a limited set of circumstances as may be specified in respect of a specific Stream, Royalty or other interest, Metalla will not ‎receive compensation if a specific mine or operation fails to achieve or maintain production or if the specific mine or operation is ‎closed or discontinued. In addition, a number Mining Operations (as defined below) are currently in exploration stage and may not commence commercial production and there can be no ‎assurance that if such operations do commence production that they will achieve profitable and continued production levels. In ‎addition, the owners or operators may take action contrary to policies or objectives of Metalla; be unable or unwilling to fulfill their ‎obligations under their agreements with Metalla; have difficulty obtaining or be unable to obtain the financing necessary to move ‎projects forward; or experience financial, operational or other difficulties, including insolvency, which could limit the owner or ‎operator's ability to perform its obligations under arrangements with Metalla. Metalla is also subject to the risk that a specific mine or ‎project may be put on care and maintenance or have its operations suspended, on both a temporary or permanent basis.‎

The owners or operators of the projects or properties in which Metalla holds a Royalty, Stream or other interest may from time to ‎time announce transactions, including the sale or transfer of the projects or of the operator itself, over which Metalla has little or no ‎control. If such transactions are completed it may result in a new operator controlling the project, who may or may not operate the ‎project in a similar manner to the current operator which may positively or negatively impact Metalla. If any such transaction is ‎announced, there is no certainty that any such transaction will be completed, or completed as announced, and any consequences of ‎such non completion on Metalla may be difficult or impossible to predict.‎

Metalla is subject to the risk that Mining Operations may shut down on a temporary or permanent basis due to issues including but ‎not limited to economic conditions, lack of financial capital, flooding, fire, pandemics (including the COVID-19 pandemic), weather ‎related events, mechanical malfunctions, community or social related issues, social unrest, the failure to receive permits or having ‎existing permits revoked, collapse of mining infrastructure including tailings ponds, expropriation and other risks. ‎These issues are common in the mining industry and can occur ‎frequently. There is a risk that the carrying values of Metalla's assets may not be recoverable if the mining companies operating the ‎Mining Operations cannot raise additional finances to continue to develop those assets. The exact effect of these factors cannot be ‎accurately predicted, but the combination of these factors may result in the Mining Operations becoming uneconomic resulting in ‎their shutdown and closure. Metalla is not entitled to purchase gold, silver or other commodities, receive royalties or other economic ‎benefit from the Mining Operations if no gold, silver or other commodities are produced from the Mining Operations.‎

24 -

Variations in Foreign Exchange Rates

Foreign exchange rates have seen significant fluctuation in recent years. Effective September 1, 2020, Metalla's ‎presentation currency is the United States dollar. However, Metalla maintains an office and employees in ‎Canada, a material portion of its expenditures are incurred in Canadian dollars and it has outstanding ‎indebtedness denominated in Canadian dollars. In addition, certain of Metalla's Royalties require or permit ‎payment in, or are based on calculations using, currencies other than United States dollars. For example, the ‎Royalty on the Cap-Oeste Sur East ("COSE") mine provides that payment may be made in either Argentinian Pesos or United States ‎dollars at the option of the payor. As a result, Metalla is subject to foreign currency exchange risk. Metalla has not ‎hedged its exposure to currency fluctuations. A depreciation in the value of the United States dollar against ‎the ‎Canadian dollar or one or more of the currencies in which Metalla receives payments under the Royalties and ‎Streams could have a material adverse ‎effect on the profitability of Metalla, its results of operations and ‎financial condition. ‎

Delay Receiving or Failure to Receive Payments

Metalla is dependent to a large extent upon the financial viability and operational effectiveness of owners and operators of the ‎relevant mines and mineral properties underlying Metalla's Streams and Royalties. Payments from production generally flow through ‎the operator and there is a risk of delay and additional expense in receiving such revenues. Payments may be delayed by restrictions ‎imposed by lenders, delays in the sale or delivery of products, the ability or willingness of smelters and refiners to process mine ‎products, recovery by the operators of expenses incurred in the operation of the Royalty or Stream properties, the establishment by ‎the operators of reserves for such expenses or the insolvency of the operator. Metalla's rights to payment under the Royalties and ‎Streams must, in most cases, be enforced by contract without the protection of the ability to liquidate a property. This inhibits ‎Metalla's ability to collect amounts owing under its Royalties and Streams upon a default. Additionally, some agreements may ‎provide limited recourse in particular circumstances which may further inhibit Metalla's ability to recover or obtain equitable relief in ‎the event of a default under such agreements. In the event of a bankruptcy of an operator or owner, it is possible that an operator ‎may claim that Metalla should be treated as an unsecured creditor and, therefore, have a limited prospect for full recovery of revenue ‎and a possibility that a creditor or the operator may claim that the Royalty or Stream agreement should be terminated in the ‎insolvency proceeding. Failure to receive payments from the owners and operators of the relevant properties or termination of ‎Metalla's rights may result in a material and adverse effect on Metalla's profitability, results of operations and financial condition.‎

Reliance on Third-Party Reporting

Metalla relies on public disclosure and other information regarding specific mines or projects that is received from the owners or ‎operators of the mines or other independent experts, and certain of such information is included in this AIF. The information received may be susceptible to being imprecise as a result of it ‎being compiled by certain third parties. The disclosure created by Metalla may be inaccurate if the information received contains ‎inaccuracies or omissions, which could create a material adverse effect on Metalla. Further, Metalla must rely on the accuracy and ‎timeliness of the public disclosure and other information it receives from the owners and operators of the Mining Operations, and uses ‎such information in its analyses, forecasts and assessments relating to its own business and to prepare its disclosure with respect to the ‎Streams and Royalties. If the information provided by such third parties to Metalla contains material inaccuracies or omissions, the ‎Company's disclosure may be inaccurate and its ability to accurately forecast or achieve its stated objectives may be materially ‎impaired, which may have a material adverse effect on Metalla.‎

25 -

In addition, a Royalty or Stream agreement may require an owner or operator to provide Metalla with production and operating ‎information that may, depending on the completeness and accuracy of such information, enable Metalla to detect errors in the ‎calculation of Royalty or Stream payments that it receives. As a result, the ability of Metalla to detect payment errors through its ‎associated internal controls and procedures is limited, and the possibility exists that Metalla will need to make retroactive revenue ‎adjustments. Of the Royalty or Stream agreements that Metalla enters into, some may provide Metalla the right to audit the ‎operational calculations and production data for associated payments; however, such audits may occur many months following the ‎recognition by Metalla of the applicable revenue and may require Metalla to adjust its revenue in later periods.‎

As a holder of an interest in a Royalty or Stream, Metalla will have limited access to data on the operations or to the actual properties ‎underlying the Royalty or Stream. This limited access to data or disclosure regarding operations could affect the ability of Metalla to ‎assess the performance of the Royalty or Stream. This could result in delays in cash flow from that which is anticipated by Metalla ‎based on the stage of development of the properties covered by the assets within the portfolio of Metalla.‎

If ESG information provided to the Company by third parties (before and/or after entering into a transaction to ‎acquire a Mining Operation) contained or contains material inaccuracies or omissions, the Company's ‎conclusions in this regard may be inaccurate.‎

Disclosure Regarding Operations

Some Royalties or Streams may be subject to confidentiality arrangements which govern the disclosure of information regarding ‎the Royalty or Stream and, as such, Metalla may not be in a position to publicly disclose non-public information with respect to ‎certain Royalties or Streams. The limited access to data and disclosure regarding the operations of the properties in which Metalla has ‎an interest, may restrict the ability of Metalla to enhance its performance which may result in a material and adverse effect on the ‎profitability of Metalla, results of operations for Metalla and financial condition. There can be no assurance that Metalla will be ‎successful in obtaining these rights when negotiating the acquisition of Royalties or Streams.‎

Strategy for Acquisitions

As Metalla executes on its business plan, it intends to seek to purchase additional Royalties and Streams from third parties. Metalla ‎cannot offer any assurance that it can complete any other acquisition or proposed business transactions on ‎favourable terms or at all, or that any completed acquisitions or proposed transactions will benefit Metalla.

At any given time Metalla ‎may have various types of transactions and acquisition opportunities in various stages of review, including submission of indications ‎of interest and participation in discussions or negotiations in respect of such transactions. This process also involves the engagement ‎of consultants and advisors to assist in analyzing particular opportunities. Any such acquisition or transaction could be material to ‎Metalla and may involve the issuance of securities by Metalla to fund any such acquisition. Any such issuance of securities may ‎result in substantial dilution to existing shareholders and may result in the creation of new control positions. In addition, any such ‎acquisition or other Royalty or Stream transaction may have other transaction specific risks associated with it, including risks related ‎to the completion of the transaction, the project operators or the jurisdictions in which assets may be acquired.‎

Additionally, Metalla may consider opportunities to restructure its Royalties or Streams where it believes such a restructuring may ‎provide a long-term benefit to Metalla, even if such restructuring may reduce near term revenues or result in Metalla incurring ‎transaction-related costs. Metalla may enter into one or more acquisitions, restructurings or other Royalty and Stream transactions ‎at any time.‎

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Metalla Cash Flow Risk

Metalla is not directly involved in the ownership or operation of mines. Metalla's Royalty, Stream and other interests in properties or ‎projects are subject to most of the significant risks of the operating mining company. Metalla's cash flow is dependent on the ‎activities of third parties which could create risk that those third parties may have targets inconsistent to Metalla's targets, take action ‎contrary to Metalla's goals, policies or objectives, be unwilling or unable to fulfill their contractual obligations owed to Metalla, or ‎experience financial, operational or other difficulties or setbacks, including bankruptcy or insolvency proceedings, which could limit a ‎third-party's ability to perform under a specific third-party arrangement. Specifically, Metalla could be negatively impacted by an ‎operator's ability to continue its mining operations as a going concern and have access to capital. A lack of access to capital could ‎result in a third-party entering a bankruptcy proceeding, which would result in Metalla being unable to realize any value for its ‎Stream, Royalty or other interest.‎

Negative Cash Flow from Operations

During the fiscal year ended December 31, 2024, the Company had negative cash flow from operating activities. To the extent that the Company has negative cash flow in any future period, unallocated funds may be used to fund such negative cash flow from operating activities, if any.

Rights of other Interest-Holders

Some Royalty and Stream interests are subject to: (i) buy-down right provisions pursuant to which an operator may buy back all or a ‎portion of the Royalty or Stream, (ii) pre-emptive rights pursuant to which certain parties have the right of first refusal or first offer ‎with respect to a proposed sale or assignment of a Royalty or Stream to Metalla, or (iii) claw back rights pursuant to which the seller ‎of a Royalty or Stream to Metalla has the right to re acquire the Royalty or Stream. Holders may exercise these rights such that ‎certain Royalty and Stream interests would no longer be held by Metalla or would become difficult for Metalla to acquire. Any ‎compensation received as a result may be significantly less than Metalla had budgeted receiving for the applicable Royalty or Stream ‎and may have a material adverse effect on Metalla's income and business.‎

Defects in Royalties and Streams

A defect in the Royalties and Streams and/or the underlying contract may arise to defeat or impair the claim of Metalla to such Royalty or Stream.

Such defects in a Royalty or Stream may result in a material and adverse effect on Metalla's profitability, ‎results ‎of operations, financial condition and the trading price of Metalla securities.‎

Change in Material Assets

Metalla holds a 1.35% net smelter return Royalty on the Côté Property (the "Côté Property Royalty") ‎and a 0.42% net smelter return Royalty (the "Taca Taca Royalty") on the Taca Taca Property. The Company holds the Taca Taca Royalty through its wholly-owned subsidiary, Nova.

As at the date of this AIF, the Côté Property Royalty and the Taca Taca Royalty are the only material assets ‎of Metalla, although as new assets are acquired or existing assets move into production, the materiality of each of the assets of Metalla will be ‎reconsidered. Any adverse development affecting the operation of, production from or recoverability of mineral reserves from the Côté Property Royalty and the Taca Taca Royalty or any other significant property in the asset portfolio from time to time, ‎such as, but not limited to, unusual and unexpected geologic formations, seismic activity, rock bursts, cave ins, flooding and other ‎conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other ‎producing facilities, damage to life or property, environmental damage, or the inability to hire suitable personnel and engineering ‎contractors or secure supply agreements on commercially suitable terms, may have a material adverse effect on the profitability of ‎Metalla, the financial condition of Metalla and results of its operations.‎

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Global Financial Conditions

Global financial conditions have been characterized by ongoing volatility. Global financial conditions could suddenly and rapidly destabilize in response to future events, as government authorities may have limited resources to respond to future crises. Global capital markets have continued to display increased volatility in response to global events. In particular, the conflicts in the Middle East and between Russia and Ukraine and any restrictive actions that are or may be taken by Canada, the U.S., and other countries in response thereto, such as sanctions or export controls, could have potential negative implications to the global capital markets. Future crises may be precipitated by any number of causes, including natural disasters, pandemics, geopolitical instability, changes to energy prices or sovereign defaults.

Market events and conditions, including the COVID-19 pandemic, significant fluctuations in fuel and energy costs and prices, inflation and rising interest rates, political instability in the Middle East and Russia and international trade tension have resulted in commodity prices remaining volatile. These conditions have also caused a loss of confidence in global financial markets, causing consumer spending to decrease, employment rates to reach historic lows and consumer debt levels to increase. Notwithstanding various actions by governments, concerns about the general condition of the capital markets have caused these markets to be volatile. These events are illustrative of the effect that events beyond the Company's control may have on commodity prices, demand for metals, including gold, silver, copper, lead and zinc, availability of credit, investor confidence, and general financial market liquidity, all of which may adversely affect the Company's business. Global financial conditions have always been subject to volatility.

Any sudden or rapid destabilization of global economic conditions or crisis in the credit market could negatively impact Metalla's ability, or the ability of the operators of the properties in which Metalla holds Royalties, Streams or other interests, to obtain equity or debt financing or make other suitable arrangements to finance their projects. Additionally, increased levels of volatility and market turmoil can adversely impact the operations of Metalla and the value and the price of the Common Shares of the Company could be adversely affected.

The Impact of Pandemics and Public Health Emergencies in the Future May Significantly Impact Metalla

The COVID-19 global health pandemic had a significant impact on the global economy and commodity and financial markets. Many of these impacts are still being experienced in various ways around the world. The impact of the pandemic included extreme volatility in financial markets, elevated inflation, extreme volatility in commodity prices (including gold, silver, lead, zinc, copper, molybdenum, nickel, and platinum), raised the prospect of an extended global recession and the temporary suspension of many mining operations. If the operation or development of one or more of the properties in which Metalla holds a Royalty, Stream or other interest and from which it receives or expects to receive significant revenue is suspended as a result of future pandemics or other public health emergencies, it may have a material adverse impact on the Company's profitability, results of operations, financial condition and the trading price of the Company's securities. The broader impact of future pandemics or similar public health emergencies on investors, businesses, the global economy or financial and commodity markets may also have a material adverse impact on the Company's profitability, results of operations, financial condition and the trading price of the Company's securities.

Dependence on Key Personnel

Metalla is dependent on the services of a small number of key management personnel. The ability of Metalla to manage its activities ‎and its business will depend in large part on the efforts of these individuals. There can be no assurance that Metalla will be successful ‎in engaging or retaining key personnel. The loss of the services of a member of the management of Metalla could have a material ‎adverse effect on the Company. From time to time, Metalla may also need to identify and retain additional skilled management and ‎specialized technical personnel to efficiently operate its business. The number of persons skilled in the acquisition of Royalties and or ‎Streams is limited and competition for such persons is intense. Recruiting and retaining qualified personnel is critical to the success of ‎Metalla and there can be no assurance that Metalla will be successful in recruiting and retaining the personnel it needs to successfully ‎operate its business. If Metalla is not successful in attracting and retaining qualified personnel, the ability of Metalla to execute on its ‎business model and strategy could be affected, which could have a material and adverse impact on its profitability, results of ‎operations and financial condition.‎

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Limitations of Controls and Procedures‎

No assurances can be made that Metalla's internal controls will be effective or that Metalla will be able to maintain effective controls in the future. In addition, the Company's internal control over financial ‎reporting may not prevent or detect misstatements because of the inherent limitations of internal controls, including ‎the possibility of human error, the circumvention or overriding of controls, poorly designed or ineffective controls, or ‎fraud. As an "emerging growth company", Metalla is not currently required to obtain an auditor attestation of its ‎internal control over financial reporting. Failure to maintain effective controls, or a failure of the Company's ‎internal controls, could cause the Company to be required to amend its financial statements, subject the Company ‎to additional costs, adversely affect the Company's stock price if shareholders or other third parties have less ‎confidence in the Company, or subject the Company to potential regulatory actions. In addition, any failure to ‎implement required new or improved controls, or difficulties encountered in their implementation, could harm the ‎Company's operating results or cause it to fail to meet its reporting obligations.‎

Dividends

Payment of dividends on Metalla's securities is within the discretion of Metalla's board of directors and will depend upon Metalla's ‎future earnings, cash flows, acquisition capital requirements and financial condition, and other relevant factors. Metalla's long-term dividend policy is to pay out a target rate of 50% of the annualized operating cash flow of the Company. The board of ‎directors of the Company will continue to assess the ‎Company's ability to pay dividends in respect of a particular quarter during the 2024 financial year, but there can be no assurance that it will be in ‎a position to declare dividends in the future due to the occurrence of one or more of the risks described herein. See "Dividends" section below for additional information.‎

Competition

Metalla will compete with other companies for Streams and Royalties. Other companies may have greater resources than Metalla. ‎Any such competition may prevent Metalla from being able to secure new Streams or acquire new Royalties. Future competition in ‎the royalty and streaming sector could materially adversely affect Metalla's ability to conduct its business. There can be no ‎assurance that Metalla will be able to compete successfully against other companies in acquiring new Royalty and/or Stream ‎interests. In addition, Metalla may be unable to acquire Royalties or Streams at acceptable valuations which may result in a material ‎and adverse effect on Metalla's profitability, results of operations and financial condition.‎

Project Operators may not Respect Contractual Obligations

Royalty, Stream and other interests in properties or projects are contractual in nature. Parties to contracts do not always honour contractual terms and contracts themselves may be subject to interpretation or technical defects. To the extent grantors of Royalties, Stream and other interests do not abide by their contractual obligations, Metalla may be forced to take legal action to enforce its contractual rights. Such litigation may be time consuming and costly and there is no guarantee of success. Further, any such litigation may also be required to be pursued in foreign jurisdictions. Any pending proceedings or actions or any decisions determined adversely to Metalla, may have a material and adverse effect on Metalla's profitability, results of operations, financial condition and the trading price of the Common Shares.

Enforceability

The status of Royalties at law can be uncertain and varies from jurisdiction to jurisdiction and in certain jurisdictions a Royalty may ‎not be a registrable interest which is an interest land. As a result, it may be difficult for Metalla to enforce its rights with respect to ‎Royalties against a third party. Such a failure may result in the loss of the Company's rights to such a Royalty in the event a third ‎party assigns title to the underlying property.‎

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Conflicts of Interest

Certain directors and officers of Metalla also serve as directors, officers and/or advisors of other companies that are involved in natural ‎resource explorations, development and mining operations, including Galena Mining Limited, Azarga Metals ‎Corp., Enduro Metals Corporation, Silver Hammer Mining Corp., MTB Metals Corp., GT Resources Inc., ‎Comet Resources Limited, Tempus Resources ‎Limited, K92 Mining Inc., Osisko Metals Inc., Atex Resources Inc., and Clover Leaf Capital Corp. and, consequently, ‎there exists the possibility for such directors and officers to be in a position where there is a conflict of interest. Any decision made by ‎any such directors and officers will be made in accordance with their duties and obligations to deal in good faith and in the best ‎interests of Metalla and its shareholders. Each director that is in a conflict of interest is required to declare such conflict and abstain ‎from voting on a matter in which that director is conflicted in accordance with applicable law.‎

Future Financing Requirements

Metalla expects that it will require additional financing in the future, to fund new acquisitions, to make required installment, milestone and contingent payments under prior acquisition agreements, for general corporate purposes and, unless indebtedness is converted to equity, for debt repayment. There can be no assurance that Metalla will be able to obtain adequate financing in the future, that it will satisfy ‎the requirements to draw additional funds under the Beedie Loan Facility, that it will raise additional capital through any financing or that the terms of any financing ‎will be favourable. Failure to obtain such additional financing or satisfy the requirement for additional draws ‎under the Beedie Loan Facility could impede the funding obligations of Metalla or result in delay or ‎postponement of further business activities which may result in a material and adverse effect on Metalla's ‎profitability, results of operations and financial condition. Metalla may require new capital to continue to grow its ‎business and there are no assurances that capital will be available when needed, if at all. It is likely that, at least ‎to some extent, such additional capital will be raised through the issuance of additional equity or convertible ‎debt, which could result in dilution to shareholders.‎

See "Risk Factors - Dilution".

Compliance with Terms and Repayment of Credit Facilities

There can be no assurance that the Beedie Loan Facility, or any other credit facilities or financing ‎agreements that Metalla may enter into, will be renewed or refinanced, ‎or if renewed or refinanced, that ‎the renewal or refinancing will occur on equally favourable terms to Metalla, that Metalla will be able to comply with the covenants and other obligations under these agreements, that the indebtedness thereunder will be converted to Common Shares by the holder thereof, or that Metalla will be able to raise sufficient capital to repay such indebtedness when required. Metalla's ability to ‎continue ‎operating may be adversely affected if Beedie does not convert the loans outstanding under the Beedie ‎Loan Facility into equity of Metalla, if Metalla is not able to renew the Beedie Loan Facility or any other ‎credit facilities or arrange refinancing, or if such ‎renewal or refinancing, as the case may be, occurs on ‎terms materially less favorable to Metalla than at present. The Beedie Loan Facility is secured by a ‎substantial portion of Metalla's assets, and imposes covenants and obligations on Metalla. There is a ‎risk that this and any other such facilities or loans may go into ‎default if there is a breach in complying ‎with covenants and obligations, which could result in the lenders realizing on their ‎security and causing ‎the shareholders to lose some or all of their investment.‎

Depending on Metalla's future business plans, Metalla may require additional debt financing that may not be available or, if available, may not be available on favourable terms. The level of Metalla's indebtedness from time to time could impair its ability to obtain additional financing on a timely basis to take advantage of business opportunities that may arise.

Litigation affecting Properties

Potential litigation may arise on a property on which Metalla holds or has a Royalty or Stream interest (for example, litigation ‎between joint venture partners or between operators and original property owners or neighbouring property owners). Metalla will not ‎generally have any influence on the litigation and will not generally have access to data. Any such litigation that results in the ‎cessation or reduction of production from a property (whether temporary or permanent) could have a material and adverse effect on ‎Metalla's profitability, results of operations, financial condition and the trading price of the Common Shares.‎

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Application and Interpretation of Tax Laws

We are subject to direct and indirect taxes in various global jurisdictions. The amount of tax we pay, directly or indirectly, is subject to our interpretation of applicable tax laws in the jurisdictions in which we file, and the applicable tax laws in the jurisdictions of operations in which Metalla has interests including those from which we receive Royalties, Streams and other income.

We have taken and will continue to take tax positions based on our interpretation of tax laws, but tax accounting often involves complex matters and judgment is required in determining our worldwide provision for taxes and other tax liabilities. There can be no assurance that a taxing authority will not have a different interpretation of the law and assess us, or the operations in which Metalla has interests, with additional taxes.

While to our knowledge we are not currently the subject of any tax audits or under reassessment, tax authorities may in the future disagree with our judgment and the presentation of our tax position. We regularly assess the likely outcomes of tax audits or reassessments to determine the appropriateness of our tax liabilities. However, our judgment on tax matters might not be sustained as a result of audits or reassessments, and the amounts ultimately paid could be different from the amounts previously recorded or expected. In addition, our effective tax rate in the future could be adversely affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities and changes in tax laws. Tax rates in the jurisdictions in which we operate or in which we have interests may change as a result of macroeconomic, political or other factors. Increases in the tax rate in any of the jurisdictions in which Metalla has interests could have a negative impact on our profitability.

Changes in Tax Laws Impacting Metalla

There can be no assurance that new tax laws, regulations, policies or interpretations will not be enacted or brought into being in the ‎jurisdictions where Metalla has interests that could have a material adverse effect on Metalla. Any such change or implementation of ‎new tax laws or regulations could adversely affect Metalla's ability to conduct its business. No assurance can be given that new ‎taxation rules or accounting policies will not be enacted or that existing rules will not be applied in a manner which could result in the ‎profits of Metalla being subject to additional taxation or which could otherwise have a material adverse effect on the profitability of ‎Metalla, Metalla's results of operations, financial condition and the trading price of the Common Shares. In addition, the ‎introduction of new tax rules or accounting policies, or changes to, or differing interpretations of, or application of, existing tax rules ‎or accounting policies could make Royalties, Streams or other investments by Metalla less attractive to counterparties. Such changes ‎could adversely affect the ability of Metalla to acquire new assets or make future investments.

‎Anti-Bribery and Anti-Corruption Laws

Metalla is subject to certain anti-bribery and anti-corruption laws, including the Corruption of Foreign Public Officials Act (Canada) and the Foreign Corruption Practices Act (United States). Failure to comply with all such applicable laws could subject Metalla to, among other things, reputational damage, civil or criminal penalties, other remedial measures and legal expenses, which may have a material adverse effect on Metalla's business, results of operations and financial condition. It may not be possible for Metalla to ensure compliance with anti-bribery and anti-corruption laws in every jurisdiction to which it is subject.

In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under anti-bribery and anti-corruption laws, resulting in greater scrutiny and punishment of companies convicted of violating such laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Metalla cannot guarantee that its employees, contractors, third-party agents and business partners have not in the past or will not in the future engage in such violations. If Metalla is the subject of an enforcement action or is otherwise in violation of such laws, it may result in significant penalties, fines and/or sanctions imposed on Metalla, which may have a material adverse effect on Metalla's business, results of operations and financial condition.

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Credit and Liquidity Risk

Metalla is exposed to counterparty risks and liquidity risks including, but not limited to: (i) through the companies with which Metalla ‎has Streams and Royalty agreements with; (ii) through financial institutions that hold Metalla's cash and cash equivalents; ‎‎(iii) through companies that have payables to Metalla; (iv) through Metalla's insurance providers; and (v) through Metalla's lenders. ‎Metalla is also exposed to liquidity risks in meeting its operating expenditure requirements in instances where cash positions are ‎unable to be maintained or appropriate financing is unavailable. These factors may impact the ability of Metalla to obtain loans and ‎other credit facilities in the future and, if obtained, on terms favourable to Metalla. Also, if these risks materialize, the Company's ‎operations could be adversely impacted and the trading price of its securities could be adversely affected.‎

Information Systems and Cyber Security

Metalla's information systems, and those of its counterparties under the Streams and Royalties agreements and vendors, are ‎vulnerable to an increasing threat of continually evolving cybersecurity risks. Unauthorized parties may attempt to gain access to ‎these systems or Metalla's information through fraud or other means of deceiving Metalla's counterparties. Metalla's operations ‎depend, in part, on how well Metalla and its suppliers, as well as counterparties under the Streams and Royalties agreements, protect ‎networks, equipment, information technology systems and software against damage from a number of threats. The failure of ‎information systems or a component of information systems could, depending on the nature of any such failure, adversely impact ‎Metalla's reputation and results of operations. Although to date Metalla has not experienced any material losses relating to ‎cyber attacks or other information security breaches, there can be no assurance that Metalla will not incur such losses in the future. ‎Metalla's risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these ‎threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to ‎protect systems, computers, software, data and networks from attack, damage or unauthorized access remain an area of attention.

Activist Shareholders

Publicly traded companies are often subject to demands or publicity campaigns from activist shareholders advocating for changes to ‎corporate governance practices, such as executive compensation practices, social issues, or for certain corporate actions or ‎reorganizations. There can be no assurance that Metalla will not be subject to any such campaign, including proxy contests, media ‎campaigns or other activities. Responding to challenges from activist shareholders can be costly and time consuming and may have ‎an adverse effect on Metalla's reputation. In addition, responding to such campaigns would likely divert the attention and resources ‎of Metalla's management and board of directors, which could have an adverse effect on Metalla's business and results of operations. ‎Even if Metalla were to undertake changes or actions in response to activism, activist shareholders may continue to promote or ‎attempt to effect further changes and may attempt to acquire control of Metalla. If shareholder activists are ultimately elected to the ‎board of directors, this could adversely affect Metalla's business and future operations. This type of activism can also create ‎uncertainty about Metalla's future strategic direction, resulting in loss of future business opportunities, which could adversely affect ‎Metalla's business, future operations, profitability and Metalla's ability to attract and retain qualified personnel.‎

Reputational Damage

Reputational damage can be the result of the actual or perceived occurrence of any number of events, and could include any ‎negative publicity, whether true or not. While Metalla does not ultimately have direct control over how it is perceived by others, ‎reputational loss could have a material adverse impact on our financial performance, financial condition, cash flows and growth ‎prospects.‎

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Expansion of Business Model

Metalla's operations and expertise have been focused on the acquisition and management of Royalty and Stream interests. Metalla ‎may pursue acquisitions outside this area, including acquiring and/or investing in and/or developing resource projects. Expansion of ‎Metalla's activities into new areas would present challenges and risks that it has not faced in the past, including many of the risks ‎described under the section Risks Related to Mines and Mining Operations. The failure to manage these challenges and risks ‎successfully may result in a material and adverse effect on Metalla's profitability, results of operations, financial condition and the ‎trading price of Metalla securities.‎

Risks Related to Mines and Mining Operations

Risk Factors applicable to Owners and Operators of Properties in which Metalla holds an Interest

To the extent that they relate to the production of minerals from or the continued operation of, properties in which Metalla holds a ‎Royalty or Stream interest, Metalla will be subject to the risk factors applicable to the owners and operators of such mines or projects.‎

Exploration, Development and Operating Risks

Mining involves a high degree of risk. Mines and projects in which Metalla has or may enter into a precious metal purchase ‎agreement or Royalty agreement are subject to all of the hazards and risks normally encountered in the exploration, development ‎and production of metals, including weather related events, unusual and unexpected geology formations, seismic activity, rock ‎bursts, cave ins, pit wall failures, flooding, environmental hazards and the discharge of toxic chemicals, explosions and other ‎conditions involved in the drilling, blasting and removal of material, any of which could result in damage to, or destruction of, mines ‎and other producing facilities, damage to property, injury or loss of life, environmental damage, work stoppages, delays in ‎production, increased production costs and possible legal liability. Any of these hazards and risks and other acts of God could shut ‎down Mining Operations temporarily or permanently. Mining Operations are subject to hazards such as equipment failure or failure ‎of retaining dams around tailings disposal areas which may result in environmental pollution and consequent liability for the owners ‎or operators of the Mining Operations.‎

The exploration for and development, mining and processing of mineral deposits involves significant risks which even a combination ‎of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial ‎rewards, few properties which are explored are ultimately developed into producing mines. Major expenditures may be required to ‎locate and establish mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a ‎particular site. It is impossible to ensure that the exploration or development programs planned by the owners or operators of Mining ‎Operations will result in profitable commercial Mining Operations. Whether a mineral deposit will be commercially viable depends on ‎a number of factors, some of which are: cash costs associated with extraction and processing, the particular attributes of the deposit, ‎such as size, grade and proximity to infrastructure; metal prices which are highly cyclical; government regulations, including ‎regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental ‎protection; and political stability. The exact effect of these factors cannot be accurately predicted, but the combination of these ‎factors may result in one or more of the Mining Operations not receiving an adequate return on invested capital. Accordingly there ‎can be no assurance the Mining Operations which are not currently in production will be brought into a state of commercial ‎production.‎

Climate Change

Governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to emission levels (such as carbon taxes) and energy efficiency is becoming more stringent. The Paris climate accord was signed by 195 countries in December 2015 and marked a global shift toward a low-carbon economy.

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If the current regulatory trend continues, Metalla expects that this will result in increased costs at some of the Mining Operations which could adversely impact the profitability or viability of such operations and may result in reduction or cessation of production which in turn would have an impact on the Company's revenue. In addition, the physical risks of climate change may also have an adverse effect on some of the Mining Operations. These risks include the following:

sea level rise: changes in sea level could affect ocean transportation and shipping facilities which are used to transport supplies, equipment and workforce to some of the Mining Operations and products from those operations to world markets.
extreme weather events: extreme weather events (such as increased frequency or intensity of hurricanes, increased snow pack, prolonged drought) have the potential to disrupt some of the Mining Operations. Extended disruptions to supply lines could result in interruption to production.
resource shortages: some of the Mining Operations depend on regular supplies of consumables (diesel, tires, sodium cyanide, et cetera) and reagents to operate efficiently. In the event that the effects of climate change or extreme weather events cause prolonged disruption to the delivery of essential commodities, production efficiency at some of the Mining Operations is likely to be reduced.

There is no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risk of climate change will not have an adverse effect on the Mining Operations and their profitability.

Environmental Risks

All phases of mine operation or development are subject to governmental regulation including environmental regulation in the ‎various jurisdictions in which they operate. Environmental legislation is evolving in a manner which will require stricter standards and ‎enforcement, increased fines and penalties for non compliance, more stringent environmental assessments of proposed projects and ‎heightened responsibility for companies and their officers, directors and employees. There is no assurance that future changes in ‎environmental regulation, if any, will not adversely affect the mines and projects in which Metalla has an interest. Also, unknown ‎environmental hazards may exist on the properties at present which were caused by previous or existing owners or operators of the ‎properties and which could impair the commercial success, levels of production and continued feasibility and project development ‎and mining operations on these properties. One or more of the mining companies may become liable for such environmental hazards ‎caused by previous owners or operators of the properties.‎

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, ‎including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective ‎measures requiring capital expenditures, installation of additional equipment or remedial actions. Parties engaged in mining ‎operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage ‎by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or ‎regulations.‎

Government Regulation, Permits and Authorizations

The exploration and development activities related to mine operations are subject to extensive laws and regulations governing ‎exploration, development, production, exports, taxes, labour standards, waste disposal, protection and remediation of the ‎environment, reclamation, historic and cultural resources preservation, mine safety and occupational health, handling, storage and ‎transportation of hazardous substances and other matters.‎

The costs of discovering, evaluating, planning, designing, developing, constructing, operating and closing specific mine operations in ‎compliance with such laws and regulations are significant. It is possible that the costs and delays associated with compliance with ‎such laws and regulations could become such that the owners or operators of mines or projects would not proceed with the ‎development of, or continue to operate, a mine. Moreover, it is possible that future regulatory developments, such as increasingly ‎strict environmental protection laws, regulations and enforcement policies thereunder and claims for damages to property and ‎persons resulting from mining operations could result in substantial costs and liabilities for the owners or operators of mines or ‎projects in the future such that they would not proceed with the development of, or continue to operate, a mine.‎

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Government approvals, licences and permits are currently, and will in the future be, required in connection with Mining Operations. To ‎the extent such approvals are required and not obtained, Mining Operations may be curtailed or prohibited from proceeding with ‎planned operations, which could have an impact on the business and financial condition of Metalla. Failure to comply with ‎applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by ‎regulatory or judicial authorities causing operations to cease or be curtailed.‎

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent ‎implementation thereof, could have a material adverse impact on Mining Operations, resulting in increased capital expenditures or ‎production costs, reduced levels of production at producing properties or abandonment or delays in development of properties.‎

Permitting and Access

The operation of a mine or project is subject to receipt and maintenance of permits from appropriate governmental authorities. The owners and operators of the mines and projects in which Metalla has an interest may be subject to delays in connection with obtaining access to the property and all necessary renewals of permits for existing operations, additional permits for any possible future changes to operations, or additional permits associated with new legislation. Prior to any development on any of the properties, permits from appropriate governmental authorities may be required. There can be no assurance that the owners or operators of the mines or projects will continue to hold all permits necessary to develop or continue operating at any particular property.

See "Risk Factors - Permitting, Construction and Development" for additional permitting risks associated with developmental projects.

Infrastructure

Natural resource exploration, development and mining activities are dependent on the availability of mining, drilling and related equipment in the particular areas where such activities are conducted. A limited supply of such equipment or access restrictions may affect the availability of such equipment to the owners and operators of mines or projects and may delay exploration, development or extraction activities. Certain equipment may not be immediately available or may require long lead time orders. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration, development or production at a mine or project. Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect operations at a mine or project.

Dependence on Operator's Employees

Production from the properties in which Metalla holds an interest depends on the efforts of operators' employees. There is competition for persons with mining expertise. The ability of the owners and operators of such properties to hire and retain geologists and persons with mining expertise is key to those operations. Further, relations with employees may be affected by changes in the scheme of labour relations that may be introduced by the relevant governmental authorities in the jurisdictions in which those operations are conducted. Changes in such legislation or otherwise in the relationships of the owners and operators of such properties with their employees may result in strikes, lockouts or other work stoppages, any of which could have a material adverse effect on such operations, results of operations and financial condition of Metalla. If these factors cause the owners and operators of such properties to decide to cease production at one or more of the properties, such decision could have a material adverse effect on the business and financial condition of Metalla.

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Mineral Resource and Mineral Reserve Estimates

Mineral reserve and or mineral resource estimates for a specific mine or project may not be correct. The figures for mineral resources ‎and mineral reserves contained in this AIF are estimates only and ‎were obtained from public disclosure by the respective operators in respect of the Côté ‎Property, the Taca Taca Property and other properties, as ‎applicable. There can be no assurance that estimated mineral reserves and mineral resources will ever be recovered or recovered at ‎the rates as estimated. Mineral reserve and mineral resource estimates are based on sampling and geological interpretation, and, are ‎uncertain because samples used may not be representative. Mineral reserve and mineral resource estimates require revision (either to ‎demonstrate an increase or decrease) based on production from the mine or project. The fluctuations of commodity prices and ‎production costs, as well as changes in recovery rates, may render certain mineral reserves and mineral resources uneconomic and ‎may result in a restatement of estimated reserves and/or mineral resources.

Mineral resources that are not mineral reserves do not ‎have demonstrated economic viability. Due to the uncertainty of inferred mineral resources, there is no assurance that inferred ‎mineral resources will be upgraded to proven and probable mineral reserves as a result of continued exploration.‎

Depleted Mineral Reserve Replacement

Mines have a limited time of operation as a result of the proven and probable mineral reserves attributed to a specific mine. A mining ‎company operating a specific mine will be required to replace and expand mineral reserves depleted by a mine's production to ‎maintain production levels over a long term. It is possible to replace depleted mineral reserves by expanding known ore bodies ‎through exploration, locating new deposits or acquiring new mines or projects. Mineral exploration is highly speculative in nature. It ‎can take several years to develop a potential site of mineralization. There is no assurance that current or future exploration programs ‎conducted by mining companies will be successful. There is a risk that the depletion of mineral reserves by mining companies that ‎Metalla has contracted with will not be replenished by discoveries or acquisitions which could reduce the income Metalla would have ‎expected to receive from a particular Royalty or Stream.‎

Uninsured Risks

The mining industry is subject to significant risks that could result in damage to, or destruction of, mineral properties or producing facilities, personal injury or death, environmental damage, delays in mining, monetary losses and possible legal liability. Mining companies may or may not maintain insurance in adequate amounts, including insurance for workers' compensation, theft, general liability, all risk property, automobile, directors and officers liability and fiduciary liability and others. Such insurance, however, contains exclusions and limitations on coverage. Accordingly, a mining company's insurance policies may not provide coverage for all losses related to their business (and may not cover environmental liabilities and losses). The occurrence of losses, liabilities or damage not covered by such insurance policies could have a material adverse effect on the mining companies' profitability, results of operations and financial condition.

Land Title

Although title to specific mines or projects has been or will be reviewed by or on behalf of Metalla, no assurances can be given that there are no title defects affecting the properties and mineral claims owned or used by specific mines or projects. Companies may not have conducted surveys of the claims in which they hold direct or indirect interests; therefore, the precise area and location of such claims may be in doubt. It is possible that a specific mine or project may be subject to prior unregistered liens, agreements, transfers or claims, including native land claims, and title may be affected by, among other things, undetected defects. In addition, mining companies may be unable to operate the specific mine or project as permitted or to enforce their rights with respect to that specific mine or project which may ultimately impair the ability of these owners and operators to fulfill their obligations under their agreements with Metalla.

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International Interests

Certain operations that underlie Metalla's Streams and Royalties are conducted, or will be conducted, outside of Canada, including in ‎Australia, the United States, Argentina, Mexico, Tanzania, Peru, Chile, Brazil and Venezuela and could be exposed to political, ‎economic or other risks or uncertainties. These types of risks or uncertainties may differ between countries and can include but are ‎not limited to, terrorism, hostage taking, military repression, crime, political instability, currency controls, fluctuations in currency ‎exchange rates, inflation rates, labour unrest, risk of war or civil unrest, expropriation and nationalization, renegotiation or ‎nullification of mining or mineral concessions, licenses, permits, authorizations and contracts, illegal mining or mineral exploration, ‎taxation changes, modifications, amendments or changes to mining and mineral laws, regulations, policies, and changes to ‎government regulations in respect of foreign investment and mining.‎

Changes, if any, in mining or investment policies or shifts in political attitude may adversely affect the operations or profitability of ‎the Mining Operations in these countries. Operations may be affected in varying degrees by government regulations with respect to, ‎but not limited to, restrictions on production, price controls, export controls, currency remittance, income taxes, expropriation of ‎property, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use, mine ‎safety and the rewarding of contracts to local contractors or requiring foreign contractors to employ citizens of, or purchase supplies ‎from, a particular jurisdiction or the imposition of additional local or foreign parties as joint venture partners with carried or other ‎interests. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral right applications and ‎tenure, could result in loss, reduction or expropriation, cancellation or dispute of licenses or entitlements which could result in ‎substantial costs, losses and liabilities in the future. ‎

On February 1, 2025, President Trump signed an executive order (the "Executive Order") imposing a 25% tariff on all goods originating in Canada and imported into the United States, with the exception of energy resources, which will be subject to a 10% tariff. The Executive Order also states that the aforementioned tariffs may be raised further in the event Canada retaliates. In response, the Government of Canada imposed a 25% tariff on many U.S. goods. The tariffs became effective on March 4, 2025. In response, the Government of Canada imposed 25% tariffs on $155 billion in goods imported from the United States, coming into effect in two phases, starting on March 4, 2025. On March 6, 2025, the United States agreed to delay the imposition of their tariffs on imported goods subject to the United States Mexico Canada Agreement until April 2, 2025. Although discussions continue regarding the political and economical arrangements between the two countries, there remains significant uncertainty over whether tariffs or other restrictive trade measures or countermeasures will be implemented and, if so, the scope, impact and duration of any such measures.

The occurrence of these various factors and uncertainties related to the economic and political risks for operations in or exports to foreign ‎jurisdictions cannot be accurately predicted and could have an adverse effect on the Mining Operations resulting in substantial costs, ‎losses and liabilities in the future.‎

Developing Economies

Certain operators are subject to risks normally associated with the conduct of business in developing economies. Risks may include, among others, problems relating to power supply, labour disputes, delays or invalidation of governmental orders and permits, corruption, uncertain political and economic environments, civil disturbances and crime, arbitrary changes in laws or policies, foreign taxation and exchange controls, nationalization of assets, opposition to mining from environmental or other non-governmental organizations or changes in the political attitude towards mining, empowerment of previously disadvantaged people, local ownership requirements, limitations on foreign ownership, power supply issues, limitations on repatriation of earnings, infrastructure limitations and increased financing costs. The above risks may limit, disrupt or negatively impact the operator's business activities.

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Permitting, Construction and Development

Metalla may hold Royalties or Streams over mines and projects that may be in various stages of permitting, construction, development and expansion. Construction, development and expansion of such mines or projects is subject to numerous risks, including, but not limited to: delays in obtaining equipment, materials, and services essential to completing construction of such projects in a timely manner; delays or inability to obtain all required permits; changes in environmental or other government regulations; currency exchange rates; labour shortages; and fluctuation in metal prices. There can be no assurance that the owners or operators of such mines or projects will have the financial, technical and operational resources to complete the permitting, construction, development and expansion of such mines or projects in accordance with current expectations or at all.

