# EDGAR Filing Document

**Accession Number:** 0001722606
**File Stem:** 0001062993-26-002634
**Filing Date:** 2026-5
**Character Count:** 234226
**Document Hash:** 866c53a2c19babc1135331127555070a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-002634.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001062993-26-002634

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Metalla Royalty & Streaming Ltd.
- **CENTRAL INDEX KEY:** 0001722606
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39166
- **FILM NUMBER:** 26979554

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 543 GRANVILLE STREET
- **STREET 2:** SUITE 501
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **BUSINESS PHONE:** (604)696-0741

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 543 GRANVILLE STREET
- **STREET 2:** SUITE 501
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1

------

**UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16**<br>**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of: <u>**May, 2026**</u>

Commission file number: **<u>001-39166</u>**

**<u>Metalla Royalty & Streaming Ltd.</u>**<br>(Translation of registrant's name into English)

<u>**501- 543 Granville Street, Vancouver, BC, V6C 1X8**</u><br>(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover:

[ ] Form 20-F [ x ] Form 40-F

------

**EXHIBIT INDEX**

EXHIBITS 99.1, 99.4 AND 99.5 INCLUDED WITH THIS REPORT ARE HEREBY INCORPORATED BY REFERENCE AS EXHIBITS TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-10 (FILE NO. 333-280367), AS AMENDED AND SUPPLEMENTED, AND ON FORM S-8 (FILE NOS. 333-234659, 333-249938, 333-265835, 333-276265 AND 333-293092) AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED

---

| | |
|:---|:---|
| <u>**Exhibit**</u> | <u>**Description**</u> |
| [99.1](exhibit99-1.htm) | [Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2026 and 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [CEO Certification for period ended March 31, 2026](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [CFO Certification for period ended March 31, 2026](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Management Discussion & Analysis for the three months ended March 31, 2026](exhibit99-4.htm) |
| [99.5](exhibit99-5.htm) | [Consent of Charles Beaudry](exhibit99-5.htm) |
| [99.6](exhibit99-6.htm) | [Press Release dated May 14, 2026](exhibit99-6.htm) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Date: May 14, 2026</u> | &nbsp;&nbsp;/s/ Marjorie Winslow |
|  | &nbsp;&nbsp;Marjorie Winslow |
|  | &nbsp;&nbsp;Corporate Secretary |

---

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## Exhibit 99.1

------

![](exhibit99-1xu001.jpg)

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**METALLA ROYALTY & STREAMING LTD.**<br>**CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**<br>(Unaudited - Expressed in thousands of United States dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As at** | **As at** |
|  |  | **March 31,** | **December 31,** |
|  | **Notes** | **2026** | **2025** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | $**9971** | $9794 |
| Accounts receivable | 3 | **3018** | 4379 |
| Prepaid expenses and other |  | **1156** | 1259 |
| **Total current assets** |  | **14145** | 15432 |
| **Non-current assets** |  |  |  |
| Royalty, stream, and other interests | 4 | **255687** | 255153 |
| Investment in Silverback |  | **101** | 200 |
| Deferred income tax assets |  | **100** | 81 |
| **Total non-current assets** |  | **255888** | 255434 |
| **TOTAL ASSETS** |  | $**270033** | $270866 |
| **LIABILITIES AND EQUITY** |  |  |  |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables |  | $**1953** | $3966 |
| Current acquisition payables | 13 | **2148** | 2446 |
| **Total current liabilities** |  | **4101** | 6412 |
| **Non-current liabilities** |  |  |  |
| Revolving credit facility | 5 | **12264** | 12176 |
| Deferred income tax liabilities |  | **523** | 525 |
| **Total non-current liabilities** |  | **12787** | 12701 |
| **Total liabilities** |  | **16888** | 19113 |
| **EQUITY** |  |  |  |
| Share capital | 8 | **312338** | 310465 |
| Reserves |  | **13779** | 14371 |
| Deficit |  | **(72972)** | (73083) |
| **Total equity** |  | **253145** | 251753 |
| **TOTAL LIABILITIES AND EQUITY** |  | $**270033** | $270866 |

---

These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 13, 2026.

**Approved by the Board of Directors**

<u>*"Brett Heath"*</u> Director <u>*"Amanda Johnston"*</u> Director

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

**Condensed Interim Consolidated Financial Statements Page 2**

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**METALLA ROYALTY & STREAMING LTD.**<br>**CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**<br>(Unaudited - Expressed in thousands of United States dollars, except for share and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Three months ended** | **Three months ended** |
|  |  | **March 31,** | **March 31,** |
|  | **Notes** | **2026** | **2025** |
| Revenue from royalty interests | 6 | $**3064** | $1721 |
| Depletion on royalty interests | 4 | **(364)** | (497) |
| **Gross profit** |  | **2700** | 1224 |
| General and administrative expenses | 7 | **(1547)** | (899) |
| Share-based payments | 8 | **(780)** | (546) |
| **Earnings (loss) from operations** |  | **373** | (221) |
| Share of net income of Silverback |  | **88** | 37 |
| Mark-to-market loss on derivatives |  | **-** | (31) |
| Interest expense | 5 | **(349)** | (448) |
| Finance charges | 5 | **(37)** | (80) |
| Foreign exchange loss |  | **(36)** | (1) |
| Other income |  | **258** | 38 |
| **Earnings (loss) before income taxes** |  | **297** | (706) |
| Current income tax expense |  | **(207)** | (52) |
| Deferred income tax recovery |  | **21** | 27 |
| **Net income (loss) and comprehensive income (loss)** |  | $**111** | $(731) |
| Earnings (loss) per share - basic and diluted |  | $**0.001** | $(0.01) |
| Weighted average number of shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 9 | **93212062** | 92341558 |
| &nbsp;&nbsp;&nbsp;Diluted | 9 | **95671170** | 92341558 |

---

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

**Condensed Interim Consolidated Financial Statements Page 3**

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**METALLA ROYALTY & STREAMING LTD.**<br>**CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS**<br>(Unaudited - Expressed in thousands of United States dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Three months ended** | **Three months ended** |
|  |  | **March 31,** | **March 31,** |
|  | **Notes** | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| Net income (loss) |  | $**111** | $(731) |
| Items not affecting cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depletion | 4 | **364** | 497 |
| &nbsp;&nbsp;&nbsp;Interest and accretion expense |  | **349** | 448 |
| &nbsp;&nbsp;&nbsp;Finance charges |  | **37** | 80 |
| &nbsp;&nbsp;&nbsp;Share-based payments |  | **780** | 546 |
| &nbsp;&nbsp;&nbsp;Share of net income of Silverback |  | **(88)** | (37) |
| &nbsp;&nbsp;&nbsp;Mark-to-market loss on derivatives |  | **-** | 31 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  | **186** | 25 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | **37** | (8) |
| &nbsp;&nbsp;&nbsp;Other |  | **(150)** | (42) |
|  |  | **1626** | 809 |
| Changes in non-cash working capital items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  | **1362** | 743 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other |  | **247** | 7 |
| &nbsp;&nbsp;&nbsp;Trade and other payables |  | **(2212)** | (928) |
| **Net cash provided by operating activities** |  | **1023** | 631 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| Settlement of acquisition payable |  | **(1250)** |  |
| Dividends received from Silverback |  | **187** | 69 |
| **Net cash provided by (used in) investing activities** |  | **(1063)** | 69 |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| Proceeds from exercise of stock options |  | **501** |  |
| Interest paid | 5 | **(214)** | (821) |
| Finance charges paid | 5 | **(38)** | (616) |
| **Net cash provided by (used in) financing activities** |  | **249** | (1437) |
| Effect of exchange rate changes on cash and cash equivalents |  | **(32)** | (6) |
| **Changes in cash and cash equivalents during period** |  | **177** | (743) |
| **Cash and cash equivalents, beginning of period** |  | **9794** | 9717 |
| **Cash and cash equivalents, end of period** |  | $**9971** | $8974 |

---

**Supplemental disclosure with respect to cash flows** (Note 11)

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

**Condensed Interim Consolidated Financial Statements Page 4**

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**METALLA ROYALTY & STREAMING LTD.**<br>**CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**<br>(Unaudited - 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, 2024** | 92076438 | $307848 | $13021 | $(68842) | $252027 |
| Conversion of loan payable | 412088 | 1043 |  |  | 1043 |
| Shares issued on vesting of restricted share units | 6250 | 24 | (24) |  |  |
| Share-based payments - stock options |  |  | 191 |  | 191 |
| Share-based payments - restricted share units |  |  | 355 |  | 355 |
| Loss for the period |  |  |  | (731) | (731) |
| **Balance as at March 31, 2025** | **92494776** | $**308915** | $**13543** | $**(69573)** | $**252885** |
|  | **Number of** | **Share** |  |  | **Total** |
|  | **Shares** | **Capital** | **Reserves** | **Deficit** | **Equity** |
| **Balance as at December 31, 2025** | 92899448 | $310465 | $14371 | $(73083) | $**251753** |
| Exercise of stock options | 286420 | 1074 | (573) |  | **501** |
| Shares issued on vesting of restricted share units | 256894 | 799 | (799) |  | **-** |
| Share-based payments - stock options |  |  | 244 |  | **244** |
| Share-based payments - restricted share units |  |  | 536 |  | **536** |
| Income for the period |  |  |  | 111 | **111** |
| **Balance as at March 31, 2026** | **93442762** | $**312338** | $**13779** | $**(72972)** | $**253145** |

---

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

**Condensed Interim Consolidated Financial Statements Page 5**

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**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - 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 $73.0 million as at March 31, 2026, and has had losses from operations for multiple years. 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. 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.

**2.** **SUMMARY OF MATERIAL ACCOUNTING POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Statement of Compliance**

These condensed interim 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**") applicable to the preparation of interim financial statements, including International Accounting Standard ("**IAS**") 34, Interim Financial Reporting. These condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Basis of Preparation and Measurement**

These condensed interim 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 condensed interim consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

These condensed interim consolidated financial statements are presented in United States dollars, which is the Company's functional currency, and all values are rounded to the nearest thousand United States dollars except as otherwise indicated.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are unchanged from those disclosed in the Company's most recent annual consolidated financial statements for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Change in Accounting Policy**

The accounting policies applied in the preparation of these condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's most recent annual consolidated financial statements for the year ended December 31, 2025, except for the change as discussed below.

The Company adopted amendments to *IFRS 9 Financial Instruments* and *IFRS 7 Financial Instruments: Disclosures* effective January 1, 2026. These amendments include clarifications to the derecognition requirements for financial liabilities settled through electronic payment systems, additional guidance on the classification of financial assets with contingent features, and additional disclosure requirements for financial instruments. The Company also adopted Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 effective January 1, 2026. There was no material impact to the financial statements from the adoption of these new accounting standards.

**Condensed Interim Consolidated Financial Statements Page 6**

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**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - 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…)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Future Changes to Accounting Policies**

Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for the three months ended March 31, 2026, 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 standard:

* *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 statement of profit or loss; 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.

**3.** **ACCOUNTS RECEIVABLE**

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| Royalty and stream receivables | $**2932** | $4312 |
| GST and other recoverable taxes | **51** | 33 |
| Other receivables | **35** | 34 |
| **Total accounts receivable** | $**3018** | $4379 |

---

As at March 31, 2026, and December 31, 2025, the Company did not have any royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at March 31, 2026, and December 31, 2025, was $Nil.

**4.** **ROYALTY, STREAM, AND OTHER INTERESTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Producing** | **Development** | **Exploration** |  |
|  | **Assets** | **Assets** | **Assets** | **Total** |
| **As at December 31, 2024** | $26014 | $221484 | $7804 | $255302 |
| Côté-Gosselin acquisition |  | 2437 |  | 2437 |
| Depletion | (2240) |  |  | (2240) |
| Reclassifications and other<sup>(1)</sup> | 1785 | (1785) | (346) | (346) |
| **As at December 31, 2025** | $25559 | $222136 | $7458 | $**255153** |
| Hoyle Pond milestone amount |  | 898 |  | **898** |
| Depletion | (364) | **-** | **-** | **(364)** |
| **As at March 31, 2026** | $**25195** | $**223034** | $**7458** | $**255687** |
| **Historical cost** | $**37796** | $**227806** | $**7507** | $**273109** |
| **Accumulated depletion and impairments** | $**(12601)** | $**(4772)** | $**(49)** | $**(17422)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(1) During the year ended December 31, 2025, the Company wrote off an exploration asset in its entirety for $0.3 million.*

**Condensed Interim Consolidated Financial Statements Page 7**

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**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - 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…)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **During the three months ended March 31, 2026, the Company completed the following transaction:**

**Hoyle Pond Milestone Amount**

During the three months ended March 31, 2026, a contractual milestone payment associated with the Company's interest in the Hoyle Pond Extension property was achieved, resulting in a payment obligation of C$1.0 million to the counterparty. The original purchase agreement had further contingent milestone payments totalling C$6.5 million associated with the Hoyle Pond, Timmins West Extension, and the DeSantis mine that would become payable by the Company upon the achievement of specific milestones at each of the underlying properties. Upon achievement of the first milestone at Hoyle Pond, the Company reached an agreement with the counterparty whereby all current and future milestone payments related to Hoyle Pond, Timmins West Extension, and the DeSantis mine have been eliminated and in exchange Metalla will make a payment in cash of C$1.25 million ($0.9 million). Subsequent to March 31, 2026, in May 2026, C$0.5 million of the C$1.25 million was paid in cash, the remaining amount is expected to be paid prior to the completion of the third quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **During the year ended December 31, 2025, the Company completed the following transactions:**

**Acquisition**

On October 31, 2025, the Company completed the acquisition of a further 0.15% interest in the Côté-Gosselin Net Smelter Return ("**NSR**") royalty for C$3.4 million ($2.4 million) in cash, bringing Metalla's total ownership on the Côté-Gosselin NSR royalty to 1.50%.

**Reclassification**

During the year ended December 31, 2025, the Company reclassified Endeavor from development assets to producing assets and commenced depletion because of the restart of the Endeavor mine.

**5.** **LOANS PAYABLE**

---

| | | | |
|:---|:---|:---|:---|
|  | **Revolving** | **Convertible** |  |
|  | **Credit Facility** | **Loan Facility** | **Total** |
| **As at December 31, 2024** | $- | $12693 | $12693 |
| Draw down on revolving credit facility | 13100 |  | 13100 |
| Transaction costs | (1084) |  | (1084) |
| Interest and accretion expense | 628 | 772 | 1400 |
| Principal repayment |  | (11919) | (11919) |
| Conversion |  | (1043) | (1043) |
| Extinguishment of loan facility |  | 738 | 738 |
| Interest payment | (305) | (1300) | (1605) |
| Accrued fees payment |  | (536) | (536) |
| Foreign exchange adjustments |  | 501 | 501 |
| Fair value adjustment of derivative portion |  | 94 | 94 |
| **As at December 31, 2025<sup>(1)</sup>** | $**12339** | $**-** | $**12339** |
| Interest and accretion expense | 295 |  | **295** |
| Interest payment | (214) |  | **(214)** |
| **As at March 31, 2026** | $**12420** | $**-** | $**12420** |
| Less: Accrued interest included in accounts payable | (156) |  | **(156)** |
| **As at March 31, 2026** | $**12264** | $**-** | $**12264** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The closing balance at December 31, 2025, includes $0.2 million of accrued interest included in accounts payable.*

**Condensed Interim Consolidated Financial Statements Page 8**

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**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**5.** **LOANS PAYABLE (CONT'D…)**

**Revolving Credit Facility**

On June 24, 2025, Metalla entered into a definitive agreement with the Bank of Montreal ("**BMO**") and National Bank Financial ("**NBF**") for a revolving credit facility of $40.0 million (the "**RCF**"), with an accordion feature for an additional $35.0 million of availability option, subject to certain conditions, to increase the facility to $75.0 million. Upon close, the Company drew down $13.1 million from the RCF and incurred transaction costs of $1.1 million which will be amortized over the term of the loan.

The RCF is available to finance acquisitions and investments, and for general corporate purposes. The RCF has a maturity date of June 24, 2028, which is extendable annually for one year on the mutual agreement of Metalla, BMO, and NBF. Drawdowns under the RCF can either be USD base rate advances which will bear an interest rate equal to a base rate plus applicable margin, or can be term benchmark advances which will bear an interest rate equal to the Secured Overnight Financing Rate ("**SOFR**") plus a credit spread adjustment of 0.10%, plus an applicable margin of 2.50% to 3.50% per annum depending on the Company's net leverage ratio. The undrawn portion of the RCF is subject to a standby fee of 0.56% to 0.79% per annum depending on the Company's net leverage ratio.

