Metalla Royalty & Streaming Ltd.

METALLA ROYALTY & STREAMING LTD.MANAGEMENT’S DISCUSSION AND ANALYSISFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

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;

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

• the ‎expected 2025 gold production guidance at Tocantinzinho and the expected timing thereof;

• the contributions of Wedge and North Foley to year-end mineral reserve and resources estimates at Wharf;

• the exploration priorities in the third quarter at Wharf;

• the expected 2025 production guidance at Wharf;

• the expected expenditures at Wharf and their purposes;

• the expected mine life and average annual production at Aranzazu;

• Sierra Madre’s use of proceeds from its private placement to expand the capacity of La Guitarra and conduct a detailed exploration program;

• Polymetals second pre-payment with its offtake partner;

• the commencement of concentrate shipments at Endeavor and timing thereof;

• the expected ores to be processed at Endeavor;

• the anticipated timing of initial cash flows from Endeavor;

• the commencement of a new environmental licensing process at Gurupi;

• the budget allocated to Gurupi;

• the 2025 planned drilling programs at Gosselin and Côté;

• the inclusion of the Gosselin deposit into an updated mineral reserve and resource estimate;

Management’s Discussion and Analysis Page 27

METALLA ROYALTY & STREAMING LTD.MANAGEMENT’S DISCUSSION AND ANALYSISFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

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

• the expected ramp up and expected 2025 production at the Côté gold mine;

• the expected benefits for Castle Mountain’s inclusion into the FAST-41 program;

• the completion of Castle Mountain permitting in December 2026;

• the completion of the study updates and project optimization for a timely construction decision at Castle Mountain;

• The expected production based on a 2021 Feasibility Study at Castle Mountain;

• the advancement of engineering and permitting for the Castle Mountain Phase 2 expansion; ‎

• the receipt of a notice of intent in connection with the mine permitting ‎for Castle Mountain, the commencement of the formal permitting review and the anticipated timing thereof;

• the EIS/EIR stage of formal environmental analysis for Castle Mountain and the timing thereof; ‎

• the review of the ESIA for Taca Taca by the Secretariat of Mining of Salta Province;

• First Quantum’s wait for a consolidated technical report from provincial authorities for Taca Taca;

• the completion of an updated NI 43-101 Technical Report‎ for ‎Taca Taca;

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

• Highlander’s plans to expand the drill program at San Luis;

• the anticipated completion of the prefeasibility study for the15-Mile processing hub;

• the anticipated completion of the joint venture between Hudbay and Mitsubishi;

• the expected investment and contribution by Mitsubishi into Copper World;

• the completion of a feasibility study at Copper World by selected companies;

• the efficient planning and risk mitigation of the project lifecycle at Copper World;

• the participation of a minority joint venture partner for Copper World in funding the definitive feasibility study, final project design and construction;

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

• the sanctioning of Copper World and the timing thereof;‎‎

• the expected production of Copper World and anticipated mine life;

• the mobilization of capital investments from the European Commission into certain strategic projects, including Dumont;

• the evaluation of Edwards Mine in Alamos’ broader expansion strategy;

• the planned drilling program at Edwards Mine in 2025 and the focus thereof;

• the amount and timing of the attributable GEOs expected by the Company in 2025;

• the availability of cash flows from the Wharf, Aranzazu, Tocantinzinho, La Guitarra, Endeavor, and La Encantada royalties and streams;

• royalty payments to be paid to Metalla by property owners or operators of mining projects pursuant to ‎each royalty interest; ‎

• the future outlook of Metalla and the mineral reserves and resource estimates for the properties with respect to which the ‎Metalla has or proposes to acquire an interest;‎

• future gold, silver and copper prices;‎

• other potential developments relating to, or achievements by, the counterparties for the Company’s stream and ‎royalty agreements, and with respect to the mines and other properties in which the Company has, or may ‎acquire, a stream or royalty interest;‎

• costs and other financial or economic measures;‎

• prospective transactions;

• growth and achievements‎;

• financing and adequacy of capital;

• ‎future payment of dividends;

• future public and/or private placements of equity, debt or hybrids thereof; and

• the Company’s ability to fund its current operational requirements and capital projects.