Indigenous Peoples

Various international and national laws, codes, resolutions, conventions, guidelines, and other materials relate to the rights of indigenous peoples. Metalla holds Royalty or Stream interests on operations located in some areas presently or previously inhabited or used by indigenous peoples. Many of these materials impose obligations on government to respect the rights of indigenous people. Some mandate that government consult with indigenous people regarding government actions which may affect indigenous people, including actions to approve or grant mining rights or permits. The obligations of government and private parties under the various international and national materials pertaining to indigenous people continue to evolve and be defined. The mining companies' current or future operations are subject to a risk that one or more groups of indigenous people may oppose continued operation, further development, or new development on those projects or operations on which Metalla holds a Royalty or Stream interest. Such opposition may be directed through legal or administrative proceedings or protests, roadblocks or other forms of public expression against the Company or the owner/operators' activities. Opposition by indigenous people to such activities may require modification of or preclude operation or development of projects or may require the entering into of agreements with indigenous people. Claims and protests of indigenous people may disrupt or delay activities of the owners/operators of Metalla's Royalty or Stream assets.

Nominal Third-Party Interests in Subsidiaries

In certain jurisdictions in which we operate, including Australia, Argentina and Mexico, laws require that ‎our subsidiaries in those jurisdictions have more than one shareholder. In such jurisdictions, a nominal ‎interest may be held by an individual or an affiliate of Metalla which is not represented on organization ‎charts or other disclosure in this AIF.‎

Risks Related to the Securities of Metalla

Securities of Metalla are subject to Price Volatility

Capital and securities markets have a high level of price and volume volatility, and the market price of securities of many companies ‎have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset ‎values or prospects of such companies. Factors unrelated to the financial performance or prospects of Metalla include ‎macroeconomic developments in North America and globally, and market perceptions of the attractiveness of particular industries or ‎asset classes. There can be no assurance that continued fluctuations in mineral or commodity prices will not occur. As a result of any ‎of these factors, the market price of the Common Shares at any given time may not accurately reflect the long-term value ‎of Metalla.‎

In the past, following periods of volatility in the market price of a company's securities, shareholders have instituted class action ‎securities litigation against them. Such litigation, if instituted, could result in substantial cost and diversion of management attention ‎and resources, which could significantly harm profitability and the reputation of Metalla.‎

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Dilution

Metalla may issue additional securities in the future in connection with acquisitions, strategic transactions, debt repayment, financings or for other ‎purposes. To the extent additional securities are issued, Metalla's existing securityholders could be diluted and some or all of ‎Metalla's financial measures could be reduced on a per share basis. Additionally, Metalla securities issued in connection with a ‎transaction may not be subject to resale restrictions and, as such, the market price of Metalla's securities may decline if certain large ‎holders of Metalla securities or recipients of Metalla securities in connection with an acquisition, sell all or a significant portion of such ‎securities or are perceived by the market as intending to sell such securities. In addition, such issuances of securities may impede ‎Metalla's ability to raise capital through the sale of additional equity securities in the future.‎

Evolving Corporate Governance and Public Disclosure Regulations

Metalla is subject to changing rules and regulations promulgated by a number of United States and Canadian governmental and ‎self regulated organizations, including the SEC, the Canadian Securities ‎Administrators, the exchanges listing Metalla's securities, and the Financial Accounting Standards Board. These rules and regulations ‎continue to evolve in scope and complexity making compliance more difficult and uncertain. Metalla's efforts to comply with these ‎and other new and existing rules and regulations have resulted in, and are likely to continue to result in, increased general and ‎administrative expenses and a diversion of management time and attention from revenue generating activities to compliance ‎activities.‎

Future Sales or Issuances of Debt or Equity Securities ‎

We may sell or issue additional debt or equity securities in offerings to finance our operations, exploration, ‎development, acquisitions, debt repayment or other projects. Our significant shareholders may also sell the Common Shares or other ‎securities they hold or may hold in the future.‎

We cannot predict the size of future sales and issuances of debt or equity securities or the effect, if any, that future ‎sales and issuances of debt or equity securities will have on the market price of the Common Shares.‎

Sales or issuances of a substantial number of equity securities, or the perception that such sales could occur, may ‎adversely affect prevailing market prices for the Company's Common Shares. With any additional sale or issuance ‎of equity securities, investors will suffer dilution of their voting power and may experience dilution in the ‎Company's earnings per share. Sales of our Common Shares by shareholders might also make it more difficult for ‎us to sell equity securities at a time and price that we deem appropriate.‎

Liquidity

Shareholders of the Company may be unable to sell significant quantities of Common Shares into the public ‎trading markets without a significant reduction in the price of their Common Shares, or at all. There can be no ‎assurance that there will be sufficient liquidity of the Company's Common Shares on the trading market, and that ‎the Company will continue to meet the listing requirements of the TSXV, the NYSE or the Frankfurt ‎Exchange, or achieve listing on any other public listing exchange.‎

Market for Securities

There can be no assurance that an active trading market for the Common Shares will be sustained.‎

Limitations on the Enforcement of Civil Judgments

A substantial portion of the assets of Metalla are located outside of Canada. As a result, it may not be possible for ‎investors in the securities of Metalla to collect on judgments obtained in courts in Canada predicated on the civil ‎liability provisions of securities legislation of certain of the provinces and territories of Canada.‎

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It may also be difficult to bring and enforce suits against us in the United States, because we exist under the laws of ‎British Columbia and are situated in the Province of British Columbia, Canada and most of our assets are located ‎outside the United States. ‎

It may be difficult for investors to effect service of process on us or our directors or officers or to realize in the ‎United States upon judgments obtained in the United States based on the civil liability provisions of the U.S. federal ‎securities laws. In addition, our U.S. shareholders should not assume that the courts of Canada (i) would enforce ‎judgments of U.S. courts obtained in actions against us, our officers or directors predicated upon the civil liability ‎provisions of the U.S. federal securities laws or other laws of the United States, or (ii) would enforce, in original ‎actions, liabilities against us, our officers or directors predicated upon the U.S. federal securities laws or other laws of ‎the United States.‎

U.S. Tax Risk Related to Potential Passive Foreign Investment Company Status

If we are a "passive foreign investment company" ("PFIC") for the current or a future tax year, certain adverse ‎U.S. federal income tax consequences may result for U.S. investors.‎

In general, we will be treated as a PFIC for any tax year during which either (i) 75% or more of our gross income is ‎passive income, or (ii) 50% or more of the average quarterly value of our assets that produce or are held for the ‎production of passive income. The determination of PFIC status is inherently factual, is subject to a number of ‎uncertainties, and can be determined only annually at the close of the tax year in question. Although the Company ‎has not made a formal determination as to whether it was a PFIC for the year ended December 31, 2024, and does ‎not plan to make such a determination for subsequent years, the Company believes there is a significant risk that it ‎was a PFIC for the year ended December 31, 2024, and anticipates that there will be a significant risk that it will be a ‎PFIC in subsequent years.‎

If we are a PFIC for any year during a U.S. taxpayer's holding period of Common Shares, then such U.S. ‎taxpayer generally will be required to treat any gain realized upon a disposition of the Common Shares or any ‎so-called "excess distribution" received on its Common Shares, as ordinary income, and to pay an interest ‎charge on a portion of such gain or distribution. In certain circumstances, the sum of the tax and the interest ‎charge may exceed the total amount of proceeds realized on the disposition, or the amount of excess ‎distribution received, by the U.S. taxpayer. Subject to certain limitations, these tax consequences may be ‎mitigated if a U.S. taxpayer makes a timely and effective "qualified electing fund" election ("QEF Election") ‎or a "mark-to-market" election ("Mark-to-Market Election"). Subject to certain limitations, such elections ‎may be made with respect to the Common Shares. A U.S. taxpayer who makes a timely and effective QEF ‎Election generally must report on a current basis its share of our net capital gain and ordinary earnings for ‎any year in which we are a PFIC, whether or not we distribute any amounts to its shareholders. Upon the written request of a U.S. shareholder, the Company will make publicly available: (a) a "PFIC Annual Information Statement" as described in Treasury Regulations section 1.1295-1(g) (or any successor Treasury Regulation) and (b) all information and documentation that a U.S. shareholder is required to obtain for U.S. federal income tax purposes in making a QEF Election with respect to the Company. A U.S. taxpayer who makes the Mark-to-Market Election generally must include as ‎ordinary income each year the excess of the fair market value of the Common Shares over the taxpayer's basis ‎therein. The PFIC rules may also apply to other securities issued by us. Each potential investor who is a U.S. taxpayer should consult its ‎own tax advisor regarding the tax consequences of the PFIC rules and the acquisition, ownership, and ‎disposition of the Common Shares or other securities issued by us.‎

MATERIAL ASSETS

As at the date of this AIF, the material assets of the Company are its Royalties on the Côté Property and on the Taca Taca Property.

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Côté Property

The Côté Property Royalty covers the Zone 4 and Zone 6 portions of the royalty zones set forth in the Côté Technical Report (as defined below), which together cover the northern portion of the Côté reserve pit for a total coverage of less than 10% of the Côté reserve & resource estimate and covers all of the Gosselin resource estimate. For greater clarification, the Côté Property Royalty covers the Chester 2 patented mineral claims as disclosed in the Côté Technical Report and depicted in the graphic below.

A description of the Côté Property is included below.

Côté Gold Project, Ontario Canada

Metalla holds the Côté Property Royalty, which is a 1.35% NSR Royalty on the Côté Property and holds a right of first refusal for an additional 0.15% NSR Royalty.

A technical report was prepared for IAMGOLD pursuant to NI 43-101 entitled "Technical Report on the Côté Gold Project, Ontario, Canada", dated August 12, 2022, having an effective date of June 30, 2022 ‎(the "Côté Technical Report" or "Côté Gold Report"), which supersedes a previous technical report of the same name which had an effective date of October 18, 2021.

The following description of the Côté Property (for the purposes of this section, the "Côté Gold Project") has been prepared in reliance on:

the Côté Technical Report dated August 12, 2022;
IAMGOLD's news releases dated January 14, 2025, November 7, 2024, October 15, 2024, August 8, 2024, August 2, 2024, May 9, 2024, February 15, 2024, October 23, 2023, February 16, 2023, February 2, 2022 and October 18, 2021 (the "IAMGOLD News Releases"); and
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IAMGOLD's Annual Information Form dated March 21, 2025 (the "IAMGOLD AIF").

Readers should consult the Côté Technical Report, the IAMGOLD News Releases and the IAMGOLD AIF to obtain further particulars on the Côté Property. The IAMGOLD News Releases, the Côté Technical Report and the IAMGOLD AIF are available for review under IAMGOLD's profile on SEDAR+ (www.sedarplus.ca). Please see "Risk Factors - Third-Party Reporting".

While the Company does not have any knowledge that such information is not accurate, the Company has not independently verified this information and there can be no assurance that such third-party information is complete or accurate. See "Risk Factors - Third-Party Reporting".

Summary

Property Description, Location and Access

The Côté Gold Project is located in the Porcupine Mining Division, 20 km southwest of Gogama, Ontario and extends approximately 73 km from Esther Township in the west to Garibaldi Township in the east. The Côté Gold Project comprises a group of properties assembled through staking and option agreements covering a total area of approximately 596 km^2^. The Côté Gold Project mining leases area forms a portion of the overall claim area.

The Côté Gold Project is bisected by Highway 144 and is approximately 175 km north of Sudbury via Highway 144 and 125 km southwest of Timmins via Highways 101 and 144.

The original Chester exploration property is located in the central portion of the mining leases area, which hosts the Côté and Gosselin deposits, as well as the Chester 1 zone and several other gold occurrences. IAMGOLD holds a significant land package which adequately covers the Côté Gold Project and area outside the Côté Gold Project mining leases. Overall, the Côté Gold Project's property package consists of 2,976 tenures covering a surface area of approximately 59,591 ha (or 595.91 km^2^).

On December 19, 2022, IAMGOLD announced that it had reached an agreement to further amend the amended and restated joint venture agreement with Sumitomo Metal Mining Co., Ltd. ("SMM"). Commencing in January 2023, SMM contributed $250 million of IAMGOLD's funding amounts to the Côté Gold Project. As a result of SMM funding such amounts, IAMGOLD transferred, in aggregate, a 9.7% interest in Côté to SMM as funding is made by SMM, subject to the right for IAMGOLD to repurchase the transferred interests to return to its full 70% interest in the Côté Gold Project.

On September 30, 2024, IAMGOLD provided SMM with the required 60 days formal irrevocable notice of the exercise of the right to repurchase the transferred interests, which will return IAMGOLD to its full 70% interest in the Côté Gold Project.

On November 30, 2024, IAMGOLD exercised its right to purchase 9.7% interest in the Côté Gold Project, which returned IAMGOLD to its full 70% interest. The repurchase price was approximately $337 million, which includes $23.7 million for the repurchase option fee accrued during 2023.

On October 15, 2024, IAMGOLD announced that the Côté Gold mine produced 68,000 ounces of gold on a 100% basis (41,000 ounces attributable) during the fourth quarter of 2024.

Please see Section 4 of the Côté Gold Report for a detailed description of the terms of any royalties and other agreements to which the Côté Gold Project is subject, as well as the tenure and expiration dates of the claims, licenses and other property tenure rights.

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IAMGOLD is not aware of any environmental liabilities associated with or attributable to any of the subject property groups in the ‎Côté Gold Project area, other than those that would normally be expected as a result of historical mining ‎activities and associated mine workings‎.

Legacy diamond drill site remediation took place from 2013 to 2018 with 186 legacy drill sites remediated. This work comprised removal of historic debris, capping of drill casings, and attaching a marker flag to the casing.

A program of drill collar decommissioning took place between 2019 and 2020 in areas of planned Côté Gold Project infrastructure. These drill holes were grouted to prevent ground water flow and the casings were removed.

IAMGOLD is not aware of any other risks that could affect access, title or its ownership interests in, or ‎the right or ability to perform work on the Côté Gold Project.‎

History

Prospecting and exploration activity in the Côté Gold Project area began circa 1900 and has continued sporadically to the present, spurred on periodically from exploration in the Porcupine and Elk Lake- Gowganda-Shiningtree camps. The first discovery of note was the Lawrence copper prospect on the east shore of Mesomikenda Lake in 1910. Further interest in the area was sparked in 1930 when Alfred Gosselin found outcropping gold mineralization on the east shore of Three Duck Lakes.

Historical work on the Côté Gold Project's property package has been conducted in multiple stages:

In the early 1940s extensive prospecting and trenching was conducted, in addition to the sinking of several shallow shafts and some minor production.
Through to the late 1960s little or no work was performed.
From the early 1970s to approximately 1990, extensive surface work was performed, in addition to some limited underground investigations.
From 1990 to 2009, fragmented property ownership precluded any major programs.
In 2009, a group of properties that became the Chester property was consolidated by Trelawney.

A significant number of gold showings have been discovered on the Côté Gold Project's property package. Please see Section 6 of the Côté Gold Report for a detailed description of the history of the exploration and development at the Côté Gold Project.

Geological Setting, Mineralization and Deposit Types

The Côté and Gosselin deposits are located in the Swayze greenstone belt in the southwestern extension of the Abitibi greenstone belt of the Superior Province. The Abitibi Subprovince comprises Late Archean metavolcanic rocks, related synvolcanic intrusions, and clastic metasedimentary rocks, intruded by Archean alkaline intrusions and Paleoproterozoic diabase dykes. The traditional Abitibi greenstone belt stratigraphic model envisages lithostratigraphic units deposited in autochthonous successions, with their current complex map pattern distribution developed through the interplay of multiphase folding and faulting. The Swayze greenstone belt, like the rest of the Abitibi greenstone belt, contains extrusive and intrusive rock types ranging from ultramafic through felsic in composition, as well as both chemical and clastic sedimentary rocks. All of the rock types within the Swayze belt are older than 2,680 Ma, with the oldest dating 2,748.2 Ma. Igneous lithologies predominate and include both volcanic and plutonic rocks. The latter are observed both internally in the supracrustal belts and externally, in large granitoid complexes. Sedimentary rocks occur predominantly near the top of the succession.

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The Swayze greenstone belt underwent a complex and protracted structural history of polyphase folding, development of multiple foliations, ductile high strain zones, and late brittle faulting. The map pattern preserved within the Swayze greenstone belt is dominated by regional F2 folding, and anticlines and synclines with an associated S2 axial-planar foliation interpreted to have formed during orogen-wide shortening across the entire Superior Province. An important structural element is the Ridout Deformation Zone ("RDZ"), a major east-west high strain zone that is interpreted to be the western extension of the Larder Lake-Cadillac deformation zone of the Abitibi greenstone belt. The F2 Ridout Synform coincides with the RDZ wherein intense deformation is characterized by intense flattening, tight to isoclinal folding, transposition, and locally a component of dextral simple shear in east-southeast-striking zones. Metamorphic grade within the southern Abitibi greenstone belt ranges from sub-greenschist to greenschist.

The Côté and Gosselin deposits are situated within the Chester Township area, which overlies a narrow greenstone belt assemblage that extends easterly from the southeast corner of the Swayze greenstone belt to the Shining Tree area, approximately 60 km to the east. The greenstone (supracrustal) assemblage is part of the well-defined Ridout syncline that separates the Kenogamissi granitoid complex to the north from the Ramsey-Algoma granitoid complex to the south. The Kenogamissi complex, yielding ages of 2,747 Ma, consists of sheet-like dioritic and tonalitic intrusions, which are interpreted locally to be synvolcanic. The Chester Intrusive Complex ("CIC"), which hosts the Côté and Gosselin deposits, is also synvolcanic and was emplaced along what is now the southern margin of the Ridout syncline. The CIC is a crudely stratified tonalite-diorite-quartz diorite laccolith containing numerous screens and inclusions of mafic volcanic rocks.

The Côté and Gosselin deposits are located within 1.5 km of each other and are both hosted by the CIC. The deposits are similar in geological composition with a few key differences in terms of breccia rocks and alteration. Both deposits are centred on magmatic and hydrothermal breccia bodies that intrude tonalitic and dioritic rocks. The CIC intruded into the mafic volcanic rocks of the Arbutus Formation, which forms the basal formation in the Chester Group. The formation consists of low potassium tholeiitic pillow basalts, mafic flows, and sills. The intrusive host rocks formed from a number of pulses of several distinct and evolving dioritic and tonalitic magmas that display complex crosscutting relationships.

The Côté and Gosselin deposit type gold mineralization consists of low to moderate grade gold (±copper) mineralization associated with brecciated and altered tonalite and diorite rocks.

Several styles of gold mineralization are recognized within the deposit, and include disseminated, breccia hosted and vein type, all of which are co-spatial with biotite (± chlorite), sericite and for the Côté deposit silica-sodic alteration.

Disseminated mineralization in the hydrothermal matrix of the breccia is the most important style of gold (±copper) mineralization. This style consists of disseminated pyrite, chalcopyrite, pyrrhotite, magnetite, gold (often in native form), and molybdenite in the matrix of the breccia and is associated with primary hydrothermal biotite and chlorite after biotite.

Other mineralization styles that have been identified within the Côté Gold Project area include orogenic or structurally-hosted vein occurrences, and syenite intrusion-related gold zones. The syenite intrusion-related gold zones are considered attractive exploration targets.

The Côté Gold Project deposit is a new Archean low-grade, high tonnage gold (± copper) discovery. It is described as a synvolcanic intrusion related and stockwork disseminated gold deposit. Deposits of this type are commonly spatially associated with and/or hosted in intrusive rocks. They include porphyry copper-gold, syenite associated disseminated gold and reduced gold-bismuth-tellurium-tungsten intrusion related deposits, as well as stockwork disseminated gold.

Certain features of the Côté deposit resemble those characteristics of gold rich porphyry deposits. These include:

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Emplacement at shallow (one to two kilometres) crustal levels, frequently associated with coeval volcanic rocks.
Localized by major fault zones, although many deposits show only relatively minor structures in their immediate vicinities.
Hydrothermal breccias are commonly associated with the deposits and consist of early orthomagmatic as well as later phreatic and phreatomagmatic breccias.
Gold is fine grained, commonly <20 micrometres, generally <100 micrometres, and is closely associated with iron and copper-iron sulphides (pyrite, bornite, chalcopyrite).

The Gosselin deposit, similar to the Côté deposit, is also hosted in the synvolcanic CIC and most of its mineralization lies within hydrothermal breccia, diorite breccia, and tonalite units. Both the Gosselin deposit and the Côté deposit are classified as intrusion related disseminated gold deposits. Preliminary investigations completed on host breccias of the Côté deposit and the Gosselin deposit reveal that the Gosselin breccias resulted from fracturing and infiltration of fluids via fractures and veins. It is postulated that the combination of fracturing and fluid infiltration resulted in intense alteration through extensive fluid wall rock interaction, resulting in the formation of the breccia type appearance. Observations from the Gosselin deposit drill core reveal a spatial distribution of gold grades with increasing sericite alteration and associated with narrow quartz-carbonate-biotite-chlorite-pyrrhotite ± pyrite±chalcopyrite veins. Further work is planned to assess the detailed mineralogy and petrogenesis of the Gosselin deposit.

Exploration

The Côté Gold Project area is divided into three sectors for exploration purposes: (i) South Swayze West (western area), (ii) Chester (central area), and (iii) South Swayze East (eastern area). Exploration programs to date have identified the Côté and the Gosselin deposits and have evaluated several nearby gold showings for their potential to be bulk-mineable gold deposits. Gold zones situated near the Côté and Gosselin deposits remain prospective for additional bulk-tonnage gold mineralization, and active exploration programs will continue to evaluate these targets.

Exploration programs to date have been sufficient to screen many areas for the presence of a Côté-style deposit, with grid line spacing and general traverse spacing of <200 metres (some areas <100 metres spacing for traverse/grid line density). Litho-sampling and geological mapping is representative over much of the land holdings within the Côté Gold Project, with some exceptions where glacial till and lacustrine deposits form thick mantels on the bedrock. In areas of thick overburden, IP geophysical surveys and diamond drilling has helped screen these areas.

General results and conclusions from ongoing exploration work are summarized below by target area:

South Swayze West: Côté-style tonalite and diorite hosted breccia zones have not been discovered to date. Exploration for syenite intrusion or shear zone hosted gold zones continues. The presence of Timiskaming-style basin sediments cut by porphyry intrusions and broad structural deformation zones provide a good environment for gold bearing vein networks.
Chester Area: Southwest of the Côté deposit, gold mineralization was discovered in the Clam Lake area within ‎similar host rocks and alteration styles to the Côté deposit. Sheeted sulphide veins have been ‎mapped along the shoreline of Clam Lake and more recent regional exploration drilling ‎intersected these same vein types hosted within strongly-altered tonalite. The area is ‎considered to be highly prospective for gold mineralization. Northeast of the Gosselin deposit, ‎gold mineralization occurs in narrow shear zones hosted in diorite and tonalite in the Jack ‎Rabbit area, which also remains prospective for economic gold accumulations‎.
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South Swayze East: Gold mineralization discovered and investigated to date reveals only narrow and discontinuous shear zone hosted veins. The lack of Côté-style mineralization makes this area less favorable for the discovery of a bulk-tonnage gold zone.

Drilling

Côté

Core drilling of the Côté deposit commenced in 2009 and has included various phases of exploration, infill, metallurgical and condemnation drilling. A total of 808 drill holes (327,433 metres) have been completed within the Côté Gold Project deposit area.

Core sizes have included the following: HQ (63.5-millimetre core diameter), NQ (47.6 millimetres), BQ (36.4 millimetres), and BQTW (36 millimetres). For holes drilled on land, the casing was left in place and capped. Holes drilled on lakes were cemented and the casing pulled.

Geologists checked all core boxes upon arrival at the core shack and ensured that no core was missing and any reported drill hole orientation information was provided from the drilling contractor. Technicians made meterage marks and logged rock quality designation (RQD). All core was photographed.

Geologists completed the core log, recording details of lithology, alteration, mineralization, and structure. The Côté database has core recovery measurements for 179 Trelawney drill holes and 423 IAMGOLD drill holes. Overall, the core recovery from the 2009 to 2019 programs was approximately 99%.

For oriented core, technicians drew the bottom of hole line on the core. A full line was drawn when orientation marks were perfectly aligned. Alpha and beta angles were measured for all veins and contacts when the bottom of the hole line was defined.

The collar azimuths for pre-2017 holes were established using front and back site markers located in the field with compass or GPS instruments. The collars are subsequently re-surveyed post-drilling. L. Labelle Surveys based in Timmins, Ontario has been responsible for collecting the survey measurements for Côté since 2009.

A FlexIT SmartTool instrument was used to collect down hole survey measurements for key index holes drilled between 2009 and 2013. A Reflex EZ-TRAC tool was used to collect down hole survey measurements for holes drilled between 2014 and 2019.

Drilling at Côté is typically oriented perpendicular to the strike of the mineralization. Depending on the dip of the drill hole and the dip of the mineralization, drill intercept widths are typically greater than true widths.

Gosselin

Exploratory diamond drilling at Gosselin was initiated in 2016 and following completion of five drill holes (2016 to 2017) resulted in a significant new discovery. Following the initial drilling period, successive drilling campaigns from 2018 to 2022 have been completed to delineate the Gosselin Mineral Resource and to complete the required in-fill drilling to support an initial Mineral Resource estimate.

Since completion of the initial Gosselin Mineral Resource estimate (effective October 4, 2021), IAMGOLD ‎has been conducting drilling programs focused on evaluating the saddle area between the Côté and ‎Gosselin resource pit shells and testing for extensions of mineralization along strike and at depth below ‎the current Gosselin resource pit shell. A total of 18,809 metres (37 holes) have been completed ‎between July 29, 2021 and November 13, 2022 and results reported by IAMGOLD. To further test the expansion ‎opportunity of the Gosselin Resource, an additional twenty-one (21) diamond drill holes totaling 16,554 ‎metres were completed between January 20 and August 24, 2023. IAMGOLD has indicated that the results are to be incorporated into ‎the Gosselin deposit model for use in future Mineral Resource estimation updates.‎

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A total of 221 drill holes (91,046.97 metres) have been completed within the Gosselin deposit area. Land ‎and ice- based drill holes were NQ core size (47.6-millimetre core diameter), whereas barge-based drill ‎holes were BTW core size (42-millimetre core diameter). Drill rigs employed wireline systems and ‎generally oriented-core drilling techniques. For holes drilled on land, the casing was left in place and ‎capped. Holes drilled on lakes were cemented and the casing pulled.

Geologists completed the core log, recording details of lithology, alteration, mineralization, and structure. For oriented core, technicians drew the bottom of hole line on the core. A full line was drawn when orientation marks were perfectly aligned. Alpha and beta angles were measured for all veins and contacts when the bottom of hole line was defined.

The Gosselin database has core recovery measurements for all 221 IAMGOLD drill holes. IAMGOLD core recovery is generally excellent with an average recovery of 99.5%.

Both land and ice-based drill hole collars were initially positioned using a handheld Garmin 64s GPS with ± three metre accuracy. Prior to drilling on ice and barge-based platforms, Tulloch Geomatics was contracted to further correct the final collar locations using a Trimble R10 GPS receiver in Real Time Kinematic mode (vertical and horizontal accuracy of ± 0.03 metres). Land-based drill hole collars were surveyed by Tulloch Geomatics once drilling was completed.

On land and ice-based drill platforms, the collar azimuths were initially established by IAMGOLD geologists using front and back sight markers with a compass, then further refined with a Reflex North Finder APS (Azimuth Pointing System) tool. The Reflex APS is a GPS based tool that is not affected by local magnetic interference. On barge-based platforms, Tulloch Geomatics was contracted to mark the initial collar locations by placing marker buoys positioned with a Trimble R10 GPS receiver in Real Time Kinematic mode. Reflex APS was used to align the collar azimuths.

A Reflex EZ-TRAC tool was used to collect down hole survey measurements for holes drilled between 2018 and 2022.

The Gosselin deposit mineralization orientation varies in strike and dip locally. Actual core widths are estimated at approximately 60% to 95% of the core interval.

Regional Exploration Drilling

Outside the Côté Gold Project deposit area and the Gosselin deposit area, regional diamond drilling in the period 2009-2022 comprised a total of 560 drill holes for about 155,769 metres. Diamond drilling methods employed during regional exploration drilling programs were very similar to methods used during Côté and Gosselin drilling. Programs generally employed the following methods:

Drill core diameters were NQ (core diameter 47 millimetres) and BQTW (core diameter 42 millimetres).
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Drills employed wireline set-ups and employed stabilization equipment such as hexagonal core barrels and long remaining shells.
Alignment of drill rigs was completed by compass sighting, Azimuth Pointing Equipment, and rarely gyro-compass.
For those programs that utilized drill core orientation methodology, the Reflex ACT III System was used.
Drill collars were generally left in place following drilling and marked with casing caps and flags.
Any drill collars in proximity to planned infrastructure were marked with wooden monuments, for easy identification should grouting be required.

All drill holes completed on ice or water bodies by barge were cemented and the casings pulled.

Sampling, Analysis and Data Verification

Sampling and Analysis

The Côté and Gosselin sampling intervals were established by reviewing the minimum and maximum sampling lengths based on geological and/or structural criteria. The minimum sampling length was 50 centimetres, while the maximum was 1.5 metres. The typical sample length in most of the mineralized zones is one metre.

From 2009 to 2012, density measurements for the Côté deposit were obtained using the immersion method. For 2014 and 2015, density was measured on pulps at ActLabs using a pycnometer. In 2018, additional measurements by water immersion and a comparison between the historical pycnometer and water immersion methods was completed to validate the optimum method. Lacquer sealed and uncoated water immersion pair measurements were also completed in 2018.

The primary laboratories used were:‎

Côté Deposit
- Accurassay (2011 to 2015), Timmins, Thunder Bay, (Ontario), accredited to ISO 17025 ‎by the Standards Council of Canada, Scope of Accreditation 434.‎
- ActLabs (2015 to 2018), Ancaster, Dryden, Timmins, Thunder Bay (Ontario), accredited ‎to ISO 17025 by the Standards Council of Canada, Scope of Accreditation 266‎
Gosselin Deposit
- AGAT (2017 to 2018), Mississauga, Ontario, accredited to ISO 17025 by the Standards ‎Council of Canada, Scope of Accreditation 665.‎
- ActLabs (2016 to 2021), Ancaster, Timmins, (Ontario), accredited to ISO 17025 by the ‎Standards Council of Canada, Scope of Accreditation 266.‎

All of the above laboratories are independent of IAMGOLD. The umpire laboratories included:

Côté Deposit
- ActLabs (2012 to 2014): accredited to ISO 17025 by the ‎Standards Council of Canada, Scope of Accreditation ‎‎266.‎
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ALS, Val d'Or, Québec (2015): accredited to ISO 17025 ‎by the Standards Council of Canada, Scope of ‎Accreditation 689.‎
AGAT (2017 to 2018), Mississauga, Ontario, accredited to ‎ISO 17025 by the Standards Council of Canada, ‎Scope of Accreditation 665.‎
Gosselin Deposit
- AGAT (2021 to present), Thunder Bay, Ontario, ‎accredited to ISO 17025 by the Standards ‎Council of Canada, Scope of Accreditation ‎‎665.‎

These laboratories are all independent of IAMGOLD.‎

Côté

Sample preparation and analysis at Accurassay comprised the following procedures:

Samples were crushed to -8 mesh after which a 1,000 gram subset of each sample was pulverized to 90% passing -150 mesh.
Assays were completed using a standard FA with a 30 gram aliquot and an AA finish.
For samples that returned values of 2 g/t Au to 5 g/t Au, another pulp was taken, and FA-gravimetric finish.
Samples returning values >5 g/t Au were reanalyzed by pulp metallic analysis.
All samples were subject to a 33 element inductively coupled plasma (ICP) scan, using Accurassay procedure ICP 580.

Sample preparation and analysis at ActLabs until 2017 comprised the following procedures:

Samples were crushed to 10 mesh after which a 1,000 gram subset of each sample was pulverized to 85% passing 200 mesh.
Assays were completed using a standard FA with a 30 gram aliquot and an AA finish.
For samples that return values between 2 g/t Au to 5 g/t Au, another pulp was taken and assayed using the FA-gravimetric method.
Samples returning values >5 g/t Au were reanalyzed by pulp screen metallic analysis.

In 2017, the ActLabs procedure changed and included:

Sample preparation consisted of coarse crushing to 95% passing 2.8-millimetre screen (7 mesh screen), and then a 750 gram to 850 gram split was pulverized to 95% passing 100 mesh (150 micrometres). The entire sample had to be crushed.
Samples were analyzed using a standard 50 grams FA (50 gram aliquot) with an AA finish.
For samples that returned assay values >2.0 g/t Au, another cut was taken from the original pulp and subjected to FA-gravimetric analysis.
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For samples displaying VG or samples which returned values >20.0 g/t Au, a reanalysis using pulp metallic methods was undertaken. A second pulp (900 grams to 1,000 grams) was created from the reject. However, flagged VG samples still underwent the entire assay process.

Umpire analysis at ALS and AGAT consisted of:

Initial analysis using the FA-AA method.
Overlimit assays using the FA-gravimetric method.

QA/QC insertion included SRMs, blanks and pulp duplicates as a standard procedure. IAMGOLD inserted control samples after every 12th sample interval. Over the Côté Gold Project life, about 23 different SRMs and two types of blanks have been used. The IAMGOLD QA/QC protocol includes the use of blanks inserted in the sample stream at a frequency of approximately one in 24 samples.

Gosselin

Sample preparation and analysis at ActLabs consisted of:

Samples were coarse crushed to 80% passing 2.0-millimetre screen (10 mesh screen), riffle split (250 grams) and (mild steel) to 95% passing 105 micrometres.
Assays were completed using a standard FA with a 30 gram aliquot and AA finish.
For samples that returned assay values over 3.0 g/t Au, another cut was taken from the original pulp and FA-gravimetric finish.
For samples displaying VG or samples that returned values greater than 5.0 g/t Au, these were reanalyzed by pulp metallic analysis.
IAMGOLD inserts blanks and certified reference standards in the sample sequence for QC.

The QC protocol used during the Gosselin drilling program includes the insertion of SRMs and blanks at a rate of 1 in 12 samples each. This has amounted to a total of 3,746 QC sample insertions, including 1,755 SRMs and 1,991 blanks. This is a sufficient level of coverage, 3.8% and 4.3% respectively, to ensure the accuracy of all assay fusion batches. In addition, the remaining half of the cut core of every 20th sample was collected as a core duplicate starting at drill hole GOS19-30. This provided a total of 1,320 duplicate matched-pair assays, which is sufficient for precision evaluation.

Sampling Storage and Security

For Côté, pre-2017 drill hole data previously stored in a GEMS database was moved to acQuire. All new drill hole collars are provided by surveyors and imported into GEMS and subsequently transferred to acQuire. All new logging is recorded directly into a GEMS database and subsequently transferred to acQuire. All new assay results are imported directly into acQuire and subsequently transferred to the GEMS database. For Gosselin, MS Access is used with custom forms and queries for data input and management.

Analytical samples are transported by IAMGOLD or laboratory personnel using corporately owned vehicles. Core boxes and samples are stored in safe, controlled areas. Chain of custody procedures are followed whenever samples are moved between locations, to and from the laboratory, by filling out sample submittal forms.

Drill core is stored on the Côté Gold Project property in wooden core boxes under open sided roofed structures, arranged by year. A map of the core shack is available on site. Core boxes are labelled with the hole number, box sequence number, and the interval in metres. Almost all boxes are labelled with an aluminum tag. All rejects and pulps from the laboratory are also stored on site. Pulps are categorized by batch number and are stored inside sea containers. Rejects are stored inside plastic crates under temporary shelter.

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QA/QC program results do not indicate any significant issues with the sampling and analytical programs. The quality of the analytical data is sufficiently reliable to support Mineral Resource estimation without limitations on Mineral Resource confidence categories.

Data Verification

Côté

The 2019 Côté drill hole database consisted of the 2018 Mineral Resource estimate data updated with files provided by IAMGOLD for the drilling performed since the 2018 Mineral Resource estimate. The drill hole information added to the data base since the 2018 Mineral Resource estimate consisted of 4,882 samples from 38 drill holes, totalling 4,854.8 metres of core.

The 2018 Côté drill hole database had previously been validated internally for the 2018 Mineral Resource estimate. In 2017, the Côté database was validated during the preparation of a Mineral Resource update.

IAMGOLD's internal validation for the 2019 Côté drill hole database included checks on collar position, down hole deviation survey, drill logging information, sampling procedures, and assay data.

The 2019 drill hole database were compared against static versions of the previously validated 2017 and 2018 versions. Assay certificates for the samples collected since the 2018 Mineral Resource estimate were compiled and compared to the 2019 data. No issues were identified.

As part of standard procedures, the 2019 database was verified using the validation tools available in Seequent's Leapfrog and Geovia Gems. Checks on minimum and maximum values for various data fields, the presence of negative or zero values, and checks for the presence of unusual symbols were performed. Visual inspection of borehole traces and comparison of collars and topographic surfaces were performed, as well as checks for gaps in the logging and interval overlaps.

A site visit to the Côté deposit was carried out on October 7 to 8, 2019. During the site visit, the work performed at Côté Gold Project was reviewed. The review included outcrop observations, collar position check with a hand-held GPS, review of core handling, logging, and sampling procedures. Core from several drill holes was reviewed, covering the main lithologies and mineralization styles. Drill logs and assay results from the selected drill holes were compared against the core.

All of the data required to conduct the data verification work was available and accessible and there are no limitations on this work.

The drill hole database complies with industry standards and is adequate for the purposes of Mineral Resource estimation.

Gosselin

The Gosselin deposit has been drilled by IAMGOLD since 2016. As the footprint of the mineralized zone increased, drilling proximal to Gosselin and adjacent deposits was used to complement the information collected during the Gosselin drilling campaigns. Historical drilling of the Gosselin deposit or nearby dates since 1987, with the bulk of the information collected after 2010. The Gosselin Mineral Resource estimation drill hole database has been maintained and updated by IAMGOLD personnel.

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A site visit to the Gosselin deposit was carried out on July 19 to 21, 2021. During the site visit, the work performed at Gosselin was reviewed. The review included stops at various outcrops and at working drill rigs on land and lake. Collar positions were measured with a hand-held GPS. Core handling, logging, sampling, assay methodology, and QA/QC protocols were reviewed. Relevant intervals of core from various holes were examined, comparing the logged information to the core. The assay results were reviewed along with the core for the mineralized intercepts. Quartered core material was collected, from the half core witness material, as check samples to confirm the presence of mineralization in the Gosselin drilling. The selected mineralized intercepts had grades above the intended resource cut-off value and came from two recent drill holes that were also part of the drill core reviewed during the site visit. The mass of the quartered core check samples is half of that submitted for assaying original field samples and field duplicate samples, hence the assay results of the check samples were generally not expected to be fully comparable to the to the original samples. The samples preparation and assay method are similar to those used for the original samples.

The Gosselin drill hole database is maintained by IAMGOLD's exploration team in MS Access. Drill hole logs, assay certificates, deviation survey measurements, and density data are collected in data sheets, subjected to validation protocols, and then imported into the master MS Access database.

The supplied drill hole data was verified prior to commencing Mineral Resource estimation. The validation steps included checks of:

sample length;
maximum and minimum values;
negative values;
detection limit/zero values/unusual symbols;
borehole deviations;
interval gaps;
interval overlaps;
drill hole collar versus topography;
comparison of assay certificate versus database values;

IAMGOLD provided assay certificates for database validation. Values from 202 assay certificates were compared to the Gosselin database assay table. A total of 37,797 samples were matched, representing approximatively 80% of the samples in the Gosselin database. No issues were identified. It is recommended that the unified Gosselin resource database, in addition to the currently available details, be updated with information identifying the assay laboratory file source of the final gold value. This will enhance the auditability of the database content and facilitate tracking of the relevant certificate in the case of re-assayed sample batches.

The data required to conduct the data verification work was accessible and available and there are no limitations on this work.

The Gosselin drill hole database complies with industry standards and is adequate for the purposes of Mineral Resource estimation.

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Mineral Processing and Metallurgical Testing

Metallurgical laboratories involved with the test work programs have included: SGS facilities in Lakefield, Ontario, COREM (a consortium composed of several mining companies and the Government of Québec), in Québec City, Québec, and the University of British Columbia.

Metallurgical test work completed since 2009 has included: comminution (Bond low-impact (crusher), RWi and BWi, Ai, SMC, HPGR, piston press, and Atwal) tests, GRG tests, cyanide leaching (effect of head grade, effect of grind size, reagent usage, CIP modelling, cyanide destruction, solid-liquid separation and barren solution analysis) test work, development of recovery projections; and review of the potential for deleterious elements.

The comminution test work indicated that the material tested was very competent, and that the mineralization is well-suited to an HPGR circuit.

The mineralization is free-milling (non-refractory). A portion of the gold liberates during grinding and is amenable to gravity concentration and the response to gravity and leaching is relatively consistent across head grades. Therefore, the lower grade gold material is expected to exhibit the same level of metal extraction. Individual lithologies follow the general trends for grind size sensitivity and cyanide consumption, however, there is evidence of differences in free gold content. Silver content is consistently reported below 2 g/t Ag and the test work does not report on silver recovery.

Overall gold recovery is estimated at 91.8% for the processing at an initial rate of 35,500 tpd using the proposed flowsheet, with a later expansion to 37,200 tpd. Cyanide and lime consumption are quite low in comparison to what is typically observed in industry, however, this reflects the lack of cyanicides and other cyanide consuming elements. Lime consumption is also positively impacted by the basic nature of the ore.

Metal dissolution during cyanide leaching was found to be low, and there are no obvious concerns with deleterious elements.

Overall, metallurgical test results indicate that all the variability samples were readily amenable to gravity concentration and cyanide leach. Samples selected for metallurgical testing were representative of the various types and styles of mineralization within the different zones. Samples were selected from a range of locations within the deposit zones. Sufficient samples were taken so that tests were performed using adequate sample weights.

For the Gosselin deposit a preliminary test work program was complete in the summer of 2020. The comminution parameters and gold recovery are similar to those of the Côté Gold Project ore. Cyanide and lime consumption were slightly higher for Gosselin material, due to the higher copper and sulphur content.

A more detailed test work program needs to be undertaken for the Gosselin deposit. The program should include gravity recovery and metal dissolution characterization.

Mineral Resources

Mineral Resources Estimates

Subsequent to the date of the Côté Technical Report, IAMGOLD prepared the following Mineral Resources estimates for the Côté Gold Project.‎

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Mineral ‎Resources as of December 31, 2024<br>IAMGOLD Corporation - Côté Gold Project
Classification	Tonnage (Mt)	Grade (g/t Au)	Contained Metal (Moz Au)
Côté Gold Deposit
Measured	162.1	0.94	4.907
Indicated	276.4	0.77	6.878
Measured & Indicated	438.5	0.84	11.785
Inferred	60.3	0.61	1.177
Gosselin Deposit
Measured	-	-	-
Indicated	161.3	0.9	4.42
Measured & Indicated	161.3	0.9	4.42
Inferred	123.9	0.8	2.98
CÔTÉ DISTRICT - TOTAL
Measured & Indicated	599.8	0.84	16.205
Inferred	184.3	0.7	4.157

Notes:

The Côté Property Royalty covers the northern portion of the Côté reserve pit for a total coverage of less than 10% of the Côté reserve & resource estimate.
Mineral Resource estimates are prepared in accordance with NI 43-101.
Côté Gold Mineral Resources have been estimated as of December 31, 2024 using a $1,400/oz gold price.
Gosselin Mineral Resources have been estimated as of December 31, 2024 using a $1,700/oz gold price.
Mineral Resources are inclusive of Mineral Reserves and are reported on a 100% project basis.
Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au.
Mineral Resources are constrained by a Whittle optimized pit shell using economic parameters consistent with those used for mineral resources estimate in the Technical Report effective June 30, 2022 prepared in accordance with NI 43-101.
Bulk density values range from 2.69 t/m3 to 2.85 t/m3.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
All figures have been rounded to reflect the relative accuracy of the estimates.
The above assumptions are based on the Côté Technical Report and may not reflect or address all of the assumptions in the ‎revised Mineral Resources estimates as of December 31, 2024.