The RCF is subject to standard conditions and covenants which include a net leverage ratio, an interest coverage ratio, and a minimum liquidity amount. The Company was in full compliance with all covenants as at March 31, 2026. The RCF is secured by a first-ranking security interest over all present and future property and assets of the Company and its material subsidiaries.

For the three months ended March 31, 2026, the Company recognized interest expenses associated with the RCF of $0.3 million (March 31, 2025 - $Nil), and recognized finance charges of less than $0.1 million (March 31, 2025 - $Nil), related to standby fees associated with the RCF. As at March 31, 2026, the amount drawn on the RCF was $13.1 million, the availability under the RCF was $26.9 million, and the transaction costs, net of accumulated amortization were $0.8 million.

**Convertible Loan Facility**

In March 2019, the Company entered into a convertible loan facility (the "**Loan Facility**") with Beedie Investments Ltd. ("**Beedie**") to fund acquisitions of royalties and streams, which was subsequently amended from time to time. The Loan Facility bore interest on amounts advanced and a standby fee on funds available. Funds advanced were 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 was secured by certain assets of the Company.

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 to a conversion price of C$6.00 per share, amend the conversion price of any accrued and unpaid interest 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 to not be convertible into Common Shares.

On June 24, 2025, concurrent with the closing of the RCF, the Company fully repaid and retired the A&R Loan Facility. The final payments to Beedie included a repayment of the principal balance outstanding of C$16.4 million plus C$0.7 million in accrued interest and standby fees. In connection with the retirement of the A&R Loan Facility, certain assets secured by Beedie were released and there are no further amounts due under the A&R Loan Facility.

On June 24, 2025, upon retirement of the A&R Loan Facility, the Company recorded a $0.7 million loss on extinguishment, which represents the difference between the carrying amount of the A&R Loan Facility on the retirement date and the amount that was paid to retire the A&R Loan Facility.

**Condensed Interim Consolidated Financial Statements Page 9**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**6.** **REVENUE**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Tocantinzinho | $**1232** | $760 |
| Aranzazu | **649** | 468 |
| Endeavor | **277** |  |
| Wharf | **561** | 359 |
| La Guitarra | **198** | 84 |
| La Encantada | **147** | 48 |
| Total royalty revenue | **3064** | 1719 |
| Other fixed royalty payments | **-** | 2 |
| **Total revenue** | $**3064** | $1721 |

---

**7.** **GENERAL AND ADMINISTRATIVE EXPENSES**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Compensation and benefits | $**571** | $479 |
| Corporate administration | **646** | 228 |
| Professional fees | **224** | 111 |
| Listing and filing fees | **106** | 81 |
| **Total general and administrative expenses** | $**1547** | $899 |

---

**8.** **SHARE CAPITAL**

Authorized share capital consists of an unlimited number of Common Shares without par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Issued Share Capital**

As at March 31, 2026, the Company had 93,442,762 Common Shares issued and outstanding (December 31, 2025 - 92,899,448).

During the three months ended March 31, 2026, the Company issued 543,314 Common Shares related to the vesting of restricted shares units ("**RSUs**") and the exercise of stock options.

During the year ended December 31, 2025, the Company:

* issued 412,088 Common Shares related to the conversion of a portion of the accrued interest from the A&R Loan Facility; and

* issued 410,922 Common Shares related to the vesting of RSUs and the exercise of stock options.

**Condensed Interim Consolidated Financial Statements Page 10**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**8.** **SHARE CAPITAL (CONT'D…)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

The continuity of stock options for the three months ended March 31, 2026, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Weighted** |  |
|  | **Average** |  |
|  | **Exercise Price** | **Number** |
|  | **(C$)** | **Outstanding** |
| **As at December 31, 2024** | $7.02 | 2883207 |
| Granted | 4.41 | 955000 |
| Exercised<sup>(1)</sup> | 4.46 | (157500) |
| Expired | 10.00 | (698750) |
| Forfeited | 4.26 | (17500) |
| **As at December 31, 2025** | $5.63 | **2964457** |
| Granted | 9.88 | **475700** |
| Exercised<sup>(1)</sup> | 4.65 | **(391500)** |
| Expired | 11.73 | **(3000)** |
| Forfeited | 6.69 | **(72100)** |
| **As at March 31, 2026** | $**6.41** | **2973557** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the three months ended March 31, 2026, 246,500 stock options were exercised on a net exercise basis with a total of 141,420 Common Shares issued for the exercise (2025 - 157,500 and 78,262, respectively). The weighted average share price on the exercise date of the stock options exercised during the three months ended March 31, 2026, was C$11.54 (2025 - C$9.25).*

During the three months ended March 31, 2026, the Company granted 475,700 stock options (December 31, 2025 - 955,000) with a weighted-average exercise price of C$9.88 (December 31, 2025 - C$4.41) and a grant date fair value of $1.3 million or $2.69 per option (December 31, 2025 - $1.1 million or $1.19 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:

---

| | | |
|:---|:---|:---|
|  | **Three months** | **Twelve months** |
|  | **ended** | **ended** |
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| Risk free interest rate | **2.41%** | 2.79% |
| Expected dividend yield | **0%** | 0% |
| Expected stock price volatility | **50%** | 51% |
| Expected life in years | **3.25** | 3.25 |
| Forfeiture rate | **0%** | 0% |

---

**Condensed Interim Consolidated Financial Statements Page 11**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**8.** **SHARE CAPITAL (CONT'D…)**

For the three months ended March 31, 2026, in accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $0.2 million (March 31, 2025 - $0.2 million), with an offsetting credit to reserves. As at March 31, 2026, the weighted average remaining life of the stock options outstanding was 2.75 years (December 31, 2025 - 2.64 years).

The Company's outstanding and exercisable stock options as at March 31, 2026, and their expiry dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Exercise Price** | **Number** | **Number** |
| **Expiry Date** | **(C$)** | **Outstanding** | **Exercisable** |
| April 27, 2026 | $11.73 | **307000** | **307000** |
| August 27, 2026 | $9.17 | **217800** | **217800** |
| July 20, 2027 | $4.33 | **118800** | **118800** |
| August 16, 2027 | $5.98 | **300000** | **300000** |
| February 22, 2028 | $4.12 | **100357** | **100357** |
| December 28, 2028 | $4.05 | **535000** | **535000** |
| July 23, 2029 | $4.14 | **80000** | **-** |
| February 20, 2030 | $4.41 | **869000** | **438500** |
| February 12, 2031 | $9.88 | **445600** | **-** |
|  |  | **2973557** | **2017457** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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 Company's RSUs are equity-settled.

The continuity of RSUs for the three months ended March 31, 2026, was as follows:

---

| | |
|:---|:---|
|  | **Number** |
|  | **Outstanding** |
| **As at December 31, 2024** | 897660 |
| Granted | 525788 |
| Settled | (332660) |
| Forfeited | (8750) |
| **As at December 31, 2025** | **1082038** |
| Granted | **445175** |
| Settled | **(256894)** |
| Forfeited | **(48359)** |
| **As at March 31, 2026** | **1221960** |

---

For the three months ended March 31, 2026, in accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $0.5 million (March 31, 2025 - $0.4 million), with an offsetting credit to reserves.

**Condensed Interim Consolidated Financial Statements Page 12**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**9.** **EARNINGS PER SHARE ("EPS")**

Diluted earnings per share is calculated using the treasury method which assumes that outstanding stock options, with exercise prices that are lower than the average market price of the Common Shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Basic weighted average number of shares outstanding | **93212062** | 92341558 |
| Dilutive effect of RSUs | **1221960** |  |
| Dilutive effect of stock options | **1237148** |  |
| **Diluted weighted average number of shares outstanding** | **95671170** | 92341558 |

---

As a result of the net loss for the three months ended March 31, 2025, all potentially dilutive common shares are antidilutive for the period and thus diluted loss per share is equal to the basic loss per share.

**10.** **RELATED PARTY TRANSACTIONS AND BALANCES**

The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Salaries and fees | $**355** | $323 |
| Share-based payments | **712** | 447 |
| **Total related party expenses** | $**1067** | $770 |

---

As at March 31, 2026, the Company had $Nil (December 31, 2025 - $1.8 million) due to directors and management related to remuneration and expense reimbursements. As at March 31, 2026, the Company had $Nil (December 31, 2025 - $Nil) due from directors and management.

**11.** **SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS**

**Significant Non-Cash Investing and Financing Activities**

During the three months ended March 31, 2026, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) reallocated $0.8 million from reserves for 256,894 RSUs that settled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) reallocated $0.6 million from reserves for 391,500 stock options exercised.

During the three months ended March 31, 2025, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) issued 412,088 Common Shares, valued at $1.0 million, for the conversion of a portion of the accrued interest from the A&R Loan Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) reallocated less than $0.1 million from reserves for 6,250 RSUs that settled.

**Condensed Interim Consolidated Financial Statements Page 13**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**12.** **FINANCIAL INSTRUMENTS**

The Company classified its financial instruments as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| **Financial assets** |  |  |
| Amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**9971** | $9794 |
| &nbsp;&nbsp;&nbsp;Royalty and stream receivables | **2932** | 4312 |
| &nbsp;&nbsp;&nbsp;Other receivables | **86** | 67 |
| Fair value through profit or loss: |  |  |
| &nbsp;&nbsp;&nbsp;Marketable securities | **405** | 260 |
| **Total financial assets** | $**13394** | $14433 |
| **Financial liabilities** |  |  |
| Amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | $**1953** | $3966 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility | **12264** | 12176 |
| &nbsp;&nbsp;&nbsp;Acquisition payable | **2148** | 2446 |
| **Total financial liabilities** | $**16365** | $18588 |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and cash equivalents, accounts receivables (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. Marketable securities are included in prepaid expenses and other on the Company's statement of financial position. There were no transfers between the levels of the fair value hierarchy during the three months ended March 31, 2026, and the year ended December 31, 2025.

The RCF and acquisition payables are carried at amortized cost. The RCF is classified within Level 2 because its applicable interest rate includes an adjustment based on the Company's net leverage ratio and a credit spread adjustment (Note 5). As at March 31, 2026, the fair value of the RCF was $11.5 million (December 31, 2025 - $11.4 million). In prior periods, the Company had derivative loan liabilities embedded in the A&R Loan Facility that were carried at fair value and were classified within Level 3 of the fair value hierarchy, with the retirement of the A&R Loan Facility on June 24, 2025, the Company no longer has any derivative loan liabilities.

**Condensed Interim Consolidated Financial Statements Page 14**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**12.** **FINANCIAL INSTRUMENTS (CONT'D…)**

**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 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 March 31, 2026, 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**

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 and stream interests, its cash on-hand, and its committed liabilities. The maturities of the Company's loan liabilities are disclosed in Note 5. All current liabilities are settled within one year.

**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, 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 March 31, 2026, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, and Mexican peso would result in an increase/decrease in the Company's pre-tax income of less than $0.1 million.

**Interest Rate Risk**

Interest rate risk is the risk that the fair value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. The only financial instrument that is subject to interest rate risk is the RCF (Note 5), which bears a variable interest rate when drawn. The undrawn portion of the RCF is subject to standby charges. There is no significant impact on the Company's pre-tax loss with a 1% increase or decrease in the interest rate charged on the RCF as at March 31, 2026.

**Condensed Interim Consolidated Financial Statements Page 15**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**12.** **FINANCIAL INSTRUMENTS (CONT'D…)**

**Commodity Price Risk**

The Company's royalties, streams, and other interests are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold, copper, and silver are the primary drivers of the Company's profitability and ability to generate free cash flow. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.

**13.** **COMMITMENTS**

As at March 31, 2026, the Company had the following contractual obligations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than** | **1 to** | **Over** |  |
|  | **1 year** | **3 years** | **3 years** | **Total** |
| Trade and other payables | $1953 | $- | $- | $**1953** |
| Loans payable principal and interest payments<sup>(1)</sup> | 839 | 14578 |  | **15417** |
| Payments related to acquisition of royalties and streams<sup>(2)(3)</sup> | 2148 |  |  | **2148** |
| **Total commitments** | $**4940** | $**14578** | $**-** | $**19518** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Payments required to be made on the RCF based on the closing balance, applicable interest rate, and availability under the RCF as at March 31, 2026.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Cash payment of $1.25 million required for the royalty on the Lama project in January 2027.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Payment of $0.9 million (C$1.25 million) in cash required for a milestone payment under the Hoyle Pond Extension property. Subsequent to March 31, 2026, in May 2026, C$0.5 million of the C$1.25 million was paid in cash. The remaining payment is expected to be made prior to the completion of the third quarter of 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 at March 31, 2026.

**14.** **SEGMENTED INFORMATION**

The Company operates in one industry and has one reportable operating segment, consisting of acquiring and managing gold, silver, and copper royalties, streams, and similar production-based interests, which is managed and reviewed by the Company's CEO who is the chief operating decision maker.

Revenue by geographical region includes revenues earned from royalties and streams and is determined by the geographic area of the mining operations giving rise to the royalty revenue. The Company's revenue by geographical area during the three months ended March 31, 2026, and 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue by geographical region: |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $**277** | $- |
| &nbsp;&nbsp;&nbsp;Brazil | **1232** | 760 |
| &nbsp;&nbsp;&nbsp;Mexico | **994** | 600 |
| &nbsp;&nbsp;&nbsp;USA | **561** | 361 |
| **Total revenue** | $**3064** | $1721 |

---

**Condensed Interim Consolidated Financial Statements Page 16**

------

**METALLA ROYALTY & STREAMING LTD.**<br>**NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026, AND 2025**<br>(Unaudited - Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**14.** **SEGMENTED INFORMATION (CONT'D…)**

The geographical region of royalties, streams, and other mining interests are determined by the geographic area of the mining operations related to the royalties, streams and other mining interests. As at March 31, 2026, and December 31, 2025, non-current assets were located in the following geographical regions:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| Non-current assets by geographical region: |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $**41711** | $41711 |
| &nbsp;&nbsp;&nbsp;Australia | **6967** | 6974 |
| &nbsp;&nbsp;&nbsp;Brazil | **14922** | 15067 |
| &nbsp;&nbsp;&nbsp;Canada | **41202** | 40303 |
| &nbsp;&nbsp;&nbsp;Chile | **62419** | 62419 |
| &nbsp;&nbsp;&nbsp;Mexico | **48683** | 48875 |
| &nbsp;&nbsp;&nbsp;USA | **39780** | 39782 |
| &nbsp;&nbsp;&nbsp;Other | **204** | 303 |
| **Total non-current assets** | $**255888** | $255434 |

---

**Condensed Interim Consolidated Financial Statements Page 17**

------

## Exhibit 99.2

------

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, Brett Heath, Chief Executive Officer of Metalla Royalty & Streaming Ltd., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Metalla Royalty & Streaming Ltd. (the "issuer") for the interim period ended **March 31, 2025.**

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it 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 the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 ***ICFR - material weakness relating to design:*** N/A

5.3 ***Limitation on scope of design:*** N/A

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred ‎during the period ‎beginning on January 1, 2026 ‎and ended on March 31, 2026 that has ‎materially affected, or is reasonably likely to ‎materially affect, the issuer's ICFR. ‎

**Date: May 14, 2026**

*"Brett Heath"*

Brett Heath

Chief Executive Officer

------

## Exhibit 99.3

------

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, Saurabh Handa, Chief Financial Officer of Metalla Royalty & Streaming Ltd., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Metalla Royalty & Streaming Ltd. (the "issuer") for the interim period ended **March 31, 2026.**

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it 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 the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 ***ICFR - material weakness relating to design:*** N/A

5.3 ***Limitation on scope of design:*** N/A

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred ‎during the period beginning on January 1, 2026 ‎and ended on March 31, 2026 that has ‎materially affected, or is reasonably likely to materially affect, the issuer's ICFR. ‎

**Date: May 14, 2026**

*"Saurabh Handa"*

Saurabh Handa

Chief Financial Officer

## Exhibit 99.4

------

![](exhibit99-4xu003.jpg)

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<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 May 13, 2026, should be read in conjunction with the Company's condensed interim consolidated financial statements for the three months ended March 31, 2026, 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**"), applicable to the preparation of interim financial statements including International Accounting Standard 34 – Interim Financial Reporting. Readers are encouraged to consult the Company's audited annual consolidated financial statements for the year ended December 31, 2025, and the corresponding notes to the financial statements, and the related annual MD&A.

Additional information relevant to the Company is available for viewing on SEDAR+ at <u>www.sedarplus.ca</u> and on the EDGAR section of the U.S. Securities and Exchange Commission ("**SEC**") website at <u>www.sec.gov</u>.