Such forward-looking statements reflect management's current beliefs and assumptions and are based on information currently available to management.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statements, including, without limitation:

Management’s Discussion and Analysis Page 28

METALLA ROYALTY & STREAMING LTD.MANAGEMENT’S DISCUSSION AND ANALYSISFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

• risks related to commodity price fluctuations;‎

• the absence of control over mining operations from which Metalla will purchase precious metals ‎pursuant to gold streams, silver streams and other agreements or from which it will receive royalty payments pursuant to net smelter ‎returns, gross overriding royalties, gross value royalties and other royalty agreements or interests and risks related to those mining operations, including risks related to ‎international operations, government and environmental regulation, delays in mine construction ‎and operations, actual results of mining and current exploration activities, conclusions of ‎economic evaluations and changes in project parameters as plans are refined;‎

• risks related to exchange rate fluctuations;‎

• that payments in respect of streams and royalties may be delayed or may never be made;‎

• risks related to Metalla's reliance on public disclosure and other information regarding the mines or ‎projects underlying its streams and royalties;‎

• that some royalties or streams may be subject to confidentiality arrangements that limit or prohibit ‎disclosure regarding those royalties and streams;‎

• business opportunities that become available to, or are pursued by, Metalla;‎

• that Metalla's cash flow is dependent on the activities of others;‎

• that Metalla has had negative cash flow from operating activities in the past;

• that some royalty and stream interests are subject to rights of other interest-holders;‎

• ‎that Metalla's royalties and streams may have unknown defects;

• risks related to Metalla's two ‎material assets, the Côté property and the Taca Taca property;

• risks related to general business and economic conditions;

• risks related to global financial conditions;

• risks related to geopolitical events and other uncertainties, such as the conflict in the Middle East and Ukraine;‎

• risks related to epidemics, pandemics or other public health crises, including the novel coronavirus global health pandemic, and the spread of other viruses or pathogens, and the ‎potential impact thereof on Metalla's business, operations and financial condition; ‎

• that Metalla is dependent on its key personnel;‎

• risks related to Metalla's financial controls;‎

• dividend policy and future payment of dividends;‎

• competition among mineral royalty companies and other participants in the global mining industry;‎

• that project operators may not respect contractual obligations;

• that Metalla's royalties and streams may be unenforceable;‎

• risks related to potential conflicts of interest of Metalla's directors and officers;

• that Metalla may not be able to obtain adequate financing in the future;‎

• risks related to Metalla's current credit facility and financing agreements;‎

• litigation;‎

• title, permit or license disputes related to interests on any of the properties in which Metalla holds, or ‎may acquire, a royalty, stream or other interest;‎

• interpretation by government entities of tax laws or the implementation of new tax laws;‎

• changes in tax laws impacting Metalla;

• risks related to anti-bribery and anti-corruption laws;

• credit and liquidity risk;‎

• risks related to Metalla's information systems and cyber security;‎

• risks posed by activist shareholders;‎

• that Metalla may suffer reputational damage in the ordinary course of business;‎

• risks related to acquiring, investing in or developing resource projects;‎

• risks applicable to owners and operators of properties in which Metalla holds an interest;‎

• exploration, development and operating risks;‎

• risks related to climate change;‎ environmental risks;‎

• that the exploration and development activities related to mine operations are subject to extensive laws ‎and regulations;‎

• that the operation of a mine or project is subject to the receipt and maintenance of permits from ‎governmental authorities;‎

• risks associated with the acquisition and maintenance of mining infrastructure;‎

Management’s Discussion and Analysis Page 29

METALLA ROYALTY & STREAMING LTD.MANAGEMENT’S DISCUSSION AND ANALYSISFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025(Expressed in thousands of United States dollars, unless otherwise indicated, except for share, ounce, per ounce, and per share amounts)

• 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.

This MD&A contains future-orientated information and financial outlook information (collectively, "FOFI") about the Company's revenues from royalties, streams and other projects which are subject to the same assumptions, risk factors, limitations and qualifications set forth in the above paragraphs. FOFI contained in this MD&A was made as of the date of this MD&A and was provided for the purpose of providing further information about the Company's anticipated business operations. Metalla disclaims any intention or obligation to update or revise any FOFI contained in this MD&A, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this MD&A should not be used for the purposes other than for which it is disclosed herein.

Management’s Discussion and Analysis Page 30