Côté

The Mineral Resources estimates for Côté can be located in the "Mineral Resources as of December 31, 2024" table in "Mineral Resources Estimates" above.

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In 2019, an updated Côté Mineral Resource estimate was prepared, which included the incorporation of ‎additional drilling and updated mineralization wireframes, recognized local grade trends, eliminated the ‎fault domain, and used a new classification approach. IAMGOLD is treating the December 19, 2019, ‎estimate as the current Mineral Resource estimate for the Côté deposit‎.

IAMGOLD is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

At the time of data handover, IAMGOLD was in the process of rebuilding the assay database for the Côté deposit. IAMGOLD provided the 2018 Mineral Resource estimate database and data for the 2019 drilling. The previously validated 2018 Côté database was merged with more recent drilling data in order to create the database for the December 2019 Mineral Resource estimate update.

The 2019 Côté database, with a data cut-off at the end of September 2019, contained 750 drill holes, for a total of 311,034 metres drilled. The assay table contained 300,768 samples, with a total length of 294,399 metres of sampled core. Down hole deviation survey, lithology, alteration, ICP analysis results, mineralization, and structural information were also present in the database.

IAMGOLD geologists prepared updated lithology, mineralization, and overburden domains incorporating the 2019 drilling information available. Wireframes were provided as separate dxf files and as a Seequent Leapfrog project. The provided Côté wireframes were reviewed and adopted. Subsequently, it was decided to consider the fault domain as a plane and to distribute the volume of the provided fault domain in the neighbouring domains. The plane of the fault, as redefined, is a break in grade along the fault intercept. This plane was then used as a boundary for lithology and interpolation domains.

The mineralization, lithology, and fault plane allowed the separation of North and South, constrained (higher-grade, more continuous) and unconstrained (lower grade, low continuity) domains, with a further subdivision based on lithology. Additional surfaces and solids were created in Leapfrog and GEMS to allow finer control for grade interpolation purposes inside the extended breccia domains. Grade trends were identified, investigated, and modelled.

Assays were back-flagged with mineralization and lithology information for descriptive statistics. It was noted that high-grade gold samples were observed in almost all of the subdomains. To reduce the influence of the erratic high-grade values, a capping analysis was performed and determined capping levels for the various domains using histograms, probability plots, decile analysis, and disintegration analysis. Following the application of capping to raw data, assay intervals were composited to six metre equal length intervals within each domain, starting at the domain wireframe piercing points. Composites shorter than two metres (one third of the nominal composite length) generated at the end of some intercepts were discarded. Similarly, composites with less than two metres of sampled core, predominantly representing overburden and diabase dike intercepts, were discarded prior to estimation.

The selected indicator gold grade shells:

Recognized the natural mineralization break at the main fault.
Confirmed the modelled Extended Breccia volume: almost all volume in the South domain and a large proportion of the North domain is filled by the 0.3 g/t Au indicator shell.
Highlighted the main grade trends for the North area: north-northeast (NNE) and east-west (EW), generally parallel to the fault (0.4 g/t Au shell).
Highlighted grade trends for the South area: with variable dip and gently curved, aligned east-west (0.4 g/t Au shell).
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Delineated the core of higher-grade mineralization within the grade trends by the 0.7 g/t Au shell.

The local grade trends and volumes highlighted by these three grade shells were used as a guide to define interpolation subdomains inside the Extended Breccia wireframes. During the trend analysis process, it was noticed that the thinner low angle dikes (mafic, lamprophyre) appear in discrete bands, introducing local dilution. It is recommended that the behaviour of single dikes and groups of dikes be investigated and potentially modelled in future updates as they trend differently than the mineralization.

The compartmentalization and multiple grade trends in both the North and South areas, in conjunction with vertical and horizontal higher-grade components, as highlighted by the grade shells, makes variographic analysis challenging and open to interpretation, with any global results that do not consider the local structural subdomains being less reliable.

The approximative volumes were modelled based on individual grade trends to increase the probability of obtaining better behaved experimental variograms. Two partly overlapping wireframes were modelled for the North area, capturing the better-defined NNE trend and EW trend. These wireframes were later used to separate the 1101 and 1201 grade interpolation domains. In the South domain, one wireframe was modelled in the central part of the Extended Breccia to capture the S-EW trend. The South domain trend wireframe includes a mix from three interpolation subdomains.

It was noted that for the investigated subdomains, the experimental variogram ranges observed were 90 metres to 150 metres for major and semi-major directions, while minor ranges were generally within 50 metres. The relative nugget effect was modelled as 20%. Modelled variograms reached 80% to 90% of the sill at a range of approximately 50 metres for the major and semi-major directions.

A block model was generated in GEOVIA GEMS 6.8.1 software. The block model has a block size of 10 metres wide by 10 metres deep by 12 metres high. The block model is rotated 30° (GEMS rotation convention). The block size is appropriate for the intended open pit operation planning and adequate for the drill hole spacing at Côté.

Blocks in the model were initially flagged with lithology and mineralization, with the majority rule used to determine the flagging of a block with respect to modelled wireframes. Blocks outside the modelled lithology wireframes were assumed to be tonalite and flagged accordingly in order to facilitate processing of the block model data in the pit optimization algorithm.

For estimation domains, the in-situ blocks (below the overburden) were flagged using the mineralized Extended Breccia North and South wireframes (with higher precedence) and the low-grade North and South solids. Barren dike wireframes were not used for the interpolation domains flagging. Four main volumes were separated, the 100 (N) and 200 (S) for low-grade and 1000 (N) and 2000 (S) for constrained mineralization.

This flagging was assigned to the composites. Blocks in the low-grade domain were then flagged with 101 and 202, respectively. The 1000 domain was separated into three subdomains, one reflecting the NNE grade trend (1101), one the EW trend (1201), and the remaining volume with mixed influence (1001). The 2000 domain was separated into six subdomain reflecting the local grade trends: isotropic for 3202 and 3502, dipping north for 3102 and 3402, dipping vertically for 3302, and dipping south for 3602.

The lithology domains were based on the diorite, diorite breccia, and hydrothermal breccia wireframes. Blocks were then reflagged as dike where this wireframe represented the majority of a block. The overburden wireframe had the highest precedence for lithology flagging. The lithology flagging, in combination with the area (North or South), were used as the basis to assign density.

After interpolation and classification, grade and classification were transferred to a final set of attributes. At this stage, blocks from assumed barren lithological domains (dike and overburden) were sterilized. This final set of parameters was used for pit optimization and resource reporting.

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The Côté grade block model was interpolated in one pass. The gold grades were estimated using six metre composites and the inverse distance cubed (ID3) interpolation method (anisotropic). This method helps preserve local grades when using mineralized wireframes with occasional internal dilution and with lower grade intercepts. Additionally, the experimental variograms reach high levels of variance within relatively short distances. Alternative interpolation methods were used for block validation purposes. The Extended Breccia domains shared the composites for all the subdomains. Hard boundaries were enforced between low and high-grade domains and between the North and South areas.

A total of 2,031 bulk density measurements from core samples were available for review. Preliminary outlier identification and removal was performed by IAMGOLD, eliminating readings of less than 2.4 g/cm3 and higher than 3 g/cm3. The density data was separated by lithology, mineralization, and position with respect to the fault. The diorite average values in different subdomains exhibited contrasting values, hence the average value for each individual subdomain was used for the block model.

Drill hole spacing tests were performed for the Côté deposit using the 2018 data in order to assess the classification criteria for Measured Mineral Resources. The grade of blocks in the tightly drilled South domain were estimated repeatedly, each time reducing the number of holes available for estimation. The results obtained using drill hole spacings from actual to 90 metres were upscaled to quarterly and yearly production volumes. The average percent difference in grades for blocks above cut-off grade between volume units was plotted in conjunction with the minimum and maximum differences. While the results of this test agree with the drill spacings of 44 metres for Measured and 66 metres for Indicated categories, this test effectively tests for average grade variations in a fixed volume and does not account for volume variations that would occur if the mineralized volume were to be interpreted separately for each of the drill hole spacing scenarios. Changing the interpretation of the mineralized volume would increase the differences between spacing scenarios. This would most likely result in increasing the spread of the differences and suggests that a tighter drill hole spacing for the Measured Mineral Resource classification might be required in the future.

Definitions for resource categories used in the Côté Gold Report are consistent with CIM (2014) definitions as incorporated by reference into NI 43-101. In the CIM classification, a Mineral Resource is defined as "a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction". Mineral Resources are classified into Measured, Indicated, and Inferred categories. A Mineral Reserve is defined as the "economically mineable part of a Measured and/or Indicated Mineral Resource" demonstrated by studies at PFS or Feasibility level as appropriate. Mineral Reserves are classified into Proven and Probable categories.

The classification uses a combination of interpreted geological continuity, expressed by the Extended Breccia wireframe, and drill hole spacing, expressed as average distance between drill holes and distance from the closest hole.

Interpolated blocks within the Extended Breccia wireframes were considered as candidates for classification in the Inferred category and higher, while blocks outside these wireframes were only considered for the Inferred category.

Extended Breccia blocks in areas with up to 44 metres drill hole spacing and within 25 metres from the closest drill hole were classified as Measured. Extended Breccia blocks in areas with drill hole spacing up to 66 metres and within 40 metres from the closest drill hole were classified as Indicated. The remaining interpolated blocks, if located in areas with drill hole spacing up to 110 metres and within 75 metres from the closest drill hole, were classified as Inferred. Average drill hole spacing for the Measured and Indicated categories was based on the average distance of a hole to the nearest five holes. For the Inferred category, the average to the nearest three holes was used, to eliminate artifacts generated by the numerical approach observed at the edges of the drilled area and at depth. A minimal manual cleanup of the scattered blocks from all classes was performed.

It is recommended additional block classification smoothing work be carried out in the future in order to eliminate the presence of occasional small clusters of blocks of different classes generated by the essentially numerical approach used for this estimate. It is noted that this would primarily result in upgrading a small number of Inferred blocks to Indicated and would have a negligible impact.

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Metal prices used for Mineral Reserves are based on consensus, long-term forecasts from banks, financial institutions, and other sources. For Mineral Resources, metal prices used are slightly higher than those for Mineral Reserves. The Mineral Resources were reported at a cut-off grade of 0.3 g/t Au and constrained by an optimized resource shell. Only the blocks inside the resource shell were reported. This is similar to the cut-off value and approach used for the 2018 Mineral Resource estimate. In compliance with the CIM (2014) requirement that Mineral Resources demonstrate "reasonable prospects for eventual economic extraction". Preliminary Lerchs-Grossmann pit shells were prepared to constrain the Mineral Resources. The cost and parameters assumed for the Côté deposit are the same as those used in 2018.

Capping levels were established using statistical methods. In order to understand the overall influence of capping on the Côté Mineral Resource estimate, the uncapped Mineral Resources were estimated and reported. The Measured and Indicated metal lost due to capping is 19% for the current Mineral Resource estimate. It is noted that for the 2018 Mineral Resource estimate, the metal reduction due to capping was similar, while metal loss in the 2012 Mineral Resource estimate was 22% in the NE domain and 14% in the SW domain and metal loss in the 2016 Mineral Resource update was 15% in the NE and 16% in the SW domain.

Several changes have been implemented in the current Mineral Resource estimate compared to the 2018 Mineral Resource estimate:

Incorporation of additional drilling.
Update of the mineralization wireframes with a minor increase in volume.
Minor variations of the density values as a result of additional measurements.
Elimination of the fault domain.
Subdomaining of the Extended Breccia wireframes according to observed local trends.
Resource classification independent of alteration wireframes.

It is noted that the additional drilling, mineralization wireframe adjustments, density measurements, and grade estimation approach introduced minor changes overall. The largest changes included a firmer application of the classification criteria, resulting in a reduction of the Measured Mineral Resources, and detaching classification from the modelled alteration wireframes, resulting in the addition of significant Inferred Mineral Resources. Previously the blocks outside the modelled mineralization wireframes were considered for the Inferred classification only if they were situated inside alteration wireframes that were considered favourable for mineralization.

Gosselin

The Mineral Resources estimates for Gosselin can be located in the "Mineral Resources as of December 31, 2024" table in "Mineral Resources Estimates" above.

In 2021, an estimate of the Gosselin Mineral Resources was prepared based on an open pit mining scenario. Indicated Resources total 124.5 Mt at an average grade of 0.84 g/t Au, containing 3.35 Moz Au. An additional 72.9 Mt at an average grade of 0.73 g/t Au, containing 1.71 Moz Au are estimated in the Inferred Mineral Resource category. The Mineral Resources are estimated at a 0.3 g/t Au cut-off grade, based on a price of $1,500/oz Au, and have an effective date of October 4, 2021.

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A drill hole database for the Gosselin deposit was prepared and provided by IAMGOLD. The Gosselin database contains records of core drilling completed until the end of July 2021. Collar position, down hole deviation survey, gold assay, lithology, density, structural, alteration, mineralization, ICP, magnetic susceptibility, RQD, and recovery information are stored in separate tables. The Gosselin database was provided by IAMGOLD as part of a Seequent Leapfrog 2021.1 project and as separate csv files. The Gosselin Leapfrog project also contained interpreted geology wireframes and topography. The Gosselin database contains information from 163 drill holes with a total length of 54,775.4 metres. ****

IAMGOLD geologists prepared geological model wireframes in Leapfrog, using an implicit modelling approach with occasional manual control features. The wireframes provided were reviewed and found to be appropriate for Mineral Resource estimation purposes. The Gosselin mineralization wireframes were defined in Leapfrog with a nominal cut-off grade of 0.3 g/t Au and modelled using implicit modelling aided by modelled trend surfaces and manual control features. The Gosselin mineralization wireframes included lower grade intercepts to preserve the continuity of the solids and prevent unnecessary fragmentation, following the geometry of the lithological units where appropriate. The trend surfaces used to aid the mineralization wireframes were based on the grade trends demonstrated by gold grade shells at various cut-off values. Additional wireframes were modelled based on the grade shells to generate estimation subdomains inside the mineralization wireframe. A 200-metre wide buffer of waste material and occasional isolated mineralization intercept was defined and used as an unconstrained domain.

Data from 159 holes was used for the Gosselin Mineral Resource estimate, for a total drill length of 50,106 metres and 45,124 samples. Capping of high-grade assays prior to compositing is a practice aimed at limiting the influence of erratic high-grade assays, which otherwise have the potential to overpower surrounding lower grade samples. In the absence of production data that would allow the determination of appropriate capping levels, a number of statistical methods are used. Statistical methods were applied to establish the capping levels for Gosselin. Lithological domains were used as capping domains inside the modelled mineralization wireframe, while in the buffer wireframe all the various mineralized lithologies received the same capping value. A combination of histograms, decile analysis, probability plots, disintegration, and visual inspection of the spatial location of higher-grade assays was used to determine the capping levels for each capping domain. High-grade assays were capped prior to compositing. Resource samples were composited prior to grade estimation. A fixed interval compositing length of six metres was selected. Compositing was completed from collar to toe within mineralization wireframes, starting at the wireframe pierce-point and continuing to the point at which the hole exited the lens. Composites shorter than half the compositing length were added to the previous interval. Composites of capped assays were used for Mineral Resource estimation.

The relationship between sample gold grade and lithology was investigated for the Gosselin deposit. Assay data was flagged according to the lithological model. Initially, an apparent relationship between lithological domains and grade was observed. Subsequently, grade shells at various cut-off values indicated that lenses of better grade continuity may be separated within the modelled mineralization domain. In order to isolate more homogeneous grade domains, a set of estimation subdomains were modelled for the mineralization wireframe, capturing the local grade trends.

The available Gosselin alteration wireframe, while generally simulating the presence of mineralization and the modelled mineralization wireframe, did not appear to be consistently related to the mineralization. As a result, the focus was on lithology and grade information for the Gosselin Mineral Resource estimate. It is recommended to continue the collection of alteration data and regular updates of the modelled alteration wireframes for the Gosselin deposit. Grade shells with cut-offs of 0.4 g/t Au, 0.6 g/t Au, 0.8 g/t Au, and 1.0 g/t Au were used as a guide for subdomain estimation modelling.

The Gosselin estimation subdomains capture the local grade trends and respect breaks in the mineralization or changes in orientation. The intersection between the mineralization wireframe and estimation subdomains was used to parse the data for variographic analysis in Supervisor 8.14 and later for guiding the block grade estimation in Leapfrog.

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In general, the capped composites produced variograms with erratic behaviour. In order to reduce the variance, the data for variographic analysis was capped at a lower value of 4.0 g/t Au for all the estimation domains. Overall, approximately 80% of the sill for the major and semi-major ranges was reached within 60 metres to 80 metres. 70 metres was considered as nominal drill hole spacing for classification.

A block model was generated in Seequent's Leapfrog 2021 software to support the Gosselin Mineral Resource estimate. The block model for the Gosselin deposit has a block size of 10 metres wide by 10 metres deep by 12 metres high. The block model is rotated, aligned parallel to the average strike of the Gosselin deposit. The block size is appropriate for the intended open pit operation planning and adequate for the drill hole spacing at Gosselin. The Gosselin gold grade block model was interpolated in two passes inside the mineralized wireframe, and in one pass in the buffer domain. The gold grades were estimated using six metre composites with the ID3 interpolation method. The ID3 method was favoured in order to preserve local grades in the context of using mineralized wireframes with occasional internal dilution and with lower grade intercepts. All the subdomains inside the mineralized wireframes have soft boundaries, and hard boundaries between the mineralized wireframe and the buffer domain.

The Gosselin drill hole database contained 1,249 density measurements from all the lithological units. The data were separated by lithology and analyzed. Occasional outliers were removed prior to calculating the average bulk density value for each of the lithology domains. The average domain values were used for the Gosselin deposit. The average values were assigned to blocks in the block model flagged with lithology domains.

Definitions for resource categories used in the Côté Gold Report are consistent with CIM (2014) as incorporated by reference into NI 43-101. In the CIM classification, a Mineral Resource is defined as "a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction". Mineral Resources are classified into Measured, Indicated, and Inferred categories. A Mineral Reserve is defined as the "economically mineable part of a Measured and/or Indicated Mineral Resource" demonstrated by studies at PFS or Feasibility level as appropriate. Mineral Reserves are classified into Proven and Probable categories.

Indicated Resources are classified where estimated blocks are situated inside the mineralized wireframe and inside the modelled estimation domains, within up to a 60 metres to 70 metres drill hole spacing, interpolated with a minimum of two drill holes. Indicated blocks are expected to be within a maximum distance of 45 metres from the closest drill hole.

Inferred Resources are classified as blocks estimated with a minimum of one hole. Inferred blocks occur inside the constrained volume of the mineralization wireframe and outside the modelled estimation domains, within maximum distance to the closest composite of 100 metres. Interpolated blocks in the buffer volume, within 75 metres from the closest drill hole were also classified in the Inferred category.

Visual and statistical methods were used to validate the block model attributes, domain flagging, and interpolated block grades at Gosselin. The checks performed included:

comparison of mineralized lenses with the flagged blocks;
spot checks for search ellipse alignment along mineralized lenses;
spot checks for composite and estimation domain flagging;
visual checks for interpolated grade artefacts (banding, smearing of high grades, and high grade plumes);
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visual comparison of composite and block grade in section and plan view;
comparison of composite and block grades in swath plots; and
comparison of interpolated block grades obtained by alternate interpolation methods;

In compliance with the CIM (2014) requirement that Mineral Resources demonstrate "reasonable prospects for eventual economic extraction", Lerchs-Grossmann pit shells was prepared to constrain the Mineral Resources. The Mineral Resources were reported at a cut-off grade of 0.3 g/t Au and constrained by the optimized Mineral Resource shell. Only the blocks inside the Mineral Resource shell were reported.

The Gosselin deposit is located to the east of, and adjacent to, the Côté deposit. The Mineral Resource shells developed for the two deposits overlap slightly, this will benefit both deposits. It is noted that the Mineral Resource blocks reported for the Côté deposit (0.3 g/t Au and higher) were excluded from the Gosselin Mineral Resource estimate.

The Gosselin model blocks attributable to Côté total 0.13 Mt at an average grade of 0.54 g/t Au, and contained 2,260 oz Au, all in the Inferred category. These Mineral Resources were not reported in the Gosselin Mineral Resource estimate.

At the end of 2023, an updated estimate of the Gosselin Mineral Resources was prepared based on additional drilling, updated interpretation and financial parameters.

Between October 4, 2021 and October 6, 2023, 58 drill holes with a total length of 36,271.57 metres were added to the Gosselin database, for a total resource database comprising 221 drill holes for a total length of 91,046.97 metres. The drill hole database was prepared and provided by IAMGOLD. IAMGOLD geologists prepared the updated geological model in Leapfrog, and the model was found to be appropriate for Mineral Resource estimation purposes. During 2024, approximately 40,400 metres of expansion and delineation diamond drilling was completed on the Côté Gold Project.

Similar to the 2021 mineral resource estimation, a nominal cut-off grade of 0.3 g/t Au was used to define the deposit, aided by modelled trend surfaces and manual control features. The mineralization wireframes were defined based on the grade trends, generated estimation subdomains inside the mineralization wireframes, and created an 800-metre-wide buffer of waste material.

Capping of high-grade assays prior to compositing limited the influence of erratic high-grade assays, which otherwise would have the potential to overpower surrounding lower grade samples. For the determination of appropriate capping levels, statistical methods were applied to establish the capping levels for Gosselin. Lithological domains were used as capping domains inside the modelled mineralization wireframe, while in the buffer wireframes all the various mineralized lithologies received the same capping value. High grade assays were capped prior to compositing, and samples were composited prior to grade estimation.

The continuity of gold grades in the Gosselin deposit was assessed by creating a series of isotropic gold grade shells at various values using Leapfrog, without constraint to the mineralized envelope. Several sub-vertical trends were discerned, typically oriented in a southwest to northeast direction (NE Trend) and a second trend orientated at approximately 300 degrees (300° Trend). The orientation of these trends played an important role during the setup of search ellipses, experimental variography, and variable orientation gold grade interpolation.

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A block model was generated in Seequent's Leapfrog 2021 software to support the updated Gosselin Mineral Resource estimate. The block model for the Gosselin deposit has a block size of 10 metres wide by 10 metres deep by 12 metres high. The Gosselin gold grade block model was interpolated in two passes inside the mineralized wireframe, and in one pass in the buffer domain. The gold grades were estimated using six metre composites with the ID3 interpolation method. The ID3 method was favoured in order to preserve local grades in the context of using mineralized wireframes with occasional internal dilution and with lower grade intercepts.

A classification methodology was implemented at Gosselin, generating classification solids supported by drill hole spacing. Indicated Resources are classified where estimated blocks are situated inside the 0.3 g/t Au mineralized wireframe and inside the modelled estimation domains, within up to 70 metres drill hole spacing, and interpolated with a minimum of three drill holes. Indicated blocks are expected to be within a maximum distance of 50 metres from the closest drill hole. Inferred Resources are classified where estimated blocks are situated inside the 0.3 g/t Au mineralized wireframe and inside the modelled estimation domains, within up to 140 metres drill hole spacing, interpolated with a minimum of three drill holes. Some lower grade material and drill holes beyond the drill spacing criteria for Inferred material were included to preserve continuity.

A Lerchs-Grossmann pit shells were prepared to constrain the Mineral Resources. The Mineral Resources were reported at a cut-off grade of 0.3 g/t Au and constrained by the optimized Mineral Resource shell. Only the blocks inside the Mineral Resource shell ‎were reported.‎

The Gosselin deposit is located to the east of, and adjacent to, the Côté deposit resulting in the Mineral ‎Resource shells developed for the two deposits overlap slightly The Mineral Resource blocks reported for ‎the Côté deposit (0.3 g/t Au and higher) were excluded from the Gosselin Mineral Resource estimate. ‎The Gosselin model blocks attributable to Côté total 815 oz Au, or approximately a 0.01% loss of the ‎updated Mineral Resource.‎

Mineral Reserves

Mineral Reserves Estimates

Subsequent to the date of the Côté Technical Report, IAMGOLD prepared the following Mineral Reserves estimates for the Côté Gold Project.‎

Mineral ‎ Reserves as of December 31, 2024<br>IAMGOLD Corporation - Côté Gold Project
Classification	Tonnage (Mt)	Grade (g/t Au)	Contained Metal (Moz Au)
Côté Gold Deposit
Proven	127.7	1.07	4.376
Probable	101.4	0.91	2.965
Proven and Probable	229.2	1.0	7.341

Notes:

The Côté Property Royalty covers the northern portion of the Côté reserve pit for a total coverage of less than 10% of the Côté reserve & resource estimate.
Mineral Reserve estimates are prepared in accordance with NI 43-101.

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Côté Gold Mineral Reserves have been estimated as of December 31, 2024 using a $1,400/oz gold price.
Mineral Reserves are estimated assuming open pit mining methods and are reported on a 100% Project basis.
Bulk density values range from 2.69 t/m3 to 2.85 t/m3.
Mineral Reserves used the following assumptions: price of US$1,400/oz Au; fixed process recovery of 91.8%; treatment and refining costs, including transport and selling costs of $1.75/oz Au; variable royalty percentages by zone: 0.75% for Zone 1, 1.00% for zone 2, 0.00% for zone 3, 1.50% for zone 4, 0.75% for zone 5, 1.50% for zone 6, and 0.75% for zones 7 and 8; overall pit slope angles varying by sector with a range of 45.8° to 56.4°; processing costs of $10.17/t, which includes process operating costs of $7.01/t, general and administrative costs of $1.84/t, sustaining costs of $0.82/t, and closure costs of $0.50/t; mining costs of $1.61/t incremented at $0.029/t/12m below 388 elevation (life-of-mine average mining costs of $2.01/t); and rehandling costs of $0.87/t. The cut-off applied to the reserves is 0.35 g/t Au.
All figures have been rounded to reflect the relative accuracy of the estimates.
The above assumptions are based on the Côté Technical Report and may not reflect or address all of the assumptions in the ‎revised Mineral Reserves estimates as of December 31, 2024.

All currently defined Mineral Reserves at the Côté Gold Project are located in the Côté deposit. Accordingly, unless otherwise indicated, the reminder of the discussion below regarding the Côté Gold Project focuses exclusively on the Côté deposit (for which the Côté Property Royalty has a total coverage of less than 10%) and not the Gosselin deposit.

Mineral Reserves were classified in accordance with the CIM (2014) definitions. Only Mineral Resources that were classified as Measured and Indicated were given economic attributes in the mine design and when demonstrating economic viability. Mineral Reserves for the Côté deposit incorporate mining dilution and mining recovery estimations for the open pit mining method.

The Mineral Reserves estimates for the Côté Gold Project can be found in the "Mineral Reserves as of December 31, 2024" table in "Mineral Reserves Estimates" above.

The Mineral Reserve estimate for the Côté deposit is based on the resource block model estimated by IAMGOLD (May 2023).

Mineral Reserves are an estimate of the tonnage and grade of ore that can be economically mined and processed. To be considered Mineral Reserves the estimated material must pay for all costs incurred during mining. The mine plan is based on the detailed mine design derived from the optimal pit shell produced by applying the Lerchs-Grossmann (LG) algorithm. The resource model, containing gold grades, block percentages, material density, slope sectors, rock types, and NSR, was imported into the optimization software. The optimization run was carried out using only Measured and Indicated Mineral Resources to define the optimal mining limits. Inferred Mineral Resource blocks were treated as waste.‎

The optimization run included 55 pit shells defined according to different revenue factors, where a revenue factor of 1 is the base case. To select the optimal pit shell that defines the ultimate pit limit, a pit-by-pit analysis was conducted to evaluate the contribution of each incremental shell to NPV, assuming a processing plant capacity of 36,000 tpd and a discount rate of 6%. Following this analysis, the selected pit shell is usually smaller than the base case pit shell. This represents a NPV improvement of $17.9 million over the base case pit shell.

The resource model is diluted by regularizing to a standard block size of 10 metres wide by 10 metres deep by 12 metres high. Individual blocks captured within the final pit design were tagged as either ore or waste by cut-off grade, accounting for increasing mining costs with depth and varying royalties by zone. Ore losses during mining are accounted for by simulating the mixing of material from adjacent blocks. The procedure to determine ore losses during mining results in a reduction of gold grade but does not reduce tonnage.

Ore losses were estimated using the following steps:

The grade of a given block will be blended using 5% of the tonnage from each of the four adjacent blocks.
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If an adjacent block is classified as an Inferred Mineral Resource, its grade is considered to be zero. If the adjacent block is Measured or Indicated, but below cut-off, dilution is taken at the grade of the adjacent block.

The estimated average ore losses using this procedure is 0.7%.

The Mineral Reserve estimate includes the tonnage and grade of ore that can be economically mined and processed. To be considered Mineral Reserves the mineralized material must pay for all costs, including mining, processing, selling, and rehandling, in addition to royalties.

Since the mining cost increases with depth and the royalty percentage varies by zone, individual blocks captured within the final pit design were tagged as either ore or waste. Using the partial block percentages within the final pit design, the ore tonnage and average grade were estimated.

The cut-off grade applied to the reserves is 0.35 g/t Au. The effective date of the Mineral Reserves estimate is December 31, 2024.

There is a reasonable expectation that all permitting required to support the Mineral Reserve-based life-of-mine ("LOM") **** plan will be obtained.

There are no mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

Note that:

Pit optimization parameters, financial assumptions, pit-shell selection, and mining dilution and recovery factors remain unchanged from 2018.
The current tailings management facility ("TMF") permit covers approximately 87% of the Mineral Reserves.

Mining Operations

Pit optimization parameters, financial assumptions, pit-shell selection, and mining dilution and recovery factors remain unchanged from 2018. The current Mineral Reserves are based on an updated mine design which optimizes pit phasing, ramp location, and waste stripping, resulting in negligible changes to Mineral Reserves compared to the previous estimate, and small reductions in waste.

The mine plan was updated to a feasibility level pit slope design by carrying out geomechanical logging, compilation of previous geotechnical data, geotechnical modelling, kinematic analysis, and confirmation of overall slope stability by limit equilibrium and finite element analysis. Initial pit slope design criteria were based primarily on all the compiled, reconciled, and updated geomechanical data, with reference to the prefeasibility study (PFS) pit shell geometry defined by Amec Foster Wheeler (2017). Following pit optimization, the pit geometry was compared for changes in the slope orientation that may be impacted by different kinematic influences and reviewed using limit equilibrium modelling of the potential modes of failure to determine adequacy of the bench and inter-ramp design, with recommendations for adjustments which were incorporated into the final pit design.

The pit shells that define the ultimate pit limit, as well as the internal phases, were derived using the Lerchs- Grossmann (LG) pit optimization algorithm. This process considers the information stored in the geological block model, the pit slope angles by geotechnical sector, commodity prices, cost inputs, and royalties by zone.

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The resource model, containing gold grades, block percentages, material density, slope sectors, rock types, and net smelter return (NSR), was imported into the optimization software. The optimization run was carried out using only Measured and Indicated Mineral Resources to define the optimal mining limits.

The optimization run included 55 pit shells defined according to different revenue factors, where a revenue factor of 1 is the base case. To select the optimal pit shell that defines the ultimate pit limit, a pit-by-pit analysis was conducted to evaluate the contribution of each incremental shell to NPV, assuming a processing plant capacity of 36,000 tpd and a discount rate of 6%. In 2022, pit optimizations run with current inputs confirmed the previous pit shell selection.

The mine plan is designed as a truck-shovel operation assuming 212 tonne autonomous trucks and 34 cubic metre shovels. The pit design includes five phases to balance stripping requirements while satisfying concentrator requirements.

The design parameters include a ramp width of 36 metres, maximum road grades of 10%, bench height of 12 metres, berm height interval of 24 metres, geotechnical catch bench of 20 metres if height is greater than 150 metres, a minimum mining width of 40 metres, and variable slope angles and berm widths by sector.

The smoothed final pit design contains approximately 235 Mt of ore at 0.95 g/t Au and 575 Mt of waste for a resulting stripping ratio of 2.4:1. The total LOM mill feed is 233 Mt at 0.96 g/t Au, constrained by TMF capacity, and 2.3 Mt of low-grade ore material remaining in stockpiles at the end of mine life. These tonnages and grades were derived by following an elevated cut-off strategy in the production schedule.

The mine rock area (MRA), overburden stockpile, and ore stockpiles have been designed to ensure physical and chemical stability during and after mining activities. To achieve this, the storage facilities were designed to account for benching, drainage, geotechnical stability, and concurrent reclamation.

Pre-production commenced with contractor works in Q1 2021 consisting of overburden removal, supply of material for construction, and initial bench establishment. Contractor mining continued until Q2 2023. Owner mining commenced in Q1 2023 with a fleet of autonomous haulage trucks. Mechanical completion ‎and first gold are expected in Q1 2024 with commercial production expected in the third quarter of 2024.‎

The Côté deposit is planned to be mined in five phases included within the ultimate pit limit. The scheduling constraints establish the maximum mining capacity at 70 Mtpa and the maximum number of benches mined per year at eight in each phase. Additional constraints were used to guide the schedule and to obtain the desired results. Examples of these additional constraints include feeding lower grade material during the first months of the plant ramp up schedule, the maximum stockpile capacity, and reducing the mining capacity in later years to balance the number of trucks required per period.

The schedule produced an 18 year LOM with stockpile reclaim accounting for the final four years. The amount of re-handled mill feed is 78 Mt, which requires a maximum stockpile capacity of 55 Mt, in Year 13. The average grade is 0.96 g/t Au.

The mine is scheduled to operate 24 hours per day, seven days per week (24/7 schedule), using four rotating crews working 12 hour shifts.

Mining operations will use an autonomous truck and drill fleet, supported by a conventional manned loading fleet and a fleet of manned support equipment. The truck fleet will be diesel-powered with the capacity to mine approximately 60.0 Mtpa operating on 12 metres benches. The loading fleet will include two electric powered hydraulic shovels, supported by three large diesel-powered front-end loaders (FELs). Primary mobile equipment will consist of:

Loading - CAT 6060 electric/hydraulic (6060E) shovel and CAT 994K high lift FELs.
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Hauling - CAT 793F mechanical drive truck operated in autonomous mode.

Multiple contractors will support the mine. A maintenance and repair contract (MARC) was put in place in Q1 2023 for pre-production and the first three years of operation. Blasting will be conducted by a contract down hole service during the LOM. A tire maintenance agreement was put in place in Q3 2022 to repair and change tires at the mine site.

Processing and Recovery Operations

The process circuits will include primary crushing, secondary crushing, HPGR, ball milling, vertical milling, gravity concentration and cyanide leaching, followed by gold recovery by CIP, stripping and EW. Tailings handling will incorporate cyanide destruction and tailings thickening. Plant throughput will initially be 35,500 tpd at 92.6% utilization and it is expected that a ramp up period of 20 months will be required to reach the design throughput, however, it is expected that 90% of the design throughput will be achieved after 10 months. Preliminary test work has indicated that the Gosselin deposit is similar to the Côté deposit, however, additional test work is required to validate and confirm this.

The process plant design is conventional and uses conventional equipment. The process plant will consist of:

primary (gyratory) crushing;
secondary cone crushing and coarse ore screening;
a coarse ore stockpile;
tertiary HPGR crushing;
fine ore screening and storage;
two milling stages (ball mill followed by vertical stirred mills);
gravity concentration and intensive leaching;
pre-leach thickening;
whole ore cyanide leaching;
CIP recovery of precious metals from solution;
cyanide destruction;
tailings thickening;
elution of precious metals from carbon;
recovery of precious metals by ew; and
smelting to doré.

The processing plant will have facilities for carbon regeneration, tailings thickening, and cyanide ‎destruction. The ramp-up period will be highly influenced by design considerations, especially pertaining ‎to the grinding circuit. The processing plant is expected to take 20 months to reach the initial design ‎throughput of 35,500 tpd. However, it is expected that throughputs of 90% of the design throughput will ‎be achieved after 10 months‎.

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Water from the mine water pond will be the primary source of mill water, providing the majority of the processing plant requirements, whereas the plant site pond and other collection areas will be secondary sources of process water. Fresh water required for reagent mixing at the processing plant will be pumped from Mesomikenda Lake.

The primary reagents required will include flocculant, sodium hydroxide, cyanide, copper sulphate, liquid sulphur dioxide, anti-scalant, lime, hydrochloric acid, and oxygen. A dedicated, self-contained air service system will be provided.

The mill will require approximately 54 MW of power to operate at full capacity.

Infrastructure, Permitting and Compliance Activities

Infrastructure, Permitting and Compliance Activities

a. Infrastructure

Project infrastructure will include:

open pit;
MRA and stockpile facilities;
TMF;
permanent camp and a temporary construction camp;
emulsion plant;
process facilities;
workshop, offices, facilities, and other services;
watercourse realignment dams and channels;
new lake created to compensate for the loss of Côté Lake habitat;
storm/mine water, polishing, and tailings reclaim ponds;
collection, surplus water discharge, and dispersion systems;
two-lane gravel access road;
upgraded existing transmission line from Timmins to Shining Tree Junction and a new 44 kilometre long 115 kV electrical power transmission line from Shining Tree Junction to the Côté Gold Project site; and
electrical distribution network.

Access to the Côté Gold Project prior to construction was via a network of logging roads and local bush ‎roads accessed from Highway 144 and from the Sultan Industrial Road, which runs east-west along and ‎below the southern portion of the Côté Gold Project area. The selected route to the processing plant is ‎the existing Chester Logging Road which has already been upgraded from the Sultan Industrial Road, ‎‎4.62 kilometres, at the intersection with an existing road to the open pit area. The upgraded road is nine ‎metres wide and serves as the main access to the mine site. From the upgraded road to approximately ‎the southeast corner of the TMF, Chester Logging Road was upgraded to a 10-metre design width. At ‎the corner of the planned TMF site, the existing road continues into the footprint of the TMF, and 4.28 ‎kilometres of new road was constructed to extend the access to the construction/permanent camp ‎entrance. This section of road was constructed as part of the early works and is used as the primary ‎construction access to the processing plant site and the camp area. A mine site bypass route will use the ‎existing Yeo Road, from the Sultan Industrial Road to a point opposite the northwest corner of the TMF, ‎without upgrade. From there a new connector road of 3.94 kilometres has been constructed to tie into an ‎existing road which runs parallel to the North Dam of the TMF. This existing road requires upgrading. It ‎will permit public access to Chester Logging Road north of the TMF without passing through the mine ‎security gate and the mine site proper‎.

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Mine development requires three major haul roads, consisting of access to the MRA, the TMF, and the topsoil/overburden stockpile. In addition, a major intersection is required on the north side of the open pit to tie together the exit from the pit with the pit bypass road, the ramps to the ore stockpiles, and the crusher and truck shop ramps. Approximately 24.7 kilometres of new six metre wide service roads are required to access all site facilities, including many shorter spurs to dam locations, and perimeter roads around the TMF and the east side of the MRA. The site layout includes three major watercourse crossings. Roads are designed with a crossfall from side to side (as opposed to a central crown), such that the runoff from the entire road surface will be discharged to another developed drainage area on one side of the road, such as the processing plant site, the reclaim water pond basin, the TMF, MRA, Polishing Pond, or the open pit itself.

The power supply for the Côté Gold Project site will be delivered at 115 kV by the new 44 kilometres overhead line from Hydro One's Shining Tree Junction. Upstream of the Shining Tree Junction is an idle 118 kilometres 115 kV line fed from Timmins Tie Station (TS) which has been refurbished and restrung. The Independent Electricity System Operator (IESO) has completed a system impact assessment (SIA) and determined that the proposed connection to its power grid is technically feasible, that the system has sufficient capacity, and that it met the in-service date of Q3 2023. The calculated electrical load for the Côté Gold Project is as follows:

61 MW maximum demand load.
54 MW average demand load.
98% lagging (inductive) power factor.

This calculated load is based on the current electrical load list, and includes two electric shovels, mine dewatering, all ancillary loads, and a 10% allowance for growth during detailed design. Hydro One has allocated a total of 72 MW of capacity to the Côté Gold Project. Emergency backup power will be available from four diesel standby generators, sized to provide essential power to the process and ancillary electrical equipment. The four 1 MW prime gensets will be located in the main substation area, will be 600 V rated and will be stepped up to 13.8 kV to be distributed around the site.

Environmental Considerations

An EA was completed for the Côté Gold Project under Canadian Environmental Assessment Act, 2012. An EA Decision Statement was issued by the Federal Minister of Environment and Climate Change Canada on April 13, 2016, and a Notice of Approval was issued by the MOECC on December 22, 2016. The Côté Gold Project has undergone optimizations since the 2015 environmental assessment, including:

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Relocation and reduction of the TMF to minimize overprinting of fish-bearing waters, reduction of the Côté Gold Project footprint, improved Project economics, reduction in the need for watercourse realignments, and the avoidance of effluent discharges to the Mesomikenda Lake watershed.
Reduced open pit size.
Modifications to the processing plant.
Reduction in transmission line voltage and re-routing of the transmission line; a Provincial Class EA for the 115 kV transmission line was completed in 2019.

IAMGOLD has conducted additional baseline studies within the boundaries of the new TMF and topsoil/ overburden stockpile, and new transmission line alignment, to infill the physical, biological, and human environment characterizations conducted previously. These additional baseline data, together with design information for the site configuration, were used to prepare the Environmental Effects Review ("EER") for the Côté Gold Project, for submission to the Canadian Environmental Assessment Agency ("CEAA") and the Ontario Ministry of Environment, Conservation and Parks ("MECP"), thus informing the regulatory agencies of changes or improvements to the 2015 environmental assessment. On October 19, 2018, the CEAA confirmed that the proposed Côté Gold Project changes are not considered new designated physical activities and therefore a new EA is not required. On November 9, 2018, the MECP also confirmed its concurrence with the EER report conclusion that the proposed changes to the undertaking result in no new net effects.

Perimeter embankment dams, raised in stages, will be used for tailings management.

Water quality will be monitored in the process water (before and after cyanide destruction) prior to discharge to the TMF. Water quality will also be monitored in the TMF settling pond and in the seepage collection system. Groundwater quality will be monitored at wells to be installed downgradient of the TMF seepage collection system to confirm that seepage from the TMF is being captured in the seepage collection system.

Closure of the Côté Gold Project is governed by the Mining Act (Ontario) and its associated regulations and codes. IAMGOLD has a filed closure plan in accordance with the legislative requirements dated August 2021. This plan details measures for temporary suspension, care and maintenance, and closure of the Côté Gold Project, including determining financial assurance and development milestones ‎required to reclaim the Côté Gold Project in accordance with the closure plan.‎

The NDMNRF requires financial assurance for implementation of the closure plan. A closure cost ‎estimate is included in the operating cost estimate of the Côté Gold Project closure plan and is ‎reviewed and updated as required‎.

Permitting Activities

In 2022 at the Côté Gold Project, permitting efforts continued with several permits received, including an amendment to the Fisheries Act Authorization approving the removal of three fish-bearing ponds and an update of planned complementary offsetting measures, and other permits required to construct fish habitat. IAMGOLD applied to the Ontario Ministry of the Environment, Conservation and Parks for initial entry into the Emissions Performance Standards program to further compliance with its environmental obligations including establishing an emissions baseline for the Côté operation.

The estimates for restoration and closure costs are prepared by knowledgeable individuals and are subject to review and approval by government authorities where regulated. Site closure costs are charged against a provision accumulated during the production phase. As at December 31, 2024, IAMGOLD estimated these obligations at US$69.6 million for the Côté Gold Project.