---

| | |
|:---|:---|
| **INDEX** |  |
| [General](#page_2) | [2](#page_2) |
| [Company Overview](#page_3) | [3](#page_3) |
| [Company Highlights](#page_3) | [3](#page_3) |
| [Outlook](#page_4) | [4](#page_4) |
| [Portfolio of Royalties and Streams](#page_5) | [5](#page_5) |
| [Summary of Quarterly Results](#page_16) | [16](#page_16) |
| [Results of Operations](#page_17) | [17](#page_17) |
| [Liquidity and Capital Resources](#page_17) | [17](#page_17) |
| [Transactions with Related Parties](#page_19) | [19](#page_19) |
| [Off-Balance Sheet Arrangements](#page_19) | [19](#page_19) |
| [Proposed Transactions](#page_20) | [20](#page_20) |
| [Commitments](#page_20) | [20](#page_20) |
| [Financial Instruments](#page_21) | [21](#page_21) |
| [Non-IFRS Financial Measures](#page_23) | [23](#page_23) |
| [Critical Accounting Estimates and Judgments](#page_24) | [24](#page_24) |
| [Disclosure Controls and internal control over financial reporting](#page_25) | [25](#page_25) |
| [Risk Factors](#page_25) | [25](#page_25) |
| [Qualified Persons](#page_25) | [25](#page_25) |
| [Technical and Third-Party Information](#page_25) | [25](#page_25) |
| [Cautionary Statement on Forward-Looking Statements](#page_26) | [26](#page_26) |

---

*Glossary of terms:*

* <sup>*Au: gold; Ag: silver; Cu: copper; Zn: zinc; and Pb: lead.*</sup>

* <sup>*kt: kilotonnes; Mt: million tonnes; g/t: grams per tonne; dmt: dry metric tonnes; 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.*</sup>

* <sup>*C$; Canadian Dollar; A$: Australian Dollar.*</sup>

 *See the Company's website at https://www.metallaroyalty.com/ for the complete list and further details.*

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 2** |

---

------

**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**COMPANY OVERVIEW**

Metalla is a royalty and streaming company that is focused on acquiring and originating 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 streams. 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**

Key Company highlights during the three months ended March 31, 2026, and subsequent period include:

* Recognized revenue from royalty and stream interests, including fixed royalty payments, of $3.1 million which represented a 78% increase compared to $1.7 million for the three months ended March 31, 2025; net income of $0.1 million compared to a net loss of $0.7 million for the three months ended March 31, 2025; and Adjusted EBITDA of $1.9 million representing an increase of 115% compared to Adjusted EBITDA of $0.9 million for the three months ended March 31, 2025 *(see Non-IFRS Financial Measures)*;

* Received or accrued payments on 660 attributable Gold Equivalent Ounces ("**GEOs**") (three months ended March 31, 2025 - 628) at an average realized price of $4,871 per attributable GEO (three months ended March 31, 2025 - $2,855) *(see Non-IFRS Financial Measures)*;

* On May 5, 2026, IAMGOLD Corp. ("**IAMGOLD**") reported it plans to release an updated technical report prepared in accordance with National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* ("**NI 43-101**") in the fourth quarter of 2026 that is expected to outline a larger scale Côté gold mine with a conceptual mine plan including both the Côté and Gosselin zones. IAMGOLD also stated that results from the 2025 Gosselin drilling program will be included in an updated Mineral Reserve and Mineral Resource estimate for Côté gold expected in the second quarter of 2026;

* On April 30, 2026, Agnico Eagle Mines Ltd. ("**Agnico**") announced milling from Amalgamated Kirkland ("**AK**") is expected to start in the second quarter of 2026, and on February 26, 2026, Silver Storm Mining Ltd. ("**Silver Storm**") announced production at La Parrilla was expected to start in the second quarter of 2026 (*See Portfolio of Royalties and Streams*). Metalla expects to receive initial cash flows from both AK and La Parrilla during the 2026 fiscal year, potentially as early as the second quarter of 2026; and

* On February 19, 2026, First Quantum Minerals Ltd. ("**First Quantum**") announced the filing of an updated technical report for the Taca Taca project prepared in accordance with NI 43-101 with an effective date of December 31, 2025. The findings of the technical report support the development of Taca Taca as an open pit mine with an initial mine life of 35 years, initial processing capacity of 40 Mtpa with an expansion to 60 Mtpa in the fifth year of operations, and average annual production of 291 kt of copper and 133 koz of gold in the first ten years. Proven and Probable Mineral Reserves total 1,990 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,429 kt of copper and 5,532 koz gold, and Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold.

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 3** |

---

------

**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

Key operating and financial metrics for the Company include:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue from royalty interests<sup>(1)</sup> | $**3064** | $1721 |
| Net income (loss) | $**111** | $(731) |
| Adjusted EBITDA<sup>(2)</sup> | $**1863** | $866 |
| Total attributable GEOs<sup>(2)</sup> | **660** | 628 |
| Average realized price per attributable GEO<sup>(2)</sup> | $**4871** | $2855 |

---

*(1) Includes fixed royalty payments.* 

*(2) For the methodology used to calculate these measures see Non-IFRS Financial Measures.*

**OUTLOOK**

In 2026, the Company expects to receive or accrue payments on 3,500 to 4,500 attributable GEOs<sup>(1)</sup><sup>(2)</sup>. The lower end of the range reflects current operating assumptions and known constraints, while the upper end incorporates the potential impact of improved grades, continued ramp-up of key assets, and contributions from new sources of cash flow. Primary sources of cash flows from royalties and streams for 2026 are expected to include Tocantinzinho, Wharf, Aranzazu, Endeavor, La Encantada, La Guitarra, and based on operator disclosures, the Company also expects to receive initial cash flows in 2026 from Amalgamated Kirkland and La Parrilla.

Attributable GEOs are expected to be weighted toward the second half of 2026, reflecting the timing of higher-grade production and the continued ramp-up of key assets.

Achievement of guidance will be influenced by the following:

* Wharf deliveries are expected to be lower in the first half of 2026, with crushing capacity anticipated to be restored in the second quarter of 2026;

* Tocantinzinho deliveries are expected to be more heavily weighted to the second half of the year, as higher grade ore is scheduled to be mined under the mine plan;

* Deliveries from Endeavor are expected to increase progressively over the course of the year as operations continue to ramp up; and

* Relative price performance of gold versus other commodities and the resulting impact on GEO calculation.

*(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.*

*(2) The pricing used to calculate the attributable GEOs include Gold $4,500/oz, Silver $75/oz, and Copper $5/lb .*

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 4** |

---

------

**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**PORTFOLIO OF ROYALTIES AND STREAMS**

As at the date of this MD&A, the Company owned 99 royalties, streams, and other interests. Seven of the royalties and streams are in the production stage, forty are in the development stage, and the remainder are in the exploration stage.

**Production and Sales from Royalties and Streams** 

The following table summarizes the attributable GEOs sold by the Company's royalty partners:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
| **Attributable GEOs<sup>(1)</sup> during the period from:** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Tocantinzinho | **253** | 266 |
| &nbsp;&nbsp;&nbsp;Wharf | **115** | 126 |
| &nbsp;&nbsp;&nbsp;Aranzazu | **133** | 164 |
| &nbsp;&nbsp;&nbsp;Endeavor | **57** |  |
| &nbsp;&nbsp;&nbsp;La Guitarra | **41** | 29 |
| &nbsp;&nbsp;&nbsp;La Encantada | **30** | 17 |
| &nbsp;&nbsp;&nbsp;NLGM<sup>(2)</sup> | **31** | 26 |
| **Total attributable GEOs<sup>(1)</sup>** | **660** | 628 |

---

*(1) For the methodology used to calculate attributable GEOs, see Non-IFRS Financial Measures.*

*(2) Adjusted for the Company's proportionate share of the New Luika Gold Mine ("**NLGM**") held by Silverback Ltd.*

**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** |
| Aranzazu | Aura Minerals Inc. | Zacatecas, Mexico | Cu, Au,Ag, Mo | 1.0% NSR |
| Endeavor | Polymetals Resources | NSW, Australia | Zn, Pb, Ag | 4.0% NSR |
| La Encantada | First Majestic Silver | Coahuila, Mexico | Au | 100% GVR<sup>(1)</sup> |
| La Guitarra | Sierra Madre Gold | Mexico State, Mexico | Ag | 2.0% NSR<sup>(2)</sup> |
| New Luika | Saturn Resources | Tanzania | Au, Ag | 15% Ag Stream |
| Tocantinzinho | G Mining | Pará, Brazil | Au | 0.75% GVR |
| Wharf | Coeur Mining | South Dakota, USA | Au | 1.0% GVR |

---

*(1) 100% gross value royalty on gold produced at the La Encantada mine limited to 1.0 koz annually.*

*(2) Subject to partial buy-back and/or exemption.*

Below are updates during the three months ended March 31, 2026, and subsequent period to certain production stage assets, based on information publicly filed by the applicable project owner:

<u>**Tocantinzinho**</u>

On April 21, 2026, G Mining Ventures Corp. ("**G Mining**") announced gold production of 31,846 oz and gold sales of 33,776 oz at Tocantinzinho during the first quarter of 2026. G Mining also maintained its 2026 production guidance of 160-190 koz of gold with production expected to be weighted towards the second half of the year with approximately 62% of production expected in the second half of the year as higher-grade mineralization becomes available in accordance with the mine plan.

On March 12, 2026, G Mining provided its year-end Mineral Reserves and Resources at Tocantinzinho which consisted of Proven and Probable Reserves of 1.87 Moz of gold at a grade of 1.17 g/t contained in 49,784 kt, and Measured and Indicated Resources of 1.92 Moz gold at a grade of 1.25 g/t within 47,665 kt. G Mining also stated the 2026 exploration budget for Tocantinzinho is set at $8-10 million with the intent of discovering the next deposit within the Tocantinzinho land package.

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 5** |

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------

**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

Metalla accrued 253 GEOs from Tocantinzinho for the first quarter of 2026.

Metalla holds a 0.75% GVR royalty on Tocantinzinho.

<u>**Wharf**</u>

On May 6, 2026, Coeur Mining, Inc. ("**Coeur**") reported first quarter gold production of 9.8 koz at Wharf. Production for the quarter was lower than the previous quarter due to the impact of fire damage to portions of the tertiary crusher which occurred in November 2025. Crushing during the period was completed via a temporary mobile crusher, with a second temporary crusher added early in the second quarter. Coeur reported that commissioning of the repaired crusher was now complete and is expected to allow a return to normal crushing and placement rates for the balance of 2026. Exploration expenditures during the first quarter were $3 million, exploration in 2026 is expected to build on the 2025 expansion and infill drilling at Juno and North Foley with the aim of adding to both Reserves and Resources. Other targets, including Annie Creek and Summit Flat, are also expected to undergo expansion and infill drilling, while scout drilling is expected to commence to continue development of the inferred pipeline. Coeur also reiterated its previous guidance for 2026 of 72-90 koz gold production and $10-$12 million on exploration expenses.

On February 17, 2026, Coeur announced an updated NI 43-101 compliant technical report for Wharf that nearly doubled the mine life to approximately 12 years. Proven and Probable Mineral Reserves at Wharf increased by 65% to 1.25 Moz of gold at a grade of 0.71 g/t, contained within 55.1 Mt, and Measured and Indicated Resources of 1.19 Moz gold at a grade of 0.6 g/t, contained within 61.8 Mt. Coeur stated that Wharf remains positioned for additional meaningful mine life extensions, with a total Inferred resource estimate of 72.9 Mt at 0.63 g/t for 1.49 Moz gold.

Metalla accrued 115 GEOs from Wharf for the first quarter of 2026.

Metalla holds a 1.0% GVR royalty on the gold produced at Wharf mine.

<u>**Aranzazu**</u>

On April 10, 2026, Aura Minerals Inc. ("**Aura**") reported first quarter production from Aranzazu of 15,694 GEOs *(as defined by Aura)*, marking a 17% decrease over the fourth quarter of 2025, resulting mainly from metal prices as higher gold and silver prices negatively impacted the conversion to GEOs *(as defined by Aura)*. Aura stated that the results were in line with their mine plan and expects production to increase in the back half of the year.

Metalla accrued 133 GEOs from Aranzazu for the first quarter of 2026.

Metalla holds a 1.0% NSR royalty on Aranzazu.

<u>**Endeavor**</u>

On April 14, 2026, Polymetals Resources Ltd. ("**Polymetals**") reported silver production of 547,302 oz, zinc production of 1,917 kt, and lead production of 1,148 kt in the first quarter of 2026. A total of 59,264 tonnes were mined and processed from the Main Lode in January and February, with mill maintenance conducted in March. Access development to higher-grade Main Lode stopes was advanced during the quarter with planned production in the June quarter. Polymetals also reported that it expects continuous mining of the Upper North Lode ("**UNL**") at a rate of 20,000 tonnes per month for at least 18 months from May 2026.

On March 9, 2026, Polymetals reported that mining of high-grade silver ore from the UNL at the Endeavor mine commenced in February, with stoping now underway and about 11,000 tonnes mined to date. Polymetals also stated that, given the exceptional value of the UNL material, it plans to undertake a trial shipment of 30,000 tonnes of ore directly to a smelter to take advantage of highly attractive smelter terms and strong demand for silver. Direct shipment of ore has the potential to enhance realized metal value relative to concentrate production.

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 6** |

---

------

**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

Metalla accrued 57 GEOs from Endeavor for the first quarter of 2026.

Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor.

<u>**La Guitarra**</u>

On April 29, 2026, Sierra Madre Gold and Silver Ltd. ("**Sierra Madre**") reported the first stage of the La Guitarra production expansion is expected to come on-line in Q2 2026 with a meaningful reduction of unit costs as throughputs increase from the 500 tpd to 750-800 tpd.

On February 17, 2026, Sierra Madre provided an update on the planned expansion of the La Guitarra processing facility as part of its two-stage expansion at the La Guitarra silver-gold mine complex. Stage one is expected to increase processing capacity from 500 tpd to 750-800 tpd, with plant upgrades, tailings handling improvements, and equipment purchases already underway. Stage two is expected to increase processing capacity to 1,200-1,500 tpd by Q3 2027.

Metalla accrued 41 GEOs from La Guitarra for the first quarter of 2026.

Metalla holds a 2.0% NSR Royalty on La Guitarra, subject to a 1.0% buyback for $2.0 million. The Company's NSR royalty covers 100% of the Guitarra complex, including the Guitarra, Coloso, and Nazareno mines.

<u>**La Encantada**</u>

On April 9, 2026, First Majestic Silver Corp. ("**First Majestic**") reported production of 27 oz of gold from La Encantada in the first quarter of 2026. During the quarter, two surface drill rigs completed 3,229 m of drilling to test several new exploration targets.

On February 19, 2026, First Majestic reported that mining contractors were engaged at La Encantada to accelerate development, ore flow and development rates to budget levels during the quarter. One underground rig and one surface rig completed 1,863 meters of drilling on the property to test the La Esquina exploration target.

Metalla accrued 30 GEOs from La Encantada for the first quarter of 2026.

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** |

---

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**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** |
| 15-Mile | St. Barbara | Halifax, Nova Scotia | Au | 1.0% NSR |
| 15-Mile (Plenty Deposit) | St. Barbara | Halifax, Nova Scotia | Au | 3.0% NSR<sup>(1)</sup> |
| Akasaba West | Agnico Eagle Mines | Val d'Or, Quebec | Au, Cu | 2.0% NSR<sup>(1)</sup> |
| 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 | Capricorn Metals | Nevada, USA | Au | 2.0% NSR<sup>(2)</sup> |
| Castle Mountain | Equinox Gold | California, USA | Au | 5.0% NSR |
| Copper World Complex | Hudbay/Mitsubishi | USA | Cu-Mo-Ag-Au | 0.315% NSR<sup>(3)</sup> |
| COSE | Patagonia Gold | Santa Cruz, Argentina | Au, Ag | 1.5% NSR |
| Côté and Gosselin | IAMGOLD | Gogama, Ontario | Au | 1.5% NSR |
| Del Toro | First Majestic Silver | Zacatecas, Mexico | Ag, Au | 2.0% NSR |
| Dumont | Nion Nickel | Canada | Ni-Co | 2.0% NSR<sup>(1)</sup> |
| El Realito | Agnico Eagle Mines | Sonora, Mexico | Au, Ag | 2.0% NSR<sup>(1)</sup> |
| Esperanza | Zacatecas Silver | Morelos, Mexico | Ag | 20% Ag Stream<sup>(5)</sup> |
| Fosterville | Agnico Eagle Mines | Victoria, Australia | Au | 2.5% GVR |
| Garrison | STLLR Gold | Kirkland Lake, Ontario | Au | 2.0% NSR |
| Gurupi | G Mining | Maranhao, Brazil | Au | 1.0%-2.0% NSR<sup>(6)</sup> |
| Hoyle Pond Extension | Discovery Silver | Timmins, Ontario | Au | 2.0% NSR<sup>(1)</sup> |
| Joaquin | Unico Silver | Santa Cruz, Argentina | Au, Ag | 2.0% NSR |
| Josemaria | Lundin Mining | Argentina | Cu-Au-Ag | 0.08% NPI<sup>(3)(4)</sup> |
| La Fortuna | Minera Alamos | Durango, Mexico | Au, Ag, Cu | 3.5% NSR<sup>(7)</sup> |
| 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 | San Juan, Argentina | Au | 2.5% GPR<sup>(8)</sup> |
| Lama | Barrick Gold | San Juan, Argentina | Cu | 0.25% NSR<sup>(9)</sup> |
| 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<sup>(1)</sup> |
| Saddle North | Newmont Corporation | Canada | Cu-Au-Ag | 0.25% NSR<sup>(3)</sup> |
| 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<sup>(1)</sup> |
| Taca Taca | First Quantum | Argentina | Cu-Au-Mo | 0.42% NSR<sup>(1)</sup> |
| Twin Metals | Antofagasta PLC | USA | Cu-Ni | 2.4% NSR |
| Vizcachitas | Los Andes Copper | Chile | Cu-Mo | 0.98%; 0.49% NSR<sup>(10)</sup> |
| Wasamac | Agnico Eagle Mines | Rouyn-Noranda, Quebec | Au | 1.5% NSR<sup>(1)</sup> |
| West Timmins Extension | Pan American Silver | Timmins, Ontario | Au | 1.5% NSR<sup>(1)</sup> |
| 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.*

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 8** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

Below are updates during the three months ended March 31, 2026, and subsequent period to certain development stage assets, based on information publicly filed by the applicable project owner:

<u>**Côté-Gosselin**</u>

On May 5, 2026, IAMGOLD reported it plans to release an updated technical report prepared in accordance with NI 43-101 in the fourth quarter of 2026 that is expected to outline a larger scale Côté gold mine with a conceptual mine plan including both the Côté and Gosselin zones. The technical report is expected to envision an expansion of the processing plant from 36,000 tpd to 50,000 - 55,000 tpd, with a mine plan targeting a subset of the combined mineral inventory that currently measures 18.2 million ounces Measured and Indicated Mineral Resources and 2.2 million ounces Inferred Mineral Resources. IAMGOLD also stated that it will publish an updated Mineral Reserve and Mineral Resource estimate for Côté gold in the second quarter of 2026 to incorporate the final infill holes at the end of last year with the goal to further upgrade ounces to Measured and Indicated.

IAMGOLD also reported that following the completion of the delineation diamond drilling program in 2025, 2026 activities will include 10,000 m of exploration drilling to test the north and north-east area of the Gosselin zone, of which 4,400 m were drilled in the first quarter. The results of the 2025 Gosselin drilling program will be included in the updated Mineral Reserves and Mineral Resources estimate expected in the second quarter of 2026. The estimate will inform the planned updated technical report which will consider a larger scale Côté gold mine with a conceptual mine plan targeting both the Côté and Gosselin zones.

Metalla holds a 1.5% NSR royalty that covers substantially all of the Gosselin Mineral Resource estimate and less than 10% of the Côté Mineral Reserves and Resources estimate in the northeastern portion of the Côté pit. The royalty provides significant leverage to the advancement and potential development of the Gosselin deposit.

<u>**Taca Taca**</u>

On February 19, 2026, First Quantum announced the filing of an updated technical report for the Taca Taca project prepared in accordance with NI 43-101, with an effective date of December 31, 2025. The findings of the technical report support the development of Taca Taca as an open pit mine with an initial processing capacity of 40 Mtpa with an expansion to 60 Mtpa in the fifth year of operations. Highlights of the technical report include:

* average annual copper production of 291 kt in the first ten years and life-of-mine average annual production of 209 kt;

* average annual gold production of 133 koz in the first ten years and life-of-mine average annual production of 96 koz;

* initial mine life of 35 years;

* pre-stripping and construction activities expected to take approximately 3.5 years;

* Proven and Probable Mineral Reserves total 1,990 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,429 kt of copper and 5,532 koz gold; and

* Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold.

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.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 9** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

<u>**Amalgamated Kirkland and North AK**</u>

On April 30, 2026, Agnico announced that it had received a permit amendment allowing ore from the AK deposit to be processed at the LZ5 processing facility at LaRonde. Trucking of ore from the AK deposit to the LZ5 facility commenced in April 2026, with milling expected in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 40,000 ounces of gold in 2026.

Metalla expects to receive initial cash flows from AK during the 2026 fiscal year and holds a 0.45% NSR royalty on the Amalgamated Kirkland and North AK properties.

<u>**La Parrilla**</u>

On April 21, 2026, Silver Storm reported drill results from the 910 m diamond drilling program at the San Nicolas zone at the La Parrilla mining complex. Highlights included Hole IDP-SN-26-001 that returned 473 g/t AgEq over 3.60 m, including 740 g/t AgEq over 1.65 m and 527 g/t AgEq over 0.90 m, which combined with previously drilled holes confirmed the presence of a high-grade block of mineralization extending at least 90 m above the last mine stopes. Additionally, holes IDP-SN-26-003 to 005 and EDP-SN-26-001 to 003 have confirmed the extension of the San Nicolas zone more than 85 m at depth below the last mined stopes. Silver Storm has recently added a second underground drill rig to advance the current drilling program more rapidly.

On February 26, 2026, Silver Storm reported that rehabilitation plans at La Parrilla were 50% complete with production restart expected in the second quarter of 2026. Work on the primary feed and crushing circuit is nearing completion, while the flotation circuit is advancing toward an increase in nominal processing capacity from 1,000 to 1,250 tonnes per day. Rehabilitation of the oxide circuit is also underway and is expected to be completed early in the second quarter of 2026. Work is also continuing in the milling area, including upgrades to the ball mills and related infrastructure.

Metalla expects to receive initial cash flows from La Parrilla during the 2026 fiscal year and holds a 2.0% NSR royalty on La Parrilla.

<u>**Gurupi**</u>

On March 12, 2026, G Mining provided year-end Mineral Reserves and Resources at Gurupi which consisted of Indicated Resources of 1.83 Moz gold at a grade of 1.31 g/t within 43,512 kt, and Inferred Resources of 0.77 Moz gold at a grade of 1.29 g/t within 18,518 kt. G Mining also stated the project continues to advance through technical studies with an updated Mineral Resource Estimate and a Preliminary Economic Assessment targeted for the second half of 2026. The 2026 exploration budget at Gurupi totals $21 million, supporting resource definition drilling, resumption of regional exploration, and the advancement of the Environmental and Social Impact Assessment (EISA), which is expected to be filed in the second half of 2026.

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 Gurupi.

<u>**Wasamac**</u>

On April 30, 2026, Agnico announced a potential underground satellite operation with a planned mining rate of approximately 3,200 tpd at Wasamac. Ore is expected to be transported to the Canadian Malartic mill for processing, with average annual gold production expected of 90,000 ounces as early as 2033. In the first quarter of 2026, Agnico stated that they advanced optimization and trade-off studies alongside permitting activities and engagement with stakeholders.

Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buyback of 0.5% for C$7.5 million.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 10** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

<u>**Castle Mountain**</u>

On May 6, 2026, Equinox Gold Corp. ("**Equinox**") reported in its first quarter MD&A that it expects to release an updated feasibility study for Castle Mountain in the second half of 2026. Equinox stated that it is focused on advancing the engineering work for the Castle Mountain expansion during 2026. An investment decision is expected during the first half of 2027 and is subject to a positive federal permitting decision, the receipt of county and state permits, and approval from its board of directors. Equinox further stated that the draft Environmental Impact Statement (EIS), issued by the Bureau of Land Management, and the draft Environmental Impact Report (EIR) issued by the state lead agency under the California Environmental Quality Act were both published for public comment period of 25 days on April 17, 2026, and their permitting schedule remains on track for issuance of the final EIS and Record Decision during Q4 2026.

Metalla holds a 5.0% NSR royalty on the South Domes area of Castle Mountain.

<u>**Copper World**</u>

On March 27, 2026, Hudbay Minerals Inc. ("**Hudbay**") announced the expected completion of the definitive feasibility study for Copper World in mid-2026. Hudbay also stated that it has continued to execute detailed engineering work and other de-risking activities, in preparation for a sanctioning decision expected in 2026.

On January 12, 2026, Hudbay announced the closing of a strategic investment from Mitsubishi Corporation for a 30% joint venture ownership interest in Copper World LLC, the entity that holds the Copper World project, for $420 million paid at closing. Hudbay intends to use the proceeds to fund the remaining definitive feasibility study costs and initial project development costs for Copper World. Mitsubishi will contribute an additional $180 million within 18 months and will contribute its pro-rata share of future equity capital contributions to build the Copper World mine.

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.

<u>**Del Toro**</u>

On April 28, 2026, Sierra Madre announced that the acquisition of Del Toro was approved by a majority of its shareholders at a special meeting of its shareholders held on April 28, 2026, and that closing of the transaction is anticipated to occur in mid-May 2026.

Metalla holds a 2.0% NSR royalty on Del Toro.

<u>**15-Mile**</u>

On April 29, 2026, St Barbara Limited ("**St Barbara**") confirmed the outstanding project economics and optimal environmental and social outcomes from the Prefeasibility Study on the 15-Mile Processing Hub project. Production from the project is anticipated to begin in 2030 and is expected to be sourced solely from the four deposits at 15-Mile until year 3 at which time Cochrane Hill ore mining and haulage commences, and with Beaver Dam ore mining and haulage then anticipated to start in Year 4.

On January 21, 2026, St Barbara announced the results of the 15-Mile Processing Hub Prefeasibility Study, which outlined strong economics and an average production of 103 Koz of gold per year over an 11-year mine life. The study proposes a central mill and tailings facility at 15-Mile, with ore sourced exclusively from 15-Mile until Year 3 of operations, followed by the addition of Cochrane Hill ore in Year 3 and Beaver Dam ore in Year 4. St Barbara noted that environmental baseline monitoring across the 15-Mile Processing Hub continues to advance, supporting permitting and development. In parallel, stakeholder engagement has progressed, with work underway on the Environmental and Impact Assessment through 2027 alongside the feasibility study. Based on an indicative project development timeline, commissioning and production could potentially be as early as 2030.

Metalla holds a 1.0% NSR royalty on the 15-Mile Stream project, and 3.0% NSR royalty on the Plenty and Seloam Brook deposits.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 11** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

<u>**Dumont**</u>

On February 25, 2026, Dumont Nickel LP ("**Dumont Nickel**") announced its plans for the Dumont project, including: finalizing a financing package with governments, private investors, and industrial partners; concluding offtake agreements for concentrate; launching detailed engineering in the third quarter of 2026; and starting construction in 2027. Dumont Nickel also stated that the Dumont project remains the only North American project recognized by the European Economic Commission, and one of the most advanced in the world in the development-ready category.

Metalla holds a 2.0% NSR royalty on Dumont, subject to a buyback of 1.0% for C$1.0 million.

<u>**Joaquin**</u>

On May 7, 2026, Unico Silver Ltd. ("**Unico**") reported assay results from 75 drill holes totalling 9,563 meters at Joaquin focused on the La Negra SE and La Morocha SE discoveries and Breccia Puntudo structural trend. Unico continues to observe strong and consistent drill results with mineralization extending beyond the March 2026 Mineral Resource across multiple prospects. Mineralization remains open along the 3.5 km Breccia Puntudo trend and step-out and extensional drilling continues to deliver wide zones of oxide mineralization at La Negra SE and La Morocha SE.

On March 17, 2026, Unico announced a JORC(2012) Mineral Resource Estimate for Joaquin which detailed Indicated and Inferred Resources of 45.3 Mt grading 85 g/t silver and 0.36% gold for 123 Moz of silver and 522 koz of gold. The updated Mineral Resource Estimate was underpinned by 27,723 m of drilling completed since April 2025. Unico also stated that the maiden pre-feasibility study is on track for Q3 2026, with key technical programs underway including metallurgy, pit optimization, geotechnical studies, flowsheet design and environmental baseline work.

Metalla holds a 2.0% NSR royalty on Joaquin.

<u>**Garrison**</u>

On April 27, 2026, STLLR Gold Inc. ("**STLLR**") announced additional assay results from its 2026 drilling program at the Jonpol deposit, situated in the Garrison property at the easter end of the Tower Gold project. Highlights included one target yielding 6.03 g/t Au over 22.25 m including 12.67 g/t Au over 9.25 m, and another target yielding 2.14 g/t Au over 33.86 m including 14.89 g/t Au over 2.33 m. The 2026 drilling program has an estimated 8,000 m of planned drilling in the first half of the year and is designed to deliver two primary objectives: first strike extension with the majority of 2026 program targeting the western extension of Jonpol's open-pit mineralization, with plans to expand the strike from 400 m as currently defined in the Tower Gold project Preliminary Economic Assessment to approximately 1,200 m, with Jonpol open along strike and at depth; and second infill drilling to confirm the block model and support the potential expansion of the higher-grade mineralization to incorporate into a future Mineral Resource Estimate.

On April 7, 2026, STLLR announced the first set of assay results from its 2026 drilling program at the Jonpol deposit. The first batch of assays intersected high-grade mineralization along the western strike extension, highlights included one target yielding 9.22 g/t Au over 5.85 m and another target yielding 1.46 g/t Au over 22.65 m.

Metalla holds a 2.0% NSR royalty on Garrison.

<u>**La Joya**</u>

On April 20, 2026, Silver Dollar Resources Inc. ("**SLV**") announced the commencement of diamond drilling at La Joya. The 3,500 m drilling program will test targets outside the historical resource area, focusing on the Noria portion and will specifically target the five target areas disclosed in January 2026.

On January 26, 2026, SLV announced its 2026 exploration plans at La Joya. SLV stated they remain focused on its exploration strategy shift from potential open pit to underground at La Joya. SLV is continuing to reinterpret historical data, targeting higher-grade underground mineralization within the La Joya mineralized complex.

Metalla holds a 2.0% NSR royalty on La Joya.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 12** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

<u>**Plomosas**</u>

On February 5, 2026, GR Silver Mining Ltd. ("**GR Silver**") announced positive results from its metallurgical test work studies conducted as part of the Bulk Sampling Test Mining ("**BSTM**") program at Plomosas. Sampled and composite feed grades in zones targeted for the BSTM in the historical Plomosas Mine produced concentrates that were within acceptable commercial specifications with no concerns over potential penalties or deleterious elements. GR Silver stated that the key objective for these studies was to support basic engineering and design of a pilot plant as part of ongoing de-risking efforts to potentially bring the historical Plomosas Mine back into production. External independent engineers have been engaged to integrate the test work data into preliminary engineering, design and costing studies, which are being used to source alternatives for a range of pilot plant capacities. The external independent engineering team has initiated assessment of potential options to secure key equipment or a full modular pilot plant in Mexico.