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Social Considerations

IAMGOLD has actively engaged Indigenous, local and regional communities, as well as other stakeholders, to gain a better understanding of their issues and interests, identify potential partnerships, and build social acceptance for the Côté Gold Project. Stakeholders involved in Project consultations to date include those with a direct interest in the Côté Gold Project, as well as local and regional communities identified‎ through the baseline studies.

The involvement of stakeholders will continue throughout the various Project stages. The range of stakeholders is expected to evolve over time, to reflect varying levels of interest and issues.

As part of the Provincial conditions of EA approval, IAMGOLD developed and submitted a Community Communication Plan to the responsible Provincial ministry, outlining its plan to communicate with stakeholders through all phases of the Côté Gold Project.

IAMGOLD worked collaboratively with the community of Gogama on the development of a socio-economic management and monitoring plan to manage potential socio-economic effects of the Côté Gold Project (both adverse and positive). The plan was developed in 2020 and implementation began in 2021.

An understanding of the Indigenous communities potentially interested in the Côté Gold Project was first developed through advice from the Province of Ontario to the previous property owner Trelawney in a letter dated August 19, 2011, and through advice from the CEAA (now the Impact Assessment Agency) based on information provided by Aboriginal Affairs and Northern Development Canada (now Indigenous and Northern Affairs Canada). IAMGOLD sought further direction from both Provincial and Federal Crown agencies on the potentially affected communities.

Based on Federal and Provincial advice and information gathered through engagement activities, IAMGOLD engaged a range of Indigenous groups during the preparation of the EA. IAMGOLD has continued to engage the identified communities through information sharing (e.g., newsletters, notices, invitations to open houses, various permit applications), and has focused on actively engaging affected communities identified in the Federal Decision Statement and ‎Provincial Conditions of Approval. The Côté Gold Project is located on Treaty 9 Territory, on the traditional lands of ‎Mattagami First Nation and Flying Post First Nation, and within the traditional harvesting area of the Métis ‎Nation of Ontario, Region 3. IAMGOLD signed Impact Benefit Agreements with the Mattagami First Nation and Flying Post First ‎Nation in April 2019 and with the Métis Nation of Ontario (Region 3) in May 2021‎.

As part of the Provincial and Federal conditions of EA approval, IAMGOLD developed and submitted an Indigenous Consultation Plan to the responsible government departments, outlining the Côté Gold Project's plan to consult with identified Indigenous groups throughout all phases of the Côté Gold Project. IAMGOLD consulted all identified Indigenous groups as part of the development of the Indigenous Consultation Plan, as required.

IAMGOLD committed to work with the communities of Mattagami First Nation and Flying Post First Nation to collaboratively develop a socio-economic management and monitoring plan to manage potential socioeconomic effects of the Côté Gold Project (both adverse and positive). This plan was developed collaboratively with the communities and implementation began in 2021. The monitoring committee, comprised of members of each community and IAMGOLD, meets quarterly.

Capital and Operating Costs

Capital Costs

On August 2, 2024, IAMGOLD announced that the Côté Gold Project reached commercial production. The Côté Gold Project’s attributable production in 2025 is expected to be in the range of 250,000 to 280,000 ounces (360,000 to 400,000 ounces at 100%). IAMGOLD’s primary focus remains to build up and achieve nameplate mill design capacity of 36,000 tpd by the fourth quarter of this year. Cash costs are expected to be in the range of $950 to $1,100 per ounce sold and all-in sustaining costs (“AISC”) to be in the range of $1,350 to $1,500 per ounce sold. The cash cost guidance reflects the cost levels experienced in the first year of operations, including higher levels of maintenance, contractor support and continuous improvement consultants. Costs are expected to be lower in the second half of the year as targeted improvements are deployed and as production increases.

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Sustaining capital expenditures guidance (±5%) for the Côté Gold Project attributable to IAMGOLD is approximately $110 million and continue to be higher than the life-of-mine average as the mine progresses the completion of construction of the full tailings dam footprint and related earthworks projects and incurs higher capital waste spending of approximately $20 million ($28 million at 100%) to complete the final year of the initial pit pushback. Expansion attributable capital of $15 million is primarily associated with the planned installation of the additional secondary crusher in the fourth quarter of this year.

Operating Costs

Operating costs are based on the Côté Gold Report. ‎Total operating costs over the LOM are estimated to be $4,073 million. Mining (excluding CWS) and processing costs represent 35% and 46% of this total, respectively. Average operating costs are estimated at $17.48/t of processed ore.

Total Operating Costs Over the LOM<br>IAMGOLD Corporation - Côté Gold Project
Cost Area	Total <br>(US$ million)	Percent of Total
Mining Operating (excl CWS)	1,445	35
Processing	1,856	46
G&A	772	19
Total	4,073	100
Average Unit Operating Costs<br>IAMGOLD Corporation - Côté Gold Project
---	---
Cost Area	US$/t of processed ore
Mining (excl CWS)	6.20 (8.49 if CWS included)
Processing	7.97
G&A	3.31
Total	17.48

Mining quantities were derived from first principles and mine phased planning to achieve the planned production rates. Mining excavation estimates were based on geological studies, mine models, drawings, and sketches. Mine costs generally increase with time as the pit increases in depth and the MRA increase in height.

Process operating costs estimates were developed from first principles, metallurgical test work, IAMGOLD's salary/benefit guidelines, and recent vendor quotations, and benchmarked against historical data for similar processing plants. The process operating costs include reagents, consumables, personnel, electrical power, and laboratory testing. The consumables accounted for in the operating costs include spare parts, grinding media, and liner and screen components. Process operating costs over the LOM are estimated to average $7.97/t of processed ore. G&A costs averaging $3.31/t of processed ore over the LOM were developed from first principles and benchmarked against similar projects.

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Royalties, that varies depending on gold price, the amount of expenditure that can be deducted and the source of the ore within the pit, and management fees and allowances to meet commitments to stakeholders, total $483 million over the LOM or average $2.07/t processed. The amount of royalties paid are dependent on the gold price assumptions and the ability of IAMGOLD to deduct certain expenditures when calculating the royalties.

Reclamation and closure costs are estimated to total $83 million, distributed annually from early in the mine life until post-closure. This is based on a detailed closure cost estimate adjusted to include an allowance for security bond fees and a credit at the end of mine life to account for the estimated salvage value of equipment and materials. This was also adjusted for inflation to bring the estimate to 2022 dollars.

Economic Analysis

The economic analysis contained in the Côté Gold Report is based on the Côté Gold Project Mineral Reserves, economic assumptions, and capital and operating costs provided by IAMGOLD (all reported on a 100% ownership basis - IAMGOLD owns 60.3%). All costs are expressed in Q2 2022 US dollars.

Unless otherwise indicated, all costs in this section of the summary of the Côté Gold Report are expressed without allowance for escalation, currency fluctuation, or interest during construction. Costs quoted in Canadian dollars were converted to US dollars at an exchange rate of US$1 = C$1.30. A summary of the key project criteria is provided below:

Physicals:

Project life: 18 year LOM with 16 years of mining and stockpile reclaim extending into Year 18.
Open Pit operations;
- Total tonnes mined: 804 Mt (ore and waste).
- Waste: Ore ratio: 2.4
- Maximum mining rate: 69 Mtpa (Year 7 of commercial production)
Processing of Mineral Reserves:
- Annual Ore Feed: 13.6 Mtpa.
- Total Ore Feed to Plant: 233 Mt at 0.96 g/t Au (reported on a 100% basis).
- Contained Gold: 7.165 Moz Au.
- Average LOM Plant Recovery: 91.8%.
- Recovered Gold: 6.582 Moz Au.

Revenue:

For the purposes of this economic analysis, revenue is estimated based on the IAMGOLD assumed LOM gold price of $1,750/oz Au for 2023, $1,700/oz Au for 2024 and 2025 and $1,600/oz Au for 2026 onwards. This price is aligned with latest industry consensus long-term forecast prices. Gold prices were kept constant throughout the life of the Côté Gold Project.
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For transportation and refining charges, the current assumption is that the Royal Canadian Mint will transport doré from the Côté Gold Project to its refinery in Ottawa. An indicative quote for transportation, insurance and refining was received from the Royal Canadian Mint which estimated costs at approximately $1.75/oz Au over the LOM.
Royalty rates are presented in Section 4 of the Côté Gold Report.
LOM net revenue is $6,102 million (after Royalty Charges ("RCs") and TCs).

Capital costs:

The revised Côté Gold Project construction capital costs are estimated to be $2,965 ‎million.‎
Pre-production capital costs already spent on the Côté Gold Project ‎up to May 1, 2022, amounted to $1,057 million (considered as ‎sunk cost for the economic analysis as of June 30, 2021).‎
IAMGOLD has forecasted capital expenditures for the remaining ‎pre-production period from May 1, 2022, onward is $1,908 ‎million.‎

Sustaining capital and operating costs:

LOM sustaining capital costs of $1,136 million.
- Lease payments including interest: $156 million.
- CWS: $462 million.
Concurrent reclamation and closure costs of $83 million included in the analysis over the LOM.
Open Pit mining (excluding CWS): $2.62/t ore mined ($6.20/t ore milled).
Processing: $7.97/t ore milled.
Support and G&A: $3.31/t ore milled.
LOM total operating costs (on-site): $4,073 million (Mine, Processing and G&A).
Owner's Other Costs (off-site): $2.08/t ore milled (including Royalties and TC/RC's).
Total unit operating costs: $19.56/t ore milled (on-site + offsite).
Total operating cash cost: $693/oz Au.
AISC: $854/oz Au.

Taxation:

Income tax is payable to the Federal Government of Canada, pursuant to the Income Tax Act (Canada). The applicable Federal income tax rate is 15% of taxable income.
Income tax is payable to the Province of Ontario at a tax rate of 11.5% of taxable income, including the manufacturing and processing tax credit to the extent that income is allocated to Ontario. Ontario income tax is administered by the Canada Revenue Agency and, since 2008, Ontario's definition of taxable income is fully harmonized with the Federal definition.
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OMT is levied at a rate of 10% on taxable profit in excess of C$500,000 derived from mining operations in Ontario. OMT is deductible in calculating Federal income tax and a similar resource allowance is available as a deduction in calculating Ontario income tax. OMT is not affected by harmonization, accordingly, it is administered provincially by Ontario.
IAMGOLD's taxation model was relied on for the calculation of income and mining taxes applicable to the cash flow.

Recent Updates

In 2023, exploration activities continued to further delineate and expand the Gosselin zone located immediately to the northeast of the Côté Gold Project deposit and test selected targets along an interpreted favourable deposit corridor. Approximately 24,600 metres of DD was completed in 2023.

On February 2, 2023, IAMGOLD reported assay results from its 2022 delineation diamond drilling program at the Gosselin zone including: 342.2 metres grading 1.99 g/t Au, 313.0 metres grading 1.29 g/t Au and 181.0 metres grading 1.50 g/t Au. During the fourth quarter, IAMGOLD reported additional assay results from its 2023 drill program with highlights including: 300.8 metres grading 1.40 g/t Au in GOS23-134, 240.0 metres grading 1.53 g/t Au in GOS23-136 and 500.8 metres grading 0.72 g/t Au in GOS23-144. Drill intercepts obtained helped to highlight a prospective corridor at depth measuring up to 850 metres in strike length that remains to be tested between the Gosselin West Breccia and the Côté deposit hydrothermal breccia.

The Gosselin zone is located immediately to the northeast of the Côté Gold zone. In 2024, approximately 35,000 metres of expansion and delineation diamond drilling was planned for the fiscal year - this was increased mid-year by approximately 5,400 metres, for a total completed drilling program of approximately 40,400 metres.

The program achieved thirty-four (34) diamond drilling holes between August 19, 2023, and September 3, 2024. This program successfully outlined extensions of the Gosselin Zone outside of the December 31, 2023, resource pit shell. Key extensions have been intersected south and west of the Gosselin West Breccia, and at depth between the Côté and Gosselin West Breccia. A total of 221 drill holes (91,046.97 metres) have been completed within the Gosselin deposit area up to September 3, 2024.

On August 2, 2024, IAMGOLD announced that the Côté Gold Project reached commercial production.

On October 15, 2024, IAMGOLD reported assay results from its diamond drilling program at the Gosselin Zone including: 368.8 metres grading 0.96 g/t AU, 235.0 metres grading 2.70 g/t Au and 357.0 metres grading 1.10 g/t AU. IAMGOLD also announced that the diamond drilling program successfully outlined extensions of the Gosselin Zone outside of the December 31, 2023 resource pit shell, noting that key extensions have been intersected south and west of the Gosselin West Breccia, and at depth between the Côté and Gosselin West Breccia.

In 2024, the annual attributable gold production for the Côté Gold Project was 124,000 ounces (199,000 ounces on a 100% basis) in its first nine months (plus one day) of operations as the plant poured first gold on March 31, 2024, achieved commercial production on August 2, 2024 and completed a comprehensive mill shutdown in September to deploy key improvements to stabilize the crushing circuit and attend to areas of high wear in the plant.

In the fourth quarter of 2024, the Côté Gold Project produced 62,000 attributable ounces (96,000 ounces at 100%). Ramp-up progress continued to have positive momentum in the quarter, with the plant achieving many new milestones towards the target of achieving the steady-state nameplate throughput rate of 36,000 tpd in the fourth quarter of 2025. Last quarter, the plant processed 2.4 million tonnes, representing a 49% increase from the prior quarter. In December, the plant operated at an average of 87% of the designed throughput level over a two-week period, prior to an unscheduled shutdown due to a split in a conveyor belt associated with ramp-up wear and tear. Repairs were made to the belts and replacement with a modified design is expected early in the first quarter alongside the systematic testing and iterative deployment of optimizations. When online in December, the plant averaged 1,593 tph, or effectively 106% of nameplate, with a record daily throughput of 42,635 tonnes per day. In November and December, the Côté Gold Project produced 37,000 ounces (100%) per month.

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In 2025, IAMGOLD's exploration plan for the Côté Gold Project entails the continuation of the ongoing diamond drilling program targeting resource conversion of Inferred Mineral Resources to Indicated in the Gosselin zone, the testing of the gap area between Gosselin and Côté Gold zones, as well as testing the breccias at depth for a total of 45,000 metres planned. In addition, IAMGOLD intends on running a modest exploration program testinghighly prospective targets along interpreted favourable deposit corridor towards Jack Rabbit, as well as the larger Côté district. Sustaining capital expenditures guidance (±5%) attributable to IAMGOLD is approximately $110 million ($157 million on a 100% basis) and continues to be higher than the life-of-mine average as the mine progresses the completion of construction of the full tailings dam footprint and related earthworks projects and incurs higher capital waste spending of approximately $20 million ($28 million on a 100% basis) to complete the final year of the initial pit pushback. Furthermore, the expansion capital of $15 million ($21 million on a 100% basis) is intended to be primarily associated with the planned installation of the additional secondary crusher in the fourth quarter of 2025.

Taca Taca Royalty

The Company holds the Taca Taca Royalty through its wholly-owned subsidiary, Nova. On October 7, 2020, Nova entered into royalty purchase agreements with arm's length private parties ‎pursuant to which Nova acquired an existing 0.24% NSR Royalty on the Taca Taca Project, owned by First Quantum, for $12.75 million. Closing of the acquisition of the Original Taca Taca Royalty was effected in ‎November 2020. On January 10, ‎‎2021, Nova entered into royalty purchase agreements with existing shareholders of Nova, ‎pursuant to which Nova acquired an existing 0.18% interest in a 1.5% NSR Royalty (the "1.5% NSR") **** on the Taca Taca Property ‎‎owned by First Quantum for approximately $20.0 million, increasing Nova's interest to an aggregate 0.42%.

The 1.5% NSR is subject to a buyback right in favour of First Quantum. The buyback price is equal to the product of the value of the proven reserves at Taca Taca multiplied by 1.5%. For the purposes of determining the buyback price, the value of the proven reserves at Taca Taca shall be pursuant to a feasibility study completed by an independent consultant and shall be based on the commodity prices, as quoted by the London Metal Exchange, as of (i) the date of such feasibility study; or (ii) the date on which the buyback price is paid, at the sole option of Nova.

The following description of the Taca Taca Royalty has been prepared in reliance on:

the amended and restated technical report dated March 2021 entitled "Taca Taca Project - Salta Province, Argentina - Amended and Restated NI 43-101 Technical Report" having an effective date of October 30, 2020 (the "Taca Taca Report"), which technical report was prepared for First Quantum and filed under First Quantum's SEDAR+ profile on www.sedarplus.ca;
First Quantum's Annual Information Form dated March 28, 2023, and filed under First Quantum's SEDAR+ profile on www.sedarplus.ca;
News Releases of First Quantum dated July 25, 2023 and October 24, 2023; and
First Quantum's Management's Discussion and Analysis for the year ended December 31, 2024, and filed under First Quantum's SEDAR+ profile on www.sedarplus.ca.

Summary

Project Description, Location and Access

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The Taca Taca Property is a porphyry copper-gold-molybdenum deposit located in the arid Puna (Altiplano) region of Salta Province, in northwest Argentina. The proposed project involves the open pit mining and flotation processing of copper ore from this deposit for a period of 32 years.

The Taca Taca Property is located approximately 230 km west of the city of Salta and 55 km east of the Chilean border. The nearest population centre is the village of Tolar Grande (population of approximately 150), which is 35 km east of the Taca Taca Project site.

The Taca Taca Property is situated at a median elevation of 3,625 metres above sea level, in an environment with sparse flora and fauna and on the edge of an expansive salt lake (salar). The climate at Taca Taca is arid, with an annual precipitation of approximately 40 mm/year and an evaporation rate of 2,500 mm per year. Temperatures range from minus 3°C to 22°C, with January being the warmest month and July being the coldest month. Wind speeds typically range from 3.8 m/s to 23.2 m/s, blowing predominantly from the northwest. Although winds are generally strong, particularly during the winter months, development and operational activities could be carried out year-round. The Taca Taca Property is located in a seismically active region.

The Taca Taca Property is 100% owned by First Quantum through its Argentinian subsidiary Corriente Argentina SA ("CASA"). The Taca Taca Property and associated areas of interest are held in a composite package of mining rights consisting of 82 concessions. Two of the mining concessions have a 50% ownership with third-party groups, though these are not over commercially material portions of the known deposit. The Taca Taca Property is subject to a 3.0% provincial government royalty and a 1.5% third-party NSR Royalty.

The proposed project has the following material components:

a multi-phased open pit mine extending to an ultimate depth in excess of 700 m;
surface stockpiles for marginal ore, and separately for auriferous material not in the Mineral Reserve, but which could be economically processed in the future;
a mining waste dump, located to the east of the open pit, on the surface of the adjacent salar (the Salar de Arizaro);
a processing plant site which is located adjacent to the open pit, in an area of relatively flat topography sheltered from the prevailing wind direction;
a concentrator for the processing of copper mineralisation by flotation, with primary recovery of gold (and silver^7^) into the concentrate;
separation of copper and molybdenum concentrates;
ramp-up of the processing rate from 30 Mt in the first year, to 40 Mtpa for the next five years, followed by a 50 Mtpa rate for one year, and then to an eventual rate of 60 Mtpa from Year 8;
a nearby tailings storage facility ("TSF") located within an embayment of the Salar de Arizaro process water storage ponds;
borefields for the supply of fresh and saline water;
overland pipelines between the concentrator and the TSF, and between borefields and the plant site;

^7^ Silver (Ag) is considered immaterial to the economic value of the Taca Taca Project ‎and hence Ag grades have not been reported in the Taca Taca Project ‎mineral resource and reserve estimates, nor accounted for in the Mineral Reserve economic analysis.

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surface haulage and internal access roads;
mine services workshops and equipment wash-down facilities;
construction offices, mine administration and accommodation facilities;
storage space and a rail load-out facility for copper and molybdenum concentrate products;
parts and consumables, reagent and explosives handling and storage facilities; and
as additional infrastructure, there are roads for transporting supplies into the Taca Taca Project site, a railway for transporting concentrates and supplies, and a high voltage electric transmission line.

As the Taca Taca Project continues through the engineering phase and into the development and operations phases, production aspects may change, and components reviewed and varied to suit then current circumstances and new information.

History

The Taca Taca Property deposit was discovered in the late 1960s. Lumina Copper Corp.‎‎ ("Lumina") acquired an interest in the Taca Taca Project when shareholders of Global Copper Corporation ‎approved a corporate reorganisation in August 2008. This ultimately resulted in the acquisition by Lumina ‎of 100% of the shares of CASA and a 100% interest in the Taca Taca Project.‎

In August 2014, First Quantum acquired Lumina and its primary asset, the Taca Taca Project. Since that ‎time, First Quantum has completed detailed reviews of the deposit geology, mineralogy and ‎processing amenability, in addition to assessing development options for the Taca Taca Project. From ‎‎2015, First Quantum has conducted water exploration drilling and aquifer pump tests to confirm ‎sustainable groundwater supply sources for the Taca Taca Project and has been progressing with ‎environmental and engineering phase studies. The Taca Taca Project engineering and feasibility phase remains in ‎progress.‎

Readers should refer to the Taca Taca Report for a summary of the historical exploration and ‎associated work that has occurred with respect to the Taca Taca Project.‎

Geological Setting and Mineralisation

As further described in the Taca Taca Report, the Taca Taca Project has porphyry copper-gold-‎molybdenum mineralisation located in the southern half of a 50 km long Ordovician batholith, ‎which forms the Sierra de Taca Taca mountain range. The Taca Taca mineralisation is hosted ‎by plutonic rocks of granitic composition together with lesser dacite, dolerite, and rhyolite ‎intrusions. The porphyry is characterised by kilometre-scale zones of hydrothermally-altered ‎rocks that grade from a central potassic core to outer phyllic and argillic zones. Phyllic ‎alteration is most pervasive across the deposit and is closely associated with mineralisation.‎

Mineralisation is comprised of supergene (chalcocite) and hypogene (chalcopyrite) zones. A ‎sub-surface leached horizon of varying thickness overlies the supergene and hypogene ‎mineralisation. Mineralisation is disseminated and in fractures, veinlets, and quartz vein ‎stockworks.‎

The leached horizon is largely depleted of copper mineralisation except for a zone of chalcocite-‎rich ore perched within the leached material to the east of the deposit. In addition, a zone of ‎supergene gold mineralisation, close to surface, is present above the thickest portion of leached ‎material.‎

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Hypogene copper sulphides are mostly chalcopyrite with lesser bornite, chalcocite, covellite, ‎and digenite. The mineralisation is broadly zoned with a chalcopyrite-bornite-molybdenite core ‎yielding to a stronger pyritic halo around the outer edges.‎

Supergene zones are mostly secondary sulphides formed by enrichment within a discontinuous ‎blanket underneath the leached cap. Supergene mineralisation is often variably mixed with ‎hypogene mineralisation and is often due to deep-seated alteration along structures and host ‎rocks. Fine-grained black chalcocite and lesser covellite are the main secondary copper ‎sulphides.‎

Mineralisation remains open at depth and around several peripheral areas of the deposit.

Exploration

Copper mineralization at Taca Taca was first reported by Fabricaciones Militares in the late 1960s. Historical exploration included multiple drill programs and geophysical surveys across the Taca Taca area under various operators.

Surface outcrop mapping was active during most of the exploration phase, supported by excavator trenching and road cuts. CASA and Riomin Exploraciones, S.A. ("Rio Tinto") also undertook comprehensive geochemical sampling of soils and rock outcrops over and peripheral to the deposit, resulting in a dataset with approximately 100 m by 100 m spatial coverage. Much of the property geological information has been derived from drill hole logging, interpretation of assay data, geophysical surveys, and the mapping of outcrop and trenches.

Following acquisition of the Taca Taca Project, First Quantum completed several small-scale data collection programmes to ensure that supporting datasets were complete and of high quality. In 2014, New-Sense Geophysics carried out a helicopter-borne magnetic and radiometric survey on behalf of First Quantum. A total of 4,424.1 survey line kilometres of data was collected at a 300 m spacing across the property. Results were used to support anomaly delineation, structural evaluation, and the identification of lithological trends. Geochemical sampling campaigns of in-situ soils at a 500 m by 500 m grid spacing were also completed around the outer extents of the concessions. In 2019, a high-resolution topographic survey was acquired.

Additional work between 2020 and 2022 continued on evaluation of extensions of the deposit and nearby targets. Additional high-resolution ground based geophysics were collected over the deposit area, and a targeted brownfield drilling campaign was completed in 2022.

Drilling

Most of the Taca Taca drilling activities were carried out prior to First Quantum's acquisition of Taca Taca. First Quantum verified the drill hole core logging data by check re-logging and check assaying. A total of 484 drill holes, for 172,031 metres, have been drilled in support of defining the mineralization extents. Of these, 44 holes were drilled outside of First Quantum owned concessions for the purpose of freshwater exploration and for collecting geotechnical data for proposed infrastructure sites.

Prior to acquisition by Lumina, five different companies had carried out exploratory drill campaigns on the property. Earliest drilling of the copper porphyry was by Falconbridge in 1975. Results from three diamond holes showed a relatively thick, metal depleted, leached cap. No further drilling was conducted until 1994 when Glencore plc tested for shallow gold-copper bearing veins to the north of the porphyry and remnant copper mineralization within the porphyry leached cap.

Between 1996 and 1997, BHP drilled 35 diamond holes (including two re-drills) at an approximate 400 m by 400 m grid spacing into the porphyry. Results partially delineated the supergene dominant zone of mineralization directly below the leached cap.

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During 1998 and 1999, CASA drilled 14 diamond holes and 80 RC holes focusing on shallow and exotic copper mineralization peripheral to the porphyry. Rio Tinto conducted two separate campaigns in 1999 and 2008. Drilling in 1999 mainly targeted shallow oxides within the porphyry leached cap (seven RC holes) and exotic mineralization below the Salar de Arizaro (two RC holes). In 2008, Rio Tinto returned to test for deeper hypogene copper-molybdenum mineralization at the core of the porphyry with eight diamond holes (including two re-drills).

Lumina completed a total of 283 drill holes (137,671.5m) across the Taca Taca area during a 2010 to 2012 drill campaign. This comprised 155 diamond drilled (DD) holes and 128 reverse circulation (RC) holes, and included fifteen geotechnical holes and four water monitoring holes. Most drill holes targeted the deeper porphyry and were completed along a set of east-west trending sections, on a nominal 150 m by 150 m grid spacing. As standard procedure, drill core was logged for lithology, weathering, alteration, mineralization and structure. Diamond holes were also logged for geotechnical data, including core recovery, rock quality, fracture frequency and vein density, and vein angles. Samples were taken every 10 m for point load index tests and for density measurements.

During 2019, an additional four diamond holes were drilled by First Quantum as twins to Lumina drill holes to provide additional samples for metallurgical test work from material representing early plant feed. Drilling and sampling procedures for these four drill holes were aligned to those used by Lumina. Samples were analysed using Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) for 48 elements, including copper and molybdenum, and fire assay with AAS finish for gold.

In 2022, First Quantum drilled a further fourteen diamond drillholes for 6,302m on rear mine brownfield targets and deposit extensions. The results are still under evaluation. In addition to this, a further nine diamond drillholes, 1800m total, were drilled during 2022 as part of an infrastructure sterilization program.

Further drilling was undertaken to explore for fresh water and to collect geotechnical data at proposed infrastructure sites.

Sampling, Analysis and Data Verification

Detailed information on sampling, analysis, and data verification for drill holes used in the Mineral Resource estimate can be found in the Taca Taca Report, available on SEDAR+ under First Quantum's profile. This includes all holes drilled between 1996 and 2019. No written record of sample preparation, analytical methods, or analytical results is available for holes drilled prior to this, by Falconbridge or Glencore.

QA/QC results indicated that adequate controls were in place and that assay results are reliable. Sample values are believed to be representative of the prevailing mineralization and thus suitable for use in the Mineral Resource estimate. Historic data with limited records mostly provides additional information to the deposit peripheries and is not considered to pose a risk to the quality of the estimate.

Mineral Processing and Metallurgical Testing

Metallurgical test work by Lumina was completed over a period of three years from April 2010. Up until 2019 there was no additional laboratory work undertaken, although technical reviews done by First Quantum in 2017 included an assessment of the potential for gold recovery during the Taca Taca Project pre-strip phase.

A primary reference document for the preparation of the Taca Taca Report was the Preliminary Economic Assessment Report ("PEA Report") dated May 24, 2013 (with an effective date of April 9, 2013). The PEA Report summarised the original test work findings as follows:

the ore is of moderate competency and hardness, and is amenable to grinding in a conventional semiautogenous grind (SAG) - ball milling circuit, with pebble crushing and regrinding; and
average recoveries would be approximately 90% for copper, 57% for molybdenum and 64% for gold
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First Quantum's 2017 review of the available test work data highlighted several deficiencies and some uncertainty around metallurgical performance due to the variability of copper mineralisation styles, especially in relation to the extent of mixed mineralisation (i.e., oxidised, ‎and tarnished ores). In addition, most of the test work had been conducted using tap water; limited test work using brine solutions indicated reduced recoveries and lower concentrate grades.

During the course of reviewing the test work data variability, and as part of the Mineral Resource modelling by First Quantum, distinct data groupings (clusters) were identified for recovery and copper concentrate grade related to mineralogy, Cu and Fe assay grades.

During 2019, four metallurgical holes were drilled from which ten samples were selected to represent the first five years of operations. These samples along with brine solutions from the Salar de Arizaro, and brackish water from Valle de Arizaro and Valle de las Burras, were sent to the ALS laboratories in Kamloops, Canada.

The test work programme included comminution work for mill sizing, flotation work in brine and brackish water to define recoveries and concentrate grades in locked cycle test work, sedimentation and filtration test work for thickener and concentrate filter sizing, and environmental test work to determine the potential for acid generation from tailings. This test work programme was completed in 2020.

The comminution test work highlighted the toughness of the rock types at Taca Taca and indicated the need for secondary crushing to achieve the ultimate design throughput of 60 Mtpa in two milling trains.

Flotation test work indicated high mass pulls to rougher concentrates using brine solutions in rougher flotation. Brackish or fresh water would be required in the cleaner flotation circuit to enable high pH values to be achieved for pyrite depression; otherwise low concentrate grades and low recoveries would occur in this circuit. Nonetheless, copper recoveries were generally lower than obtained in the previous test work campaigns using tap water.

The data generated from the recent locked cycle test work was combined with the variability test work results obtained in the previous test work campaigns to estimate recoveries and concentrate grades for the distinct ore types and the different ranges of copper and pyrite present. These estimates were coded into the Mineral Resource model for adoption in future mine production scheduling and cashflow modelling.

From the test work results and mine production schedules the following average life of mine recoveries using brine solution in rougher flotation are anticipated:

copper recovery of 85.0% to a concentrate grade of 25.3% Cu
molybdenum recoveries of 40% to a concentrate grade of 47% to 50% Mo
gold recoveries to the copper concentrate of 60%, with a grade of approximately 4.5 g/t Au

Mineral Resource Estimate

First Quantum produced a revised estimate in December 2019 incorporating the following improvements:

Geological domains were identified from weathering, rock-type, alteration, and dominant mineralisation characteristics. These formed the basis of a new 3D geological model, including interpretations of an updated base of leach, a partial leach zone, and a perched copper horizon within the leached cap. Sequential copper assay data was corrected as per a rate of oxidation study and then used to guide domain classification. Domain geostatistics were also updated accordingly.
A deposit-scale fault position was updated based on visual and core photography verification.
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The Mineral Resource estimate was reclassified based on confidence in the estimates as per kriging efficiency, regression slope, and degree of geology and slope continuity. It was constrained to within 100 m from the current design pit limits.

Data from a total of 435 diamond and reverse circulation drilled holes, for a total of 75,803 analysed samples, was included in the Mineral Resource estimate. Drill data (logging and sampling) was combined with surface geology mapping and geology modelling to provide defined zones of mineralisation.

The grade estimates were completed in the following stages:

domains of mineralisation were defined via comprehensive data analysis
domains were spatially represented as wireframe models and coded into a block model
sample chemical data was geostatistically assessed for each domain and then estimated using ordinary kriging
copper, gold, molybdenum, silver, iron and sulphur grades were estimated

Block model grade estimates were validated using summary statistics, visual validations, swath plots and comparison with previous estimates. Estimates were classified as Measured, Indicated and Inferred Mineral Resources. Mineral Resource classification was guided by confidence in the grade estimates and underlying geology model. In addition, drill grid spacing, quality assurance and quality control and an ultimate pit shell were used to guide the classification limits of mineralisation having reasonable prospects for eventual economic extraction.

The block model estimates were reported at a 0.13% copper equivalent (Cueq) cut-off grade, which is consistent with the Mineral Reserve estimate. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The October 2020 Mineral Resource statement is listed in Table 1. The Mineral Resource inventory is inclusive of the Mineral Reserve inventory.

Table 1: Mineral Resource statement as at October 30, 2020, using a 0.13% Cu****eq cut-off grade

Classification	Volume <br>(Mbcm)	Tonnes<br>(Mt)	Density<br>(t/m^3^)	Cu grade<br>(%)	Mo grade<br>(%)	Au grade<br>(g/t)	Cu metal<br>(kt)	Mo metal<br>(kt)	Au metal<br>(koz)
Measured	157.7	421.5	2.67	0.60	0.016	0.14	2,542.8	67.02	1,852.6
Indicated	671.6	1,781.8	2.65	0.39	0.011	0.07	6,908.0	197.52	4,199.5
Measured & Indicated	829.3	2,203.3	2.66	0.43	0.012	0.09	9,450.7	264.54	6,052.1
Inferred	269.4	716.9	2.66	0.31	0.009	0.05	2,206.0	65.15	1,182.7

Mineral Reserve Estimate

A maiden Mineral Reserve estimate was produced for Taca Taca in Q3 2020 (Table 2). The mine plan was developed using the Measured and Indicated Mineral Resource, whilst the Inferred Mineral Resource was allocated to waste. Mining assumes conventional open pit operations using truck-and-shovel technology. The estimated Mineral Reserve was determined using metal prices of US$3.00/lb for copper, US$12.00/lb for molybdenum, and US$1,200/oz for gold, with a supporting production schedule derived from the ore and waste mining inventory within a practical pit design produced from a selected pit optimisation shell.

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The actual marginal cut-off grade for the Mineral Reserve varies according to the copper recovery assigned to the various mineralogical groupings. However, the overall average marginal copper cut-off grade is in the order of 0.13% Cueq. An elevated cut-off grade of 0.20% Cueq applies to the plant feed inventory for the production schedule.

Table 2: Taca Taca Mineral Reserve statement, as at October 30, 2020

Classification	Tonnes<br>(Mt)	Cu grade<br>(%)	Mo grade<br>(%)	Au grade<br>(g/t)	Cu metal<br>(kt)	Mo metal<br>(kt)	Au metal<br>(koz)
Proven	408.3	0.59	0.016	0.13	2,401.6	63.3	1,749.8
Probable	1,350.2	0.39	0.011	0.08	5,333.1	150.2	3,336.9
Proven & Probable	1,758.8	0.44	0.012	0.09	7,734.7	213.5	5,086.7

As part of the ultimate pit design for the Taca Taca Project, there is a small area in the northwest that crosses over into a joint venture concession. This encroachment amounts to approximately 1.7 Mt of ore at an average grade of 0.38% Cu.

The production schedule for the Taca Taca Project is set out in the Taca Taca Report.

Features of the mining and production schedule are as follows:

Mining commences in Year-3 starting with the pre-strip period, whilst processing commences in Year-1. The Taca Taca Project life (processing years) is 32 years.
240.1 Mt of waste is mined in the three-year pre-strip period, during which time 17.4 Mt of ore is mined onto a stockpile for subsequent active and longer-term reclaim.
The total material mined over the life of operations amounts to 4,543.0 Mt (1,737.0 Mbcm) of which:
- 1,758.5 Mt is ore with average grades of 0.44% Cu, 0.012% Mo and 0.09g/t Au, and
- 2,784.5 Mt is waste
The overall life of mine strip ratio (waste tonnes: ore tonnes) is 1.6:1.
The direct feed ore to the plant is 1,390.4 Mt at an average grade of 0.50% Cu, whilst 57.1 Mt at an average grade of 0.43% Cu is ore reclaimed from active stockpiles, and 311.0 Mt at an average grade of 0.15% Cu is ore (marginal ore) reclaimed from longer term stockpiles (mostly in Years-27 to 32).
The total ore mined includes 39.0 Mt of ore grading 0.46% Cu from the near-surface "leached cap", of which over 15 Mt is mined to stockpile during the pre-strip years. Most of this ore is then processed over the following three years.
There is a small area in the north west of the ultimate pit design that crosses over into a joint venture concession. The encroachment occurs between Years-5 and 15 and involves 1.7 Mt of ore and 47.5 Mt of waste.
The Inferred Mineral Resource that is mined as waste amounts to 69 Mt at an average grade of 0.31% Cu (i.e., about 2.5% of the total waste mined). This material is encountered in the mining schedule after Year-6 and following completion of mining phases 1 and 2.
The crusher feed ramps up from Year-1 at 30 Mt, to 40 Mt in Year-2, at which level it remains until Year-6. The feed rate then rises to 50 Mt in Year-7, and thereafter to 60 Mtpa until Year-32.
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In terms of total plant feed (after mining dilution/recovery):
- the average copper grade is 0.72% Cu for the first six years when processing at up to 40 Mtpa,
- then 0.45% Cu to Year-27 when processing at up to 60 Mtpa, and
- finally 0.15% Cu for the remaining five years of Project life when reclaiming from longer-term stockpiles
Before the final five years of marginal ore reclaim, the total plant feed is 1,476.3 Mt at an average grade of 0.50% Cu.
The annual average copper metal production to Year-6 is 227.0 kt, and ranging between 97.5 kt and 275.2 kt. Thereafter, the annual average is 200.4 kt, and ranging between 72.5 kt and 271.1 kt (ignoring the final year of processing). In terms of life of Taca Taca Project totals:
- 1,362.0 kt of copper is recovered in the first six years,
- then 4,869.3 kt of copper to Year-27,
- and finally 341.8 kt of copper for the remaining five years of Project life when reclaiming from longer-term stockpiles
The annual average molybdenum metal production to Year-6 is 2,205 t, and ranging between 1,434 t and 2,912 t. Thereafter, the annual average is 2,776 t, and ranging between 1,745 t and 4,147 t (ignoring the final year of processing).
The annual average gold recovered into concentrate to Year-6 is 106.3 koz and ranging between 90.9 koz and 134.1 koz. Thereafter, the annual average is 92.9 koz, and ranging between 45.7 koz and 156.6 koz (excluding the final year of processing).
Of the total 6,573.1 kt of copper recovered over the Taca Taca Project life, only 5,535 tonnes (0.08% of the total) of this would be attributable to ore mined within the adjoining joint venture concession.

Mining Operations

The Taca Taca deposit grades, geometry, and depth make it suitable for conventional, large-scale, bulk open pit mining methods involving blasthole drills, diesel hydraulic excavators, electric shovels and off-highway haul trucks.

Open pit mining would proceed in phases from an initial starter pit, supplying pre-strip development waste for site infrastructure and construction, and ore onto stockpile for process plant commissioning. The average and maximum material movements over this three-year timeframe are 32.9 Mbcm and 43.3 Mbcm, respectively. There is a pronounced peak in material movements over the next ten years as the first three pit phases are completed and mining proceeds into the fourth phase. The average and maximum material movements over this period are 91.9 Mbcm and 95.7 Mbcm, respectively. Thereafter, the average and maximum material movements reduce to 42.3 Mbcm and 65.2 Mbcm, respectively.

Subject to infill drilling and further mine planning assessments, a small satellite pit immediately to the north of the design pit could be mined during the operations phase, although this is not currently part of the Mineral Reserve inventory.

The detailed mine planning as disclosed in the Taca Taca Report included conventional optimisation processes, phased and ultimate pit designs, surface layout planning and life of mine production scheduling. At the outset, conventional Whittle Four-X software was used to determine the optimal pit shell, operating with a sulphide flotation plant to produce separate copper and molybdenum concentrates. The copper concentrate would contain gold.

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The optimisation was completed on a maximum net return basis (undiscounted) and with recoveries of copper into concentrate based on defined mineralogical groupings or clusters. Fixed (conservative) recovery values were used for molybdenum and gold. The optimisation process also considered open pit slope design criteria provided by a geotechnical consultant, in addition to mine operating costs derived from first principles and processing/G&A costs determined on a similar basis.

Processing and Recovery Operations

The Taca Taca processing feed would comprise a mix of supergene and hypogene ores with initial feed sourced mainly from supergene zones. Supergene ore is mostly secondary copper sulphide mineralisation (chalcocite) with some primary copper sulphides (chalcopyrite), and minor oxide copper minerals. Hypogene ore is comprised of more than 50% primary copper sulphides. Consequently, the plant feed will always contain significant amounts of secondary sulphides and some tarnished primary sulphides.

Supergene mixed ores would be encountered during the initial processing years, to be followed by increasing quantities of hypogene ore as the open pit deepens. The "leach" cap at surface is auriferous but is mostly barren of copper mineralisation^8^. The auriferous material would be separately stockpiled for future evaluation of the economics of gold recovery.

The proposed processing method follows the porphyry copper-molybdenum (Cu-Mo) concentrator flowsheets typical in South America. Milling and rougher flotation would be performed in brine, sourced from the adjacent salar. Cleaner floatation would be undertaken in fresh/brackish water, sourced from offsite borefields.

The processing facilities are designed for an initial throughput of 30 Mtpa in Year-1, then 40 Mtpa in Years-2 to 6, then 50 Mt in Year-7, and finally 60 Mtpa from Year-8.

Ore will be subject to primary crushing followed by secondary crushing and SAG and ball milling to produce a milled product size of 80% passing 180 µm. Two milling trains will be installed, each comprising a 28 MW SAG mill and two x 22 MW ball mills (for 60 Mtpa).

A rougher flotation circuit will produce a rougher flotation concentrate which will be dewatered by thickening, reground to 80% passing 30 µm and re-diluted with good quality water prior to cleaner flotation.

The addition of sodium hydrosulphide (NaHS) is proposed as a means of improving the recovery from the oxidised and mixed ores; it will sulphidise the oxidised and tarnished mineral surfaces and assist in flotation. Facilities will be provided for NaHS addition to the circuit; it is expected to be beneficial for approximately 22% of the ore feed.

Copper and molybdenum concentrates would be separated from the bulk cleaner concentrate, filtered and dispatched to off-site smelters.

Ore would be delivered from the mine by haul trucks and crushed in four primary crushers located on surface. Following primary crushing, the proposed processing plant would comprise:

secondary crushing, to reduce the SAG mill feed size
conveying to a coarse ore stockpile with a live capacity of 12 hours

^8^ There are discrete zones (i.e., metallurgical domains) of "perched" copper and gold mineralisation in the near surface "leach" cap.

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SAG and ball milling of crushed ore, with size classification by means of hydrocyclones
a gravity recovery circuit on the ball mill cyclone underflow for coarse gold recovery
pebble crushing on scats generated from the SAG mills
rougher and scavenger flotation of cyclone overflow slurry with controlled sulphidisation flotation (using NaHS) for oxidised and tarnished supergene ores
thickening of flotation tails
pumping of thickened tailings to the TSF
potential reclaim of decant water from the TSF for usage within the process^9^
dewatering of rougher concentrates, to remove brine
regrind of dewatered rougher concentrates in a high intensity grinding mill, followed by dilution in fresh water
cleaner flotation of the rougher concentrates to improve the copper grade, with cleaner tails being recycled to the rougher flotation circuit or to final tails
Cu - Mo separation of the bulk cleaner concentrates in a molybdenum flotation circuit
dewatering of copper concentrates by thickening and filtration, followed by bulk transportation to offsite smelters
dewatering of molybdenum concentrates by thickening, filtration and drying, followed by bagging and transportation to off-site smelters
reagent make-up and dosage systems to support the milling and flotation operations
water reticulation systems
compressed air systems to support instrumentation and for automatic valve activation.