Metalla holds a 2.0% NSR royalty on Plomosas, subject to a buyback of 1.0% for $1.0 million.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 13** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**Exploration Stage Assets**

As at the date of this MD&A, the Company owned a royalty interest in a portfolio of properties that are in the exploration stage, including:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | Evolve Royalties | Flin Flon, Manitoba | Au | 2.0% NSR |
| Bint Property | Glencore | Timmins, Ontario | Au | 2.0% NSR |
| Biricu | Minaurum Silver | Guerrero, Mexico | Au, Ag | 2.0% NSR |
| Black Ridge (Carlin East) | Ridgeline Minerals | Nevada, USA | Au | 0.5% NSR<sup>(3)</sup> |
| 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/Copper Standard | Peru | Au, Ag | 1.0% NSR |
| Colbert/Anglo | Discovery Silver | Timmins, Ontario | Au | 2.0% NSR |
| Copper King | Pacific Empire Minerals | Canada | Cu-Au | 1.0% NSR |
| DeSantis Mine | Loyalist Exploration | 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<sup>(2)</sup> |
| Fenn-Gib 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 | Capricorn Metals | Nevada, USA | Au | 2.0% NSR<sup>(3)</sup> |
| Goodfish Kirana | Kirkland Lake 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<sup>(2)</sup> |
| Jersey Valley | Not Applicable | Nevada, USA | Au | 2.0% NSR |
| Kings Canyon | Infield Minerals | 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 | Kirkland Lake Discov. | Kirkland Lake, Ontario | Au | 1.0% NSR<sup>(1)</sup> |
| Montclerg | GFG Resources | Timmins, Ontario | Au | 1.0% NSR |
| Northshore West | Newpath Resources | 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<sup>(4)</sup> |
| 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<sup>(1)</sup> |
| Red Hill | Not Applicable | Nevada, USA | Au | 1.5% GOR |
| Ronda | PTX Metals | Shining Tree, Ontario | Au | 2.0% NSR<sup>(2)</sup> |
| 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 | Discovery Silver | Timmins, Ontario | Au | 2.0% NSR |
| West Matachewan | Laurion/Canadian Gold | Canada | Au | 1.0% NSR<sup>(2)</sup> |
| Wollaston | Transition Metals Corp. | Canada | Cu-Ag | 1.0% NSR |

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*(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.*

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 14** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

Below are updates during the three months ended March 31, 2026, and subsequent period for certain exploration stage assets, based on information publicly filed by the applicable project owner:

<u>**TVZ Zone**</u>

On April 23, 2026, Discovery Silver Corp. ("**Discovery**") announced drilling at the TVZ project included 17 holes for 5,803 m to confirm and expand the TVZ Zone. Results from the program were positive and included multiple significant assays from the TVZ1 and TVZ2 zones, which mark the north and south limits of the zone. Discovery stated that drilling at TVZ is ongoing with two drills operating on the 1210 level and one drill on the 1410 level. Drilling on the 1210 level is primarily focused on infilling and extending mineralization proximal to historic drilling, while drilling on the 1410 level continues to test the projected down plunge extension of the TVZ Zone. The current work program is designed to infill and expand the TVZ Zone, with drilling ongoing from historic drill platforms, in preparation for an initial NI 43-101 mineral resource in late 2026.

Metalla holds a 2.0% NSR royalty on the TVZ Zone.

<u>**Tower Mountain**</u>

On April 20, 2026, Thunder Gold Corp. ("**Thunder Gold**") announced initial drill results from the 2026 drill program, including the identification of a new gold discovery, at the Tower Mountain property. Drilling at the Star target, approximately 500 m west of the current optimized pit limit that defines the current Mineral Resource estimate, has identified at-surface gold grades over significant interval lengths.

On March 10, 2026, Thunder Gold announced that it had filed a NI 43-101 Technical Report supporting the Mineral Resource estimate at the Tower Mountain project. On January 26, 2026, Thunder Gold announced the results of the inaugural Mineral Resource estimate at the Tower Mountain project, including an Indicated Mineral Resource of 34.5 Mt averaging 0.46 g/t gold for a total of 514 koz gold and an Inferred Mineral Resource of 211.1 Mt averaging 0.45 g/t gold for a total of 3.05 Moz gold. Thunder Gold also announced plans to deliver a Preliminary Economic Assessment in 2027.

Metalla holds a 2.0% NSR royalty on Tower Mountain.

<u>**Mirado Mine**</u>

On April 1, 2026, Kirkland Lake Discoveries Corp. ("**KLDC**") announced the start of its 2026 diamond drilling program at the past-producing Mirado property located 20 km southeast of Kirkland Lake, Ontario. This campaign marks the first systematic and fully integrated, large-scale exploration of the asset in over a decade, aiming to expand known high-grade zones and test new structural targets. KLDC stated that the 2026 program is designed to move the Mirado property toward a modern resource update.

On April 16, 2026, and April 23, 2026, KLDC announced assay results from its first and second drill holes from its ongoing 2026 diamond drilling program at the Mirado property. Hole KLM26-001 highlights included 5.66 g/t Au over 18.2 m, including 23.03 g/t Au over 4.3 m. The second drill hole, targeting the South Zone at Mirado, stepped out 75 m southeast of KLM26-001 and confirmed continuous mineralization with 1.01 g/t Au from 11.0 m to 132.0 m, including a high-grade interval of 7.41 g/t over 4.8 m from 74.2 m. Ongoing drilling will continue to focus on step-out targeting along strike and at depth, while systematically evaluating the down-plunge potential of the South Zone and testing geophysical targets, including the deep IP anomaly.

On May 4, 2026, KLDC announced additional assay results with Hole KLM26-004 highlights included 39.35 g/t Au over 16.4m from 53.6 m to 70 m, including 106.9 g/t Au over 6.0 m and 1,670 g/t over 0.38 m, and 2.22 g/t Au over 26.1 m from 78.7 m to 104.8 m, including 3.75 g/t Au over 13.5 m. KLDC further stated that results from drill hole KLM26-004, located approximately 40 m southeast of KLM26-002, confirm the lateral continuity of the South Zone mineralized system and demonstrate the presence of high-grade shoots within the broader mineralized envelope with geological continuity.

Metalla holds a 1.0% NSR royalty on the Mirado Mine.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 15** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

<u>**DeSantis Mine**</u>

On April 23, 2026, Loyalist Exploration Ltd. ("**Loyalist**") announced the completion of a preliminary review of the past-producing DeSantis Mine located approximately 4.5 km southwest of Timmins, Ontario. The preliminary review focused on 488 historical drill holes totaling 101,945 m of surface and underground drilling, 21,158 gold assays from core samples, wireframes of historical mine workings, and wire frames of the Hydrothermal Zone ("**HZ**") and the Albitite Zone ("**AZ**"), the two main gold-mineralized domains historically recognized at the DeSantis Mine. Loyalist stated that the review has identified six priority targets including shallow up-dip extension of the AZ, shallow west extension of the HZ, depth extension of the AZ, possible parallel zone above the AZ, deep isolated anomaly (DS12-003A), and west property target, highlighting the signification exploration potential of the property.

Metalla holds a 1.5% NSR royalty on the DeSantis Mine.

**SUMMARY OF QUARTERLY RESULTS**

The following table provides selected financial information for the eight most recently completed financial quarters to March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
|  | **2026** | **2025** | **2025** | **2025** |
| Revenue from royalty and stream interests | $**3064** | $3323 | $4000 | $2695 |
| Net income (loss) | **111** | (2403) | 629 | (1736) |
| Earnings (loss) per share - basic and diluted | **0.001** | (0.03) | 0.01 | (0.02) |
| Weighted average shares outstanding – basic | **93212062** | 92631004 | 92543216 | 92521443 |
| Weighted average shares outstanding – diluted | **95671170** | 92631004 | 94680847 | 92521443 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
|  | **2025** | **2024** | **2024** | **2024** |
| Revenue from royalty and stream interests | $1721 | $2130 | $1622 | $875 |
| Net income (loss) | (731) | (1084) | (1169) | (1491) |
| Earnings (loss) per share - basic and diluted | (0.01) | (0.01) | (0.01) | (0.02) |
| Weighted average shares outstanding – basic | 92341558 | 91850425 | 91641647 | 91486913 |
| Weighted average shares outstanding – diluted | 92341558 | 91850425 | 91641647 | 91486913 |

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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 March 31, 2026, net income increased compared to the prior period primarily due to lower general and administrative expenses which are typically the highest in the fourth quarter of the fiscal year.

* For the three months ended December 31, 2025, revenue decreased compared to the prior period primarily due to a decrease in revenue from Endeavor, due to a safety incident and a temporary suspension of operations. Net loss increased compared to the prior period due to a decrease in revenue and higher general and administrative expenses, which are typically higher for the fourth quarter of the fiscal year.

* For the three months ended September 30, 2025, revenue increased compared to the prior period primarily due to the commencement of payment from Endeavor. Net income increased compared to the prior period primarily due to the increase in revenue and not incurring the one-time charges in the prior period related to the retirement of the convertible loan facility.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 16** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

* For the three months ended June 30, 2025, revenue increased compared to the prior period primarily due to increases from Tocantinzinho, Wharf, and Aranzazu. Net loss increased primarily due to the loss on extinguishment of the convertible loan facility of $0.7 million and $0.5 million in foreign exchange losses upon extinguishment of the C$ denominated convertible loan facility, offset partially by the increase in revenue.

* For the three months ended March 31, 2025, revenue decreased compared to the prior period primarily due to lower amounts from Wharf and Tocantinzinho. Net loss decreased due to lower general and administrative expenses, and lower share-based payments compared to the prior period, offset partially by lower revenues and foreign exchange gains compared to the prior period.

* For the three months ended December 31, 2024, revenue increased compared to the prior period 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 compared to the prior period 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. 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.

**RESULTS OF OPERATIONS**

**Three Months Ended March 31, 2026**

The Company earned net income of $0.1 million for the three months ended March 31, 2026 ("**Q1 2026**"), compared with a net loss of $0.7 million for the three months ended March 31, 2025 ("**Q1 2025**").

Significant items impacting the change in net income included the following:

* an increase in revenue from $1.7 million in Q1 2025 to $3.1 million in Q1 2026, primarily due to increases in revenue earned in the current period from Tocantinzinho, Aranzazu, Wharf, and due to the addition of revenue from Endeavor which had not started in the comparative period;

* an increase in general and administrative expenses from $0.9 million in Q1 2025 to $1.5 million in Q1 2026, primarily due to higher compensation and corporate administration costs; and

* an increase in tax expense from less than $0.1 million in Q1 2025 to $0.2 million in Q1 2026, primarily related to higher revenues earned in the current period.

**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.

The Company's cash balance as at March 31, 2026, was $10.0 million (December 31, 2025 - $9.8 million) and its working capital was $10.0 million (December 31, 2025 - $9.0 million). 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 Tocantinzinho, Aranzazu, Wharf, Endeavor, La Encantada, and La Guitarra royalties, and drawdowns under the revolving credit facility. The Company may also raise funds by entering into new debt agreements, selling non-core assets, or issuance of shares through public and/or private placements.

During the three months ended March 31, 2026, cash increased by $0.2 million. The increase was due to cash provided by operating activities of $1.0 million, cash used in investing activities of $1.1 million, and cash generated by financing activities of $0.2 million. Exchange rate changes had an impact on cash of less than $0.1 million.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 17** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**Revolving Credit Facility**

On June 24, 2025, Metalla entered into a definitive agreement with BMO and NBF for a revolving credit facility of $40.0 million (the "**RCF**"), with an accordion feature for an additional $35.0 million of availability (the "**Accordion**"), subject to certain conditions, to increase the facility to $75.0 million. BMO is the administrative agent of the Facility, and BMO and NBF are co-lead arrangers and joint bookrunners. Upon close, the Company drew down $13.1 million from the RCF and incurred transaction costs of $1.1 million which will be amortized over the term of the loan.

The RCF will be available to finance acquisitions and investments, and for general corporate purposes. The RCF has a maturity date of June 24, 2028, which is extendable annually for one year on the mutual agreement of Metalla, BMO, and NBF. Drawdowns under the RCF can either be USD base rate advances which will bear an interest rate equal to a base rate plus applicable margin, or can be term benchmark advances which will bear an interest rate equal to the Secured Overnight Financing Rate ("**SOFR**") plus a credit spread adjustment of 0.10%, plus an applicable margin of 2.50% to 3.50% per annum depending on the Company's net leverage ratio. The undrawn portion of the RCF is subject to standby fee of 0.56% to 0.79% per annum depending on the Company's net leverage ratio.

The RCF is subject to standard conditions and covenants which include a net leverage ratio, an interest coverage ratio, and a minimum liquidity amount. The Company was in compliance with all financial covenants as at the last day of the quarter ended March 31, 2026. The RCF is secured by a first-ranking security interest over all present and future property and assets of the Company and its material subsidiaries.

As at March 31, 2026, the amount drawn on the RCF was $13.1 million, the availability under the RCF was $26.9 million, and the transaction costs, net of accumulated amortization were $0.8 million.

**Cash Flows from Operating Activities**

During the three months ended March 31, 2026, cash provided by operating activities was $1.0 million and was primarily the result of net income of $0.1 million, increased by $1.5 million for items not affecting cash, and partially offset by a $0.6 million decrease in non-cash working capital items. During the three months ended March 31, 2025, cash provided by operating activities was $0.6 million and was primarily the result of a net loss of $0.7 million, partially offset by $1.5 million for items not affecting cash, and a $0.2 million decrease in non-cash working capital items.

**Cash Flows from Investing Activities**

During the three months ended March 31, 2026, cash used by the Company's investing activities was $1.1 million and was primarily related to payments in the period to settle acquisition payables partially offset from payments of dividends from Silverback. During the three months ended March 31, 2025, cash provided by the Company's investing activities was $0.1 million and was primarily related to payments of dividends from Silverback.

**Cash Flows from Financing Activities** 

During the three months ended March 31, 2026, cash provided by the Company's financing activities was $0.2 million, and was primarily related to proceeds from the exercise of stock options of $0.5 million offset by the payment of interest of $0.2 million and finance charges of less than $0.1 million. During the three months ended March 31, 2025, cash used in the Company's financing activities was $1.4 million, and was primarily related to payment of interest of $0.8 million and payment of finance charges of $0.6 million.

**Outstanding Share Data**

As at the date of this MD&A the Company had the following:

* 93,442,762 Common Shares issued and outstanding;

* 2,666,557 stock options outstanding with a weighted average exercise price of C$5.79; and

* 1,221,960 unvested restricted share units.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 18** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**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.

**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 RCF. 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.

**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, and Chris Beer in their capacity as directors of the Company).

The aggregate value of transactions relating to key management were as follows:

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| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Salaries and fees | $**355** | $323 |
| Share-based payments | **712** | 447 |
| **Total related party expenses** | $**1067** | $770 |

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As at March 31, 2026, the Company had $Nil due to directors and management related to remuneration and expense reimbursements, which have been included in accounts payable and accrued liabilities. As at March 31, 2026, 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.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 19** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**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.

**COMMITMENTS**

**Contractual Commitments**

As at March 31, 2026, the Company had the following contractual commitments:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than** | **1 to** | **Over** |  |
|  | **1 year** | **3 years** | **3 years** | **Total** |
| Trade and other payables | $1953 | $- | $- | $**1953** |
| Loans payable principal and interest payments<sup>(1)</sup> | 839 | 14578 |  | **15417** |
| Payments related to acquisition of royalties and streams<sup>(2)(3)</sup> | 2148 |  |  | **2148** |
| **Total commitments** | $**4940** | $**14578** | $**-** | $**19518** |

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*(1) Payments required to be made on the RCF based on the closing balance, applicable interest rate, and availability under the RCF as at March 31, 2026.*

*(2) Payment required for the acquisition of the royalty on the Lama project of $1.25 million which will be payable in cash in January 2027.*

*(3) Payment of $0.9 million (C$1.25 million) in cash required for a milestone payment under the Hoyle Pond Extension property. Payment of C$0.5 million was completed in cash in May 2026 and the remainder is expected to be made prior to the completion of the third quarter of 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 March 31, 2026.

As at March 31, 2026, the Company had the following contingent commitments:

* the Company is obligated to make potential payments in connection with its acquisition of its royalty on the Gurupi 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 Gurupi 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 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; and

* The Company is obligated to make 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 assignee makes a fully-financed construction decision on the Vizcachitas project;‎ (ii) Los Andes Copper or its successor or assignee 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 assignee sells ‎the Vizcachitas project ‎or ‎ Los Andes Copper to an arms' length third party.‎

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|:---|:---|
| **Management's Discussion and Analysis** | **Page 20** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**FINANCIAL INSTRUMENTS**

**Classification**

The Company classified its financial instruments as follows:

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| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| **Financial assets** |  |  |
| Amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**9971** | $9794 |
| &nbsp;&nbsp;&nbsp;Royalty and stream receivables | **2932** | 4312 |
| &nbsp;&nbsp;&nbsp;Other receivables | **86** | 67 |
| Fair value through profit or loss: |  |  |
| &nbsp;&nbsp;&nbsp;Marketable securities | **405** | 260 |
| **Total financial assets** | $**13394** | $14433 |
| **Financial liabilities** |  |  |
| Amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | $**1953** | $3966 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility | **12264** | 12176 |
| &nbsp;&nbsp;&nbsp;Acquisition payables | **2148** | 2446 |
| **Total financial liabilities** | $**16365** | $18588 |

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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**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and cash equivalents, accounts receivables (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, included in prepaid expenses and other on the Company's statement of financial position, 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 three months ended March 31, 2026, and the year ended December 31, 2025.