An average of 985,500 wet tonnes of copper concentrate is expected to be generated annually at an average grade of 25.3% Cu, along with 6,200 tonnes of molybdenum concentrate at a grade of 47% to 50% Mo.

Gold would be recovered to the copper concentrate through flotation. Coarse gold recovery would be enhanced by the addition of gravity concentrators.

Flotation tailings would be dewatered in thickeners and the thickened slurry pumped to a TSF located approximately 5 km from the process plant, within an embayment of the Salar de Arizaro.

A gold recovery circuit for the treatment of the auriferous leach cap is not proposed at this stage. This material would be stockpiled separately, subject to further test work during the early phases of operations and could be reclaimed and treated at a later date if deemed economic to do so.

^9^ The current process plant water balance assumes that there will be no reclaim from the TSF.

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Infrastructure, Permitting and Compliance Activities

Tailings Storage and Water Reclamation

An upstream raised TSF is planned to be located in a natural embayment of the Salar de Arizaro (i.e., the Salar de Taca Taca), located to the north of the processing plant site. The ultimate capacity is approximately 1.37 Bm^3^ and could be expanded through further lifts. The site is almost entirely enclosed by the natural land mass and would only require a relatively low height (25 m plus an additional 3 m of freeboard), short length embankment at the entrance to the salar.

The starter embankment would be constructed as an initial waste rock bund, and then upstream raised in continuous stages using cycloned tailings.

Flotation tailings slurry would typically be at a slurry density of 32% solids and would be discarded to tailings at a thickened density of 55% to 60% solids. Two tails lines, each with two stages of centrifugal pumps would be installed to deliver tailings to the TSF, with spigots arranged around the facility's periphery. Water runoff from the site and from sediment collection ponds would be pumped to the tailings thickener and, subject to further engineering analysis, excess water then recycled back to the plant.

Power and Water Supply

The total power demand for the Taca Taca Project is expected to be in the range of 180 MW to 240 MW at a processing rate of 60 Mtpa. A preferred power supply and transmission route has been identified involving 122.5 km of new transmission line and a new switching station to connect to an existing 345 kV line that extends through northern Argentina and into Chile. A preliminary design and estimates have been produced by a specialist consultant to support the development of the ESIA required for the power supply infrastructure.

The proposed new transmission line will connect the site to the national grid and enable the Taca Taca Project to source its entire electricity supply requirements through a long-term power supply agreement with an electricity supplier, to be determined through a competitive tender process. First Quantum has identified options to source 100% of its electrical energy requirements from renewable sources. Further alternatives exist, if required, to source a portion of the energy requirements from natural gas power plants in Salta and regionally.

In the arid environment characterising the Taca Taca Project site, local and regional borefields will be developed to supply a combination of high and low salinity water for the Taca Taca Project. Brine water from the adjacent salar is intended for use in milling and rougher flotation, comprising approximately 72% of the estimated 6,318 m3/hour make-up water required for processing. The balance of the processing water supply is intended to be fresh or brackish water abstracted from regional borefields.

Fresh water supply investigations to date have now focussed the search and drilling investigations to four regional basins located at 30 km to 50 km distance from the Taca Taca Project site. The water supply status of the Taca Taca Project is summarized in the Taca Taca Report.

Contemporary with the ongoing investigations, a specialist consultant has assisted with the specification of bore design and estimated numbers, bore spacing at each borefield source, and the nomination of pumping rates. A capital cost estimate for the bore pumps and pipelines has been completed by First Quantum, considering the number of bores required, the drilling depth, bore pumps, the pipeline distances and the pumping head.

Road and Rail Access

Existing public roads provide access to the Taca Taca Project site. However, a bypass of an existing road is planned to avoid a section with narrow switchbacks and another section which is subject to seasonal weather disruptions. A preferred deviation has been selected and would require an approximate 26.5 km length of new road construction. In addition, there is an 18.5 km length of existing road to be diverted around Tolar Grande, and a 31 km length of existing road to be diverted around the Taca Taca Project site.

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The Taca Taca Project is located approximately 5 km from an existing railway line that connects Salta with Mejillones, Chile. First Quantum expects that this railway will be used for copper concentrate transport to a port at Mejillones Bay, for subsequent shipment to smelters globally. Construction of a new rail spur, a new maintenance and repair facility for locomotives and railcars, adjacent to the concentrate load-out facility, and rehabilitation across a significant length of the railway will be required. Engineering of the railway line is now being addressed in some detail and high-level discussions have been initiated with the owners of respective sections of the rail corridor.

First Quantum envisages that the cost of upgrading the existing railway formation would, ordinarily, be borne by the separate railway owners and that this cost would be recovered by them in the concentrate and other freight charges levied on First Quantum. In the Taca Taca Project capital cost estimates, however, it is assumed that the comprehensively itemised costs estimated for First Quantum by a specialist consultant, will be included as owner's costs. The cost of the required rolling stock and the concentrate load-out facility are similarly included in First Quantum's capital cost ledger.

Port for Concentrate Export

Potential concentrate export shipping ports in Mejillones Bay have been visited by First Quantum's representatives and preliminary discussions held with the port owners.

First Quantum envisages that the cost of upgrading and expanding one of these ports would be at the expense of the port owner, who would then recoup that cost through a concentrate handling charge levied on First Quantum. In the Taca Taca Project capital cost estimates, however, it is assumed that First Quantum would bear the estimated cost for port upgrades and/or expansion works.

Environmental and Social Summary

Detailed environmental baseline data collection began in 2016. A Project Alternatives Analysis and a separate Project Description document were completed in 2018 to complement the Taca Taca Project ESIA. The ESIA was submitted to the authorities in February 2019. First Quantum has subsequently filed documents responding to an ESIA review and observations made by the provincial Secretariat of Mining.

Social Capital Group has assisted First Quantum with socioeconomic studies including a socioeconomic baseline for the ESIA, as well as an identification of stakeholders.

Project Approvals

The primary permit required for the development of the Taca Taca Project is the Environmental and Social Impact Assessment (Informe de Impacto Ambiental, ESIA), to be approved by the Secretariat of Mining of the Salta Province. This ESIA must cover the main Project sites including mine, process plant, TSF, and associated facilities.

First Quantum submitted the Taca Taca Project ESIA to the authorities in 2019. The project's primary ESIA continues to be under evaluation by the Secretariat of Mining of Salta Province. Key milestones such as an independent evaluation from SEGEMAR (Argentinian Geological and Mining Service) were completed during the fourth quarter of 2024, which included a workshop and site visit. Following a decision on the ESIA, subsequent proceedings for detailed construction and operation permits will continue. Since obtaining the environmental pre-feasibility approval for the 345kV power line in November 2022, the Company has been advancing with the additional technical aspects required for the ESIA, anticipated for submission in early 2025. The ESIA evaluation process for the proposed bypass and access road construction remains ongoing with a revised plan to proceed with a 40km segment, bypassing the project site, instead of the initially planned 140km route.

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The Free Prior Informed Consent ("FPIC") process for the project was successfully concluded for all communities directly influenced by the project, as defined by the relevant provincial authorities. The process culminated with the formal informative assembly held in Tolar Grande in December 2024. Prior to this, the FPIC processes for the communities of Olacapato and Pocitos were conducted in 2023.

The project will also require the approval of concessions for the borefield industrial water supply for the mine. Applications for industrial water concessions were submitted in 2023. These concessions are expected to be granted following the approval of the Mining ESIA. Additional water supply fieldwork commenced in the fourth quarter of 2024 to identify supplementary water sources, and evaluate deeper confined aquifers to enhance sustainability of extraction. Other efforts include improving borefields yield through pumping tests and additional drilling activities for borefield development. Furthermore, parallel efforts are underway to confirm brine availability as part of the comprehensive sustainable water management strategy.

On July 8, 2024, the government of Argentina's President Javier Milei enacted the "Law of Grounds and Starting Points for the Freedom of Argentines", which includes a new incentive regime for large investments (Régimen de Incentivo para Grandes Inversiones) with a two-year window to apply starting on the same date. The legislation provides special foreign exchange provisions and tax and customs incentives, focusing on predictability, stability, and legal certainty across various sectors, including mining. On September 19, 2024, Salta province formally adhered to the regime, extending its benefits to include local tax stability. The Company is currently preparing an update of the NI 43-101 Technical Report, and plans to submit an application for the RIGI regime.

Capital and Operating Costs

A capital cost estimate was produced for the PEA Report, to a stated level of accuracy of between -25% and +35%. This comprehensive itemisation was reviewed by First Quantum, benchmarked where possible and adjusted accordingly. In particular, new information was included for such as the initial mining pre-strip and mining equipment purchase costs, power supply/transmission costs, water supply costs and rail infrastructure costs.

The updated capital cost estimate, at this stage of the Taca Taca Project engineering phase (Q3 2020) is:

total initial capital spend over a three year construction phase (including an average 15% contingency) of US$3,274.8 million, split between:
- US$2,636.7 million of direct costs
- US$638.1 million of indirect costs
total expansion capital spend (including an average 15% contingency) of US$308.1 million, split between
- US$223.9 million of direct costs
- US$84.2 million of indirect costs.

General and administration operating costs, process operating costs and metal costs (i.e. product transport, refining charges and royalties) as set out in the PEA Report were reviewed, benchmarked and updated. Mining and process operating costs were estimated from first principles.

The overall average unit operating costs are:

mining ore and waste = US$1.69/t
- ore mining, excluding the pre-strip period = US$1.82/t
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waste mining, excluding the pre-strip period = US$1.45/t
stockpile reclaim = US$0.74/t reclaimed
processing = US$4.69/t processed
rail load-out infrastructure and water supply tariff = US$0.08/t processed.

An economic analysis in the form of a basic, pre-tax cashflow model was produced to support the Mineral Reserve estimate, and in order to demonstrate an overall positive cashflow for mining and processing over the life of the Taca Taca Project. The initial development capital and expansion capital costs are included in the analysis for completeness. The model is described in the Taca Taca Report.

The revenues in the cashflow model set out in the Taca Taca Report are calculated from the following metal prices:

copper = US$3.00/lb (US$6,614/t)
molybdenum = US$12.00/lb (US$26,455/t)
gold = US$1,500/oz.

The Taca Taca Project is cashflow positive from Year-2 and payback on the initial development capital is in Year-9. The undiscounted cashflow for the Mineral Reserve production schedule is US$17,306.3 million, with an NPV reflecting an 8% discount rate equal to US$3,428.8 million. The internal rate of return is 17.4%.

A Monte Carlo simulation on the Mineral Reserve cashflow model was carried out to assess the discounted value of the Taca Taca Project; 10,000 iterations were simulated for a number of cashflow variables, over a specified range of values for each. Assuming an 8% discount rate, the simulation indicated a 70% probability that the NPV would be in excess of US$3,000 million and a 72% probability that the IRR would be in excess of 16%.

Exploration, Development and Production

The PEA Report describes the conceptual development of the Taca Taca Project as envisaged by its previous owners, and included technical information sufficient for First Quantum to review and assess its own options. More specifically, the detailed capital and operating costs set out in the PEA Report formed the basis for review, benchmarking and adaptation by First Quantum for its own economic analysis, to a level that First Quantum considers appropriate for the Taca Taca Project at its current stage.

Further to the Taca Taca Project review and assessments described above, First Quantum has identified its preferences for the scale and extents of open pit mining and ore processing, and for the location of required infrastructure items. Furthermore, technical work has progressed on power and water supply logistics, freight and product transport options, and on designing improved road access into the Taca Taca Project area.

In addition to resuming the Phase III water supply investigations and confirmation of borefield sustainability, a scope of continuing engineering phase work includes:

additional Mineral Resource drilling, sampling and analysis, including infill, extensional and sterilisation targets
mine and civil geotechnical investigations, in conjunction with seismicity investigations
optimisation of the process plant layout and the concentrate load-out facilities
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further confirmatory metallurgical test work, not critical for the current processing flow sheet and plant design
further infrastructure planning for power reticulation
optimisation of the tailings delivery methodology and the potential for decant water return
selection of a suitable location for the Taca Taca Project camp and related infrastructure
review of waste landfill options and locations.

DIVIDENDS

Metalla's long-term dividend goal is to pay out a target rate of 50% of the annualized operating cash flow of the Company. On December 11, 2017, Metalla's board of directors declared its first cash dividend, and Metalla paid monthly dividends from January 2018 through May 2020. On July 10, 2023, the board of directors declared the Special Dividend, in the amount of C$0.03 per Common Share. The board of ‎directors of the Company will continue to assess the ‎Company's ability to pay dividends during the 2024 financial year.

Over the past three most recently completed financial years, Metalla has declared the following dividends:

Financial Year	Payment Date	Amount per Common Share (C$)
January 1, 2022 - December 31, 2022	N/A	N/A
January 1, 2023 - December 31, 2023	September 15, 2023	0.03
January 1, 2024 - December 31, 2024	N/A	N/A

Any determination to pay any future dividends will remain at the discretion of the Company's board of directors and will be made taking into account its financial condition and other factors deemed relevant by the board.

DESCRIPTION OF CAPITAL STRUCTURE

Common Shares

The authorized share capital of the Company consists of an unlimited number of Common Shares without par value. As of December 31, 2024, there were 92,076,438 Common Shares issued and outstanding (92,494,776 ‎Common Shares as of the date hereof).

Holders of Common Shares are entitled to receive notice of any meetings of shareholders of the Company, to attend and to cast one vote per Common Share at all such meetings. Holders of Common Shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of the Common Shares entitled to vote in any election of directors may elect all directors standing for election. Holders of Common Shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by the Company's board of directors at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of the Company are entitled to receive on a pro rata basis the net assets of the Company after payment of debts and other liabilities. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

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Warrants

As of December 31, 2024, there are no outstanding share purchase warrants issued by the Company.

Share Compensation Plan

In 2022, the Company adopted a new share compensation plan (the "Share Compensation Plan") that replaced and superseded all prior compensation plans of the Company. The Share Compensation Plan is a 10% "rolling" plan that provides for the granting of restricted share units (the "RSUs") and options to purchase Common Shares (the "Options"), and reflects our commitment to a long-term incentive compensation structure that aligns the interests of our employees with the interests of its shareholders. The Company's compensation committee (the "Compensation Committee") has been authorized to administer the Share Compensation Plan.

On May 11, 2023, following comments of the TSXV, the board of directors implemented certain administrative changes to the Share Compensation Plan, such administrative changes did not require shareholder approval pursuant to the TSXV policies.

Options

The following table summarizes the outstanding stock options granted by the Company as of December 31, 2024.

Expiry Date	Price perShare/ExercisePrice perSecurity	Number and<br>Type of Securities	Reason for Issuance
January 15, 2025	C$7.66	383,750 Options	Option Grant
November 6, 2025	C$12.85	315,000 Options	Option Grant
April 27, 2026	C$11.73	310,000 Options	Option Grant
August 27, 2026	C$9.17	217,800 Options	Replacement Options^(1)^
July 20, 2027	C$4.33	118,800 Options	Replacement Options^(1)^
August 16, 2027	C$5.98	445,000 Options	Option Grant
February 22, 2028	C$4.12	100,357 Options	Replacement Options^(1)^
December 28, 2028	C$4.05	832,500 Options	Option Grant
July 23, 2029	C$4.14	160,000 Options	Option Grant

Notes:

(1) The Replacement Options were issued to former Nova optionholders in connection closing of the Arrangement. See "General Development of the Business - Current Business of Metalla - 3 Year History - Arrangement with Nova Royalty Corp." for further information.

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RSUs

The following table summarizes the outstanding RSUs granted by the Company as of December 31, 2024.

Date	Price perShare/ExercisePrice perSecurity	Number and<br>Type of Securities	Reason for Issuance
February 11, 2022	C$8.93	6,410 RSUs	RSU Grant
December 28, 2022	C$6.76	170,000 RSUs	RSU Grant
December 28, 2023	C$4.05	421,250 RSUs	RSU Grant
July 23, 2024	C$4.14	260,000 RSUs	RSU Grant
December 9, 2024	C$3.96	40,000 RSUs	RSU Grant

MARKET FOR SECURITIES

Trading Price and Volume

The Common Shares are listed and posted for trading on the TSXV under the symbol "MTA", on the NYSE market under the symbol "MTA" and on the Frankfurt Exchange under the Symbol "X9C". The following table sets forth information relating to the trading of the Common Shares on the TSXV for the months indicated.

TSXV
Period	High<br>(C$)	Low<br>(C$)	Volume
January 2024	$4.33	$3.50	1,293,454
February 2024	$4.01	$3.13	1,354,026
March 2024	$4.30	$3.18	1,062,592
April 2024	$4.80	$4.02	1,463,125
May 2024	$4.64	$3.85	882,833
June 2024	$4.41	$3.75	348,886
July 2024	$4.54	$3.70	569,331
August 2024	$4.13	$3.39	473,152
September 2024	$4.56	$3.75	555,826
October 2024	$5.62	$4.25	846,251
November 2024	$5.12	$3.99	551,509
December 2024	$4.33	$3.54	811,493

The price of the Common Shares as quoted by the TSXV at the close of business on December 31, 2024 was C$3.62 and on the close of business on March 26, 2025 was C$4.24.

The Common Shares are also listed for trading on the NYSE under the symbol "MTA". The following table sets out ‎the market price range and trading volumes of our Common Shares on the NYSE for the periods indicated.‎

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NYSE
Period	High<br>($)^(1)^	Low<br>($)^(1)^	Volume
January 2024	$ 3.25	$ 2.75	8,484,316
February 2024	$ 3.02	$ 2.32	8,400,669
March 2024	$ 3.19	$ 2.34	10,187,727
April 2024	$ 3.51	$ 2.92	11,505,042
May 2024	$ 3.48	$ 2.81	10,322,941
June 2024	$ 3.24	$ 2.72	4,693,767
July 2024	$ 3.32	$ 2.69	5,449,003
August 2024	$ 3.03	$ 2.32	6,619,541
September 2024	$ 3.40	$ 2.75	7,013,027
October 2024	$ 4.08	$ 3.15	8,774,959
November 2024	$ 3.73	$ 2.83	7,265,147
December 2024	$ 3.07	$ 2.45	9,334,127

Note:

(1) Market prices have been rounded up to two decimal places.

The price of the Common Shares as quoted by the NYSE at the close of business on December 31, 2024 was $2.51 and on the close of business on March 26, 2025 was $2.95.

SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER

The following table summarizes the Company's securities subject to restrictions on transfer as of the most recently completed financial year.

Designation of Class	Number of securities held inescrow or that are subject tocontractual restriction on transfer^(1)^	Percentage of Class^(2)^
Common Shares	1,260,420	1.37%

Notes:

(1) Pursuant to a securityholder rights and obligations agreement, dated December 21, 2022, with First Majestic, 1,260,420 **** Common Shares held by First Majestic were subject to contractual restrictions on transfer and are being released at 6 month intervals.

(2) The percentage is based on 92,076,438 ‎Common Shares issued and outstanding as of December 31, 2024.

DIRECTORS AND OFFICERS

The following table sets forth the name, province/state and country of residence, position held with Metalla and principal occupation of each person who is a director and/or an executive officer of Metalla. Directors are elected at each annual meeting of Metalla's shareholders and serve as such until the next annual meeting of shareholders or until their successors are elected or appointed:

Name, Province/Stateand Country ofResidence	Position(s) with theCompany	Principal Occupation DuringPreceding Five Years	Number ofCommon SharesOwned directlyor beneficially
Brett Heath<br>Commonwealth of Puerto Rico	Director since September 1, 2016 and Chief Executive Officer since June 16, 2017	Chief Executive Officer of the Company since June 2017; President of the Company from September 2016 to July 2024.<br> <br>Mr. Heath also serves as Director and Chairman of Key Carbon Ltd. since 2021; and as Director of Nova Royalty Corp. since 2020.	3,325,845

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Name, Province/Stateand Country ofResidence	Position(s) with theCompany	Principal Occupation DuringPreceding Five Years	Number ofCommon SharesOwned directlyor beneficially
Lawrence Roulston^(1)^^(2)^^(3)(^^4^^)^<br>Vancouver, British Columbia, Canada	Director since March 1, 2017	Founder of WestBay Capital Advisors, a private corporation providing advisory and capital market expertise to the mining industry.<br> <br>President of Quintana Resources Capital, a private corporation providing advisory services for US private investors.<br> <br>Mining analyst and consultant as well as the editor of Resource Opportunities, an independent publication focused on the mining industry.<br> <br>Mr. Roulston also serves as director for MTB Metals Corp., GT Resources Inc., Enduro Metals Corp., and Silver Hammer Mining Corp.	98,457
Alexander Molyneux^(1)(3)^<br>Taipei City, Taiwan	Director since March 1, 2018	Mr. Molyneux currently serves as a ‎Non-Executive Director of Comet ‎Resources Ltd. (ASX: CRL) (2019 - ‎present).‎<br> <br>Prior roles include serving as ‎Director of Galena Mining Ltd. ‎‎(ASX: G1A) (2018 - 2022) (CEO, ‎‎2018-2021); Non-Executive Director ‎of Tempus Resources Ltd. (ASX: ‎TMR / TSXV: TMRR) (2018 - ‎‎2023); CEO ‎of one of the world's ‎‎largest publicly listed ‎uranium ‎producers, ‎Paladin Energy Ltd. ‎‎‎(ASX: PDN) (2015 - ‎‎2018); Non-‎Executive Chairman of Argosy ‎Minerals Ltd. (ASX: AGY) (2016 - ‎‎2022); Azarga Metals Corp. (TSXV: ‎AZR) (2016 - 2021); Non-Executive ‎Director of Goldrock Mines Corp. ‎‎(TSXV: GRM) (2012 - 2016); CEO ‎and director of SouthGobi ‎Resources Ltd. (TSX: SGQ) (2009 ‎‎- 2012), an Ivanhoe Mines Group ‎company. ‎<br> <br>Prior to these mining industry ‎executive and director roles, Mr. ‎Molyneux was Managing Director, ‎Head of Metals and Mining ‎Investment Banking, Asia Pacific for ‎Citigroup in Hong Kong.‎	235,427

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Name, Province/Stateand Country ofResidence	Position(s) with theCompany	Principal Occupation DuringPreceding Five Years	Number ofCommon SharesOwned directlyor beneficially
James Beeby^(2)^<br>North Vancouver, British Columbia, Canada	Director since May 14, 2019	Partner, Bennett Jones LLP (June 2018 - present); Partner, McCullough O'Connor Irwin LLP (January 2009 - June 2018).	21,285
Amanda Johnston^(1)^^(2)^^(^^4^^)^<br>Oakville, Ontario, Canada	Director since August 16, 2022	Mrs. Johnston serves as the Vice President, Finance, of Osisko Metals Incorporated (TSX: OSK), with a preceding position as a Vice President, Finance, of Osisko Mining Inc. prior to its sale prior to its sale to Gold Fields Limited. <br><br>Mrs. Johnston also served as a director for Manitou Gold Inc., prior to its sale to Alamos Gold Inc.	2,678
Christopher Beer<br>Toronto, Ontario, Canada	Director since December 9, 2024	Managing Director and Senior Portfolio Manager at RBC Global Asset Management.<br><br>Mr. Beer currently serves as a non-executive Director of Atex Resources Inc. since June 2024.	60,000
Jason Cho<br>Vancouver, British Columbia, Canada	President since July 24, 2024	Executive Vice President, Strategy & Corporate Development with Eldorado Gold from 2013 to 2023.<br><br> <br>President of the Company since July 24, 2024.	250,000
Saurabh Handa <br>Vancouver, British Columbia, Canada	Chief Financial Officer since November 1, 2020	Chief Financial Officer of the Company since November 1, 2020.<br> <br>Director and Chair of the Audit Committee for K92 Mining Inc. (TSX: KNT); Principal of Handa Financial Consulting Inc.; Chief Financial Officer of Titan Mining Corp.; Vice President, Finance of Imperial Metals Corp.; Chief Financial Officer of Meryllion Resources Corp.<br> <br>Mr. Handa previously served as a Director and Chair of Audit Committee for Carbon Streaming Corp. (NEO: NETZ) (2021-2024).	66,105
Sundeep Sara<br>Mississauga, Ontario, Canada	VP Acquisitions since January 1, 2022	VP Acquisitions of the Company since January 1, 2022.	64,133

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Name, Province/Stateand Country ofResidence	Position(s) with theCompany	Principal Occupation DuringPreceding Five Years	Number ofCommon SharesOwned directlyor beneficially
Kim C. Casswell<br>Vancouver, British Columbia, Canada	Corporate Secretary since May 26, 2017	Corporate Secretary of Seabord Services Corp., a private company that provides office, reception, secretarial, accounting and corporate records services to public and private companies (2009 - present).<br> <br>Ms. Casswell has been and currently still is Corporate Secretary to a number of TSXV and Canadian Securities Exchange listed companies.	9,112

Notes:

(1) Member of the audit committee of the Company (the "Audit Committee"). Ms. Johnston serves as Chair of the Audit Committee.

(2) Member of the corporate governance and nominating committee (the "CG&N Committee"). Mr. Beeby serves as Chairman of the **** CG&N Committee.

(3) Member of the Compensation Committee. Mr. Roulston serves as Chairman of the Compensation Committee.

(4) Member of the ESG Committee. Mr. Roulston serves as Chairman of the ESG Committee.

As of the date of this AIF, the directors and executive officers of the Company, as a group, beneficially owned, directly and indirectly, or exercised control or direction over 4,133,042 Common Shares, representing approximately 4.47% of the total number Common Shares outstanding before giving effect to the exercise of options or warrants to purchase Common Shares held by such directors and executive officers.

Cease Trade Orders, Bankruptcies, Penalties or Sanctions

Except as disclosed below, no director or executive officer of the Company is, as at the date hereof, or was within ten (10) years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that,

(i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, and that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

(ii) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

During the period between August 2015 to July 2018, Mr. Molyneux was the Chief Executive Officer of Paladin Energy Limited ("Paladin") and on February 2, 2018, Paladin announced the effectuation of a deed of company arrangement dated December 8, 2017 and the completion of a restructuring. On October 4, 2017 a cease trade order was issued against Paladin due to its failure to file certain continuous disclosure documents, but following the effectuation of the deed of company arrangement and filing of the necessary disclosure documents, the cease trade order was lifted in 2018.

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Except as disclosed below, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to materially affect control of the Company,

(i) is, or within ten years prior to the date hereof has been, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

(ii) has, within ten years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

Except as disclosed below, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to,

(i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

(ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

Mr. Roulston became a director of KBL Mining Ltd. ("KBL") in March 2015, a company listed on the Australian Stock Exchange at the time, as a result of being the director nominee of Quintana Resources Capital ULC (an investor in KBL by way of a streaming transaction which was secured by KBL's Mineral Hill mine). On September 7, 2016, Mr. Roulston resigned his position as director and on September 8, 2016, KBL was placed into voluntary administration and on September 19, 2016, receivers were appointed. KBL is now permanently suspended from trading. ****

Mr. Handa was a director of Banks Island Gold Ltd. ("Banks Island") from June 7, 2011 to July 28, 2015. On ‎January 8, 2016, Banks Island announced its intention to make an assignment into bankruptcy and Industry ‎Canada accepted that assignment effective January 8, 2016. The assignment was also filed with the Office of ‎the Superintendent of Bankruptcy on the same day.‎

Mr. Molyneux was a director of Ivanhoe Energy Inc. ("Ivanhoe Energy") during the period of October 2010 to August 2014 and on February 20, 2015 Ivanhoe Energy filed notice of intention under the provisions of the Bankruptcy and Insolvency Act (Canada) and on June 1, 2015 it was deemed bankrupt.

Conflicts of Interest

To the best of the Company's knowledge, and other than as disclosed in this AIF, there are no known existing or potential material conflicts of interest between the Company and any director or officer of the Company, except that certain of the directors and officers serve as directors and officers of other public companies and therefore it is possible that a conflict may arise between their duties as a director or officer of the Company and their duties as a director or officer of such other companies. Moreover, James Beeby is a partner of Bennett Jones LLP which provides legal services to the Company from time to time.

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Directors and officers of the Company also serve as directors and/or officers of other companies involved in natural resource exploration and development or investment in natural resource companies and consequently there exists the possibility for such directors and officers to be in a position of conflict. Any decision made by any of such directors and officers involving the Company will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Company and its shareholders. In addition, each of the directors is required to declare and refrain from voting on any matter in which such directors may have a conflict of interest in accordance with the procedures set forth in the BCBCA and other applicable laws.

LEGAL PROCEEDINGS AND REGULATORY ACTIONS

The Company is not party to any material legal proceedings or regulatory actions as of the date of this AIF. The Company is not aware of any material contemplated legal proceedings involving it or its operations.

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS

Except as disclosed below, no directors, executive officers or principal shareholders of the Company or any associate or affiliate of the foregoing have had any material interest, direct or indirect, in any transactions in which the Company has participated in its three most recently completed financial years, which has materially affected or is reasonably expected to materially affect the Company.

Mr. Heath was Chairman of Nova prior to and during the Arrangement. See “General Development of the Business – Current Business of Metalla – 3 Year History – Arrangement with Nova Royalty Corp.” for additional information.

TRANSFER AGENT AND REGISTRAR

The transfer agent and registrar for the Common Shares is Odyssey Trust Company at its principal office in Vancouver, British Columbia.

MATERIAL CONTRACTS

The Company entered into the following material contract within the fiscal year ended December 31, 2024, or since such time or before such time that are still in effect, other than in the ordinary course of business:

 the Amended and Restated Loan Agreement - see "General Development of the Business - Current Business of Metalla - 3 Year History - Amendment, Conversion and Drawdown of Beedie Loan Facility" for further information.

INTERESTS OF EXPERTS

The scientific and technical information contained in this AIF was reviewed and approved by Charles Beaudry, M.Sc., P.Geo. and géo. and a "Qualified Person" as defined in NI 43-101.

To the knowledge of Metalla, Mr. Beaudry holds less than 1% of the outstanding Common Shares or of any associate or affiliate of Metalla as of the date hereof. Mr. Beaudry has not and will not receive any direct or indirect interest in any securities of Metalla as a result of the review and approval of the scientific and technical disclosure included in this AIF.

KPMG LLP, the auditors of the Company’s audited financial statements as of and for the year ended December 31, 2023 and 2024 has confirmed that they are independent of the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and also that they are independent accountants with respect to the Company under all relevant US professional and regulatory standards.

AUDIT COMMITTEE

The Audit Committee is responsible for monitoring the Company's systems and procedures for financial reporting and internal control, reviewing certain public disclosure documents and monitoring the performance and independence of the Company's external auditors. The Audit Committee is also responsible for reviewing the Company's annual audited financial statements, unaudited quarterly financial statements and management's discussion and analysis of financial results of operations for both annual and interim financial statements and review of related operations prior to their approval by the full board of directors of the Company.

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The Audit Committee's charter sets out its responsibilities and duties, qualifications for membership, procedures for committee member removal and appointment and reporting to the Company's board of directors. A copy of the charter is attached hereto as Schedule "A". In the opinion of the board of directors of the Company, all members of the Audit Committee are "financially literate" and ‎‎"independent," as such terms are defined by (i) National Instrument 52-110 - Audit Committees; (ii) ‎the NYSE American LLC Company Guide; and (iii) Rule 10A-3 under the United States Securities Exchange Act of 1934, as ‎amended (the "Exchange Act").‎

The following are the current members of the Audit Committee:

Amanda Johnston ^(1)^
Lawrence Roulston
Alexander Molyneux
Note:<br>(1) Chairman of the Audit Committee

Relevant Education and Experience

As noted above, each member of the Audit Committee is financially literate. Collectively, the Audit Committee members have the education and experience to fulfill their responsibilities as outlined in the Audit Committee charter. Set out below is a description of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member.

Name of Member	Education	Experience
Amanda Johnston	Bachelor of Accounting (Honours) - Brock University<br> <br>Chartered Accountant Designation	Mrs. Johnston obtained her Chartered Accountant designation in 2012 and has over 15 years of experience in both the mining industry and audit and assurance groups.<br> <br>Mrs. Johnston currently serves as the Vice President, Finance, for Osisko Metals Incorporated. She also served as a director of Osisko Mining Inc. prior to its takeover. Prior to joining Osisko Mining Inc., she held multiple roles at Corsa Coal Corp. and Collins Barrow LLP (now RSM Canada LLP).<br> <br>Mrs. Johnston also served on the Audit Committee for Manitou Gold Inc.
Lawrence Roulston	Bachelor of Science - Geology<br>University of British Columbia	Mr. Roulston is a mining professional with over 40 years of diverse hands-on experience and currently provides business advisory and capital markets expertise to the junior and mid-tier sectors of the mining industry. From 2014 to 2016, he was President of Quintana Resources Capital, which provided resource advisory services for US private investors, focused primarily on streaming transactions. Prior to that, Mr. Roulston was a mining analyst and consultant, as well as the editor of "Resource Opportunities", an independent investment publication focused on the mining industry.<br> <br>Mr. Roulston was also an analyst or executive with various companies in the resources industry, both majors and juniors and he has graduate level training in business.<br> <br>Mr. Roulston has experience serving as a member of the compensation committees of the board of directors of several companies.

99 -

Name of Member	Education	Experience
Alexander Molyneux	Bachelor of Economics - Monash University, Australia<br> <br>Graduate Diploma of Mineral ‎Exploration, Geoscience - Curtin University (WA School of ‎Mines), Australia	Mr. Molyneux is an experienced metals and mining industry executive and financier and has more than 15 years service as an executive officer and/or director of publicly listed companies.<br> <br>Prior to these executive and director roles, Mr. Molyneux was Managing Director, Head of Metals and Mining Investment Banking, Asia Pacific for Citigroup in Hong Kong. As a specialist resources investment banker, he spent approximately 10 years providing advice and investment banking services to natural resources corporations.<br> <br>Mr. Molyneux continues to be based in Asia where he has an extensive network within the institutional investment community and local participants in the metals and mining industry.

The board of directors of the Company has determined that at least two members of the Audit Committee, ‎ Amanda Johnston and Lawrence Roulston, (i) are financially sophisticated within the meaning of Rule 803B of the NYSE American LLC Company ‎Guide; (ii) are each an "audit committee financial expert" as defined in Item 407(d)(5)(ii) and (iii) of Regulation S-K; and ‎‎(iii) are independent (as determined under Exchange Act Rule 10A-3 and Section 803A of the NYSE American LLC Company ‎Guide).‎

Reliance on Certain Exemptions

At no time since the commencement of the Company's most recently completed financial year has the Company relied on the exemption in Section 2.4 (De Minimis Non-audit Services) of NI 52-110, or an exemption from NI 52-110, in whole or in part, granted under Part 8 of NI 52-110. Part 8 permits a company to apply to a securities regulatory authority for an exemption from the requirements of NI 52-110, in whole or in part.

100 -

Pre-Approval Policies and Procedures

The Audit Committee's charter sets out responsibilities regarding the provision of non-audit services by the Company's external auditors. This policy encourages consideration of whether the provision of services other than audit services is compatible with maintaining the auditor's independence and requires Audit Committee pre-approval of all auditing services and permitted non-audit services (including the fees and terms thereof) to be performed for ‎the Company by Company's external auditors; provided, however, that pre-approval of services other than ‎audit, review or attest services is not required if such services: ‎

‎(a) constitute, in the aggregate, no more than 5% of the total amount of revenues paid by the Company to ‎the external auditor during the fiscal year in which the services are provided;‎

‎(b)‎ were not recognized by the Company at the time of the engagement to be non-audit services; and

‎(c)‎ are promptly brought to the attention of the Audit Committee and approved prior to the completion of ‎the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to ‎grant such approvals has been delegated by the Audit Committee.‎

All non-audit services performed by the Company's external auditors for the period ended December 31, 2024 have been pre-approved by our Audit Committee. No non-audit services were approved pursuant to the de ‎minimis exemption to the pre-approval requirement.

External Auditor Service Fees

KPMG LLP acted as the Company's independent registered public accounting firm for the fiscal years ended December 31, 2024 and December 31, 2023. ‎The aggregate fees billed by the Company's external auditors in each of the last two fiscal years for audit fees are as follows:

Financial YearEnding	Auditor	Audit Fees ^(1)^<br>(C$)	Audit Related <br>Fees ^(2)^(C$)	Tax Fees ^(3)^ <br>(C$)	All Other Fees ^(4)^ ** <br>(C$)**
December 2024	KPMG	$365,517	$Nil	$Nil	$Nil
December 2023	KPMG	$463,109	$Nil	$Nil	$Nil

Notes:

(1) The aggregate audit fees billed.

(2) The aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company's financial statements and which are not included under the heading "Audit Fees".

(3) Fees billed for preparation of Company's corporate tax return.

(4) The aggregate fees billed for products and services other than as set out under the headings "Audit Fees", "Audit Related Fees" and "Tax Fees".

OTHER COMMITTEES

Compensation Committee: The Compensation Committee is responsible for reviewing of all compensation (including stock options) paid by the Company to the board of directors, executive officers and employees of the Company and any subsidiaries, reporting to the board of directors on the results of those reviews and making recommendations to the board of directors for adjustments to such compensation. The Compensation Committee consists of two directors, all of whom are independent (outside, non-management) directors (Lawrence Roulston - (Committee Chairman) and Alexander Molyneux). Each member of the Compensation Committee has direct experience relevant to their responsibilities on the Compensation Committee, including acting as officers and directors of other publicly traded companies so that they are familiar with remuneration in the Company's industry.

CG&N Committee: The CG&N Committee is responsible for advising the board of directors of the appropriate corporate governance procedures that should be followed by the Company and the board of directors and monitoring whether they comply with such procedures. The CG&N Committee consists of three directors, all of whom are independent (outside, non-management) directors (James Beeby - (Committee Chairman), Amanda Johnston and Lawrence Roulston).

101 -

ESG Committee: The ESG Committee is responsible for (i) implementing the Company's ESG policy pursuant to the ESG Charter, (ii) evaluating and monitoring the ESG performance of the companies which operate the ‎properties in which the Company has a Royalty or Stream interest or is considering acquiring such an interest, and (iii) preparing reports to the board of directors on ESG performance and related matters. The ESG Committee consists of two independent (outside, non-management) directors (Lawrence Roulston - (Committee Chairman) and Amanda Johnston).

ADDITIONAL INFORMATION

Additional information relating to the Company can be found on SEDAR+ at www.sedarplus.ca. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans is contained in the management information circular of the Company to be filed on SEDAR+ at www.sedarplus.ca. Additional financial information is provided in the Company's audited financial statements and management's discussion and analysis for the financial year ended December 31, 2024.

SCHEDULE "A"

AUDIT COMMITTEE CHARTER

I. MANDATE

The Audit Committee (the "Committee") of the Board of Directors (the "Board") of Metalla Royalty & Streaming Ltd. (the "Company") shall assist the Board in fulfilling its financial oversight responsibilities by overseeing the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company. The Committee's primary duties and responsibilities under this mandate are to serve as an independent and objective party to monitor:

The quality and integrity of the Company's financial statements and other financial information;
The compliance of such statements and information with legal and regulatory requirements;
The qualifications and independence of the Company's independent external auditor (the "Auditor"); and
The performance of the Company's internal accounting procedures and Auditor.

II. STRUCTURE AND OPERATIONS

A. Composition

The Committee shall be comprised of at least three members, each of whom is a director of the Company who meets the independence, financial literacy and other requirements set out below.

B. Qualifications

Each member of the Committee must meet the independence requirements of all applicable Canadian and United States securities laws and stock exchange rules (collectively, the "AC Rules") unless an exemption is available.

No member of the Committee may, other than in his or her capacity as a member of the Committee, the Board, or any other committee of the Board, accept directly or indirectly any consulting, advisory, or other "compensatory fee" (as such term is defined under applicable AC Rules) from, or be an "affiliated person" (as such term is defined under applicable AC Rules) of, the Company or any subsidiary of the Company unless an exemption or exception under applicable AC Rules is available.

A member of the Committee must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years unless an exemption or exception under applicable AC Rules is available.

Each member of the Committee must be able to read and understand fundamental financial statements, including the Company's balance sheet, income statement, and cash flow statement.

At least one member of the Committee must be "financially sophisticated", as defined in the AC Rules, in that he or she has past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication, including but not limited to being or having been a chief executive officer, chief financial officer, other senior officer with financial oversight responsibilities. An "audit committee financial expert" (as such term is defined under Item 407(d)(5)(ii) and (ii) of Regulation S-K) is presumed to qualify as financially sophisticated.

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C. Appointment and Removal

In accordance with the Company's Articles, the members of the Committee shall be appointed by the Board and shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. Any member of the Committee may be removed, with or without cause, by a majority vote of the Board.

D. Chair

Unless the Board shall appoint a Chair, the members of the Committee shall designate a Chair by the majority vote of all of the members of the Committee. The Chair shall call, set the agendas for, and chair all meetings of, the Committee.

E. Sub-Committees

The Committee may form and delegate authority to subcommittees consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that a decision of such subcommittee to grant a pre-approval shall be presented to the full Committee at its next scheduled meeting.

F. Meetings

The Committee shall meet as often as is necessary to fulfil its duties respecting the Company's quarterly and annual financial statements but not less than on a quarterly basis as provided in this Charter. The Committee should meet with the Auditor and management annually to review the Company's financial statements in a manner consistent with, and to discharge its duties under, Section III of this Charter.

The Auditor shall be given reasonable notice of, and be entitled to attend and speak at, each meeting of the Committee concerning the Company's annual financial statements and, if the Committee feels it is necessary or appropriate, at every other meeting. On request by the Auditor, the Chair shall call a meeting of the Committee to consider any matter that the Auditor believes should be brought to the attention of the Committee, the Board or the shareholders of the Company.

At each meeting, a quorum shall consist of a majority of the members comprising the Committee.

As part of its goal to foster open communication, the Committee may periodically meet separately with each of management and the Auditor to discuss any matters that the Committee believes would be appropriate to discuss privately.

The Committee may invite to its meetings any director, any manager of the Company, and any other person whom it deems appropriate to consult in order to carry out its responsibilities. The Committee may also exclude from its meetings any person it deems appropriate to exclude in order to carry out its responsibilities.

III. DUTIES

A. Introduction

The following functions shall be the common recurring duties of the Committee in carrying out its purposes outlined in Section I of this Charter. These duties should serve as a guide with the understanding that the Committee may fulfill additional duties and adopt additional policies and procedures as may be appropriate in light of changing business, legislative, regulatory or other conditions. The Committee shall also carry out any other responsibilities and duties delegated to it by the Board from time to time related to the purposes of the Committee outlined in Section I of this Charter.

The Committee, in discharging its oversight role, is empowered to study or investigate any matter of interest or concern which the Committee in its sole discretion deems appropriate for study or investigation by the Committee.

The Committee shall be given full access to the Company's internal accounting staff, managers, other staff and Auditor as necessary to carry out these duties. While acting within the scope of its stated purpose, the Committee shall have all the authority of, but shall remain subject to, the Board. Notwithstanding the foregoing, the Committee is directly responsible for the appointment, compensation, retention and oversight of the work of the Auditor and any other registered public accounting firm engaged for the purpose of preparing or issuing an audit or performing other audit, review or attest services for the Company.

A-3

The Company must provide appropriate funding, as determined by the Committee, for payment of (i) compensation to any registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company, (ii) compensation to any independent counsel or other advisors employed by the Committee, and (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out the Committee's duties.

B. Powers and Responsibilities

The Committee will have the following responsibilities and, in order to perform and discharge these responsibilities, will be vested with the powers and authorities set forth below, namely, the Committee shall:

Independence of Auditor

1) Actively engage in a dialogue with the Auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the Auditor and, obtain a formal written statement from the Auditor setting forth all relationships between the Auditor and the Company.

2) Take, or recommend that the Board take, appropriate action to oversee the independence of the Auditor.

3) Require the Auditor and any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company to report directly to the Committee.

4) Review and approve the Company's hiring policies regarding partners, employees and former partners and employees of the Auditor and former independent external auditor of the Company.

Performance & Completion by Auditor of its Work

5) Be directly responsible for the appointment, compensation, retention and oversight of the work of the Auditor and any other registered public accounting firm engaged (including resolution of disagreements between management and the Auditor or such public accounting firm regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company.

6) Review annually the performance of the Auditor, and either appoint a new Auditor or recommend to shareholders that the existing Auditor be re-elected.

7) Pre-approve all auditing services and permitted non-audit services (including the fees and terms thereof) to be performed for the Company by the Auditor; provided, however, that pre-approval of services other than audit, review or attest services is not required if such services:

(a) constitute, in the aggregate, no more than 5% of the total amount of revenues paid by the Company to the Auditor during the fiscal year in which the services are provided;

(b) were not recognized by the Company at the time of the engagement to be non-audit services; and

(c) are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee.

A-4

Preparation of Financial Statements

8) Discuss with management and the Auditor significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including any significant changes in the Company's selection or application of accounting principles, any major issues as to the adequacy of the Company's internal controls and any special steps adopted in light of material control deficiencies.

9) Discuss with management and the Auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports which raise material issues regarding the Company's financial statements or accounting policies.

10) Discuss with management and the Auditor the effect of regulatory and accounting initiatives as well as off-balance sheet structures on the Company's financial statements.

11) Review management's report on, and assess the integrity of, the internal controls over the financial reporting of the Company and monitor the proper implementation of such controls.

12) Discuss with management the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

13) Discuss with the Auditor the matters required to be discussed relating to the conduct of any audit, in particular:

a) The adoption of, or changes to, the Company's significant auditing and accounting principles and practices as suggested by the Auditor or management.

b) Any difficulties encountered in the course of the audit work, including any restrictions on the scope of activities or access to requested information, and any significant disagreements with management.

Public Disclosure by the Company

14) Review and recommend to the Board for approval the Company's annual and interim financial ‎statements, annual and interim Management's Discussion and Analysis, Annual ‎Information Form, annual report filed pursuant to the Exchange Act on Form 40-F (or ‎such other form as may apply), future-oriented financial information or pro-forma ‎information, and other financial disclosure in continuous disclosure documents, ‎including within any annual or interim profit or loss press releases, and any ‎certification, report, opinion or review rendered by the external auditor, before the ‎Company publicly discloses such information. ‎

15). Review the Company's financial reporting procedures and internal controls to be satisfied that adequate procedures are in place for the review of the Company's public disclosure of financial information extracted or derived from its financial statements, other than disclosure described in the previous paragraph, and periodically assessing the adequacy of those procedures.

16). Review any disclosures made to the Committee by the Company's Chief Executive Officer and Chief Financial Officer during their certification process of the Company's financial statements and public disclosure about any significant deficiencies in the design or operation of internal controls or material weaknesses therein and any fraud involving management or other employees who have a significant role in the Company's internal controls.

Related Party Transactions

17) Review and approve related party transactions as required under applicable AC Rules.

A-5

Manner of Carrying Out its Mandate

18) Consult, to the extent it deems necessary or appropriate, with the Auditor but without the presence of management, about the quality of the Company's accounting principles, internal controls and the completeness and accuracy of the Company's financial statements.

19) Request any officer or employee of the Company or the Company's outside counsel or Auditor to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee.

20) Have the authority, if it deems it necessary or appropriate, to engage independent legal counsel, and accounting or other advisers to advise the Committee.

21) Meet separately, if it deems it necessary or appropriate, with management and the Auditor.

22) Make periodic reports to the Board as is necessary or required.

23) Review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval.

24) Annually review the Committee's own performance.

25) Provide an open avenue of communication between the Auditor and the Board.

26) Not delegate these responsibilities other than to one or more independent members of the Committee the authority to pre-approve, which the Committee must ratify at its next meeting, audit and permitted non-audit services to be provided by the Auditor.

C. Whistle-Blower Policy

The Committee shall establish and annually review the procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters, and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters.

D. Limitation of Audit Committee's Role

While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the Auditor.

This amended Charter was approved by the Board of Directors on August 21, 2020.

Metalla Royalty & Streaming Ltd. : Exhibit 99.2 - Filed by newsfilecorp.com

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors Metalla Royalty & Streaming Ltd.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Metalla Royalty & Streaming Ltd. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of loss and comprehensive loss, changes in equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and its financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Change in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of classifying liabilities as current or non-current as of January 1, 2023 due to the adoption of amendments to IAS 1, Presentation of Financial Statements, and included the presentation of the statement of financial position as of January 1, 2023.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

Chartered Professional Accountants

We have served as the Company’s auditor since 2017.

Vancouver, Canada

March 26, 2025

METALLA ROYALTY & STREAMING LTD.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in thousands of United States dollars)

			As at
			December 31,			December 31,
	Notes		2024			2023
ASSETS						(Re-presented) ^(1)^
Current assets
Cash and cash equivalents		$	9,717		$	14,107
Accounts receivable	3		2,516			2,811
Prepaid expenses and other			723			734
Total current assets			12,956			17,652
Non-current assets
Royalty, stream, and other interests	4		255,302			257,824
Investment in Silverback			314			450
Deferred income tax assets	9		105			105
Total non-current assets			255,721			258,379
TOTAL ASSETS		$	268,677		$	276,031
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities
Trade and other payables	5	$	1,188		$	5,394
Current acquisition payables	6		-			1,598
			1,188			6,992
Convertible loan facility	2(d),6		12,693			13,588
Total current liabilities			13,881			20,580
Non-current liabilities
Acquisition payable	4		2,233			2,028
Deferred income tax liabilities	9		536			536
Total non-current liabilities			2,769			2,564
Total liabilities			16,650			23,144
EQUITY
Share capital	10		307,848			303,323
Reserves			13,021			12,930
Deficit			(68,842	)		(63,366	)
Total equity			252,027			252,887
TOTAL LIABILITIES AND EQUITY		$	268,677		$	276,031

(1) Comparative information has been re-presented due to a retrospective change in accounting policy. Refer to Note 2(d) for more information.

These consolidated financial statements were authorized for issuance by the Board of Directors on March 26, 2025.

Approved by the Board of Directors

"Brett Heath"	Director	"Amanda Johnston"	Director

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Financial Statements Page 3

METALLA ROYALTY & STREAMING LTD.

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in thousands of United States dollars, except for share and per share amounts)

			Year ended
			December 31,			December 31,
	Notes		2024			2023
Revenue from royalty interests	7	$	5,882		$	4,595
Depletion on royalty interests	4		(2,509	)		(2,389	)
Gross profit			3,373			2,206
General and administrative expenses	8		(5,217	)		(4,930	)
Share-based payments	10		(2,632	)		(2,255	)
Royalty interest impairment	4		-			(2,355	)
Loss from operations			(4,476	)		(7,334	)
Share of net income of Silverback			113			75
Mark-to-market gain on derivative royalty asset			-			684
Mark-to-market gain on derivative loan liabilities	6		493			673
Interest expense	6		(1,977	)		(1,170	)
Finance charges	6		(339	)		(206	)
Loss on modification of loan payable	6		-			(1,658	)
Gain on sales of mineral claims	4		-			5,093
Foreign exchange gain (loss)			612			(610	)
Other income (expenses)			150			(23	)
Loss before income taxes			(5,424	)		(4,476	)
Current income tax expense	9		(52	)		(1,227	)
Deferred income tax expense	9		-			(134	)
Net loss and comprehensive loss		$	(5,476	)	$	(5,837	)
Earnings (loss) per share - basic and diluted		$	(0.06	)	$	(0.11	)
Weighted average number of shares outstanding - basic and diluted			91,503,747			55,223,734

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Financial Statements Page 4

METALLA ROYALTY & STREAMING LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of United States dollars)

			Year ended
			December 31,			December 31,
	Notes		2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(5,476	)	$	(5,837	)
Items not affecting cash:
Depletion			2,509			2,389
Interest and accretion expense			1,977			1,169
Finance charges			339			206
Share-based payments			2,632			2,255
Gain on sales of mineral claims	4		-			(5,093	)
Share of net income of Silverback			(113	)		(75	)
Mark-to-market gain on derivative royalty asset			-			(684	)
Mark-to-market gain on derivative loan liabilities	6		(493	)		(673	)
Loss on modification of loan payable	6		-			1,658
Royalty interest impairment	4		-			2,355
Income tax expense			52			1,361
Unrealized foreign exchange loss (gain)			(671	)		485
Other			(25	)		(136	)
			731			(620	)
Payments received from derivative royalty asset			806			2,715
Income taxes paid			(409	)		(825	)
Changes in non-cash working capital items:
Accounts receivable			(511	)		(262	)
Prepaid expenses and other			21			854
Trade and other payables			(3,211	)		(1,344	)
Net cash provided by (used in) operating activities			(2,573	)		518
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of royalty and stream interests			(2,199	)		(8,777	)
Dividends received from Silverback			249			220
Sale of mineral claims	4		-			4,972
Net cash used in investing activities			(1,950	)		(3,585	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from private placement			719			-
Proceeds from Beedie subscription	6		-			11,113
Proceeds from exercise of stock options			156			442
Proceeds from ATM, net of share issue costs			-			4,142
Dividends paid			-			(1,195	)
Interest paid	6		(58	)		(809	)
Finance charges paid	6		(339	)		(864	)
Net cash provided by financing activities			478			12,829
Effect of exchange rate changes on cash and cash equivalents			(345	)		(210	)
Changes in cash and cash equivalents during period			(4,390	)		9,552
Cash and cash equivalents, beginning of period			14,107			4,555
Cash and cash equivalents, end of period		$	9,717		$	14,107

Supplemental disclosure with respect to cash flows (Note 12)

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Financial Statements Page 5

METALLA ROYALTY & STREAMING LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Expressed in thousands of United States dollars, except for share amounts)

	Number of		Share								Total
	shares		capital		Reserves			Deficit			equity
Balance as at December 31, 2022	49,467,877	$	161,696	$	13,199		$	(56,334	)	$	118,561
Shares issued in ATM, net of issue costs	944,396		4,142		-			-			4,142
Acquisition of Nova Royalty Corp. (Note 4)	34,943,542		112,053		1,152			-			113,205
Acquisition of royalties and other interests (Note 4)	1,406,182		6,225		-			-			6,225
Beedie subscription	2,835,539		11,113		-			-			11,113
Conversion of loan payable (Note 6)	545,702		3,330		(433	)		-			2,897
Extinguishment of loan payable (Note 6)	-		1,210		(131	)		-			1,079
Exercise of stock options	463,289		1,340		(898	)		-			442
Shares issued on vesting of restricted share units	270,704		2,214		(2,214	)		-			-
Share-based payments - stock options	-		-		734			-			734
Share-based payments - restricted share units	-		-		1,521			-			1,521
Dividends paid	-		-		-			(1,195	)		(1,195	)
Loss for the period	-		-		-			(5,837	)		(5,837	)
Balance as at December 31, 2023	90,877,231	$	303,323	$	12,930		$	(63,366	)	$	252,887
Conversion of loan payable (Note 6)	429,800		1,109		-			-			1,109
Private placement	250,000		719		-			-			719
Exercise of stock options	213,717		946		(790	)		-			156
Shares issued on vesting of restricted share units	305,690		1,751		(1,751	)		-			-
Share-based payments - stock options	-		-		926			-			926
Share-based payments - restricted share units	-		-		1,706			-			1,706
Loss for the period	-		-		-			(5,476	)		(5,476	)
Balance as at December 31, 2024	92,076,438	$	307,848	$	13,021		$	(68,842	)	$	252,027

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Financial Statements Page 6

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

1. NATURE OF OPERATIONS

Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company"), incorporated in British Columbia, Canada, is a precious metals royalty and streaming company, which engages in the acquisition and management of gold, silver, and copper royalties, streams, and similar production-based interests. The Company's common shares ("Common Shares") are listed on the TSX Venture Exchange ("TSX-V") under the symbol "MTA" and on the NYSE American ("NYSE") under the symbol "MTA". The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.

The Company has incurred a cumulative deficit to date of $68.8 million as at December 31, 2024, and has had losses from operations for multiple years. Continued operations of the Company are dependent on the Company's ability to generate positive cash flow in the future, receive continued financial support, and/or complete external financing. Management expects that its cash balance, cash flows from operating activities, and available credit facilities will be sufficient to fund the operations of the Company for at least twelve months from the date of this report.

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Statement of Compliance

The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

(b) Basis of Preparation and Measurement

These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

These consolidated financial statements are presented in thousands of United States dollars except as otherwise indicated.

(c) Foreign Currency Translation

The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries, the functional currency is the U.S. dollar. The presentation currency for the Company is the U.S. dollar.

Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.

Consolidated Financial Statements Page 7

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

(d) Adoption of New Accounting Standards

The Company has applied the following accounting standard amendment which is effective January 1, 2024.

IAS 1 - Presentation of Financial Statements

The IASB has issued an amendment to IAS 1 - Presentation of Financial Statements ("IAS 1") that clarifies certain requirements for determining whether a liability should be classified as current or non-current and requires new disclosures for non-current liabilities that are subject to covenants within 12 months after the reporting date. The amendments were effective for annual periods beginning on or after January 1, 2024, and are required to be applied retrospectively. The amendment requires the classification of liabilities as current or non-current depending on the rights existing at the end of the reporting period and clarifies that management's expectations in respect of settlement do not affect classification. Liabilities are classified as non-current if the company has a substantive right to defer settlement for at least twelve months at the end of the reporting period. 'Settlement' is defined as the extinguishment of a liability with cash, other economic resources, or an entity's own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument.

This change has resulted in a change in the accounting policy for classification of liabilities that can be settled in the Company's own shares. Previously, counterparty conversion options were not considered when classifying the related liabilities as current or non-current. Under the revised policy, when a liability includes a counterparty conversion option that may be settled by a transfer of the Company's shares, the Company is required to consider the conversion option in classifying the liability as current or non-current except when it is classified as an equity component of a compound instrument.

The Company conducted an analysis of the impact of the change in accounting policy upon adoption of IAS 1 to the Company's financial statements and has determined that the Company's convertible A&R Loan Facility (as defined below) is impacted by the revised policy and the related liabilities have been reclassified to current liabilities because the lender has the unconditional right to convert at anytime, including within the next twelve months. There are no changes to the expected cash outflows from the convertible debt, and no changes to the liquidity of the Company and the maturity date of the debt remains May 10, 2027. The Company's other liabilities were not impacted by the changes to IAS 1.

Due to the requirement for retrospective adoptions of the IAS 1 amendments, the statement of financial position as at December 31, 2023, has been re-presented, with a reclassification of $13.6 million from non-current liabilities to current liabilities. Prior to substantial modification of the A&R Loan Facility (as defined below) during 2023, the equity conversion feature of the previous convertible loan facility was classified as an equity component of a compound instrument. Therefore, the change in policy did not impact the Company's statement of financial position as at January 1, 2023. There is no retrospective impact on the comparative statement of loss and comprehensive loss, statement of equity, and statement of cash flows.

As discussed above the changes to IAS 1 will have no impact on the Company's cash flows or liquidity and the only change is on the classification of the convertible debt instrument as a current liability instead of the non-current liability, as such the Company does not consider the adoption of IAS 1 will have a material impact on the Company in future reporting periods.

Consolidated Financial Statements Page 8

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

(e) Future Changes to Accounting Policies

Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for the year ended December 31, 2024, and have not been early adopted by the Company. New and amended accounting standards that are not applicable to the Company have been excluded from this note. The Company is currently assessing the impact of the following new and amended standards:

The IASB has issued classification and measurement and disclosure amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments: Disclosures, which are effective for years beginning on or after January 1, 2026, with earlier application permitted. The amendments clarify the date of recognition and derecognition of some financial assets and liabilities and introduce a new exception for some financial liabilities settled through an electronic payment system. Other changes include a clarification of the requirements when assessing whether a financial asset meets the solely payments of principal and interest criteria and new disclosures for certain instruments with contractual terms that can change cash flows (including instruments where cash flow changes are linked to environmental, social or governance targets).
IFRS 18 - Presentation and Disclosure in Financial Statements ("IFRS 18") is a new standard that will provide new presentation and disclosure requirements, and which will replace IAS 1 - Presentation of Financial Statements. IFRS 18 introduces changes to the structure of the income statement; provides required disclosures in financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and provides enhanced principles on aggregation and disaggregation in financial statements. Many other existing principles in IAS 1 have been maintained. IFRS 18 is effective for years beginning on or after January 1, 2027, with earlier application permitted.

(f) Principles of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including its principal subsidiaries Nova Royalty Corp. (Canada), Royalty & Streaming Mexico S.A. de C.V. (Mexico), Metalla America Ltd. (USA), Nova Royalty USA Corp. (USA), MTA Royalty & Streaming Pty Ltd. (Australia), ValGold Resources Ltd. (Canada), Geological Services Inc. (USA), Idaho Resources Corporation (USA), Genesis Gold Corporation (USA), and Metalla SEZC (Cayman Islands). All intercompany balances and transactions have been eliminated on consolidation.

Subsidiaries

Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

(g) Business Combinations

A business combination is an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that consist of inputs and processes, including operational processes that, when applied to those inputs, have the ability to create outputs that provide a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs, but can be integrated with the inputs and processes of the Company to create outputs.

Consolidated Financial Statements Page 9

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine whether the set of activities or assets is a business.

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is allocated to the identifiable assets acquired and liabilities assumed based on the acquisition-date fair value. The excess of the cost of acquisition over the fair value of the Company's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain, is recognized directly in the consolidated statement of operations. The results of businesses acquired during the period are included in the financial statements from the date of acquisition. Acquisition-related costs are expensed as incurred. Provisional fair values are finalized within 12 months of the acquisition date. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period about facts and circumstances that existed at the acquisition date.

(h) Royalty, Stream, and Other Interests

Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Borrowing costs attributed to the acquisition of qualifying assets are capitalized to royalty, stream, and other interests, and are included in the carrying amounts of related assets until the asset is available for use in the manner intended by management.

Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.

On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 - Exploration and Evaluation of Mineral Resources ("IFRS 6") and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 - Property, Plant and Equipment ("IAS 16"). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16.

(i) Impairment of Royalty, Stream, and Other Interests

The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit ("CGU") level.

Consolidated Financial Statements Page 10

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.

Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.

(j) Revenue Recognition

Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.

For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract.

For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.

(k) Financial Instruments

All financial instruments are initially recorded at fair value and designated as follows:

Cash includes cash on account and is subsequently measured at amortized cost.

Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. The Company has applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables.

Consolidated Financial Statements Page 11

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

Marketable securities are designated as fair value through profit and loss ("FVTPL") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("FVOCI"). Investment transactions are recognized on the trade date with transaction costs included in the underlying balance. Fair values are determined by reference to quoted market prices at the statement of financial position date.

Derivative royalty assets and derivative loan liabilities are designated as FVTPL. Fair values are determined using a valuation model and inputs that are not based on observable market data.

Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest rate method.

(l) Related Party Transactions

Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.

(m) Share Capital

Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete.

The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.

Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.

(n) Earnings (loss) Per Share

The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.

Consolidated Financial Statements Page 12

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

(o) Income Taxes

Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.

Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.

Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability is settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

(p) Share-based Payments

The Company grants stock options and restricted share units ("RSUs") to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.

The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.

Consolidated Financial Statements Page 13

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

(q) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("CEO").

The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.

(r) Critical Accounting Estimates and Judgments

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:

Royalty interests

The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.

Management considers both external and internal sources of information in assessing whether there are any indications that the Company's royalty interests are impaired. External sources of information that management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets.

In determining the recoverable amounts of the Company's royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company's royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company's royalty interests.

Consolidated Financial Statements Page 14

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT'D...)

Depletion

The Company's royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.

Derivative loan liabilities

The Company holds derivative loan liabilities which are carried at fair value at each period end. In order to calculate the fair value at period end the Company uses a valuation model and is required to make estimates and assumptions on the risk free interest rate, expected stock price volatility, and credit spread. Changes to these assumptions may impact the fair value of the liability at period end.

Income taxes

The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.

Functional currency

The functional currency for each of the Company's subsidiaries and associates is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment.

Business combinations

The assessment of whether an acquisition meets the definition of a business or is considered an asset acquisition is an area of key judgment. For an acquisition to constitute a business acquisition, the Company should be acquiring inputs and processes which could deliver an output. Management would need to apply judgment to determine whether any processes were acquired as part of the acquisition of assets.

For both business combinations and asset acquisitions, the assumptions and estimates with respect to determining the fair values often require management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of assets acquired and liabilities assumed, those of mineral interests and other properties in particular, generally require a high degree of judgment and include estimates of mineral reserves and mineral resources acquired, future metal prices, discount rates and reserve/resource conversion. Changes in the judgments made or in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities.

Consolidated Financial Statements Page 15

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

3. ACCOUNTS RECEIVABLE

		As at
		December 31,		December 31,
		2024		2023
Royalty, derivative royalty, and stream receivables	$	2,253	$	2,482
GST and other recoverable taxes		251		325
Other receivables		12		4
Total accounts receivable	$	2,516	$	2,811

As at December 31, 2024, and December 31, 2023, the Company did not have any royalty, derivative royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at December 31, 2024, and December 31, 2023, was $Nil.

4. ROYALTY, STREAM, AND OTHER INTERESTS

		Producing			Development			Exploration
		Assets			Assets			Assets			Total
As at December 31, 2022	$	9,467		$	98,452		$	12,809		$	120,728
Nova portfolio acquisition		10,412			120,438			130			130,980
Alamos portfolio acquisition		-			4,192			75			4,267
Lama acquisition		-			6,601			-			6,601
Del Carmen and Beaufor impairments		-			(2,355	)		-			(2,355	)
Depletion ^(1)^		(2,348	)		(30	)		(11	)		(2,389	)
Reclassifications and other		-			5,178			(5,186	)		(8	)
As at December 31, 2023	$	17,531		$	232,476		$	7,817		$	257,824
Depletion		(2,509	)		-			-			(2,509	)
Reclassifications and other		10,992			(10,992	)		(13	)		(13	)
As at December 31, 2024	$	26,014		$	221,484		$	7,804		$	255,302
Historical cost	$	33,000		$	229,267		$	7,853		$	270,120
Accumulated depletion and impairments	$	(6,986	)	$	(7,783	)	$	(49	)	$	(14,818	)

(1) Fixed royalty payments were received in relation to certain exploration and development assets. The depletion related to these payments was recorded based on the total fixed royalty payments expected to be received under each contract.

(a) During the year ended December 31, 2024, the Company completed the following transactions:

Reclassifications

During the period the Company: (i) reclassified Tocantinzinho and La Guitarra from development assets to producing assets; and (ii) reclassified El Realito, which has been fully depleted, from producing assets to development assets as management does not expect any further production from El Realito without further exploration on underground potential.

Consolidated Financial Statements Page 16

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

4. ROYALTY, STREAM, AND OTHER INTERESTS (CONT'D...)

(b) During the year ended December 31, 2023, the Company completed the following transactions:

Nova Royalty Acquisition

On December 1, 2023, the Company closed an arrangement agreement whereby the Company acquired all of the issued and outstanding shares of Nova Royalty Corp. (TSX-V: NOVR) ("Nova") pursuant to a plan of arrangement. Pursuant to the terms and conditions of the arrangement agreement between the Company and Nova dated September 7, 2023 (the "Arrangement Agreement"), Nova shareholders received 0.36 of a Common Share for each Nova common share held prior to the Nova acquisition, for a total of 33,893,734 Common Shares issued. In accordance with the Arrangement Agreement, each Nova restricted share unit vested into a Nova common share at the close of the Nova acquisition and was exchanged for 0.36 of a Metalla Common Share for a total of 741,597 Common Shares issued, and each Nova stock option was replaced with a fully vested replacement Metalla option. All replacement options were adjusted as per the terms of the Arrangement Agreement and are exercisable into Metalla Common Shares.

Concurrent with closing of the Nova acquisition on December 1, 2023, the Company drew down from its loan facility with Beedie Investments Ltd. ("Beedie") (Note 6) an amount equal to the principal and unpaid interest and fees outstanding under Beedie's ‎convertible loan agreement with Nova (the "Nova Loan Facility") to refinance and retire the Nova Loan Facility (Note 6). Upon completion of the Nova acquisition, existing Metalla and Nova shareholders owned approximately 60.41% and 39.59% of the combined company, respectively. Following the completion of the acquisition, Nova became a wholly owned subsidiary of Metalla.

For accounting purposes, the Company determined the acquisition of Nova did not meet the definition of business combination under IFRS 3 - Business Combinations. Accordingly, the transaction was accounted for as an asset acquisition under relevant IFRS standards with a closing date of December 1, 2023. Under this method the Company is required to recognize identifiable assets and liabilities at their individual fair values and any transaction costs are capitalized as part of the acquisition, with no goodwill recognized.

To estimate the fair value of the mineral interest acquired, management used discounted cash flow models and a market-based approach. Management applied significant judgment in determining the fair value of the mineral interests, including the use of significant assumptions, such as discount rates, long-term forecast commodity prices, and future production of operator mineral reserves and resources information for the portfolio of mineral stream and royalty agreements. Future production and operator mineral reserves and resources information are based on information compiled by appropriately qualified persons. The assets and liabilities acquired included mineral interests of $131.0 million, current assets of $1.0 million, and current liabilities of $6.2 million. Below is a reconciliation of the purchase consideration for the Nova acquisition along with the total assets acquired, net of liabilities assumed.

Number of Metalla Shares issued to Nova shareholders	33,893,734
Number of Metalla Shares issued to Nova RSU holders	741,597
Total Number of Metalla Shares issued	34,635,331
Closing price of a Metalla Share on November 30, 2023, on TSXV	C$4.34
C/US exchange rate on November 30, 2023	1.3560
Market value of Metalla Shares issued	110,853
Value of Nova share options converted to Metalla share options	1,152
Nova long-term debt repaid as part of transaction	11,064
Transaction costs	2,695
Purchase consideration	125,764

All values are in US Dollars.

Consolidated Financial Statements Page 17

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

4. ROYALTY, STREAM, AND OTHER INTERESTS (CONT'D...)

Cash and cash equivalents	$	79
Accounts receivable		892
Mineral interests		130,980
Current liabilities		(6,187	)
Total assets acquired, net of liabilities assumed	$	125,764

Details of some of the royalties the Company holds through Nova are discussed below, based on information publicly filed by the applicable owner.

Aranzazu

The Company acquired a 1.0% NSR royalty on the producing Aranzazu copper-gold-silver mine owned by Aura Minerals Inc. ("Aura"). Aranzazu is a copper-gold-silver deposit located within the Municipality of Concepcion del Oro in the State of Zacatecas, Mexico. Aura is the sole owner and operator of Aranzazu. The Company is entitled to 1.0% of the net smelter returns on all metals sold at Aranzazu, less certain allowable deductions, provided that the monthly average price per pound of copper, as quoted by the London Metals Exchange, equals or exceeds $2.00/lb. The fair value ascribed to the Aranzazu NSR royalty upon the acquisition of Nova was $10.4 million.

Taca Taca

The Company acquired a 0.42% NSR royalty on the Taca Taca copper-gold-molybdenum project, owned by First Quantum Minerals Ltd. ("First Quantum"). Taca Taca is a porphyry copper-gold-molybdenum project located in northwestern Argentina in the Puna (Altiplano) region of Salta Province. The Company is entitled to 0.42% of the net smelter returns on all metals sold at Taca Taca. The Taca Taca royalty is subject to a buyback right based on the proven reserves at Taca Taca in a feasibility study completed by a recognized, international consulting firm that is contracted by mutual consent of all parties, including royalty holders. The buyback amount will be based on the amount of the proven reserves multiplied by the prevailing market prices of all applicable commodities within Taca Taca. The fair value ascribed to the Taca Taca NSR royalty upon the acquisition of Nova was $34.6 million.

Vizcachitas

The Company acquired a 0.98% NSR royalty on the open pit operations and a 0.49% NSR royalty on underground operations at Vizcachitas. Vizcachitas is a large copper-molybdenum porphyry deposit in central Chile, owned by Los Andes Copper Ltd. ("Los Andes"). The fair value ascribed to the Vizcachitas NSR royalty upon the acquisition of Nova was $33.1 million.

NuevaUnión

The Company acquired a 2.0% NSR royalty on future copper production on the Cantarito claim which makes up part of the La Fortuna deposit forming part of the NuevaUnión copper-gold project ("NuevaUnión") located in in the Huasco Province in the Atacama region of Chile. NuevaUnión is jointly owned by Newmont Corporation and Teck Resources Limited. In 2020, prior to the Arrangement Agreement, the Company partnered with Nova to jointly purchase the royalty on NuevaUnión such that Metalla acquired an entitlement to all payments under the NSR royalty with respect to gold production, Nova acquired an entitlement to all payments with respect to copper production, and both Metalla and Nova acquired an entitlement to an even split of all other payments under the NSR. With the acquisition of Nova, the Company now holds a 2.0% NSR royalty on all metals at NuevaUnión. The fair value ascribed to Nova's portion of the NuevaUnión NSR royalty upon the acquisition of Nova was $21.2 million.

Consolidated Financial Statements Page 18

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

4. ROYALTY, STREAM, AND OTHER INTERESTS (CONT'D...)

Copper World Complex

The Company acquired a 0.315% NSR royalty on the Copper World Complex project in Arizona, USA, 100% owned by Hudbay Minerals Inc. ("Hudbay"). The Copper World NSR covers all metals, including copper, molybdenum, silver, and gold extracted from the majority of mining claims covering the Copper World Complex. The Company also retains a right of first refusal with respect to an additional 0.360% NSR royalty on the Copper World Complex. The fair value ascribed to the Copper World NSR royalty upon the acquisition of Nova was $12.7 million.

Pine Valley Mineral Claims Sale

In June 2023, the Company sold the JR mineral claims that make up the Pine Valley property, which is part of the Cortez complex in Nevada, for $5.0 million in cash to Nevada Gold Mines, LLC, an entity formed by Barrick Gold Corporation ("Barrick") and Newmont Corporation. As part of the purchase and sale agreement, the Company has retained a 3.0% Net Smelter Return ("NSR") royalty on the Pine Valley property. The Company recognized a gain on sale of mineral claims of $5.0 million. The Company acquired the Pine Valley mineral claims through the acquisition of Genesis Gold Corporation ("Genesis") in 2020, and the Company ascribed a fair value of less than $0.1 million to the Pine Valley mineral claims upon acquisition of Genesis.

Lama Royalties Acquisition

In March 2023, the Company acquired an existing 2.5%-3.75% sliding scale Gross Proceeds royalty over gold and a 0.25%-3.0% NSR royalty on all metals (other than gold and silver) on the majority of Barrick's Lama project located in Argentina from an arm's length seller for aggregate consideration of $6.5 million. The consideration consisted of $2.5 million in cash, $2.1 million in Common Shares upon closing, and an additional $2.5 million to be paid in cash or Common Shares, at the Company's sole discretion, within 90 days upon the earlier of a 2-million-ounce gold mineral reserve estimate on the royalty area or 36 months after the closing date. The Company issued 466,827 Common Shares to the arm's length seller (valued at $4.44 per share on March 9, 2023). The outstanding $2.5 million payment (the "Lama Payable") was recorded at fair value upon inception using a discount rate of 10.0% and an estimated payment date of 36 months from closing and was recorded at $1.9 million. The Lama Payable has been disclosed as a non-current liability on the Company's statement of financial position as an acquisition payable and this amount will be increased to $2.5 million over the term of the payable using the effective interest method. The Company incurred $0.2 million in transaction costs associated with this transaction. For the year ended December 31, 2024, the Company recognized an accretion expense on the Lama Payable of $0.2 million (December 31, 2023 - $0.1 million).

Alamos Portfolio Acquisition

In February 2023, the Company acquired one silver stream and three royalties from Alamos Gold Corp. ("Alamos") for aggregate consideration of $4.2 million. Upon closing the Company issued 939,355 Common Shares to Alamos (valued at $4.42 per share on February 23, 2023). The Company incurred $0.1 million in transaction costs associated with this transaction. The stream and royalties acquired in this transaction included:

a 20% silver stream over the Esperanza project located in Morales, Mexico owned by Zacatecas Silver Corp.;
a 1.4% NSR royalty on the Fenn Gibb South project located in Timmins, Ontario owned by Mayfair Gold Corp.;
a 2.0% NSR royalty on the Ronda project located in Shining Tree, Ontario owned by Platinex Inc.; and
a 2.0% NSR royalty on the Northshore West property located in Thunder Bay, Ontario owned by New Path Resources Inc.

Consolidated Financial Statements Page 19

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

5. TRADE AND OTHER PAYABLES

		As at
		December 31,		December 31,
		2024		2023
Trade payables and accrued liabilities	$	1,164	$	5,081
Taxes payable		24		313
Total trade and other payables	$	1,188	$	5,394

6. LOANS PAYABLE

		A&R Loan Facility
		Debt			Derivative			Castle
		Portion			Portion			Mountain Loan			Total
As at December 31, 2022	$	5,335		$	-		$	5,250		$	10,585
Additions		10,357			707			-			11,064
Conversion		(2,737	)		-			-			(2,737	)
Extinguishment of loan facility		(195	)		428			-			233
Modification of loan facility		(410	)		99			-			(311	)
Interest expense		771			-			248			1,019
Interest payments		(349	)		-			(460	)		(809	)
Principal repayment		-			-			(4,340	)		(4,340	)
Fair value adjustment of derivative portion		-			(673	)		-			(673	)
Foreign exchange adjustments		255			-			-			255
As at December 31, 2023	$	13,027		$	561		$	698		$	14,286
Conversion		(1,109	)		-			-			(1,109	)
Interest expense		1,751			-			20			1,771
Interest payments		-			-			(58	)		(58	)
Principal repayment		-			-			(660	)		(660	)
Fair value adjustment of derivative portion		-			(493	)		-			(493	)
Foreign exchange adjustments		(1,044	)		-			-			(1,044	)
As at December 31, 2024	$	12,625		$	68		$	-		$	12,693

A&R Loan Facility

In March 2019, the Company entered into a convertible loan facility with Beedie to fund acquisitions of new royalties and streams which has subsequently been amended from time to time. The loan facility bears interest on amounts advanced and a standby fee on funds available. Funds advanced are convertible into Common Shares at Beedie's option, with the conversion price determined at the date of each drawdown or at the conversion date (in the case of the conversion of accrued and unpaid interest).

In August 2022, the Company and Beedie closed a first supplemental loan agreement to extend the maturity date of the loan facility from April 22, 2023, to January 22, 2024. In consideration for the extension the Company incurred a fee of C$0.2 million (the "Loan Extension Fee") convertible into Common Shares at a conversion price of C$7.34 per share. Upon closing, the Company recognized a gain of $0.3 million to reflect the change required in the amortized cost of the liability using the effective interest method over a longer period of time.

Consolidated Financial Statements Page 20

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

6. LOANS PAYABLE (CONT'D...)

As at December 31, 2022, the Company had C$5.0 million outstanding with a conversion price of C$14.30 per share (the "Third Drawdown"), C$3.0 million outstanding with a conversion price of C$11.16 per share (the "Fourth Drawdown"), C$0.2 million outstanding with a conversion price of C$7.34 per share from the Loan Extension Fee, and had C$12.0 million available under the loan facility.

In May 2023, the Company and Beedie closed an additional supplemental loan agreement to further amend the loan facility by, among other things, extending the maturity date to May 10, 2027, increasing the loan facility by C$5.0 million from C$20.0 million to C$25.0 million, and increasing the interest rate from 8.0% to 10.0% per annum.

The amendment was considered a substantial modification of the loan facility, and for accounting purposes the existing debt instruments were extinguished and the new debt instruments were recognized at fair value on the amendment date. The difference in value between the amount that was retired for the old debt instrument and the amount recorded for the new debt instrument, taking into account the modification in conversion price to induce conversion of part of the old debt instrument, was recorded as a loss on extinguishment of loan payable of $1.4 million. Transaction costs of $0.1 million incurred were included in the loss on extinguishment of loan payable.

The conversion feature, prepayment options, and availability of credit under the new loan facility (together the "Derivative Loan Liabilities") have all been determined to be non-cash embedded derivatives that are not closely related to the principal amounts due under the loan facility, and as such are bifurcated from the loan facility and the Derivative Loan Liabilities will be accounted for at fair value through profit and loss. The debt portion of the loan facility along with any transaction costs and fees directly attributable to the loan facility will be included in the respective effective interest rate calculation for the debt portion and will be measured at amortized cost. Upon initial recognition on May 19, 2023, the Derivative Loan Liabilities were assigned a fair value of $0.4 million, and the debt portion of the liability was assigned a fair value at $2.7 million for a total face value of $3.1 million (C$4.2 million), with an implied effective interest rate of 14.6%. On May 19, 2023, the Derivative Loan Liabilities were valued using a Black-Scholes option pricing model with the following assumptions: risk free interest rate of 4.0%, expected dividend yield of 0.0%, expected volatility of 51%, and an expected life of 2.0 years.

Effective December 1, 2023, Metalla and Beedie entered into an amended and restated convertible loan facility agreement (the "A&R ‎Loan Facility") to further amend and restate ‎the‎ loan facility by:

i. increasing ‎the ‎maximum aggregate ‎principal amount of the facility from C$25.0 million to C$50.0 million;

ii. amending the conversion price of the ‎C$4.2 million outstanding balance to a conversion price of C$6.00 per share under the A&R Loan Facility;

iii. a further draw down of C$12.2 million with a conversion price of C$6.00 per share to refinance the principal amount due under the Nova Loan Facility (the total C$16.4 million comprised of the C$4.2 million outstanding balance plus the C$12.2 million additional draw down being the "Principal Amount");

iv. a draw down of C$2.0 million from the A&R Loan Facility to refinance the accrued and unpaid interest outstanding under the Nova Loan Facility at the close of the Nova acquisition with a conversion price equal to the market price of the shares of Metalla at the time of conversion (the "Accrued Interest Amount");

v. a draw down of C$0.8 million to refinance the accrued and unpaid fees outstanding under the Nova Loan Facility at the close of the Nova acquisition, which will not be convertible into Common Shares (the "Accrued Fees Amount");

vi. establishing an 18-month period whereby the interest of ‎‎10.0% per ‎annum ‎compounded monthly will be added to the Accrued Interest Amount and ‎on June 1, 2025, reverting to a cash interest payment of 10.0% on a monthly basis, the additional Accrued Interest Amount having the same conversion price equal to the market price of the shares of Metalla at the time of conversion;

vii. incurring an amendment fee of C$0.1 million and any outstanding costs and expenses are to be paid by Metalla; and

viii. updated the ‎‎existing security arrangements to ‎include security to be provided by Nova and certain other subsidiaries of Metalla and Nova for the ‎A&R Loan Facility.

Consolidated Financial Statements Page 21

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

6. LOANS PAYABLE (CONT'D...)

On December 1, 2023, following the changes to the A&R Facility and the drawdown of the C$12.2 million, the Derivative Loan Liabilities were remeasured and were assigned a fair value of $0.9 million, and the debt portion of the Principal Amount was assigned a fair value of $11.2 million for a total face value of $12.1 million (C$16.4 million). The debt portion, including any directly attributable transaction costs and fees will be accounted for at amortized cost using the implied effective interest rate of 14.6%. The Accrued Interest Amount and the Accrued Fees Amount under the A&R Loan Facility are both accounted for as loans payable which were initially valued at fair value and subsequently measured at amortized cost and are included in the total A&R Loan Facility balance.

The Derivative Loan Liabilities were remeasured at December 31, 2024, and were assigned a fair value of $0.1 million (December 31, 2023 - $0.6 million) and were calculated using a convertible debt and swaption pricing model with the following major market inputs and assumptions:

	As at
	December 31,	December 31,
	2024	2023
Maturity date	May 10, 2027	May 10, 2027
Risk free interest rate	2.72%	3.66%
Share price	C$3.62	C$4.05
Expected volatility	54%	52%
Dividend yield	$Nil	$Nil
Conversion price	C$6.00	C$6.00

On February 20, 2024, Beedie elected to convert C$1.5 million of the Accrued Interest Amount into Common Shares at a conversion price of C$3.49 per share, being the closing price of the shares of Metalla on the TSX-V on February 20, 2024, for a total of 429,800 Common Shares which were issued on March 19, 2024.

As at December 31, 2024, under the A&R Loan Facility, the Company had C$16.4 million outstanding from the Principal Amount with a conversion price of C$6.00 per share, C$2.5 million outstanding from the Accrued Interest Amount with a conversion price equal to the market price of the shares of Metalla at the time of conversion, C$0.8 million outstanding from the Accrued Fees Amount which is not convertible into Common Shares, and had C$30.9 million available under the A&R Loan Facility with the conversion price to be determined on the date of any future advances.

For the year ended December 31, 2024, the Company recognized finance charges of $0.3 million (December 31, 2023 - $0.2 million) related to costs associated with the A&R Loan Facility, including standby fees on the undrawn portion of the A&R Loan Facility, as well as set up and other associated costs.

The Company adopted an amendment to IAS 1 effective January 1, 2024, which requires the A&R Loan Facility to be presented as a current liability rather than a non-current liability. See Note 2(d) for more information.

Subsequent to December 31, 2024, Beedie elected to convert C$1.5 million of the Accrued Interest Amount into Common Shares at a conversion price of C$3.64 per share, being the closing price of the shares of Metalla on the TSX-V on January 13, 2025, for a total of 412,088 Common Shares which were issued on February 4, 2025. Additionally, on January 31, 2025, the Company made a payment of C$2.0 million to Beedie to reduce all of the Accrued Interest Amount and Accrued Fees Amount to $Nil as of the payment date. Taking into account the conversion and payment discussed above, on January 31, 2025, the Company had C$16.4 million outstanding from the Principal Amount with a conversion price of C$6.00 per share, and had C$30.9 million available under the A&R Loan Facility with the conversion price to be determined on the date of any future advances.

Consolidated Financial Statements Page 22

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

6. LOANS PAYABLE (CONT'D...)

Castle Mountain Loan

In connection with the Castle Mountain acquisition in October 2021, the Company entered into a $5.0 million loan agreement (the "Castle Mountain Loan") with the arm's length seller bearing interest at a rate of 4.0% per annum until fully repaid on June 1, 2023. On March 30, 2023, the Company signed an amendment to extend the maturity date of the Castle Mountain Loan from June 1, 2023, to April 1, 2024. As part of the amendment, on March 31, 2023, the Company paid the $0.3 million accrued interest on the loan, effective April 1, 2023, the interest rate increased to 12.0% per annum, and the principal and accrued interest were to be repaid no later than April 1, 2024. On July 7, 2023, the Company paid all accrued interest due at the time on the Castle Mountain Loan and made a principal repayment of $4.3 million.

On April 1, 2024, the Company made a payment of $0.7 million to fully repay and settle all of the accrued interest and outstanding principal on the Castle Mountain Loan.

7. REVENUE

		Year ended
		December 31,		December 31,
		2024		2023
Royalty revenue
Wharf	$	1,622	$	1,648
El Realito		601		2,071
Aranzazu		1,856		137
La Encantada		415		504
Tocantinzinho		1,116		-
La Guitarra		115		-
Total royalty revenue		5,725		4,360
Other fixed royalty payments		157		235
Total revenue	$	5,882	$	4,595

The Company operates in one industry and has one reportable segment, which is reviewed by the chief operating decision maker.