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|:---|:---|
| **Management's Discussion and Analysis** | **Page 21** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

The RCF and acquisition payables are carried at amortized cost. The RCF is classified within Level 2 because its applicable interest rate includes an adjustment based on the Company's net leverage ratio and a credit spread adjustment. As at March 31, 2026, the fair value of the RCF was $11.5 million (December 31, 2025 - $11.4 million). In prior periods, the Company had derivative loan liabilities embedded in the A&R Loan Facility that were carried at fair value and were classified within Level 3 of the fair value hierarchy, with the retirement of the A&R Loan Facility on June 24, 2025, the Company no longer has any derivative loan liabilities.

**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 and stream interests, its cash on-hand, and its committed liabilities. The maturities of the Company's loan liabilities are disclosed in Note 5 of the Company's condensed interim consolidated financial statements as at and for the three months ended March 31, 2026. All current liabilities are settled within one year.

**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, 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 March 31, 2026, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, and Mexican peso would result in an increase/decrease in the Company's pre-tax loss of less than $0.1 million.

**Interest Rate Risk**

Interest rate risk is the risk that the fair value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. The only financial instrument that is subject to interest rate risk is the RCF, which bears a variable interest rate when drawn. The undrawn portion of the RCF is subject to standby charges. There is no significant impact on the Company's pre-tax loss with a 1% increase or decrease in the interest rate charged on the RCF as at March 31, 2026.

**Commodity Price Risk**

The Company's royalties, streams, and other interests are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold, copper, and silver are the primary drivers of the Company's profitability and ability to generate free cash flow. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.

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|:---|:---|
| **Management's Discussion and Analysis** | **Page 22** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**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, and (e) Adjusted EBITDA. 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:

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| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Cost of sales for NLGM<sup>(1)</sup> | $**15** | $7 |
| Total cash cost of sales | **15** | 7 |
| Total attributable GEOs | **660** | 628 |
| **Average cash cost per attributable GEO** | $**23** | $11 |

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*(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.

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|:---|:---|
| **Management's Discussion and Analysis** | **Page 23** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<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 and operating cash margin per attributable GEO were:

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| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Royalty revenue (excluding fixed royalty payments) | $**3064** | $1719 |
| Revenue from NLGM<sup>(1)</sup> | **151** | 74 |
| Sales from stream and royalty interests | **3215** | 1793 |
| Total attributable GEOs sold | **660** | 628 |
| **Average realized price per attributable GEO** | $**4871** | $2855 |
| **Operating cash margin per attributable GEO<sup>(2)</sup>** | $**4848** | $2844 |

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*(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.*

**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:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Net income (loss) | $**111** | $(731) |
| Adjusted for: |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **349** | 448 |
| &nbsp;&nbsp;&nbsp;Finance charges | **37** | 80 |
| &nbsp;&nbsp;&nbsp;Income tax provision | **186** | 25 |
| &nbsp;&nbsp;&nbsp;Depletion | **364** | 497 |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss | **36** | 1 |
| &nbsp;&nbsp;&nbsp;Share-based payments <sup>(1)</sup> | **780** | 546 |
| **Adjusted EBITDA** | $**1863** | $866 |

---

*(1) Includes stock options and restricted share units.*

**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, 2025.

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 24** |

---

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

**DISCLOSURE CONTROLS AND INTERNAL CONTROL OVER FINANCIAL REPORTING** 

Management, including the CEO and CFO, is responsible for establishing and maintaining adequate Internal Control over Financial Reporting ("**ICFR**") and Disclosure Controls and Procedures ("**DCP**"), as those terms are defined in NI 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the Company.

The Company's ICFR and DCP 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.

There have been no changes in the Company's ICFR during the three months ended March 31, 2026, which have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Under the supervision and with the participation of management, including the CEO and CFO, management will continue to monitor and evaluate the design and effectiveness of its internal control over financial reporting and disclosure controls and procedures, and may make modifications from time to time as considered necessary.

**Limitations of Controls and Procedures** 

The Company's management, including the CEO and CFO, believe that any disclosure controls and procedures or internal control 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.

**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 25, 2026, which is available on SEDAR+ at <u>www.sedar.com</u> and in the Company's Form 40-F filed with the SEC and available on EDGAR at <u>www.sec.gov/edgar</u>.

**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 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.

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 25** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

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 from the requirements of 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.

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 RCF;

* the effective interest rate of drawdowns under the RCF and the life expectancy thereof;

* the amounts that Metalla has to pay under the RCF;

* 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;

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 26** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

* the Company undertaking any offering of securities under its base shelf prospectus and corresponding registration statement;

* the 2026 exploration budget for Tocantinzinho and its focus;

* the expected 2026 production guidance at Tocantinzinho;

* the expected 2026 production guidance at Wharf;

* the planned exploration activities at Wharf in 2026;

* the planned exploration budget at Wharf for 2026;

* the mine life extensions at Wharf;

* the expected production increase at Aranzazu and the timing thereof;

* the planned production at Endeavor;

* the planned shipments of ores to a smelter for Endeavor, and the related realization of value;

* the expected production expansion at La Guitarra, the reduction of unit costs, and the timing thereof;

* the two-stage exploration program at La Guitarra;

* the potential increase nameplate processing capacity at La Guitarra and the timing thereof;

* the completion of an updated NI 43-101 Technical Report for Côté gold mine including Gosselin and the timing thereof;

* the expansion of the processing plant at Côté;

* the release of an updated Mineral Reserve and Mineral Resource estimate for Côté and the timing thereof;

* the exploration activities at Côté in 2026;

* the inclusion of the results of the Gosselin exploration program into an updated mineral reserve and resource estimate and the timing thereof;

* the mine life and processing capacity at Taca Taca;

* the expected production at Taca Taca;

* the pre-stripping and construction activities at Taca Taca and the timing thereof;

* the review of the ESIA for Taca Taca by the Secretariat of Mining of Salta Province, and the expected timing for approval thereof;

* the submission of an application for the RIGI regime for Taca Taca;

* the milling of the ores from the AK deposit and the timing thereof;

* the expected 2026 production guidance at AK;

* the receipt of initial cash flows from AK and the timing thereof;

* the various works at La Parrilla related to the restart of operations and the timing thereof;

* the restart of operations at La Parrilla and the timing thereof;

* the receipt of initial cash flows from La Parrilla and the timing thereof;

* the release of an updated Mineral Resource Estimate and Preliminary Economic Assessment for Gurupi and the timing thereof;

* the exploration budget for Gurupi in 2026 and its focus;

* the filing of an environmental and social impact assessment for Gurupi and the timing thereof;

* the potential underground satellite operation and the planned mining rate at Wasamac;

* the expected milling of Wasamac ore at Canadian Malartic mill;

* the expected gold production at Wasamac and the timing thereof;

* the release of an updated feasibility study for Castle Mountain and the timing thereof;

* the advancement of engineering work for the Castle Mountain expansion and the timing thereof;

* the investments decision about Castle Mountain and the timing thereof;

* the receipt of required permits and approvals for Castle Mountain;

* the issuance of the final EIS and Record Decision for Castle Mountain and the timing thereof;

* the completion of a definitive feasibility study for Copper World and the timing thereof;

* the sanction decision for Copper World and the timing thereof;

* the use of proceeds from the Mitsubishi investment at Copper World;

* the expected additional contributions by Mitsubishi into Copper World and the timing thereof;

* the completion of Sierra Madre's acquisition of Del Toro and the timing thereof;

* the commencement and source of production at 15-Mile and the timing thereof;

* the mine life and expected production at 15-Mile;

* the production plans suggested for 15-Mile in the prefeasibility study;

* the completion of environmental baseline monitoring at 15-Mile;

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 27** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

* the work related to the Environmental and Impact Assessment and the feasibility study for 15-Mile and timing thereof;

* the commencement of commissioning and production activities at 15-Mile and the timing thereof;

* the finalization of a financing package, the engineering work and the commencement of construction at Dumont and the timing thereof;

* the release of a pre-feasibility study for Joaquin and the timing thereof;

* the 2026 drilling program at Garrison;

* the extension and expansion plans at Garrison;

* the de-risking efforts at Plomosas to bring it back into production;

* the drilling program and TVZ Zone;

* the release of an initial mineral resource for TVZ Zone and the timing thereof;

* the completion of a Preliminary Economic Assessment for Tower Mountain and the timing thereof;

* the 2026 exploration program at Mirado;

* the ongoing drilling at Mirado;

* the amount and timing of the attributable GEOs expected by the Company in 2026, and the factors that will include the same;

* the expected cash flows from the Wharf, Tocantinzinho, Aranzazu, Endeavor, La Encantada and La Guitarra 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 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 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;‎

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 28** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

* 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;‎

* that Metalla may be subject to litigation, claims, actions, regulatory or governmental investigations, audits and other proceedings in the ordinary course of business;

* 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 RCF;

* 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.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 29** |

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**METALLA ROYALTY & STREAMING LTD.**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE MONTHS ENDED MARCH 31, 2026**<br>(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

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.

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | **Page 30** |

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## Exhibit 99.5

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**CONSENT OF CHARLES BEAUDRY**

The undersigned hereby consents to the inclusion in the Management's Discussion & Analysis of Metalla Royalty & Streaming Ltd. (the "Company") for the period ended March 31, 2026 of references to the undersigned as a non-independent qualified person and the undersigned's name with respect to the disclosure of technical and scientific information contained therein.

The undersigned further consents to the inclusion or incorporation of all references to the undersigned in Company's Registration Statements on Form F-10 (No. 333-280367) and Form S-8 (Nos. 333-234659, 333-249938, 333-265835, 333-276265 and 333-293092). This consent extends to any amendments to the Form F-10 or Form S-8s, including post-effective amendments.<br>

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| |
|:---|
| */s/ Charles Beaudry* |
| Charles Beaudry |
| May 14, 2026 |

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## Exhibit 99.6

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![](exhibit99-6x001.jpg)

**METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF<br>2026 AND PROVIDES ASSET UPDATES**

(All dollar amounts are in thousands of United States dollars unless otherwise indicated, except for shares, per<br>ounce, and per share amounts)

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| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE** | <u>**TSXV: MTA**</u><br><u>**NYSE American: MTA**</u> |
| **May 14, 2026** |  |

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**Vancouver, Canada: Metalla Royalty & Streaming Ltd.** ("**Metalla**" or the "**Company**") (TSXV: MTA) (NYSE American: MTA) announces its operating and financial results for the three months ended March 31, 2026. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2026, please see the Company's filings on SEDAR+ (<u>www.sedarplus.ca</u>) or EDGAR (<u>www.sec.gov</u>). Shareholders are encouraged to visit the Company's website at <u>www.metallaroyalty.com</u>.

Brett Heath, CEO of Metalla, commented, *"The first quarter of 2026 represents a step-change in cash flow and long-term value for Metalla shareholders. We delivered Adjusted EBITDA of $1.9 million, a 115% increase over the prior-year period, and returned to net income on revenue of $3.1 million, with our six producing royalties generating an operating cash margin of $4,848 per GEO. For 2026, we expect production to be weighted to the second half of the year as Tocantinzinho and Wharf advance toward their full-year guidance, La Parrilla and Amalgamated Kirkland contribute their first cash flows, and our cornerstone development assets Côté-Gosselin and Taca Taca continue to advance toward meaningful, value-creating milestones."* 

**COMPANY HIGHLIGHTS**

Key Company highlights during the three months ended March 31, 2026, and subsequent period include:

* Recognized revenue from royalty and stream interests, including fixed royalty payments, of $3.1 million which represented a 78% increase compared to $1.7 million for the three months ended March 31, 2025; net income of $0.1 million, compared to a net loss of $0.7 million for the three months ended March 31, 2025; and Adjusted EBITDA of $1.9 million representing an increase of 115% compared to Adjusted EBITDA of $0.9 million for the three months ended March 31, 2025 *(see Non-IFRS Financial Measures)*;

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* Received or accrued payments on 660 attributable Gold Equivalent Ounces ("**GEOs**") at an average realized price of $4,871 per attributable GEO *(see Non-IFRS Financial Measures)*;

* On May 5, 2026, IAMGOLD Corp. ("**IAMGOLD**") reported it plans to release an updated technical report prepared in accordance with National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* ("**NI 43-101**") in the fourth quarter of 2026 that is expected to outline a larger scale Côté gold mine with a conceptual mine plan including both the Côté and Gosselin zones. IAMGOLD also stated that results from the 2025 Gosselin drilling program will be included in an updated Mineral Reserve and Mineral Resource estimate for Côté gold expected in the second quarter of 2026;

* On April 30, 2026, Agnico Eagle Mines Ltd. ("**Agnico**") announced milling from Amalgamated Kirkland ("**AK**") is expected to start in the second quarter of 2026, and on February 26, 2026, Silver Storm Mining Ltd. ("**Silver Storm**") announced production at La Parrilla was expected to start in the second quarter of 2026 (*See Asset Updates*). Metalla expects to receive initial cash flows from both AK and La Parrilla during the 2026 fiscal year, potentially as early as the second quarter of 2026; and

* February 19, 2026, First Quantum Minerals Ltd. ("**First Quantum**") announced the filing of an updated technical report for the Taca Taca project prepared in accordance with NI 43-101 with an effective date of December 31, 2025. The findings of the technical report support the development of Taca Taca as an open pit mine with an initial mine life of 35 years, initial processing capacity of 40 Mtpa with an expansion to 60 Mtpa in the fifth year of operations, and average annual production of 291 kt of copper and 133 koz of gold in the first ten years. Proven and Probable Mineral Reserves total 1,990 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,429 kt of copper and 5,532 koz gold, and Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold.

Key operating and financial metrics for the Company include:

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| | |
|:---|:---|
|  | ***Three months*** |
|  | ***ended*** |
|  | ***March 31, 2026*** |
| &nbsp;&nbsp;Revenue from royalty interests<sup>(1)</sup> | $**3064** |
| &nbsp;&nbsp;Net income | $**111** |
| &nbsp;&nbsp;Adjusted EBITDA<sup>(2)</sup> | $**1863** |
| &nbsp;&nbsp;Total attributable GEOs<sup>(2)</sup> | **660** |
| &nbsp;&nbsp;Average realized price per attributable GEO<sup>(2)</sup> | $**4871** |

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*(1) Includes fixed royalty payments.* 

*(2) For the methodology used to calculate these measures including GEOs see Non-IFRS Financial Measures.*

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**ASSET UPDATES**

Below are updates during the three months ended March 31, 2026, and subsequent period to certain of the Company's assets, based on information publicly filed by the applicable project owner:

<u>**Producing Assets**</u>

***Tocantinzinho***

On April 21, 2026, G Mining Ventures Corp. ("**G Mining**") announced gold production of 31,846 oz and gold sales of 33,776 oz at Tocantinzinho during the first quarter of 2026. G Mining also maintained its 2026 production guidance of 160-190 koz of gold with production expected to be weighted towards the second half of the year with approximately 62% of production expected in the second half of the year as higher-grade mineralization becomes available in accordance with the mine plan.

On March 12, 2026, G Mining provided its year-end Mineral Reserves and Resources at Tocantinzinho which consisted of Proven and Probable Reserves of 1.87 Moz of gold at a grade of 1.17 g/t contained in 49,784 kt, and Measured and Indicated Resources of 1.92 Moz gold at a grade of 1.25 g/t within 47,665 kt. G Mining also stated the 2026 exploration budget for Tocantinzinho is set at $8-10 million with the intent of discovering the next deposit within the Tocantinzinho land package.

Metalla accrued 253 GEOs from Tocantinzinho for the first quarter of 2026.

Metalla holds a 0.75% GVR royalty on Tocantinzinho.

***Wharf***

On May 6, 2026, Coeur Mining, Inc. ("**Coeur**") reported first quarter gold production of 9.8 koz at Wharf. Production for the quarter was lower than the previous quarter due to the impact of fire damage to portions of the tertiary crusher which occurred in November 2025. Crushing during the period was completed via a temporary mobile crusher, with a second temporary crusher added early in the second quarter. Coeur reported that commissioning of the repaired crusher was now complete and is expected to allow a return to normal crushing and placement rates for the balance of 2026. Exploration expenditures during the first quarter were $3 million, exploration in 2026 is expected to build on the 2025 expansion and infill drilling at Juno and North Foley with the aim of adding to both Reserves and Resources. Other targets, including Annie Creek and Summit Flat, are also expected to undergo expansion and infill drilling, while scout drilling is expected to commence to continue development of the inferred pipeline. Coeur also reiterated its previous guidance for 2026 of 72-90 koz gold production and $10-$12 million on exploration expenses.

On February 17, 2026, Coeur announced an updated NI 43-101 compliant technical report for Wharf that nearly doubled the mine life to approximately 12 years. Proven and Probable Mineral Reserves at Wharf increased by 65% to 1.25 Moz of gold at a grade of 0.71 g/t, contained within 55.1 Mt, and Measured and Indicated Resources of 1.19 Moz gold at a grade of 0.6 g/t, contained within 61.8 Mt. Coeur stated that Wharf remains positioned for additional meaningful mine life extensions, with a total Inferred resource estimate of 72.9 Mt at 0.63 g/t for 1.49 Moz gold.

Metalla accrued 115 GEOs from Wharf for the first quarter of 2026.

------

Metalla holds a 1.0% GVR royalty on the gold produced at Wharf mine.

***Aranzazu***

On April 10, 2026, Aura Minerals Inc. ("**Aura**") reported first quarter production from Aranzazu of 15,694 GEOs *(as defined by Aura)*, marking a 17% decrease over the fourth quarter of 2025, resulting mainly from metal prices as higher gold and silver prices negatively impacted the conversion to GEOs *(as defined by Aura)*. Aura stated that the results were in line with their mine plan and expects production to increase in the back half of the year.

Metalla accrued 133 GEOs from Aranzazu for the first quarter of 2026.

Metalla holds a 1.0% NSR royalty on Aranzazu.

***Endeavor***

On April 14, 2026, Polymetals Resources Ltd. ("**Polymetals**") reported silver production of 547,302 oz, zinc production of 1,917 kt, and lead production of 1,148 kt in the first quarter of 2026. A total of 59,264 tonnes were mined and processed from the Main Lode in January and February, with mill maintenance conducted in March. Access development to higher-grade Main Lode stopes was advanced during the quarter with planned production in the June quarter. Polymetals also reported that it expects continuous mining of the Upper North Lode ("**UNL**") at a rate of 20,000 tonnes per month for at least 18 months from May 2026.

On March 9, 2026, Polymetals reported that mining of high-grade silver ore from the UNL at the Endeavor mine commenced in February, with stoping now underway and about 11,000 tonnes mined to date. Polymetals also stated that, given the exceptional value of the UNL material, it plans to undertake a trial shipment of 30,000 tonnes of ore directly to a smelter to take advantage of highly attractive smelter terms and strong demand for silver. Direct shipment of ore has the potential to enhance realized metal value relative to concentrate production.

Metalla accrued 57 GEOs from Endeavor for the first quarter of 2026.

Metalla holds a 4.0% NSR royalty on lead, zinc and silver produced from Endeavor.

***La Guitarra***

On April 29, 2026, Sierra Madre Gold and Silver Ltd. ("**Sierra Madre**") reported the first stage of the La Guitarra production expansion is expected to come on-line in Q2 2026 with a meaningful reduction of unit costs as throughputs increase from the 500 tpd to 750-800 tpd.

On February 17, 2026, Sierra Madre provided an update on the planned expansion of the La Guitarra processing facility as part of its two-stage expansion at the La Guitarra silver-gold mine complex. Stage one is expected to increase processing capacity from 500 tpd to 750-800 tpd, with plant upgrades, tailings handling improvements, and equipment purchases already underway. Stage two is expected to increase processing capacity to 1,200-1,500 tpd by Q3 2027.

Metalla accrued 41 GEOs from La Guitarra for the first quarter of 2026.

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Metalla holds a 2.0% NSR Royalty on La Guitarra, subject to a 1.0% buyback for $2.0 million. The Company's NSR royalty covers 100% of the Guitarra complex, including the Guitarra, Coloso, and Nazareno mines.

***La Encantada***

On April 9, 2026, First Majestic Silver Corp. ("**First Majestic**") reported production of 27 oz of gold from La Encantada in the first quarter of 2026. During the quarter, two surface drill rigs completed 3,229 m of drilling to test several new exploration targets.

On February 19, 2026, First Majestic reported that mining contractors were engaged at La Encantada to accelerate development, ore flow and development rates to budget levels during the quarter. One underground rig and one surface rig completed 1,863 meters of drilling on the property to test the La Esquina exploration target.

Metalla accrued 30 GEOs from La Encantada for the first quarter of 2026.

Metalla holds a 100% GVR royalty on gold produced at the La Encantada mine limited to 1.0 koz annually.

<u>**Development & Exploration Stage Assets**</u>

***Côté-Gosselin***

On May 5, 2026, IAMGOLD reported it plans to release an updated technical report prepared in accordance with NI 43-101 in the fourth quarter of 2026 that is expected to outline a larger scale Côté gold mine with a conceptual mine plan including both the Côté and Gosselin zones. The technical report is expected to envision an expansion of the processing plant from 36,000 tpd to 50,000 - 55,000 tpd, with a mine plan targeting a subset of the combined mineral inventory that currently measures 18.2 million ounces Measured and Indicated Mineral Resources and 2.2 million ounces Inferred Mineral Resources. IAMGOLD also stated that it will publish an updated Mineral Reserve and Mineral Resource estimate for Côté gold in the second quarter of 2026 to incorporate the final infill holes at the end of last year with the goal to further upgrade ounces to Measured and Indicated.

IAMGOLD also reported that following the completion of the delineation diamond drilling program in 2025, 2026 activities will include 10,000 m of exploration drilling to test the north and north-east area of the Gosselin zone, of which 4,400 m were drilled in the first quarter. The results of the 2025 Gosselin drilling program will be included in the updated Mineral Reserves and Mineral Resources estimate expected in the second quarter of 2026. The estimate will inform the planned updated technical report which will consider a larger scale Côté gold mine with a conceptual mine plan targeting both the Côté and Gosselin zones.

Metalla holds a 1.5% NSR royalty that covers substantially all of the Gosselin Mineral Resource estimate and less than 10% of the Côté Mineral Reserves and Resources estimate in the northeastern portion of the Côté pit. The royalty provides significant leverage to the advancement and potential development of the Gosselin deposit.

------

***Taca Taca***

On February 19, 2026, First Quantum announced the filing of an updated technical report for the Taca Taca project prepared in accordance with NI 43-101, with an effective date of December 31, 2025. The findings of the technical report support the development of Taca Taca as an open pit mine with an initial processing capacity of 40 Mtpa with an expansion to 60 Mtpa in the fifth year of operations. Highlights of the technical report include:

* average annual copper production of 291 kt in the first ten years and life-of-mine average annual production of 209 kt;

* average annual gold production of 133 koz in the first ten years and life-of-mine average annual production of 96 koz;

* initial mine life of 35 years;

* pre-stripping and construction activities expected to take approximately 3.5 years;

* Proven and Probable Mineral Reserves total 1,990 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,429 kt of copper and 5,532 koz gold; and

* Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold.

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.

***Amalgamated Kirkland and North AK***

On April 30, 2026, Agnico announced that it had received a permit amendment allowing ore from the AK deposit to be processed at the LZ5 processing facility at LaRonde. Trucking of ore from the AK deposit to the LZ5 facility commenced in April 2026, with milling expected in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 40,000 ounces of gold in 2026.

Metalla expects to receive initial cash flows from AK during the 2026 fiscal year and holds a 0.45% NSR royalty on the Amalgamated Kirkland and North AK properties.

***La Parrilla***

On April 21, 2026, Silver Storm reported drill results from the 910 m diamond drilling program at the San Nicolas zone at the La Parrilla mining complex. Highlights included Hole IDP-SN-26-001 that returned 473 g/t AgEq over 3.60 m, including 740 g/t AgEq over 1.65 m and 527 g/t AgEq over 0.90 m, which combined with previously drilled holes confirmed the presence of a high-grade block of mineralization extending at least 90 m above the last mine stopes. Additionally, holes IDP-SN-26-003 to 005 and EDP-SN-26-001 to 003 have confirmed the extension of the San Nicolas zone more than 85 m at depth below the last mined stopes. Silver Storm has recently added a second underground drill rig to advance the current drilling program more rapidly.

------

On February 26, 2026, Silver Storm reported that rehabilitation plans at La Parrilla were 50% complete with production restart expected in the second quarter of 2026. Work on the primary feed and crushing circuit is nearing completion, while the flotation circuit is advancing toward an increase in nominal processing capacity from 1,000 to 1,250 tonnes per day. Rehabilitation of the oxide circuit is also underway and is expected to be completed early in the second quarter of 2026. Work is also continuing in the milling area, including upgrades to the ball mills and related infrastructure.

Metalla expects to receive initial cash flows from La Parrilla during the 2026 fiscal year and holds a 2.0% NSR royalty on La Parrilla.

***Gurupi***

On March 12, 2026, G Mining provided year-end Mineral Reserves and Resources at Gurupi which consisted of Indicated Resources of 1.83 Moz gold at a grade of 1.31 g/t within 43,512 kt, and Inferred Resources of 0.77 Moz gold at a grade of 1.29 g/t within 18,518 kt. G Mining also stated the project continues to advance through technical studies with an updated Mineral Resource Estimate and a Preliminary Economic Assessment targeted for the second half of 2026. The 2026 exploration budget at Gurupi totals $21 million, supporting resource definition drilling, resumption of regional exploration, and the advancement of the Environmental and Social Impact Assessment (EISA), which is expected to be filed in the second half of 2026.

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 Gurupi.

***Wasamac***

On April 30, 2026, Agnico announced a potential underground satellite operation with a planned mining rate of approximately 3,200 tpd at Wasamac. Ore is expected to be transported to the Canadian Malartic mill for processing, with average annual gold production expected of 90,000 ounces as early as 2033. In the first quarter of 2026, Agnico stated that they advanced optimization and trade-off studies alongside permitting activities and engagement with stakeholders.

Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buyback of 0.5% for C$7.5 million.

***Castle Mountain***

On May 6, 2026, Equinox Gold Corp. ("**Equinox**") reported in its first quarter MD&A that it expects to release an updated feasibility study for Castle Mountain in the second half of 2026. Equinox stated that it is focused on advancing the engineering work for the Castle Mountain expansion during 2026. An investment decision is expected during the first half of 2027 and is subject to a positive federal permitting decision, the receipt of county and state permits, and approval from its board of directors. Equinox further stated that the draft Environmental Impact Statement (EIS), issued by the Bureau of Land Management, and the draft Environmental Impact Report (EIR) issued by the state lead agency under the California Environmental Quality Act were both published for public comment period of 25 days on April 17, 2026, and their permitting schedule remains on track for issuance of the final EIS and Record Decision during Q4 2026.

Metalla holds a 5.0% NSR royalty on the South Domes area of Castle Mountain.

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***Copper World***

On March 27, 2026, Hudbay Minerals Inc. ("**Hudbay**") announced the expected completion of the definitive feasibility study for Copper World in mid-2026. Hudbay also stated that it has continued to execute detailed engineering work and other de-risking activities, in preparation for a sanctioning decision expected in 2026.

On January 12, 2026, Hudbay announced the closing of a strategic investment from Mitsubishi Corporation for a 30% joint venture ownership interest in Copper World LLC, the entity that holds the Copper World project, for $420 million paid at closing. Hudbay intends to use the proceeds to fund the remaining definitive feasibility study costs and initial project development costs for Copper World. Mitsubishi will contribute an additional $180 million within 18 months and will contribute its pro-rata share of future equity capital contributions to build the Copper World mine.

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.

***Del Toro***

On April 28, 2026, Sierra Madre announced that the acquisition of Del Toro was approved by a majority of its shareholders at a special meeting of its shareholders held on April 28, 2026, and that closing of the transaction is anticipated to occur in mid-May 2026.

Metalla holds a 2.0% NSR royalty on Del Toro.

***15-Mile***

On April 29, 2026, St Barbara Limited ("**St Barbara**") confirmed the outstanding project economics and optimal environmental and social outcomes from the Prefeasibility Study on the 15-Mile Processing Hub project. Production from the project is anticipated to begin in 2030 and is expected to be sourced solely from the four deposits at 15-Mile until year 3 at which time Cochrane Hill ore mining and haulage commences, and with Beaver Dam ore mining and haulage then anticipated to start in Year 4.

On January 21, 2026, St Barbara announced the results of the 15-Mile Processing Hub Prefeasibility Study, which outlined strong economics and an average production of 103 Koz of gold per year over an 11-year mine life. The study proposes a central mill and tailings facility at 15-Mile, with ore sourced exclusively from 15-Mile until Year 3 of operations, followed by the addition of Cochrane Hill ore in Year 3 and Beaver Dam ore in Year 4. St Barbara noted that environmental baseline monitoring across the 15-Mile Processing Hub continues to advance, supporting permitting and development. In parallel, stakeholder engagement has progressed, with work underway on the Environmental and Impact Assessment through 2027 alongside the feasibility study. Based on an indicative project development timeline, commissioning and production could potentially be as early as 2030.

Metalla holds a 1.0% NSR royalty on the 15-Mile Stream project, and 3.0% NSR royalty on the Plenty and Seloam Brook deposits.

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***Dumont***

On February 25, 2026, Dumont Nickel LP ("**Dumont Nickel**") announced its plans for the Dumont project, including: finalizing a financing package with governments, private investors, and industrial partners; concluding offtake agreements for concentrate; launching detailed engineering in the third quarter of 2026; and starting construction in 2027. Dumont Nickel also stated that the Dumont project remains the only North American project recognized by the European Economic Commission, and one of the most advanced in the world in the development-ready category.

Metalla holds a 2.0% NSR royalty on Dumont, subject to a buyback of 1.0% for C$1.0 million.

***Joaquin***

On May 7, 2026, Unico Silver Ltd. ("**Unico**") reported assay results from 75 drill holes totalling 9,563 meters at Joaquin focused on the La Negra SE and La Morocha SE discoveries and Breccia Puntudo structural trend. Unico continues to observe strong and consistent drill results with mineralization extending beyond the March 2026 Mineral Resource across multiple prospects. Mineralization remains open along the 3.5 km Breccia Puntudo trend and step-out and extensional drilling continues to deliver wide zones of oxide mineralization at La Negra SE and La Morocha SE.

On March 17, 2026, Unico announced a JORC(2012) Mineral Resource Estimate for Joaquin which detailed Indicated and Inferred Resources of 45.3 Mt grading 85 g/t silver and 0.36% gold for 123 Moz of silver and 522 koz of gold. The updated Mineral Resource Estimate was underpinned by 27,723 m of drilling completed since April 2025. Unico also stated that the maiden pre-feasibility study is on track for Q3 2026, with key technical programs underway including metallurgy, pit optimization, geotechnical studies, flowsheet design and environmental baseline work.

Metalla holds a 2.0% NSR royalty on Joaquin.

***Garrison***

On April 27, 2026, STLLR Gold Inc. ("**STLLR**") announced additional assay results from its 2026 drilling program at the Jonpol deposit, situated in the Garrison property at the easter end of the Tower Gold project. Highlights included one target yielding 6.03 g/t Au over 22.25 m including 12.67 g/t Au over 9.25 m, and another target yielding 2.14 g/t Au over 33.86 m including 14.89 g/t Au over 2.33 m. The 2026 drilling program has an estimated 8,000 m of planned drilling in the first half of the year and is designed to deliver two primary objectives: first strike extension with the majority of 2026 program targeting the western extension of Jonpol's open-pit mineralization, with plans to expand the strike from 400 m as currently defined in the Tower Gold project Preliminary Economic Assessment to approximately 1,200 m, with Jonpol open along strike and at depth; and second infill drilling to confirm the block model and support the potential expansion of the higher-grade mineralization to incorporate into a future Mineral Resource Estimate.

On April 7, 2026, STLLR announced the first set of assay results from its 2026 drilling program at the Jonpol deposit. The first batch of assays intersected high-grade mineralization along the western strike extension, highlights included one target yielding 9.22 g/t Au over 5.85 m and another target yielding 1.46 g/t Au over 22.65 m.

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Metalla holds a 2.0% NSR royalty on Garrison.

***La Joya***

On April 20, 2026, Silver Dollar Resources Inc. ("**SLV**") announced the commencement of diamond drilling at La Joya. The 3,500 m drilling program will test targets outside the historical resource area, focusing on the Noria portion and will specifically target the five target areas disclosed in January 2026.

On January 26, 2026, SLV announced its 2026 exploration plans at La Joya. SLV stated they remain focused on its exploration strategy shift from potential open pit to underground at La Joya. SLV is continuing to reinterpret historical data, targeting higher-grade underground mineralization within the La Joya mineralized complex.

Metalla holds a 2.0% NSR royalty on La Joya.