8. GENERAL AND ADMINISTRATIVE EXPENSES

		Year ended
		December 31,		December 31,
		2024		2023
Compensation and benefits	$	2,807	$	2,469
Corporate administration		1,306		1,126
Professional fees		901		1,123
Listing and filing fees		203		212
Total general and administrative expenses	$	5,217	$	4,930
Consolidated Financial Statements Page 23
---

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

9. INCOME TAXES

Income tax expense differs from the amount that would result from applying Canadian income tax rates to earnings before income taxes. These differences result from the following items:

		Year ended
		December 31,			December 31,
		2024			2023
Loss before income taxes	$	(5,424	)	$	(4,476	)
Canadian federal and provincial income tax rates		27.00%			27.00%
Income tax recovery based on the above rates		(1,464	)		(1,209	)
Difference between Canadian and foreign tax rate		(128	)		(323	)
Permanent differences		890			1,490
Changes in unrecognized deferred tax assets		761			814
Other adjustments		(7	)		589
Total income tax expense	$	52		$	1,361
Current income tax expense	$	52		$	1,227
Deferred income tax expense	$	-		$	134

The composition of the Company's net deferred income tax liability that has been recognized is as follows:

		As at
		December 31,			December 31,
		2024			2023
Deferred tax assets:
Mineral expenditures and capital assets	$	2,060		$	3,184
Share issue costs		455			828
Non-capital losses and others		12,651			9,609
		15,166			13,621
Unrecognized deferred tax assets		(10,688	)		(12,696	)
Deferred tax liabilities		(4,909	)		(1,356	)
Net deferred income tax liabilities	$	(431	)	$	(431	)
Deferred income tax assets	$	105		$	105
Deferred income tax liabilities	$	(536	)	$	(536	)

The Company's significant temporary differences, unused tax credits, and unused tax losses that have not been recognized as deferred income tax assets as at December 31, 2024, are as follows:

		Mineral
		expenditures				Non-capital
		and other		Share issue		losses and
		capital assets		costs		others		Total
Expiry 2026 to 2043	$	-	$	1,684	$	24,248	$	25,932
No expiry date	$	10,795	$	-	$	6,536	$	17,331

Tax attributes are subject to review, and potential adjustments, by tax authorities.

Consolidated Financial Statements Page 24

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

10. SHARE CAPITAL

Authorized share capital consists of an unlimited number of Common Shares without par value.

(a) Issued Share Capital

As at December 31, 2024, the Company had 92,076,438 Common Shares issued and outstanding (December 31, 2023 - 90,877,231).

During the year ended December 31, 2024, the Company:

issued 429,800 Common Shares related to the conversion of a portion of the Accrued Interest Amount from the A&R Loan Facility (Note 6);
issued 250,000 Common Shares related to a private placement; and
issued 519,407 Common Shares related to the vesting of RSUs and the exercise of stock options.

During the year ended December 31, 2023, the Company:

issued 944,396 Common Shares in the at-the-market offerings at an average price of $4.90 per share for gross proceeds of $4.6 million, with aggregate commissions paid or payable to the agents of $0.1 million and other share issue costs of $0.4 million, resulting in aggregate net proceeds of $4.1 million;
issued 34,943,542 Common Shares related to the acquisition of Nova (Note 4);
issued 1,406,182 Common Shares for the acquisition of royalties and other interests (Note 4);
issued 2,835,539 Common Shares related to a subscription agreement to complete a C$15.0 ‎million ‎equity placement at an average price of C$5.29 per share;
issued 545,702 Common Shares related to the conversion of a portion of the Third Drawdown from the A&R Loan Facility (Note 6); and
issued 733,993 Common Shares related to the vesting of RSUs and the exercise of stock options.

(b) Stock Options

The Company has adopted a stock option plan approved by the Company's shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The plan allows for a cash-less broker exercise, or a net exercise on some of the Company's stock options upon vesting, both of which are subject to approval from the Company's Board of Directors. The vesting terms, if any, are determined by the Company's Board of Directors at the time of the grant.

Consolidated Financial Statements Page 25

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

10. SHARE CAPITAL (CONT'D...)

The continuity of stock options for the year ended December 31, 2024, was as follows:

		Weighted
		Average
		Exercise Price	Number
		(C$)	Outstanding
As at December 31, 2022	$	7.26	2,818,902
Granted		4.05	922,500
Issued as part of Nova Transaction (Note 4)		6.10	2,013,118
Exercised ^(1)^		2.91	(779,527	)
Expired		11.73	(60,000	)
Forfeited		5.98	(80,000	)
As at December 31, 2023	$	6.83	4,834,993
Granted		4.14	160,000
Exercised ^(1)^		3.69	(820,781	)
Expired		8.43	(1,176,005	)
Forfeited		4.47	(115,000	)
As at December 31, 2024	$	7.02	2,883,207

(1) During the year ended December 31, 2024, 771,063 stock options were exercised on a net exercise basis with a total of 163,999 Common Shares issued for the exercise (2023 - 581,226 and 264,988, respectively).

During the year ended December 31, 2024, the Company granted 160,000 stock options (December 31, 2023 - 922,500) with a weighted-average exercise price of C$4.14 (December 31, 2023 - C$4.05) and a fair value of $0.2 million or $1.18 per option (December 31, 2023 - $1.1 million or $1.24 per option). The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:

	Year ended
	December 31,	December 31,
	2024	2023
Risk free interest rate	3.62%	3.71%
Expected dividend yield	0%	0%
Expected stock price volatility	51%	53%
Expected life in years	3.25	3.25
Forfeiture rate	0%	0%

Subsequent to December 31, 2024, on February 20, 2025, the Company granted 955,000 stock options with an exercise price of C$4.41.

Consolidated Financial Statements Page 26

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

10. SHARE CAPITAL (CONT'D...)

For the year ended December 31, 2024, in accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $0.9 million (December 31, 2023 - $0.7 million), with an offsetting credit to reserves. As at December 31, 2024, the weighted average remaining life of the stock options outstanding was 2.39 years (December 31, 2023 - 2.17 years). The Company's outstanding and exercisable stock options as at December 31, 2024, and their expiry dates are as follows:

		Exercise Price	Number	Number
Expiry Date		(C$)	Outstanding	Exercisable
January 15, 2025	$	7.66	383,750	383,750
November 6, 2025	$	12.85	315,000	315,000
April 27, 2026	$	11.73	310,000	310,000
August 27, 2026	$	9.17	217,800	217,800
July 20, 2027	$	4.33	118,800	118,800
August 16, 2027	$	5.98	445,000	445,000
February 22, 2028	$	4.12	100,357	100,357
December 28, 2028	$	4.05	832,500	416,250
July 23, 2029	$	4.14	160,000	-
			2,883,207	2,306,957

(c) Restricted Share Units

The Company has adopted an RSU plan approved by the Company's shareholders. The maximum number of RSUs that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for stock options. The vesting terms are determined by the Company's Board of Directors at the time of issuance, the standard vesting terms have one-half vest in one year and one-half vest in two years. The continuity of RSUs for the year ended December 31, 2024, was as follows:

	Number
	Outstanding
As at December 31, 2022	721,554
Granted	587,500
Settled	(270,704	)
Forfeited	(60,000	)
As at December 31, 2023	978,350
Granted	300,000
Settled	(305,690	)
Forfeited	(75,000	)
As at December 31, 2024	897,660

For the year ended December 31, 2024, in accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $1.7 million (December 31, 2023 - $1.5 million), with an offsetting credit to reserves. Subsequent to December 31, 2024, on February 20, 2025, the Company granted 525,788 RSUs.

Consolidated Financial Statements Page 27

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

11. RELATED PARTY TRANSACTIONS AND BALANCES

The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:

		Year ended
		December 31,		December 31,
		2024		2023
Salaries and fees	$	1,713	$	1,718
Share-based payments		2,042		1,560
Total related party expenses	$	3,755	$	3,278

As at December 31, 2024, the Company had $0.6 million (December 31, 2023 - $0.6 million) due to directors and management related to remuneration and expense reimbursements, which have been included in accounts payable and accrued liabilities. As at December 31, 2024, the Company had $Nil (December 31, 2023 - $Nil) due from directors and management.

12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

Significant Non-Cash Investing and Financing Activities

During the year ended December 31, 2024, the Company:

a) issued 429,800 Common Shares, valued at $1.1 million, for the conversion of a portion of the Accrued Interest Amount from the A&R Loan Facility (Note 6);

b) reallocated $1.8 million from reserves for 305,690 RSUs that settled; and

c) reallocated $0.8 million from reserves for 820,781 stock options exercised.

During the year ended December 31, 2023, the Company:

a) issued 545,702 Common Shares, valued at $3.3 million, for the conversion of a portion of the Third Drawdown (Note 6);

b) issued 34,943,542 Common Shares, valued at $112.1 million, for the acquisition of Nova (Note 4);

c) issued 466,827 Common Shares, valued at $2.1 million, for the acquisition of the Lama royalties (Note 4);

d) issued 939,355 Common Shares, valued at $4.2 million, for the acquisition of the Alamos royalty portfolio (Note 4);

e) reallocated $2.2 million from reserves for 270,704 RSUs that settled; and

f) reallocated $0.9 million from reserves for 779,527 stock options exercised.

Consolidated Financial Statements Page 28

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

13. FINANCIAL INSTRUMENTS

The Company classified its financial instruments as follows:

		As at
		December 31,		December 31,
		2024		2023
Financial assets
Amortized cost:
Cash and cash equivalents	$	9,717	$	14,107
Royalty, derivative royalty, and stream receivables		2,253		2,482
Other receivables		263		329
Fair value through profit or loss:
Marketable securities		305		295
Total financial assets	$	12,538	$	17,213
Financial liabilities
Amortized cost:
Trade and other payables	$	1,188	$	5,394
Loans payable		12,625		13,725
Acquisition payables		2,233		2,928
Fair value through profit or loss:
Derivative loan liabilities		68		561
Total financial liabilities	$	16,114	$	22,608

Fair Value

Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

a) Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

b) Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

c) Level 3 - Inputs for assets and liabilities that are not based on observable market data.

The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.

Cash, accounts receivables (royalty, derivative royalty, and stream receivables, and other receivables), and accounts payable (trade and other payables), are carried at amortized cost. Their carrying value approximated their fair value because of the short-term nature of these instruments or because they reflect amounts that are receivable to the Company without further adjustments. Marketable securities are carried at fair value and are classified within Level 1 of the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during the year ended December 31, 2024, and the year ended December 31, 2023.

Consolidated Financial Statements Page 29

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

13. FINANCIAL INSTRUMENTS (CONT'D...)

Loans payable and acquisition payables are carried at amortized cost. The fair values of the Company's loans payable are approximated by their carrying values as the interest rates are comparable to market interest rates. The derivative loan liabilities are carried at fair value and were valued using a swaption model, with inputs that are not observable (Note 6). Therefore, the derivative loan liabilities are classified within Level 3 of the fair value hierarchy.

Capital Risk Management

The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The capital of the Company consists of share capital. The Board of Directors does not establish a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company may issue new shares in order to meet its financial obligations. The management of the Company believes that the capital resources of the Company as at December 31, 2024, are sufficient for its present needs for at least the next twelve months. The Company is not subject to externally imposed capital requirements.

Credit Risk

Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include value added tax due from the Canadian government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined from the prior year.

Liquidity Risk

The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company's loan liabilities are disclosed in Note 4 and Note 6. All current liabilities with the exception of the convertible loan facility are settled within one year. The convertible loan facility has been disclosed as a current liability upon the adoption of the amendments to IAS 1 (see Note 2(d)), however any settlement of the liability within the next twelve months would be upon conversion into Common Shares and is not expected to be settled in cash within the next twelve months.

Currency Risk

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company primarily operates in Canada, Australia, Argentina, Mexico, and the United States and incurs expenditures in currencies other than United States dollars. Thereby, the Company is exposed to foreign exchange risk arising from currency exposure. The Company has not hedged its exposure to currency fluctuations. Based on the above net exposure, as at December 31, 2024, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, Argentinian peso, and Mexican peso would result in an increase/decrease in the Company's pre-tax income or loss of approximately $0.1 million.

Consolidated Financial Statements Page 30

METALLA ROYALTY & STREAMING LTD.<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

14. COMMITMENTS

As at December 31, 2024, the Company had the following contractual obligations:

		Less than		1 to		Over
		1 year		3 years		3 years		Total
Trade and other payables	$	1,188	$	-	$	-	$	1,188
Loans payable principal and interest payments^(1)^		1,157		16,611		-		17,768
Payments related to acquisition of royalties and streams^(2)^		-		2,500		-		2,500
Total commitments	$	2,345	$	19,111	$	-	$	21,456

(1) Payments required to be made on the A&R Loan Facility based on the closing balance as at December 31, 2024, and assuming no conversion until maturity date.

(2) Payment required for the royalty on the Lama project of $2.5 million, payable in cash or Common Shares within 90 days upon the earlier of a 2 Moz gold Mineral Reserve estimate on the royalty area or March 9, 2026.

In addition to the commitments above, the Company could in the future have additional commitments payable in cash and/or shares related to the acquisition of royalty and stream interests. However, these payments are subject to certain triggers or milestone conditions that have not been met as of December 31, 2024.

Consolidated Financial Statements Page 31

Metalla Royalty & Streaming Ltd. : Exhibit 99.3 - Filed by newsfilecorp.com

METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

GENERAL

This management’s discussion and analysis (“MD&A”) for Metalla Royalty & Streaming Ltd. (the “Company” or “Metalla”) is intended to help the reader understand the significant factors that have affected Metalla and its subsidiaries performance and such factors that may affect its future performance. This MD&A, which has been prepared as of March 26, 2025, should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2024, and the related notes thereto, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Additional information relevant to the Company is available for viewing on SEDAR+ at www.sedarplus.ca and on the EDGAR section of the SEC website at www.sec.gov.

INDEX
Company Overview	3
Company Highlights	3
Outlook	4
Portfolio of Royalties and Streams	4
Summary of Quarterly Results	14
Results of Operations	15
Liquidity and Capital Resources	16
Transactions with Related Parties	19
Off-Balance Sheet Arrangements	19
Proposed Transactions	19
Commitments	20
Financial Instruments	21
Non-IFRS Financial Measures	23
Critical Accounting Estimates and Judgments	25
Disclosure Controls and Internal Control Over Financial Reporting	25
Risk Factors	27
Qualified Persons	27
Technical and Third-Party Information	27
Cautionary Statement on Forward-Looking Statements	27
Management’s Discussion and Analysis Page 2
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METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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COMPANY OVERVIEW

Metalla is a precious and base metals royalty and streaming company that is focused on acquiring gold, silver, and copper metal purchase agreements, Net Smelter Return ("NSR") royalties, Gross Value Return ("GVR") royalties, Net Profit Interests ("NPI"), Gross Proceeds ("GP") royalties, Gross Overriding Return ("GOR") royalties, Price Participation ("PP") royalties, Net Proceeds ("NP") royalties, and non-operating interests in mining projects that provide the right to the holder of a percentage of the gross revenue from metals produced from the project or a percentage of the gross revenue from metals produced from the project after deducting specified costs, if any, respectively. The Company's issued and outstanding common shares (the "Common Shares") are listed on the TSX Venture Exchange ("TSX-V") under the symbol "MTA" and on the NYSE American ("NYSE") under the symbol "MTA". The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.

COMPANY HIGHLIGHTS

Below are key Company highlights for the year ended December 31, 2024, and subsequent period:

For the year ended December 31, 2024, the Company received or accrued payments on 2,481 (December 31, 2023 - 3,989) attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $2,411 (December 31, 2023 - $1,867) and an average cash cost of $10 (December 31, 2023 - $6) per attributable GEO (see Non-IFRS Financial Measures);
For the year ended December 31, 2024, the Company recognized revenue from royalty and stream interests, including fixed royalty payments, of $5.9 million (December 31, 2023 - $4.6 million), net loss of $5.5 million (December 31, 2023 - $5.8 million), and Adjusted EBITDA of $1.4 million (December 31, 2023 - $1.1 million) (see Non-IFRS Financial Measures);
For the year ended December 31, 2024, the Company generated operating cash margin of $2,401 (December 31, 2023 - $1,861) per attributable GEO from the Wharf, Tocantinzinho, El Realito, Aranzazu, La Encantada, La Guitarra, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), and other royalty interests (see Non-IFRS Financial Measures);
On January 13, 2025, Beedie Capital ("Beedie") elected to convert C$1.5 million of the accrued and unpaid interest under the A&R Loan Facility (as defined below) at a conversion price of C$3.64 per share, being the closing price of the shares of Metalla on the TSX-V on January 13, 2025, for a total of 412,088 Common Shares, which were issued on February 4, 2025. Following the conversion, Beedie owned approximately 10.3% of the Common Shares. Additionally, on January 31, 2025, the Company made a payment of C$2.0 million to Beedie to reduce all Accrued Fees Amount (as defined below) and the Accrued Interest Amount (as defined below) to $Nil as of the payment date;
On December 9, 2024, the Company announced the appointment of Chris Beer to the board of directors of the Company as an independent director;
On September 3, 2024, G Mining Ventures Corp. ("G Mining") announced it had achieved commercial production at Tocantinzinho with the mill operating at 76% of nameplate throughput (9,817 tpd), processing a total of 304 Kt of ore at a recovery rate of 88%. G Mining expects to continue to ramp up production through H2-2024, targeting nameplate throughput of 12,890 tpd by Q1-2025. G Mining disclosed that commercial production was reached at Tocantinzinho on time and on budget;
On July 30, 2024, Sierra Madre Gold & Silver Ltd. ("Sierra Madre") announced the first shipments of silver and gold concentrates from La Guitarra;

Management’s Discussion and Analysis Page 3
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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On July 24, 2024, the Company announced the appointment of Jason Cho as President of the Company. Concurrently with his appointment, Mr. Cho made a C$1.0 million equity investment into the Company, for the acquisition of 250,000 Common Shares at C$4.00 per Common Share by way of private placement that closed on August 9, 2024;
On July 15, 2024, Metalla published its inaugural Asset Handbook outlining the Company's gold, silver, and copper royalties and streams. The Asset Handbook is available on the Company's website; and
Effective August 8, 2024, the Company adopted a minimum share ownership policy applicable to directors and officers of the Company in order to further align the financial interest of Metalla's leadership with the Company's shareholders. The policy requires, subject to various provisions, that: (i) the CEO own Common Shares with a fair market value equal to five times his annual base salary; (ii) the CFO and other officers own Common Shares with a fair market value equal to two times their annual base salary; and (iii) non-executive directors own Common Shares with a fair market value equal to two times their annual cash retainer. Directors and officers will have three years to ensure they are in compliance with the newly adopted policy.

OUTLOOK

In 2025, the Company expects to receive or accrue payments on 3,500 to 4,500 attributable GEOs^(1)^. Primary sources of cash flows from royalties and streams for 2025 are expected to include Tocantinzinho, Wharf, Endeavor, Aranzazu, La Encantada, and La Guitarra. Achievement of this guidance will be partially dependent on the ramp up at Endeavor as the mine is currently anticipated to deliver first production in the second quarter of 2025.

(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.

PORTFOLIO OF ROYALTIES AND STREAMS

As at the date of this MD&A, the Company owned 100 royalties, streams, and other interests. Six of the royalties and streams are in the production stage, forty one are in the development stage, and the remainder are in the exploration stage.

Notes:

^(1)^Au: gold; Ag: silver; Cu: copper; Zn: zinc; and Pb: lead.

^(2)^Kt: kilotonnes; Mt: million tonnes; g/t: grams per tonne; oz: ounces; Koz: kilo ounces; Moz: million ounces; Mlbs: million pounds; Ktpa: kilotonnes per annum; Mtpa: million tonnes per annum; and tpd: tonnes per day.

^(3)^A$: Australian Dollar.

^(^^4^^)^See the Company's website at https://www.metallaroyalty.com/ for the complete list and further details.

Management’s Discussion and Analysis Page 4
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Production and Sales from Royalties and Streams

The following table summarizes the attributable GEOs sold by the Company's royalty partners, including any amounts related to derivative royalty assets:

	Year ended
	December 31,	December 31,
Attributable GEOs^(1)^ during the period from:	2024	2023
Wharf	679	1,008
El Realito	275	1,066
La Encantada	171	259
Aranzazu	779	67
Tocantinzinho	424	-
La Guitarra	45	-
NLGM^(2)^	108	113
Higginsville^(3)^	-	1,476
Total attributable GEOs^(1)^	2,481	3,989

(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.

(2) Adjusted for the Company's proportionate share of NLGM held by Silverback.

(3) In prior periods the Higginsville participation royalty was accounted for as a derivative royalty asset. The Higginsville participation royalty reached the full 34,000 gold ounces threshold in the fourth quarter of 2023 and is no longer payable to Metalla.

The Company had previously guided that in 2024 it expected 2,500 to 3,500 attributable GEOs^(1)^. In 2024, attributable GEOs were negatively impacted by mine sequencing at Wharf, drought conditions at La Encantada, and delayed production at Amalgamated Kirkland.

(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.

Producing Assets

As at the date of this MD&A, the Company owned an interest in production from the following properties that are in the production stage:

Property	Operator	Location	Metal	Terms
Tocantinzinho^(3)^	G Mining	Para, Brazil	Au	0.75% GVR
Wharf	Coeur Mining	South Dakota, USA	Au	1.0% GVR
Aranzazu	Aura Minerals Inc.	Mexico	Cu-Au-Ag	1.0% NSR
La Guitarra^(3)^	Sierra Madre Gold	Mexico State, Mexico	Ag	2.0% NSR^(1)^
La Encantada	First Majestic Silver	Coahuila, Mexico	Au	100% GVR^(2)^
New Luika	Saturn Resources	Tanzania	Au, Ag	15% Ag Stream

(1) Subject to partial buy-back and/or exemption.

(2) 100% gross value royalty on gold produced at the La Encantada mine limited to 1.0 Koz annually.

(3) During the year ended December 31, 2024, Tocantinzinho and La Guitarra were reclassified from development to producing assets.

Management’s Discussion and Analysis Page 5
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Below are updates during the three months ended December 31, 2024, and subsequent period to certain production stage assets, based on information publicly filed by the applicable project owner:

Tocantinzinho

On February 20, 2025, G Mining announced an updated Reserve and Resource estimate where infill drilling and integration of grade control data led to an upward revision of the resource estimate, successfully replacing Mineral Reserves. As of year-end 2024, Proven Mineral Reserves totaled 1.06 Moz at 1.23 g/t gold, Probable Mineral Reserves totaled 0.97 Moz at 1.24 g/t gold, Measured and Indicated Resources totaled 2.19 Moz at 1.22 g/t gold (Inclusive) and Inferred Resources totaled 27 Koz at 1.12 g/t gold. G Mining also stated that in 2025 near-mine exploration of $2 million is planned to test the extension at depth and on the northwest limb of the deposit and a regional exploration budget of $9 million is planned for 2025 to test targets within a 5 km radius with the primary goal to identify additional deposits.

On January 21, 2025, G Mining announced annual gold production for 2025 is forecasted to range between 175 - 200 Koz with gold output expected to be higher in the second half of the year (56%) primarily due to higher grade ore accessibility in the mine plan.

Metalla accrued 357 GEOs from Tocantinzinho for the fourth quarter of 2024 and 424 GEOs for the 2024 fiscal year.

Metalla holds a 0.75% GVR royalty on Tocantinzinho.

Wharf

On February 19, 2025, Coeur Mining, Inc. (“Coeur”) reported 2024 fourth quarter production of 22.5 Koz gold and has outlined full year guidance for 2025 at Wharf of 90 – 100 Koz gold. Exploration investment during the quarter totaled $3 million focused on an expanded drill program to meaningfully extend the mine life. In 2025, Coeur has stated that expansion and infill drilling will continue to focus on the Juno and North Foley deposits with exploration investment expected to be $7-10 million.

On February 18, 2025, Coeur announced that mine optimization initiatives drove Measured and Indicated Resources for gold to more than double and Inferred Resources for gold to more than triple. At year end, Proven and Probable Reserves totaled 757 Koz at 0.81 g/t gold, Measured Resources totaled 175 Koz at 0.53 g/t gold, Indicated Resources totaled 845 Koz at 0.53 g/t gold, and Inferred Resources totaled 470 Koz at 0.56 g/t gold.

Metalla accrued 137 GEOs from Wharf for the fourth quarter of 2024 and 679 GEOs for the 2024 fiscal year.

Metalla holds a 1.0% GVR royalty on the Wharf mine.

Aranzazu

On February 26, 2025, Aura Minerals Inc. ("Aura") announced fourth quarter 2024 production at Aranzazu totaled 23.4 K GEOs (as defined by Aura). Aura has provided 2025 production guidance to be in the range of 88,000 to 97,000 GEOs (as defined by Aura). In their year-end MD&A Aura stated that they had initiated molybdenum recovery from the Aranzazu process plant, the facility is expected to add approximately 3,000 to 3,500 GEOs (as defined by Aura) annually to production.

Management’s Discussion and Analysis Page 6
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Aura also stated in their year-end MD&A that during the fourth quarter of 2024, exploration in the Glory Hole zone at Aranzazu confirmed the continuity of the mineralized skarn in the deeper levels with significant intercepts of 1.6% copper, 0.5 g/t gold, 19 g/t silver over 23 meters and 1.08% copper, 0.19 g/t gold, 10 g/t silver over 8 meters. In addition, exploration in the Esperanza zone at Aranzazu confirmed the deep extension of the La Esperanza copper-gold skarn body where highlight intercepts include 1.04% copper, 0.47 g/t gold, 13 g/t silver over 16 meters.

Metalla accrued 186 GEOs from Aranzazu for the fourth quarter of 2024 and 779 GEOs for the 2024 fiscal year.

Metalla holds a 1.0% NSR royalty on the Aranzazu mine.

La Guitarra

On January 9, 2025, Sierra Madre announced full commercial production at the La Guitarra complex commenced effective January 1, 2025. The process plant, underground mine and all aspects of the operation have been running at the current capacity of 500 tonnes per day over the past 90 days.

Metalla accrued 25 GEOs from La Guitarra for the fourth quarter of 2024 and 45 GEOs for the 2024 fiscal year.

Metalla holds a 2.0% NSR Royalty on La Guitarra, subject to a 1.0% buyback for $2.0 million.

La Encantada

On February 20, 2025, First Majestic Silver Corp. ("First Majestic") reported in their year-end MD&A production of 26 oz of gold from La Encantada in the fourth quarter of 2024. Since successfully identifying a water source in the first quarter of 2024, First Majestic announced ore processing, silver grades, and silver recovery improved in the fourth quarter compared to the third quarter, with the return to normal operations following the recovery of water inventory levels. During the fourth quarter, two surface drill rigs and one underground rig completed 3,044 meters of drilling on the property and for 2025, an estimated 5,600 meters of drilling is expected to develop the Ojuelas and Milagros ore bodies for 2025 production. Other planned initiatives to increase production levels include the use of lead nitrate to increase processing recoveries, increased ore blending options, and supplementing haulage to increase mining rates.

Metalla accrued 73 GEOs from La Encantada for the fourth quarter of 2024 and 171 GEOs for the 2024 fiscal year.

Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 Koz annually.

Management’s Discussion and Analysis Page 7
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Development Stage Assets

As at the date of this MD&A, the Company owned a royalty or stream interest from the following properties that are in the development stage:

Property	Operator	Location	Metal	Terms
Akasaba West	Agnico Eagle Mines	Val d’Or, Quebec	Au, Cu	2.0% NSR^(1)^
Amalgamated Kirkland	Agnico Eagle Mines	Kirkland Lake, Ontario	Au	0.45% NSR
Aureus East	Aurelius Minerals	Halifax, Nova Scotia	Au	1.0% NSR
Big Springs	Warriedar Resources	Nevada, USA	Au	2.0% NSR^(2)^
Castle Mountain	Equinox Gold	California, USA	Au	5.0% NSR
CentroGold	G Mining	Maranhao, Brazil	Au	1.0%-2.0% NSR^(6)^
Copper World Complex	Hudbay Minerals Inc.	USA	Cu-Mo-Ag	0.315% NSR^(3)^
COSE^(11)^	Patagonia Gold	Santa Cruz, Argentina	Au, Ag	1.5% NSR
Côté and Gosselin	IAMGOLD/Sumitomo	Gogama, Ontario	Au	1.35% NSR^(3)^
Del Toro	First Majestic Silver	Zacatecas, Mexico	Ag, Au	2.0% NSR
Dumont	Waterton	Canada	Ni-Co	2.0% NSR^(1)^
El Realito ^(11)^	Agnico Eagle Mines	Sonora, Mexico	Au, Ag	2.0% NSR^(1)^
Endeavor	Polymetals Resources	NSW, Australia	Zn, Pb, Ag	4.0% NSR
Esperanza	Zacatecas Silver	Morelos, Mexico	Ag	20% Ag Stream^(5)^
Fifteen Mile Stream (“FMS")	St. Barbara	Halifax, Nova Scotia	Au	1.0% NSR
FMS (Plenty Deposit)	St. Barbara	Halifax, Nova Scotia	Au	3.0% NSR^(1)^
Fosterville	Agnico Eagle Mines	Victoria, Australia	Au	2.5% GVR
Garrison	STLLR Gold	Kirkland Lake, Ontario	Au	2.0% NSR
Hoyle Pond Extension	Newmont Corporation	Timmins, Ontario	Au	2.0% NSR^(1)^
Joaquin^(11)^	Unico Silver	Santa Cruz, Argentina	Au, Ag	2.0% NSR
Josemaria	Lundin Mining	Argentina	Cu-Au-Ag	0.08% NPI^(3)(4)^
La Fortuna	Minera Alamos	Durango, Mexico	Au, Ag, Cu	3.5% NSR^(7)^
La Joya	Silver Dollar	Durango, Mexico	Ag, Cu, Au	2.0% NSR
La Parrilla	Silver Storm Mining	Durango, Mexico	Au, Ag	2.0% NSR
Lama	Barrick Gold Corp	San Juan, Argentina	Au	2.5% GPR^(8)^
Lama	Barrick Gold Corp	San Juan, Argentina	Cu	0.25% NSR^(9)^
Lac Pelletier	Emperor Metals	Noranda, Quebec	Au	1.0% NSR
North AK	Agnico Eagle Mines	Kirkland Lake, Ontario	Au	0.45% NSR
NuevaUnión	Newmont and Teck	Atacama, Chile	Au, Cu	2.0% NSR
Plomosas	GR Silver	Sinaloa, Mexico	Ag	2.0% NSR^(1)^
Saddle North	Newmont Corporation	Canada	Cu-Au-Ag	0.25% NSR^(3)^
San Luis	Highlander Silver	Peru	Au, Ag	1.0% NSR
San Martin	First Majestic Silver	Jalisco, Mexico	Ag, Au	2.0% NSR
Santa Gertrudis	Agnico Eagle Mines	Sonora, Mexico	Au	2.0% NSR^(1)^
Taca Taca	First Quantum	Argentina	Cu-Au-Mo	0.42% NSR^(1)^
Timmins West Extension	Pan American Silver	Timmins, Ontario	Au	1.5% NSR^(1)^
Twin Metals	Antofagasta PLC	USA	Cu-Ni	2.4% NSR
Vizcachitas	Los Andes Copper	Chile	Cu-Mo	0.98%; 0.49% NSR^(10)^
Wasamac	Agnico Eagle Mines	Rouyn-Noranda, Quebec	Au	1.5% NSR^(1)^
West Wall	Anglo/Glencore	Chile	Cu-Au-Mo	1.0% NPR
Zaruma	Pelorus Minerals	Ecuador	Au	1.5% NSR

(1) Subject to partial buy-back and/or exemption.

(2) Subject to fixed royalty payments.

(3) Subject to a right of first refusal to acquire an additional portion of the royalty.

(4) Subject to closing conditions.

(5) Subject to cap on payments.

(6) 1.0% NSR royalty on the first 500 Koz, 2.0% NSR royalty on next 1Moz, and 1.0% NSR royalty thereafter.

(7) 2.5% NSR royalty capped at $4.5 million, 1.0% NSR royalty uncapped.

(8) 2.5% GP royalty on first 5Moz gold, 3.75 GVR royalty thereafter.

(9) 0.25% NSR royalty on all metals except gold and silver, escalates to 3.0% based on cumulative returns from the royalty.

(10) 0.98% NSR royalty on open pit operations and 0.49% NSR royalty on underground operations.

(11) During the year ended December 31, 2024, El Realito was reclassified from producing to development.

Management’s Discussion and Analysis Page 8
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Below are updates during the three months ended December 31, 2024, and subsequent period to certain development stage assets, based on information publicly filed by the applicable project owner:

Endeavor

On February 10, 2025, Polymetals Resources Ltd. ("Polymetals") announced a A$35 million equity capital raise to strengthen the balance sheet and plans to accelerate near-mine and regional exploration activities. With a pro forma cash position of ~$37 million and ~$26 million in undrawn debt finance facilities, Polymetals indicated that it is well positioned to transition towards first silver and zinc production in the second quarter of 2025.

Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor.

Côté-Gosselin

On January 14, 2025, IAMGOLD Corporation ("IAMGOLD") announced exploration expenditures for Côté in 2025 will be approximately $18.6M and include more than 45,000 meters of drilling related to Gosselin. Diamond drilling will continue targeting resource conversion of Inferred Mineral Resources to Indicated Mineral Resources at Gosselin, testing the gap area between the Gosselin and Côté zones and testing the breccia mineralization at depth.

On February 20, 2025, IAMGOLD reported that approximately 35,000 meters of expansion and delineation drilling originally planned for the Gosselin zone for 2024, was increased mid-year for a total completed drilling program at Gosselin of 40,400 meters. The 2025 drilling plan entails the continuation of the ongoing drilling program targeting resource conversion of Inferred Mineral Resources to Indicated in the Gosselin zone, the testing of the southern and northeastern extensions, as well as testing the breccias at depth for a total of 45,000 meters planned. IAMGOLD also stated that technical studies are progressing to advance metallurgical testing, conduct mining and infrastructure studies to review options for potential inclusion of the Gosselin deposit into a future Côté Gold LOM plan.

Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté Reserves and Resources estimate and covers all of the Gosselin Resource estimate.

Taca Taca

On February 11, 2025, First Quantum Minerals Ltd. ("First Quantum") reported in their year-end MD&A that key Environmental and Social Impact Assessment (ESIA) milestones were met at Taca Taca during the fourth quarter of 2024, including an independent evaluation by SEGEMAR (Argentinian Geological and Mining Service). The ESIA continues to be reviewed by the Secretariat of Mining of Salta Province. First Quantum also stated that it is preparing an update of the Taca Taca's NI 43-101 Technical Report, and plans to submit an application for the RIGI regime, a new incentive regime for large investments created by the Argentine government.

Metalla holds a 0.42% NSR royalty on Taca Taca subject to a buyback based on the amount of Proven Reserves in a feasibility study multiplied by the prevailing market prices of all applicable commodities.

Management’s Discussion and Analysis Page 9
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Wasamac

On February 13, 2025, Agnico Eagle Mines Ltd. ("Agnico") reported the initial declaration at Wasamac of Proven and Probable Mineral Reserves of 1.38 Moz at 2.9 g/t gold, Indicated Resources of 667 Koz at 2.19 g/t gold (exclusive), and Inferred Resources of 312 Koz at 1.65 g/t gold. This is the first declaration of Mineral Reserves by Agnico at Wasamac since its acquisition from Yamana Gold Inc. in 2023.

Agnico reported that it plans to spend $2.3 million to drill 10,000 meters at Wasamac in 2025 and an additional $6.8 million is expected to be spent in 2025 for further technical evaluation to assess various scenarios regarding optimal mining rates and milling strategies.

Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buyback of 0.5% for C$7.5 million.

Copper World

On January 2, 2025, Hudbay Minerals Inc. ("Hudbay") announced the receipt of the air quality permit for the Copper World project from the Arizona Department of Environmental Quality. The permit was the final major permit required for the development and operation and Hudbay stated that the definitive feasibility study is on track with completion of the study expected in the first half of 2026. Hudbay also announced it intends to commence a minority joint venture partner process early 2025 and potentially sanction Copper World in 2026.

Metalla holds a 0.315% NSR royalty on Copper World with the right of first refusal to acquire an additional 0.360% of the NSR royalty.

Amalgamated Kirkland and North AK

On February 13, 2025, Agnico announced that Amalgamated Kirkland ("AK") ores will be processed at the LZ5 mill at LaRonde beginning in the fourth quarter of 2025. Production from the AK deposit is forecast to be approximately 10 Koz gold in 2025, and 50 - 60 Koz gold in 2026 and in 2027.

Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland and North AK properties.

CentroGold

On February 20, 2025, G Mining announced an updated Mineral Resource at CentroGold showing Indicated Resources of 1.83 Moz at 1.31 g/t gold and Inferred Resources of 770 Koz at 1.29 g/t gold. The resource estimate is comprised of three deposits, Blanket, Contact and Chega Tudo. G Mining noted that although Blanket and Contact are spatially close, only a few drill holes tested the continuity of grade between the two deposits, representing an opportunity for growth in Mineral Resources in the future. A budget of $2-4 million has been allocated to CentroGold in 2025.

Metalla holds a 1.0% NSR royalty on the first 500 koz of production, 2.0% NSR royalty on the next 1 Moz, and 1.0% NSR royalty thereafter on the CentroGold project.

Fosterville

On February 13, 2025, Agnico reported that Fosterville produced 37.1 Koz of gold in the fourth quarter of 2024. Agnico continues to focus on productivity gains and cost control at the mine and the mill to maximize throughput as gold grades continue to decline with the depletion of the Swan zone. During the year, Fosterville added 543 Koz in the Inferred Resource category mainly from successful drilling at Lower Phoenix and Robbins Hill. A total of 44,500 meters of drilling is expected by Agnico during 2025, focused on the extension of Mineral Reserves and Mineral Resources at Lower Phoenix and Robbins Hill. Agnico has announced that an additional 39,800 meters of drilling will target new geological targets on the land package.

Management’s Discussion and Analysis Page 10
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Metalla holds a 2.5% GVR royalty on the northern and southern extensions of the Fosterville mining license and other areas in the land package.

Castle Mountain

On March 14, 2025, Equinox Gold Corp. ("Equinox") reported in its 2024 year-end MD&A that it is continuing to advance engineering and permitting for the Castle Mountain Phase 2 expansion. Equinox reiterated its expectation that the lead agencies will publish a notice of intent in 2025, which would commence the formal permitting review process. Furthermore, a memorandum of understanding ("MOU") has been approved among the project lead agencies to prepare the joint Environmental Impact Statement/Environmental Impact Report ("EIS/ESR"). The MOU is expected to be signed the first half of 2025 and once signed the EIS/EIR stage of formal environmental analysis is expected to occur throughout 2025 and 2026.

Metalla holds a 5.0% NSR royalty on the South Domes area of the Castle Mountain mine.

El Realito

On February 13, 2025, Agnico reported that residual leeching activities at La India have been completed and pre-closure activities are ongoing. Metalla accrued 2 GEOs from El Realito for the fourth quarter of 2024 and 275 GEOs for the 2024 fiscal year.

The Company has reclassified the royalty to the development stage effective December 31, 2024, as management does not expect any further production from El Realito without further exploration on the underground potential at the property. The NSR royalty's has a book value of $Nil as at December 31, 2024.

Metalla holds a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right for $4.0 million.

Management’s Discussion and Analysis Page 11
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Exploration Stage Assets

As at the date of this MD&A, the Company owned a royalty or stream interest in a large portfolio of properties that are in the exploration stage including:

Property	Operator	Location	Metal	Terms
Anglo/Zeke	Nevada Gold Mines	Nevada, USA	Au	0.5% GOR
Bancroft	Transition Metals Corp.	Canada	Ni-Cu-PGM	1.0% NSR
Beaudoin	Explor Resources	Timmins, Ontario	Au, Ag	0.4% NSR
Big Island	Voyageur Mineral	Flin Flon, Manitoba	Au	2.0% NSR
Bint Property	Glencore	Timmins, Ontario	Au	2.0% NSR
Biricu	Minaurum Gold	Guerrero, Mexico	Au, Ag	2.0% NSR
Black Ridge (Carlin East)	Ridgeline Minerals	Nevada, USA	Au	0.5% NSR^(3)^
Boulevard	Independence Gold	Dawson Range, Yukon	Au	1.0% NSR
Caldera	Not Applicable	Nevada, USA	Au	1.0% NSR
Camflo Mine	Agnico Eagle Mines	Val d’Or, Quebec	Au	1.0% NSR
Capricho	Solaris/Pucara	Peru	Au, Ag	1.0% NSR
Colbert/Anglo	Newmont	Timmins, Ontario	Au	2.0% NSR
Copper King	Pacific Empire Minerals	Canada	Cu-Au	1.0% NSR
DeSantis Mine	Canadian Gold Miner	Timmins, Ontario	Au	1.5% NSR
Detour DNA	Agnico Eagle Mines	Cochrane, Ontario	Au	2.0% NSR
Dundonald	Class 1 Nickel	Canada	Ni	1.25% NSR
Edwards Mine	Alamos Gold	Wawa, Ontario	Au	1.25% NSR
Elephant Head	Canadian Gold Miner	Canada	Au	1.0% NSR^(2)^
Fenn Gibb South	Mayfair Gold	Timmins, Ontario	Au	1.4% NSR
Fortuity 89	Not Applicable	Nevada, USA	Au	2.0% NSR
Golden Brew	Highway 50 Gold	Nevada, USA	Au	0.5% NSR
Golden Dome	Warriedar Resources	Nevada, USA	Au	2.0% NSR^(3)^
Goodfish Kirana	Kirkland Gold Discov.	Kirkland Lake, Ontario	Au	1.0% NSR
Green Springs	Orla Mining	Nevada, USA	Au	2.0% NSR
Homathko	Transition Metals Corp.	Canada	Au	1.0% NSR
Janice Lake	Forum Energy	Canada	Cu-Ag	1.0% NSR^(2)^
Jersey Valley	Not Applicable	Nevada, USA	Au	2.0% NSR
Kings Canyon	Pine Cliff Energy	Utah, USA	Au	2.0% NSR
Kirkland-Hudson	Agnico Eagle Mines	Kirkland Lake, Ontario	Au	2.0% NSR
La Luz	First Majestic	San Luis Potosi, Mexico	Ag	2.0% NSR
Los Patos	Private	Venezuela	Au	1.5% NSR
Los Tambos	Copper Standard	Peru	Au	1.0% NSR
Maude Lake	Transition Metals Corp.	Canada	Ni-Cu-PGM	1.0% NSR
Mirado Mine	Orecap Invest Corp.	Kirkland Lake, Ontario	Au	1.0% NSR^(1)^
Montclerg	GFG Resources	Timmins, Ontario	Au	1.0% NSR
Northshore West	Newpath Resources Inc.	Thunderbay, Ontario	Au	2.0% NSR
Nub East	Pacific Empire Minerals	Canada	Cu-Au	1.0% NSR
NWT	Pacific Empire Minerals	Canada	Cu-Au	1.0% NSR
Orion	Minera Frisco	Nayarit, Mexico	Au, Ag	2.75% NSR^(4)^
Pelangio Poirier	Pelangio Exploration	Timmins, Ontario	Au	1.0% NSR
Pine Valley	Nevada Gold Mines	Nevada, USA	Au	3.0% NSR
Pinnacle	Pacific Empire Minerals	Canada	Cu-Au	1.0% NSR
Pucarana	Buenaventura	Peru	Au	1.8% NSR^(1)^
Puchildiza	Not Applicable	Chile	Au	1.5% NSR
Red Hill	NuLegacy Gold Corp.	Nevada, USA	Au	1.5% GOR
Ronda	PTX Metals	Shining Tree, Ontario	Au	2.0% NSR^(2)^
Saturday Night	Transition Metals Corp.	Canada	Ni-Cu-PGM	1.0% NSR
Sirola Grenfell	Record Resources	Kirkland Lake, Ontario	Au	0.25% NSR
Solomon’s Pillar	Private	Greenstone, Ontario	Au	1.0% NSR
Tower Mountain	Thunder Gold Corp.	Thunder Bay, Ontario	Au	2.0% NSR
TVZ Zone	Newmont	Timmins, Ontario	Au	2.0% NSR
West Matachewan	Laurion/Canadian Gold	Canada	Au	1.0% NSR^(2)^
Wollaston	Transition Metals Corp	Canada	Cu-Ag	1.0% NSR

(1) Option to acquire the underlying and/or additional royalty.