***Plomosas***

On February 5, 2026, GR Silver Mining Ltd. ("**GR Silver**") announced positive results from its metallurgical test work studies conducted as part of the Bulk Sampling Test Mining ("**BSTM**") program at Plomosas. Sampled and composite feed grades in zones targeted for the BSTM in the historical Plomosas Mine produced concentrates that were within acceptable commercial specifications with no concerns over potential penalties or deleterious elements. GR Silver stated that the key objective for these studies was to support basic engineering and design of a pilot plant as part of ongoing de-risking efforts to potentially bring the historical Plomosas Mine back into production. External independent engineers have been engaged to integrate the test work data into preliminary engineering, design and costing studies, which are being used to source alternatives for a range of pilot plant capacities. The external independent engineering team has initiated assessment of potential options to secure key equipment or a full modular pilot plant in Mexico.

Metalla holds a 2.0% NSR royalty on Plomosas, subject to a buyback of 1.0% for $1.0 million.

***TVZ Zone***

On April 23, 2026, Discovery Silver Corp. ("**Discovery**") announced drilling at the TVZ project included 17 holes for 5,803 m to confirm and expand the TVZ Zone. Results from the program were positive and included multiple significant assays from the TVZ1 and TVZ2 zones, which mark the north and south limits of the zone. Discovery stated that drilling at TVZ is ongoing with two drills operating on the 1210 level and one drill on the 1410 level. Drilling on the 1210 level is primarily focused on infilling and extending mineralization proximal to historic drilling, while drilling on the 1410 level continues to test the projected down plunge extension of the TVZ Zone. The current work program is designed to infill and expand the TVZ Zone, with drilling ongoing from historic drill platforms, in preparation for an initial NI 43-101 mineral resource in late 2026.

Metalla holds a 2.0% NSR royalty on the TVZ Zone.

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***Tower Mountain***

On April 20, 2026, Thunder Gold Corp. ("**Thunder Gold**") announced initial drill results from the 2026 drill program, including the identification of a new gold discovery, at the Tower Mountain property. Drilling at the Star target, approximately 500 m west of the current optimized pit limit that defines the current Mineral Resource estimate, has identified at-surface gold grades over significant interval lengths.

On March 10, 2026, Thunder Gold announced that it had filed a NI 43-101 Technical Report supporting the Mineral Resource estimate at the Tower Mountain project. On January 26, 2026, Thunder Gold announced the results of the inaugural Mineral Resource estimate at the Tower Mountain project, including an Indicated Mineral Resource of 34.5 Mt averaging 0.46 g/t gold for a total of 514 koz gold and an Inferred Mineral Resource of 211.1 Mt averaging 0.45 g/t gold for a total of 3.05 Moz gold. Thunder Gold also announced plans to deliver a Preliminary Economic Assessment in 2027.

Metalla holds a 2.0% NSR royalty on Tower Mountain.

***Mirado Mine***

On April 1, 2026, Kirkland Lake Discoveries Corp. ("**KLDC**") announced the start of its 2026 diamond drilling program at the past-producing Mirado property located 20 km southeast of Kirkland Lake, Ontario. This campaign marks the first systematic and fully integrated, large-scale exploration of the asset in over a decade, aiming to expand known high-grade zones and test new structural targets. KLDC stated that the 2026 program is designed to move the Mirado property toward a modern resource update.

On April 16, 2026, and April 23, 2026, KLDC announced assay results from its first and second drill holes from its ongoing 2026 diamond drilling program at the Mirado property. Hole KLM26-001 highlights included 5.66 g/t Au over 18.2 m, including 23.03 g/t Au over 4.3 m. The second drill hole, targeting the South Zone at Mirado, stepped out 75 m southeast of KLM26-001 and confirmed continuous mineralization with 1.01 g/t Au from 11.0 m to 132.0 m, including a high-grade interval of 7.41 g/t over 4.8 m from 74.2 m. Ongoing drilling will continue to focus on step-out targeting along strike and at depth, while systematically evaluating the down-plunge potential of the South Zone and testing geophysical targets, including the deep IP anomaly.

On May 4, 2026, KLDC announced additional assay results with Hole KLM26-004 highlights included 39.35 g/t Au over 16.4m from 53.6 m to 70 m, including 106.9 g/t Au over 6.0 m and 1,670 g/t over 0.38 m, and 2.22 g/t Au over 26.1 m from 78.7 m to 104.8 m, including 3.75 g/t Au over 13.5 m. KLDC further stated that results from drill hole KLM26-004, located approximately 40 m southeast of KLM26-002, confirm the lateral continuity of the South Zone mineralized system and demonstrate the presence of high-grade shoots within the broader mineralized envelope with geological continuity.

Metalla holds a 1.0% NSR royalty on the Mirado Mine.

***DeSantis Mine***

On April 23, 2026, Loyalist Exploration Ltd. ("**Loyalist**") announced the completion of a preliminary review of the past-producing DeSantis Mine located approximately 4.5 km southwest of Timmins, Ontario. The preliminary review focused on 488 historical drill holes totaling 101,945 m of surface and underground drilling, 21,158 gold assays from core samples, wireframes of historical mine workings, and wire frames of the Hydrothermal Zone ("**HZ**") and the Albitite Zone ("**AZ**"), the two main gold-mineralized domains historically recognized at the DeSantis Mine. Loyalist stated that the review has identified six priority targets including shallow up-dip extension of the AZ, shallow west extension of the HZ, depth extension of the AZ, possible parallel zone above the AZ, deep isolated anomaly (DS12-003A), and west property target, highlighting the signification exploration potential of the property.

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Metalla holds a 1.5% NSR royalty on the DeSantis Mine.

**QUALIFIED PERSON**

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, an independent consultant, 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 ("**QP**") as defined in NI 43-101.

**ABOUT METALLA**

Metalla is a precious and base metals royalty and streaming company with a focus on gold, silver, and copper royalties and streams. Metalla provides shareholders with leveraged metal exposure through a diversified and growing portfolio of royalties and streams. Our strong foundation of current and future cash-generating asset base, combined with an experienced team gives Metalla a path to become one of the leading gold, silver, and copper companies for the next commodities cycle.

For further information, please visit our website at <u>www.metallaroyalty.com</u>

**ON BEHALF OF METALLA ROYALTY & STREAMING LTD.**

(signed) "Brett Heath"

CEO

**CONTACT INFORMATION**

**Metalla Royalty & Streaming Ltd.**

Brett Heath, CEO

Phone: 604-696-0741

Email: info@metallaroyalty.com

Kristina Pillon, Investor Relations

Phone: 604-908-1695

Email: kristina@metallaroyalty.com

Website: www.metallaroyalty.com

*Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.*

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***Non-IFRS Financial Measures***

*Metalla has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") including (a) attributable gold equivalent ounces (GEOs), (b) average cash cost per attributable GEO, (c) average realized price per attributable GEO, (d) operating cash margin per attributable GEO, and (e) Adjusted EBITDA. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow.* 

***(a) Attributable GEOs***

*Attributable GEOs are a non-IFRS financial measure that is 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. The Company's attributable GEOs for the three months ended March 31, 2026, were:*

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| | |
|:---|:---|
|  | ***Three months*** |
|  | ***ended*** |
| &nbsp;&nbsp;***Attributable GEOs during the period from:*** | ***March 31, 2026*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tocantinzinho* | ***253*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Wharf* | ***115*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aranzazu* | ***133*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Endeavor* | ***57*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*La Guitarra* | ***41*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*La Encantada* | ***30*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*NLGM* | ***31*** |
| &nbsp;&nbsp;***Total attributable GEOs*** | ***660*** |

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***(b) Average cash cost per attributable GEO***

*Average cash cost per attributable GEO is a non-IFRS financial measure that 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 for three months ended March 31, 2026, was:*

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| | |
|:---|:---|
|  | ***Three months*** |
|  | ***ended*** |
|  | ***March 31, 2026*** |
| &nbsp;&nbsp;*Cost of sales for NLGM* | $***15*** |
| &nbsp;&nbsp;*Total cash cost of sales* | ***15*** |
| &nbsp;&nbsp;*Total attributable GEOs* | ***660*** |
| &nbsp;&nbsp;***Average cash cost per attributable GEO*** | $***23*** |

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***(c) Average realized price per attributable GEO***

*Average realized price per attributable GEO is a non-IFRS financial measure that is calculated by dividing the Company's revenue, excluding any revenue earned from fixed royalty payments, 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. The Company's average realized price per attributable GEO for the three months ended March 31, 2026, was:*

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| | |
|:---|:---|
|  | ***Three months*** |
|  | ***ended*** |
|  | ***March 31, 2026*** |
| &nbsp;&nbsp;*Royalty revenue (excluding fixed royalty payments)* | $***3064*** |
| &nbsp;&nbsp;*Revenue from NLGM* | ***151*** |
| &nbsp;&nbsp;*Sales from stream and royalty interests* | ***3215*** |
| &nbsp;&nbsp;*Total attributable GEOs sold* | ***660*** |
| &nbsp;&nbsp;***Average realized price per attributable GEO*** | $***4871*** |
|  |  |
| &nbsp;&nbsp;***Operating cash margin per attributable GEO*** | $***4848*** |

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***(d) Operating cash margin per attributable GEO***

*Operating cash margin per attributable GEO is a non-IFRS financial measure that is calculated by subtracting the average cost price per attributable GEO from the average realized price per attributable GEO. The Company presents operating cash margin 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.*

***(e) 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 for the three months ended March 31, 2026, was:*

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| | |
|:---|:---|
|  | ***Three months*** |
|  | ***ended*** |
|  | ***March 31, 2026*** |
| &nbsp;&nbsp;*Net Income* | $***111*** |
| &nbsp;&nbsp;*Adjusted for:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Interest expense* | ***349*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Finance charges* | ***37*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Income tax provision* | ***186*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Depletion* | ***364*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Foreign exchange loss* | ***36*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Share-based payments* | ***780*** |
| &nbsp;&nbsp;***Adjusted EBITDA*** | $***1863*** |

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*Refer to the Company's management discussion and analysis for the three months ended March 31, 2026, which is available on SEDAR+ at www.sedarplus.ca, for a numerical reconciliation of the non-IFRS financial measures described above. The presentation of these non-IFRS financial 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. Other companies may calculate these non-IFRS financial measures differently.*

***Future-Oriented Financial Information***

*This news release contains future-oriented financial 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 paragraphs below. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about Metalla's anticipated future business operations. Metalla disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.*

***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 QPs 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 press release, ‎including any ‎references to mineral resources or mineral reserves, was prepared in accordance with Canadian ‎NI 43-101‎, which differs from the requirements of the SEC ‎applicable to U.S. domestic issuers. Accordingly, the scientific and technical ‎information contained or referenced in this press ‎release may not be comparable to similar information made ‎public by U.S. companies subject to the reporting and ‎disclosure requirements of the SEC.‎*

*‎*

*"Inferred mineral resources" have a great amount of uncertainty as to their 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.‎*

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***Cautionary Note Regarding Forward-Looking Statements***

*This press release 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 press release only and the Company does not intend to and does not assume any obligation to update or revise them except as required by applicable law.*

*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", "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. Forward-looking statements in this press release 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;‎ management's statements regarding the start and increase of production at properties on which Metalla ‎holds royalties and streams, and the timing thereof;‎ the future availability of funds, including drawdowns pursuant to the RCF; 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 statements of management regarding the step-change in cash flow and long-term shareholder value; the 2026 exploration budget for Tocantinzinho and its focus; the expected 2026 production guidance at Tocantinzinho; the expected 2026 production guidance at Wharf; the planned exploration activities at Wharf in 2026; the planned exploration budget at Wharf for 2026; the mine life extensions at Wharf; the expected production increase at Aranzazu and the timing thereof; the planned production at Endeavor; the planned shipments of ores to a smelter for Endeavor, and the related realization of value; the expected production expansion at La Guitarra, the reduction of unit costs, and the timing thereof; the two-stage exploration program at La Guitarra; the potential increase nameplate processing capacity at La Guitarra and the timing thereof; the completion of an updated NI 43-101 Technical Report for Côté gold mine including Gosselin and the timing thereof; the expansion of the processing plant at Côté; the release of an updated Mineral Reserve and Mineral Resource estimate for Côté and the timing thereof; the exploration activities at Côté in 2026; the inclusion of the results of the Gosselin exploration program into an updated mineral reserve and resource estimate and the timing thereof; the mine life and processing capacity at Taca Taca; the expected production at Taca Taca; the pre-stripping and construction activities at Taca Taca and the timing thereof; the review of the ESIA for Taca Taca by the Secretariat of Mining of Salta Province, and the expected timing for approval thereof; the submission of an application for the RIGI regime for Taca Taca; ‎ the milling of the ores from the AK deposit and the timing thereof; the expected 2026 production guidance at AK; the receipt of initial cash flows from AK and the timing thereof; the various works at La Parrilla related to the restart of operations and the timing thereof; the restart of operations at La Parrilla and the timing thereof; the receipt of initial cash flows from La Parrilla and the timing thereof; the release of an updated Mineral Resource Estimate and Preliminary Economic Assessment for Gurupi and the timing thereof; the exploration budget for Gurupi in 2026 and its focus; the filing of an environmental and social impact assessment for Gurupi and the timing thereof; the potential underground satellite operation and the planned mining rate at Wasamac; the expected milling of Wasamac ore at Canadian Malartic mill; the expected gold production at Wasamac and the timing thereof; the release of an updated feasibility study for Castle Mountain and the timing thereof; the advancement of engineering work for the Castle Mountain expansion and the timing thereof; the investments decision about Castle Mountain and the timing thereof; the receipt of required permits and approvals for Castle Mountain; the issuance of the final EIS and Record Decision for Castle Mountain and the timing thereof; the completion of a definitive feasibility study for Copper World and the timing thereof; the sanction decision for Copper World and the timing thereof; the use of proceeds from the Mitsubishi investment at Copper World; the expected additional contributions by Mitsubishi into Copper World and the timing thereof; the completion of Sierra Madre's acquisition of Del Toro and the timing thereof; the commencement and source of production at 15-Mile and the timing thereof; the mine life and expected production at 15-Mile; the production plans suggested for 15-Mile in the prefeasibility study; the completion of environmental baseline monitoring at 15-Mile; the work related to the Environmental and Impact Assessment and the feasibility study for 15-Mile and timing thereof; the commencement of commissioning and production activities at 15-Mile and the timing thereof; the finalization of a financing package, the engineering work and the commencement of construction at Dumont and the timing thereof; the release of a pre-feasibility study for Joaquin and the timing thereof; the 2026 drilling program at Garrison; the extension and expansion plans at Garrison; the de-risking efforts at Plomosas to bring it back into production; the drilling program and TVZ Zone; the release of an initial mineral resource for TVZ Zone and the timing thereof; the completion of a Preliminary Economic Assessment for Tower Mountain and the timing thereof; the 2026 exploration program at Mirado; the ongoing drilling at Mirado; ; the amount and timing of the attributable GEOs expected by the Company in 2026, and the factors that will include the same; the expected cash flows from the Wharf, Tocantinzinho, Aranzazu, Endeavor, La Encantada and La Guitarra 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.*

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*Such forward-looking statements reflect management's current beliefs and are based on information ‎currently available to ‎management. Forward-looking statements are based on forecasts of future results, ‎estimates of amounts not yet determinable ‎and assumptions that, while believed by management to be ‎reasonable, are inherently subject to significant business, ‎economic and competitive uncertainties, and ‎contingencies. Forward-looking statements are subject to various known and ‎unknown risks and ‎uncertainties, many of which are beyond the ability of Metalla to control or predict, that may cause ‎‎Metalla's actual results, performance or achievements to be materially different from those expressed or ‎implied thereby, and ‎are developed based on assumptions about such risks, uncertainties and other ‎factors set out herein, 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 or from which it will receive royalty ‎payments ‎‎pursuant to NSRs, 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 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 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 ‎credit facilities and financing agreements;‎ ‎that Metalla may be subject to litigation, claims, actions, regulatory or governmental investigations, audits and other proceedings in the ordinary course of business;‎ ‎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 able to 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 RCF;‎ 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 the other risks and uncertainties disclosed under the heading "Risk Factors" in ‎the Company's most recent Annual ‎Information Form and other documents ‎filed with or submitted to the Canadian securities ‎regulatory authorities on the SEDAR+ website at ‎www.sedarplus.ca and the U.S. Securities and Exchange Commission on the ‎EDGAR website at ‎www.sec.gov. Although we have attempted to identify important factors that could cause actual actions, ‎‎events or results to differ materially from those described 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 forward-looking ‎statements will prove to be accurate, as actual results and ‎future events could differ materially from those anticipated in such ‎statements. Accordingly, readers ‎should not place undue reliance on forward-looking statements. We are under no obligation ‎to update or ‎alter any forward-looking statements except as required under applicable securities laws. For the reasons ‎set forth ‎above, undue reliance should not be placed on forward-looking statements.*

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