(2) Subject to partial buy-back and/or exemption.

(3) Subject to fixed royalty payments.

(4) Subject to closing conditions.

Management’s Discussion and Analysis Page 12
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Below are updates during the three months ended December 31, 2024, and subsequent period to certain exploration stage assets, based on information publicly filed by the applicable project owner:

Tower Mountain

On January 7, 2025, Thunder Gold Corp. announced the results of the drill program on the P-Target at Tower Mountain. Highlight intercepts include 1.93 g/t gold over 54.2 meters including 3.64 g/t gold over 10.5 meters and 1.77 g/t gold over 25.5 meters including 3.55 g/t gold over 7.6 meters.

Metalla holds a 2.0% NSR royalty on Tower Mountain.

Saturday Night

On February 28, 2025, Transition Metals Corp. reported that drilling confirmed a significant Ni-Cu-PGM mineralized interval near the base of a larger midcontinent rift-style instruction with a highlight intercept of 1.04 g/t PGEs (gold, platinum and palladium) with 0.19% copper over 14 meters.

Metalla holds a 1.0% NSR royalty on Saturday Night.

Black Ridge

On December 18, 2024, Ridgeline Minerals reported that Nevada Gold Mines proposed a 2024 exploration budget of $200K to fund the next phase of field mapping and geochemical surveys to support a maiden drill program in 2025.

Metalla holds a 0.5% NSR royalty on Black Ridge.

Dundonald

On October 3, 2024, Class 1 Nickel and Technologies Ltd. reported an updated mineral resource estimate for the Dundonald South Nickel deposit. Total Indicated Resources were 31.6 Mlbs at 0.52% nickel and 1.06 Mlbs at 0.02% copper and Inferred Resources were 37.6 Mlbs at 0.43% nickel and 1.27 Mlbs at 0.01% copper.

Metalla holds a 1.25% NSR royalty at Dundonald.

Management’s Discussion and Analysis Page 13
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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SUMMARY OF QUARTERLY RESULTS

The following table provides selected financial information for the eight most recently completed financial quarters up to December 31, 2024:

		Three months ended
		December 31,		September 30,		June 30,		March 31,
		2024		2024		2024		2024
Revenue from royalty and stream interests	$	2,130	$	1,622	$	875	$	1,255
Net loss		1,084		1,169		1,491		1,732
Loss per share - basic and diluted		0.01		0.01		0.02		0.02
Weighted average shares outstanding – basic		91,850,425		91,641,647		91,486,913		91,028,583
		Three months ended
---	---	---	---	---	---	---	---	---
		December 31,		September 30,		June 30,		March 31,
		2023		2023		2023		2023
Revenue from royalty and stream interests	$	1,296	$	1,359	$	959	$	981
Net loss		1,867		2,127		487		1,356
Loss per share - basic and diluted		0.03		0.04		0.01		0.03
Weighted average shares outstanding – basic		65,271,084		52,839,197		52,224,188		50,514,392

Changes in revenues, net income (loss), and cash flows on a quarter-by-quarter basis are affected primarily by changes in production levels and the related commodity prices at producing mines, acquisitions of royalties and streams, as well as the commencement or cessation of mining operations at mines the Company has under royalty and stream agreements.

A summary of material changes impacting the Company's quarterly results are discussed below:

For the three months ended December 31, 2024, revenue increased primarily due to the increase in revenue from Tocantinzinho as it ramped up to full production in the period.
For the three months ended September 30, 2024, revenue increased, and net loss decreased primarily due to the start of payments from both Tocantinzinho and La Guitarra.
For the three months ended June 30, 2024, revenue decreased due to lower amounts compared to prior periods from Wharf and El Realito, the net loss decreased due to lower general and administrative expenses, and higher mark-to-market gains on loan liabilities compared to the prior period, offset partially by lower gross profit compared to the prior period.
For the three months ended March 31, 2024, and December 31, 2023, revenue and net loss remained roughly consistent with the prior period as the primary sources of revenue remained unchanged.
For the three months ended September 30, 2023, revenue increased compared to the prior period due to higher GEOs delivered from El Realito and La Encantada. Net loss was higher than the previous period as the prior quarter had a gain on sale of mineral claims, offset by higher revenue in the current period.
For the three months ended June 30, 2023, revenue remained roughly consistent with the prior period as the primary sources of revenue remained unchanged. Net loss was lower than previous periods due to the gain on sale of mineral claims, offset by an impairment charge on the Del Carmen royalty.
For the three months ended March 31, 2023, revenue increased with the start of payments from La Encantada, and a ramp up at El Realito. Net loss was lower than the previous periods primarily due to no impairment charges during the period.

Management’s Discussion and Analysis Page 14
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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RESULTS OF OPERATIONS

Three Months Ended December 31, 2024

The Company's net loss totaled $1.1 million for the three months ended December 31, 2024 ("Q4 2024"), compared with a net loss of $1.9 million for the three months ended December 31, 2023 ("Q4 2023").

Significant items impacting the change in net loss included the following:

an increase in revenue from $1.3 million in Q4 2023 to $2.1 million in Q4 2024, primarily due to increases in revenue earned in the current period from Aranzazu, Tocantinzinho, and La Guitarra offset by the decrease in revenue from El Realito as that royalty winds down;
an increase in share-based payments from $0.3 million in Q4 2023 to $0.7 million in Q4 2024, driven primarily by higher fair values for share-based payments granted in prior periods which are being expensed to the statement of income;
an increase in interest expenses from $0.4 million in Q4 2023 to $0.5 million in Q4 2024, due to higher loan balances in the current period; and
an increase in foreign exchange gain/loss from a loss of $0.3 million in Q4 2023 to a gain of $0.5 million in Q4 2024 primarily related to a foreign exchange gains in the current period on the Company's Canadian Dollar debt as a result of the strengthening of the U.S. dollar.

Year Ended December 31, 2024

The Company's net loss totaled $5.5 million for the year ended December 31, 2024 ("2024 YTD"), compared with a net loss of $5.8 million for the year ended December 31, 2023 ("2023 YTD").

Significant items impacting the change in net loss included the following:

an increase in revenue from $4.6 million in 2023 YTD to $5.9 million in 2024 YTD, primarily due to revenue earned in the current period from Aranzazu, Tocantinzinho, and La Guitarra, partially offset by a decrease in revenue from El Realito as production on that property winds down;
a decrease in royalty interest impairment from $2.4 million in 2023 YTD to $Nil in 2024 YTD as the Company did not record any impairments in the current period;
a decrease in mark-to-market gains on derivative royalty assets from $0.7 million in 2023 YTD to $Nil in 2024 YTD, as the Company did not have any derivative royalty assets in the current period;
an increase in interest expenses from $1.2 million in 2023 YTD to $2.0 million in 2024 YTD, due to higher loan balances in the current period;
a decrease in loss on modification of loan payable from $1.7 million in 2023 YTD to $Nil in 2024 YTD as the Company recorded charges of $1.7 million in Q4 2023 YTD related to the modification of its loan facility;
a decrease in gain on sales of mineral claims from $5.1 million in 2023 YTD to $Nil in 2024 YTD as the Company recorded a one-time gain of $5.1 million in 2023 YTD related to the sale of mineral claims;
an increase in foreign exchange gain (loss) from a loss of $0.6 million in 2023 YTD to a gain of $0.6 million in 2024 YTD, primarily related to the foreign exchange gains on the Company's C$ denominated loan facility during the current period; and
a decrease in current income taxes from $1.2 million in Q4 2023 YTD to $0.1 million in 2024 YTD, primarily related to taxes incurred in 2023 YTD related to the sale of mineral claims.

Management’s Discussion and Analysis Page 15
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

SELECTED ANNUAL INFORMATION

The following table provides selected financial information for the three most recently completed financial years up to December 31, 2024:

		Year ended
		December 31,			December 31,			December 31,
		2024			2023			2022
Revenue from royalty and stream interests	$	5,882		$	4,595		$	2,413
Total attributable GEOs^(1)^		2,481			3,989			2,681
Net cash provided by (used in) operating activities	$	(2,573	)	$	518		$	(35	)
Net loss	$	(5,476	)	$	(5,837	)	$	(10,928	)
Loss per share - basic and diluted	$	(0.06	)	$	(0.11	)	$	(0.24	)
Total assets	$	268,677		$	276,031		$	130,889
Total liabilities	$	(16,650	)	$	(23,144	)	$	(12,328	)
Dividends declared per share (C$/share)	$	-		$	0.03		$	-

(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.

LIQUIDITY AND CAPITAL RESOURCES

The Company considers items included in shareholders' equity and debt as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to add value for shareholders and benefits for other stakeholders.

The Company's cash balance as at December 31, 2024, was $9.7 million (December 31, 2023 - $14.1 million) and its adjusted working capital was $11.8 million (December 31, 2023 - $10.7 million) (see Non-IFRS Financial Measures). The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets.

The Company believes it will have access to sufficient resources to undertake its current business plan for at least the next twelve months. In order to meet its capital requirements, the Company's primary sources of cash flows are expected to be from the Wharf, Aranzazu, La Encantada, Tocantinzinho, La Guitarra, and Endeavor royalties and streams, drawdowns under the Beedie Loan Facility, and public and/or private placements. The Company may also enter into new debt agreements, or sell non-core assets.

During the year ended December 31, 2024, cash decreased by $4.4 million. The decrease was due to cash used in operating activities of $2.6 million, cash used in investing activities of $2.0 million, and cash provided by financing activities of $0.5 million. Exchange rate changes had an impact on cash of $0.3 million.

Convertible Loan Facility

In March 2019, the Company entered into a convertible loan facility (the "Loan Facility") with Beedie to fund acquisitions of new royalties and streams which has subsequently been amended from time to time. The Loan Facility bears interest on amounts advanced and a standby fee on funds available. Funds advanced are convertible into Common Shares at Beedie's option, with the conversion price determined at the date of each drawdown or at the conversion date (in the case of the conversion of accrued and unpaid interest). The Loan Facility is secured by certain assets of the Company and each advance can be fully repaid at any time after the 12-month anniversary of the advance.

In August 2022, the Company and Beedie closed a first supplemental loan agreement to amend the Loan Facility by, among other things, extending the maturity date from April 22, 2023, to January 22, 2024, amending the standby fee on funds available to 1.5%, and increasing the facility from C$12.0 million to C$20.0 million. As part of the amendment all future advances will have a minimum amount of C$2.5 million and each advance will have its own conversion price based on a 20% premium to the 30-day Volume-Weighted Average Price ("VWAP") of the Company's shares on the earlier of the announcement of such advance and the funding date of such advance. In May 2023, the Company and Beedie closed a second supplemental loan agreement to amend the Loan Facility by, among other things, extending the maturity date to May 10, 2027, increasing the facility from C$20.0 million to C$25.0 million, and increasing the interest rate from 8.0% to 10.0% per annum.

Management’s Discussion and Analysis Page 16
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

Effective December 1, 2023, Metalla and Beedie entered into an amended and restated convertible Loan Facility agreement to amend and restate ‎the‎ loan facility (the "A&R Loan Facility"). Pursuant to the A&R Loan Facility, the parties agreed to among other things, increase ‎the ‎ A&R Loan Facility from C$25.0 million to C$50.0 million, amend the conversion price of the principal amount outstanding of C$16.4 million (the "Principal Amount") to a conversion price of C$6.00 per share, amend the conversion price of any accrued and unpaid interest (the "Accrued Interest Amount") to a conversion price equal to the market price of the shares of Metalla at the time of conversion, and have any accrued and unpaid fees (the "Accrued Fees Amount") to not be convertible into Common Shares. The A&R Loan Facility also established an 18-month period during which the interest of ‎‎10.0% per ‎annum ‎compounded monthly will be added to Accrued Interest Amount, and ‎on June 1, 2025, will revert to a cash interest payment of 10.0% on a monthly basis, and updated the ‎‎existing security arrangements to ‎include security provided by Nova and certain other subsidiaries of Metalla and Nova for the ‎A&R Loan Facility, along with updated security arrangements at Metalla to reflect developments in our business.

On January 13, 2025, Beedie elected to convert C$1.5 million of the Accrued Interest Amount at a conversion price of C$3.64 per share, being the closing price of the shares of Metalla on the TSX-V on January 13, 2025, for a total of 412,088 Common Shares, which were issued on February 4, 2025. Following the conversion Beedie owned approximately 10.3% of the Common Shares. Additionally, on January 31, 2025, the Company made a payment of C$2.0 million to Beedie to reduce the Accrued Fees Amount and the Accrued Interest Amount to $Nil as of the payment date.

As at January 31, 2025, taking into account the conversion and payment discussed above, the Company had C$16.4 million outstanding from the Principal Amount with a conversion price of C$6.00 per share, and had C$30.9 million available under the A&R Loan Facility with the conversion price to be determined on the date of any future advances.

Cash Flows from Operating Activities

During the year ended December 31, 2024, cash used in operating activities was $2.6 million and was primarily the result of the payment during 2024 of liabilities that were associated with the acquisition of Nova and were recorded as payables on December 31, 2023. The cash used in operating activities was impacted by a net loss of $5.5 million, partially offset by $6.2 million for items not affecting cash, payments received from derivative royalty assets related to the fourth quarter of 2023 of $0.8 million, income taxes paid of $0.4 million and a $3.7 million decrease in non-cash working capital items. During the year ended December 31, 2023, cash provided by operating activities was $0.5 million and was primarily the result of a net loss of $5.8 million, partially offset by $5.2 million for items not affecting cash, payments received from derivative royalty assets of $2.7 million, taxes paid of $0.8 million, and a $0.8 million decrease in non-cash working capital items.

Cash Flows from Investing Activities

During the year ended December 31, 2024, cash used in the Company's investing activities was $2.0 million and was primarily related to payments related to the acquisition of royalties and streams. During the year ended December 31, 2023, cash used in the Company's investing activities was $3.6 million and was primarily related to acquisition of royalties and streams of $8.8 million, offset by the sale of mineral claims of $5.0 million.

Management’s Discussion and Analysis Page 17
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Cash Flows from Financing Activities

During the year ended December 31, 2024, cash provided by the Company's financing activities was $0.5 million, and was primarily related to proceeds of $0.7 million for a private placement, proceeds from the exercise of stock option of $0.2 million, partially offset by interest and finance charges paid of $0.4 million. During the year ended December 31, 2023, cash provided by the Company's financing activities was $12.8 million, which was primarily comprised of $11.1 million from an equity placement by Beedie into Metalla, $4.1 million in net proceeds from the At-The-Market equity programs, $0.4 million from the exercise of stock options, partially offset by $1.2 million in dividend payments, and $1.7 million in finance charges and interest payments.

Outstanding Share Data

As at the date of this MD&A the Company had the following:

92,494,776 Common Shares issued and outstanding;
3,454,457 stock options outstanding with a weighted average exercise price of C$6.23; and
1,417,198 unvested restricted share units.

Dividends

The Company's long-term goal is to pay out dividends with a target rate of up to 50% of the annualized operating cash flow of the Company, however, the timing and amount of the payment of a dividend is determined by the Board of Directors by taking into account many factors, including (but not limited to), an increase and stabilization in operating cash flows, and the potential capital requirements related to acquisitions. Going forward, the Board of Directors of the Company will continually assess the Company's business requirements and projected cash flows to make a determination on whether to pay dividends in respect of a particular quarter during its financial year.

Use of Proceeds from Prior Financings

During the year ended December 31, 2024, the Company raised $0.7 million in net proceeds through a private placement, to a newly hired executive, for general working capital purposes. During the year ended December 31, 2023, the Company raised $4.1 million in net proceeds through At-The-Market equity programs ‎to finance the purchase of streams and royalties and for general working capital purposes. The Company also ‎raised $11.1 million through a private placement completed on October 23, 2023, for the acquisition of royalties and ‎‎streams, Nova transaction expenses, and general and administrative expenses of the combined company following completion ‎of the Nova transaction. To date, there has been no variance to the use of proceeds previously announced for those financing ‎activities.

Requirement for Additional Financing

Management believes that the Company's current operational requirements and capital investments can be funded from existing cash, cash generated from operations, and funds available under the A&R Loan Facility. If future circumstances dictate an increased cash requirement and the Company elects not to delay, limit, or eliminate some of its plans, the Company may raise additional funds through debt financing, the sale of non-core assets, the issuance of hybrid debt-equity securities, or additional equity securities. The Company has relied on equity financings and loans for its acquisitions, capital expansions, and operations. Capital markets may not be receptive to offerings of new equity from treasury or debt, whether by way of private placements or public offerings. The Company's growth and success may be dependent on external sources of financing which may not be available on acceptable terms.

Management’s Discussion and Analysis Page 18
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

TRANSACTIONS WITH RELATED PARTIES

The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:

Key management compensation for the Company consists of remuneration paid to management (which includes Brett Heath, the Chief Executive Officer, Jason Cho, the President, and Saurabh Handa, the Chief Financial Officer) for services rendered and compensation for members of the Board of Directors (which includes Lawrence Roulston, Alexander Molyneux, James Beeby, Amanda Johnston, Chris Beer and previously included Douglas Silver ^(^^r^^es^^.^^effective May 17, 2023^^)^, and E.B. Tucker ^(^^ret. effective^^December^^5,^^2023^^)^ in their capacity as directors of the Company.

The aggregate value of transactions relating to key management were as follows:

		Year ended
		December 31,		December 31,
		2024		2023
Salaries and fees	$	1,713	$	1,718
Share-based payments		2,042		1,560
Total related party expenses	$	3,755	$	3,278

As at December 31, 2024, the Company had $0.6 million due to directors and management related to remuneration and expense reimbursements, which have been included in accounts payable and accrued liabilities. As at December 31, 2024, the Company had $Nil due from directors and management.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this MD&A, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

PROPOSED TRANSACTIONS

While the Company continues to pursue further transactions, there are no binding transactions of a material nature that have not already been disclosed publicly.

Management’s Discussion and Analysis Page 19
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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COMMITMENTS

Contractual Commitments

As at December 31, 2024, the Company had the following contractual commitments:

		Less than		1 to		Over
		1 year		3 years		3 years		Total
Trade and other payables	$	1,188	$	-	$	-	$	1,188
Loans payable principal and interest payments^(1)^		1,157		16,611		-		17,768
Payments related to acquisition of royalties and streams^(2)^		-		2,500		-		2,500
Total commitments	$	2,345	$	19,111	$	-	$	21,456

(1) Payments required to be made on the A&R Loan Facility based on the closing balance as at December 31, 2024, and assuming no conversion until maturity date.

(2) Payment required for the royalty on the Lama project of $2.5 million, payable in cash or Common Shares within 90 days upon the earlier of a 2 Moz gold Mineral Reserve estimate on the royalty area or March 9, 2026.

Contingent Commitments

In addition to the contractual commitments above, the Company could in the future have commitments payable in cash and/or shares related to the acquisition of royalty and stream interests. However, these payments are subject to certain triggers or milestone conditions that had not been met as of December 31, 2024.

As at December 31, 2024, the Company had the following contingent commitments:

the Company is obligated to make additional potential payments in connection with its acquisition of its royalty on the CentroGold project of $7.0 million payable in Common Shares upon receipt of all project licenses, the lifting or extinguishment of the injunction imposed on the CentroGold project with no pending appeals and, if necessary, the completion of any and all community relocations, and $4.0 million in cash upon the achievement of commercial production at the project;
the Company is obligated to make additional potential payments in connection with its acquisition of its royalty on the NuevaUnión copper-gold project of $2.0 million in cash and $2.0 million in Common Shares upon achievement of commercial production at the La Fortuna deposit in Chile;
the Company is obligated to make additional potential payments in connection with its acquisition of its royalty on the Hoyle Pond Extension property, the Timmins West Extension property, and the DeSantis Mine property totalling C$5.0 million in cash and Common Shares upon achievement of various production milestones; and
The Company is obligated to make additional potential payments in connection with its acquisition of its royalty on Vizcachitas of ‎$4.5 million payable in Common Shares upon the first to ‎occur of:‎ (i) Los Andes Copper or its successors or assign makes a fully-financed construction decision on the Vizcachitas project;‎ (ii) Los Andes Copper or its successor or assign enters into an ‎earn-in transaction with respect to the Vizcachitas project or for Los Andes Copper itself, with a third party, ‎for a ‎minimum interest ‎of 51%; or (iii) Los Andes Copper or its successor or assign sells ‎the Vizcachitas project ‎or ‎ Los Andes Copper to an arms' length third party.‎

Management’s Discussion and Analysis Page 20
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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FINANCIAL INSTRUMENTS

Classification

The Company classified its financial instruments as follows:

		As at
		December 31,		December 31,
		2024		2023
Financial assets
Amortized cost:
Cash and cash equivalents	$	9,717	$	14,107
Royalty, derivative royalty, and stream receivables		2,253		2,482
Other receivables		263		329
Fair value through profit or loss:		****
Marketable securities		305		295
Total financial assets	$	12,538	$	17,213
Financial liabilities		****
Amortized cost:		****
Trade and other payables	$	1,188	$	5,394
Loans payable		12,625		13,725
Acquisition payable		2,233		2,928
Fair value through profit or loss:		****
Derivative loan liabilities		68		561
Total financial liabilities	$	16,114	$	22,608

The Company's activities expose it to financial risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principal financial risks to which the Company is exposed are credit risk, liquidity risk, and currency risk. The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework and reviews the Company's policies on an ongoing basis.

Fair Value

a) Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

b) Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

c) Level 3 - Inputs for assets and liabilities that are not based on observable market data.

Management’s Discussion and Analysis Page 21
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

Loans payable and acquisition payables are carried at amortized cost. The fair values of the Company's loans payable are approximated by their carrying values as the interest rates are comparable to market interest rates. The derivative loan liabilities are carried at fair value, and were valued using a Black-Scholes option pricing model and a swaption model with inputs that are not observable (See Note 6 of the Company's consolidated financial statements for the year ended December 31, 2024). Therefore, the derivative loan liabilities were classified within Level 3 of the fair value hierarchy.

Credit Risk

Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include goods and service tax refunds due from the Canadian federal government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined significantly from the prior year.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company's loan liabilities are disclosed in Note 4 and Note 6 of the Company's consolidated financial statements for the year ended December 31, 2024. All current liabilities with the exception of the A&R Loan Facility are settled within one year, the A&R Loan Facility has been disclosed as a current liability upon the adoption of IAS 1, however any settlement of the liability within the next twelve months would be upon conversion into Common Shares and is not expected to be settled in cash.

Currency Risk

Management’s Discussion and Analysis Page 22
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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NON-IFRS FINANCIAL MEASURES

The Company has included, in this document, certain performance measures, including (a) attributable GEOs, (b) average cash cost per attributable GEO, (c) average realized price per attributable GEO, (d) operating cash margin per attributable GEO, which is based on the two preceding measures, (e) Adjusted EBITDA, and (f) adjusted working capital. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.

Attributable Gold Equivalent Ounces (GEOs)

Attributable GEOs are composed of gold ounces attributable to the Company, calculated by taking the revenue earned by the Company in the period from payable gold, silver, copper and other metal ounces attributable to the Company divided by the average London fix price of gold for the relevant period. In prior periods the GEOs included an amount calculated by taking the cash received or accrued by the Company in the period from the derivative royalty asset divided by the average London fix gold price for the relevant period.

The Company presents attributable GEOs as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis.

Average Cash Cost Per Attributable GEO

Average cash cost per attributable GEO is calculated by dividing the Company's total cash cost of sales, excluding depletion by the number of attributable GEOs. The Company presents average cash cost per attributable GEO as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis.

The Company's average cash cost per attributable GEO was:

		Year ended
		December 31,		December 31,
		2024		2023
Cost of sales for NLGM^(1)^	$	26	$	22
Total cash cost of sales		26		22
Total attributable GEOs		2,481		3,989
Average cash cost per attributable GEO	$	10	$	6

(1) Adjusted for the Company's proportionate share of NLGM held by Silverback.

Average Realized Price and Operating Cash Margin Per attributable GEO

Average realized price per attributable GEO is calculated by dividing the Company's revenue, excluding any revenue earned from fixed royalty payments, and including cash received or accrued in the period from derivative royalty assets, by the number of attributable GEOs.

The Company presents average realized price per attributable GEO as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis.

Management’s Discussion and Analysis Page 23
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

The Company's average realized price per attributable GEO was:

		Year ended
		December 31,		December 31,
		2024		2023
Royalty revenue (excluding fixed royalty payments)	$	5,725	$	4,360
Payments from derivative assets^(3)^		-		2,866
Revenue from NLGM^(1)^		257		220
Sales from stream and royalty interests		5,982		7,446
Total attributable GEOs sold		2,481		3,989
Average realized price per attributable GEO	$	2,411	$	1,867
Operating cash margin per attributable GEO^(2)^	$	2,401	$	1,861

(1) Adjusted for the Company's proportionate share of NLGM held by Silverback .

(2) Operating cash margin per attributable GEO is calculated by subtracting from the average realized price per attributable GEO, the average cash cost per attributable GEO.

(3) In prior periods the Higginsville PP royalty was accounted for as a derivative royalty asset, as such any payments received under this royalty were treated as a reduction in the carrying value of the asset on the statement of financial position and not shown as revenue on the Company's statement of profit and loss. However, operationally the Company was paid for the ounces sold similar to the Company's other royalty interests, therefore the results were previously included here for more accurate comparability and to allow the reader to accurately analyze the operations of the Company. The Higginsville participation royalty reached the full 34,000 gold ounces threshold in the fourth quarter of 2023 and is no longer payable to Metalla.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS financial measure which excludes from net income taxes, finance costs, depletion, impairment charges, foreign currency gains/losses, share based payments, and non-recurring items. Management uses Adjusted EBITDA to evaluate the Company's operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company presents Adjusted EBITDA as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis. However, Adjusted EBITDA does not represent, and should not be considered an alternative to net income (loss) or cash flow provided by operating activities as determined under IFRS. The Company's Adjusted EBITDA was:

		Year ended
		December 31,			December 31,
		2024			2023
Net loss	$	(5,476	)	$	(5,837	)
Adjusted for:		****
Royalty interest impairment		-			2,355
Gain on sales of mineral claims		-			(5,093	)
Interest expense		1,977			1,170
Finance charges		339			206
Loss on modification of loan payable		-			1,658
Income tax provision		52			1,361
Depletion		2,509			2,389
Foreign exchange loss (gain)		(612	)		610
Share-based payments ^(1)^		2,632			2,255
Adjusted EBITDA	$	1,421		$	1,074

(1) Includes stock options and restricted share units.

Management’s Discussion and Analysis Page 24
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

Adjusted Working Capital

Adjusted working capital is calculated by taking the Company's current assets less its current liabilities, excluding the convertible loan facility. The Company presents working capital, adjusted for the convertible loan facility, as the classification of the convertible loan facility as a current liability is driven by changes in classification requirements under IFRS and not because the Company expects that liability to be settled in cash within the next twelve months. The Company believes that the exclusion of the convertible loan facility from adjusted working capital gives a more accurate picture of the liquidity of the Company. Adjusted working capital is not a standardized financial measure under IFRS and therefore may not be comparable to similar measures presented by other companies.

The Company's adjusted working capital was:

		As at
		December 31,			December 31,
		2024			2023
Total current assets	$	12,956		$	17,652
Less:
Total current liabilities		(13,881	)		(20,580	)
Working capital		(925	)		(2,928	)
Adjusted for:
Convertible loan facility		12,693			13,588
Adjusted working capital	$	11,768		$	10,660

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The Company's material accounting policies and estimates are disclosed in Note 2 of the Company's consolidated financial statements for the year ended December 31, 2024.

DISCLOSURE CONTROLS AND INTERNAL CONTROL OVER FINANCIAL REPORTING

Disclosure Controls and Procedures

The Company's Disclosure Controls and Procedures ("DCP") are designed to ensure that information required to be disclosed in reports filed or submitted by the Company under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and include, without limitation, controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted by the Company under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate to allow timely decisions regarding required disclosure.

The Company's management, with the participation of the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company's DCP as defined under the Exchange Act, as at December 31, 2024. Based upon the results of that evaluation, the CEO and CFO have concluded that, as at December 31, 2024, the Company's disclosure controls and procedures were effective.

Management’s Discussion and Analysis Page 25
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
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Internal Control Over Financial Reporting

Management of the Company, with participation of the CEO and CFO, is responsible for establishing and maintaining adequate Internal Control over Financial Reporting ("ICFR"). Management has used the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of the Company's internal control over financial reporting.

The Company's ICFR is designed to provide reasonable assurance regarding the reliability of the Company's financial reporting for external purposes in accordance with IFRS as issued by the IASB. The Company's ICFR includes:

maintaining records, that in reasonable detail, accurately and fairly reflect our transactions and dispositions of the assets of the Company;
providing reasonable assurance that transactions are recorded as necessary for preparation of the consolidated financial statements in accordance with IFRS as issued by the IASB;
providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and
providing reasonable assurance that unauthorized acquisition, use or disposition of Company assets that could have a material effect on the Company's consolidated financial statements would be prevented or detected on a timely basis.

The Company's ICFR may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures. Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2024, based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by COSO. Based on this assessment, management has concluded that, as of December 31, 2024, the Company's internal control over financial reporting is effective and no material weaknesses were identified.

Changes in ICFR

There has been no change in our internal control over financial reporting during the year ended December 31, 2024, which has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Limitations of Controls and Procedures

The Company's management, including the CEO and CFO, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Management’s Discussion and Analysis Page 26
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

RISK FACTORS

The Company’s ability to generate revenues and profits from its natural resource properties is subject to a number of risks and uncertainties. For a full discussion on the risk factors affecting the Company, please refer to the Company’s Annual Information Form dated March 26, 2025, which is available on www.sedarplus.ca.

QUALIFIED PERSONS

The technical information contained in this MD&A 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 Géologues du Québec. Mr. Beaudry is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

TECHNICAL AND THIRD-PARTY INFORMATION

Metalla has limited, if any, information on or access to the properties on which Metalla (or any of its subsidiaries) holds a royalty, stream or other interest and has no input into exploration, development or mining plans, decisions or activities on any such properties. Metalla is dependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Metalla, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which Metalla holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. 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 operators may relate to a larger property than the area covered by Metalla's royalty, stream or other interests. Metalla's royalty, stream or other interests can cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, resources and production of a property.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this MD&A, ‎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 U.S. Securities and ‎Exchange Commission (the "SEC") ‎applicable to U.S. domestic issuers. Accordingly, the scientific and technical ‎information contained or referenced in this MD&A 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 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.‎

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" and "forward-looking statements" (collectively. "forward-looking statements") within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this MD&A only and the Company does not intend to and does not assume any obligation to update updated forward-looking information, except as required by applicable law. For this reason and the reasons set forth below, investors should not place undue reliance on forward looking ‎statements.‎

All statements included herein that address events or developments that we expect to occur in the ‎future are ‎forward-looking statements. Generally forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Management’s Discussion and Analysis Page 27
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

Forward-looking statements in this MD&A include, but are not limited to, statements regarding:

future events or future performance of Metalla;
the completion of the Company's royalty purchase transactions;
the Company's plans and objectives;
the Company's future financial and operational performance;
expectations regarding stream and royalty interests owned by the Company;
the satisfaction of future payment obligations, contractual commitments and contingent commitments by Metalla;
the future achievement of any milestones in respect of the payment or satisfaction of contingent ‎‎consideration by Metalla‎;
the future availability of funds, including drawdowns pursuant to the A&R Loan Facility;
the effective interest rate of drawdowns under the A&R Loan Facility and the life expectancy thereof;
the future conversion of funds drawn down by ‎Metalla under the A&R Loan Facility;
the amount that Metalla has to pay under the A&R Loan Facility and the applicable exchange rate;
the completion by property owners of announced drilling programs, capital expenditures, and other planned activities in relation to properties on ‎which the Company and its subsidiaries hold a royalty or streaming interest and the expected timing thereof;
production and life of mine estimates or forecasts at the properties on which the Company and its subsidiaries hold a royalty ‎or streaming interest‎;
future disclosure by property owners and the expected timing ‎thereof; ‎
the completion by property owners of announced capital expenditure programs;
the Company undertaking any offering of securities under its base shelf prospectus and corresponding registration statement;
‎the near-mine exploration program planned for 2025 at Tocantinzinho, its costs and purpose;
the ‎regional exploration budget for 2025 at Tocantinzinho, its purpose and goals;
the expected annual gold production ‎for 2025 at Tocantinzinho; ‎
the resumption of normal course operations at Wharf;
the expected 2025 production guidance at Wharf;
the expansion and infill drilling in 2025 at Wharf, its focus and investment; ‎
the expected 2025 production guidance at Aranzazu; ‎
the GEOs that Aranzazu processing plan is expected to add; ‎
the resolution of water availability at La Guitarra;
the expected drilling at La Encantada in 2025;
the planned initiatives at La Encantada to increase ‎production levels;
the completion of Polymetals' announced equity capital raise; ‎
the commencement of production and first cash flows at Endeavor and the anticipated timing ‎thereof;
the exploration expenditures for Côté in 2025;
the target of diamond drilling at Côté;
the 2025 drilling plans at Gosselin;
the technical studies ‎regarding the potential inclusion of the Gosselin deposit into a future Côté Gold LOM plan; ‎
the review of the ESIA for Taca Taca by the Secretariat of Mining of Salta Province;
the update to ‎Taca Taca's NI 43-101 Technical Report‎;
the plans to submit an application for the RIGI regime; ‎
the expected expenditures by Agnico at Wasamac in 2025; ‎
the completion of a definitive feasibility study for Copper World and the timing thereof;
Hudbay's process to identify a minority joint venture partner for Copper World; and the timing thereof;
the sanctioning of Copper World and the timing thereof;‎‎
the processing of AK ores at the LZ5 mil at La Ronde and the timing thereof;

Management’s Discussion and Analysis Page 28
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

the expected ‎production at AK in 2025, 2026 and 2027; ‎
the budget allocated to CentroGold in 2025; ‎
the expected drilling in Fosterville, its goals, targets and the ‎timing thereof; ‎
the advancement of engineering and permitting for the Castle Mountain Phase 2 expansion; ‎
the receipt of a notice of intent in connection with the mine permitting ‎for Castle Mountain, the commencement of the formal permitting review and the anticipated timing thereof;
the execution of the MOU, the EIS/EIR stage and the timing thereof; ‎
the pre-closure activities at El Realito;
the maiden drill program in Black Ridge, the budget and ‎the timing thereof;‎
that the interest in the A&R Loan Facility will revert to a cash interest payment and the timing thereof;‎‎
the amount and timing of the attributable GEOs expected by the Company in 2025;
the availability of cash flows from the Wharf, Aranzazu, Tocantinzinho, La Guitarra, Endeavor, and La Encantada royalties and streams;
royalty payments to be paid to Metalla by property owners or operators of mining projects pursuant to ‎each royalty interest; ‎
the future outlook of Metalla and the mineral reserves and resource estimates for the properties with respect to which the ‎Metalla has or proposes to acquire an interest;‎
future gold, silver and copper prices;‎
other potential developments relating to, or achievements by, the counterparties for the Company's stream and ‎royalty agreements, and with respect to the mines and other properties in which the Company has, or may ‎acquire, a stream or royalty interest;‎
costs and other financial or economic measures;‎
prospective transactions;
growth and achievements‎;
financing and adequacy of capital;
‎future payment of dividends;
future public and/or private placements of equity, debt or hybrids thereof; and
the Company's ability to fund its current operational requirements and capital projects.

Such forward-looking statements reflect management's current beliefs and assumptions and are based on information currently available to management.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statements, including, without limitation:

risks related to commodity price fluctuations;‎
the absence of control over mining operations from which Metalla will purchase precious metals ‎pursuant to gold streams, silver streams and other agreements or from which it will receive royalty payments pursuant to net smelter ‎returns, gross overriding royalties, gross value royalties and other royalty agreements or interests and risks related to those mining operations, including risks related to ‎international operations, government and environmental regulation, delays in mine construction ‎and operations, actual results of mining and current exploration activities, conclusions of ‎economic evaluations and changes in project parameters as plans are refined;‎
risks related to exchange rate fluctuations;‎
that payments in respect of streams and royalties may be delayed or may never be made;‎
risks related to Metalla's reliance on public disclosure and other information regarding the mines or ‎projects underlying its streams and royalties;‎
that some royalties or streams may be subject to confidentiality arrangements that limit or prohibit ‎disclosure regarding those royalties and streams;‎
business opportunities that become available to, or are pursued by, Metalla;‎
that Metalla's cash flow is dependent on the activities of others;‎
that Metalla has had negative cash flow from operating activities in the past;
that some royalty and stream interests are subject to rights of other interest-holders;‎

Management’s Discussion and Analysis Page 29
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

‎that Metalla's royalties and streams may have unknown defects;
risks related to Metalla's two ‎material assets, the Côté property and the Taca Taca property;
risks related to general business and economic conditions;
risks related to global financial conditions;
risks related to geopolitical events and other uncertainties, such as the conflict in the Middle East and Ukraine;‎
risks related to epidemics, pandemics or other public health crises, including the novel coronavirus global health pandemic, and the spread of other viruses or pathogens, and the ‎potential impact thereof on Metalla's business, operations and financial condition; ‎
that Metalla is dependent on its key personnel;‎
risks related to Metalla's financial controls;‎
dividend policy and future payment of dividends;‎
competition among mineral royalty companies and other participants in the global mining industry;‎
that project operators may not respect contractual obligations;
that Metalla's royalties and streams may be unenforceable;‎
risks related to potential conflicts of interest of Metalla's directors and officers;
that Metalla may not be able to obtain adequate financing in the future;‎
risks related to Metalla's current credit facility and financing agreements;‎
litigation;‎
title, permit or license disputes related to interests on any of the properties in which Metalla holds, or ‎may acquire, a royalty, stream or other interest;‎
interpretation by government entities of tax laws or the implementation of new tax laws;‎
changes in tax laws impacting Metalla;
risks related to anti-bribery and anti-corruption laws;
credit and liquidity risk;‎
risks related to Metalla's information systems and cyber security;‎
risks posed by activist shareholders;‎
that Metalla may suffer reputational damage in the ordinary course of business;‎
risks related to acquiring, investing in or developing resource projects;‎
risks applicable to owners and operators of properties in which Metalla holds an interest;‎
exploration, development and operating risks;‎
risks related to climate change;‎ environmental risks;‎
that the exploration and development activities related to mine operations are subject to extensive laws ‎and regulations;‎
that the operation of a mine or project is subject to the receipt and maintenance of permits from ‎governmental authorities;‎
risks associated with the acquisition and maintenance of mining infrastructure;‎
that Metalla's success is dependent on the efforts of operators' employees;‎
risks related to mineral resource and mineral reserve estimates;‎
that mining depletion may not be replaced by the discovery of new mineral reserves;‎
that operators' mining operations are subject to risks that may not be insured against;‎
risks related to land title;‎
risks related to international operations;‎
risks related to operating in countries with developing economies;‎
risks related to the construction, development and expansion of mines or projects;‎
risks associated with operating in areas that are presently, or were formerly, inhabited or used by ‎indigenous peoples;‎
that Metalla is required, in certain jurisdictions, to allow individuals from that jurisdiction to hold ‎nominal interests in Metalla's subsidiaries in that jurisdiction;‎
the volatility of the stock market;‎
that existing securityholders may be diluted;‎
risks related to Metalla's public disclosure obligations;‎
risks associated with future sales or issuances of debt or equity securities;‎
risks associated with the A&R Loan Facility;

Management’s Discussion and Analysis Page 30
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR YEAR ENDED DECEMBER 31, 2024<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)
---

that there can be no assurance that an active trading market for Metalla's securities will be sustained;‎
risks related to the enforcement of civil judgments against Metalla;
risks relating to Metalla potentially being a passive "foreign investment company" within the meaning ‎of U.S. federal tax laws; and
other factors identified and as described in more detail under the heading "Risk Factors" contained in this MD&A, and in the Company's Annual Information Form and Form 40-F Annual Report filed with regulators in Canada at www.sedarplus.ca and the SEC at www.sec.gov.

Although Metalla has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Investors are cautioned that forward-looking statements are not guarantees of future performance. The Company cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements or information.

This MD&A contains future-orientated information and financial outlook information (collectively, "FOFI") about the Company's revenues from royalties, streams and other projects which are subject to the same assumptions, risk factors, limitations and qualifications set forth in the above paragraphs. FOFI contained in this MD&A was made as of the date of this MD&A and was provided for the purpose of providing further information about the Company's anticipated business operations. Metalla disclaims any intention or obligation to update or revise any FOFI contained in this MD&A, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this MD&A should not be used for the purposes other than for which it is disclosed herein.

Management’s Discussion and Analysis Page 31

Metalla Royalty & Streaming Ltd. : Exhibit 99.4 - Filed by newsfilecorp.com

Certification Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Brett Heath, certify that:

I have reviewed this annual report on Form 40-F of Metalla Royalty & Streaming Ltd.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the issuer and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: March 27, 2025

/s/ Brett Heath
Brett Heath
Chief Executive Officer

Metalla Royalty & Streaming Ltd. : Exhibit 99.5 - Filed by newsfilecorp.com

Certification Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Saurabh Handa, certify that:

I have reviewed this annual report on Form 40-F of Metalla Royalty & Streaming Ltd.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the issuer and have:

The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: March 27, 2025

/s/ Saurabh Handa
Saurabh Handa
Chief Financial Officer

Metalla Royalty & Streaming Ltd. : Exhibit 99.6 - Filed by newsfilecorp.com

Section 906 Certification

Certification Pursuant to

18 U.S.C Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 40-F of Metalla Royalty & Streaming Ltd., a British Columbia corporation (the "Company"), for the period ending December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 27, 2025

/s/ Brett Heath
Brett Heath
Chief Executive Officer

Metalla Royalty & Streaming Ltd. : Exhibit 99.7 - Filed by newsfilecorp.com

Section 906 Certification

Certification Pursuant to

18 U.S.C Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 27, 2025

/s/ Saurabh Handa
Saurabh Handa
Chief Financial Officer

Metalla Royalty & Streaming Ltd. : Exhibit 99.8 - Filed by newsfilecorp.com

Consent of Independent Registered Public Accounting Firm

The Board of Directors

Metalla Royalty & Streaming Ltd.

We consent to the use of our report dated March 26, 2025 on the consolidated financial statements of Metalla Royalty & Streaming Ltd. (the “Company”) which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, the related consolidated statements of loss and comprehensive loss, changes in equity and cash flows for each of the years then ended, and the related notes (collectively the “consolidated financial statements”) which is included in the Annual Report on Form 40-F of the Company for the fiscal year ended December 31, 2024.

We also consent to the incorporation by reference of such report in the Registration Statement (No. 333-280367) on Form F-10 and the Registration Statements (Nos. 333-234659, 333-249938, 333-265835 and 333-276265) on Form S-8 of the Company.

/s/ KPMG LLP

Chartered Professional Accountants March 26, 2025 Vancouver, Canada

Metalla Royalty & Streaming Ltd. : Exhibit 99.9 - Filed by newsfilecorp.com

CONSENT OF CHARLES BEAUDRY

The undersigned hereby consents to all references to him as a non-independent qualified person in or incorporated by reference in the Annual Report on Form 40-F being filed by Metalla Royalty & Streaming Ltd. in connection with certain technical and scientific information described therein.

I also consent to the reference to me under the heading "Interests of Experts," which appears in the Annual Information Form included in such Annual Report on Form 40-F.

I also hereby consent to the inclusion or incorporation of all references to me in the Registration Statements on Form F-10 (No. 333-280367) and Form S-8 (Nos. 333-234659, 333-249938, 333-265835 and 333-276265). This consent extends to any amendments to the Form F-10 or Form S-8, including post-effective amendments.

/s/ Charles Beaudry
Charles Beaudry
March 26, 2025