Metalla Royalty & Streaming Ltd.

I. CODE POLICIES

The Company and all Members are required to comply with each of the following policies:

a. We respect the confidentiality of information. Members must also respect the confidentiality of information acquired in the course of their work, duties and responsibilities with, for and to the Company and its business partners, except when authorized or otherwise legally obliged to disclose such information.

b. We have an overriding commitment to the health and safety of Members, and to being an environmentally and socially responsible corporate citizen in the countries in which we operate.

c. As further described below under Part II-Conflicts of Interest and Corporate Opportunities and Part III-Fair Dealing, the Company will, and expects its Members to also, act honestly and with integrity, and ethically handle any actual or apparent conflicts of interest between personal and professional relationships. The Company encourages all Members to seek clarification from the Chief Executive Officer (the "Compliance Officer") in the event of any questions regarding actual or potential conflicts of interest and compliance with this Code.

d. The Company will, and expects its Members to also, comply with all applicable laws, governmental rules and regulations, and stock exchange rules, including, without limitation, those combating bribery and corruption, including Canada's Corruption ofForeign Public Officials Act, the United States' Foreign Corrupt Practices Act, and local anti-bribery and corruption laws in the countries in which we operate. No employee, officer or director shall create or condone the creation of a false record. No employee shall destroy or condone the destruction of a record, except in accordance with Company policies.

e. We will, and expect Members to also, carry out our duties with due care, competence and diligence, and with a view to the best interests of the Company.

f. We will, and expect Members to also, to the best of our and their abilities, protect the Company's assets and resources and help achieve the responsible use and control of all Company assets and resources employed or entrusted in relation to one's work, duties and responsibilities, and ensure that all Company assets and resources are used only for legitimate business purposes.

g. We will, and expect Members to also, to the best of our and their abilities, ensure that our disclosure is full, fair, accurate, timely and understandable in all reports and other documents that the Company files with, or submits to, government and regulatory agencies, self-regulatory bodies and stock exchanges and in all of the Company's other public communications.

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h. With respect to compliance with applicable laws, governmental rules and regulations, and stock exchange rules, including, without limitation, anti-bribery and corruption laws and policies and the Company's social and environmental management standards, the Company encourages all Members to seek clarification from the Compliance Officer in the event of any questions regarding compliance with such laws, rules, regulations and policies.

i. The Company requires all Members to promptly report:

i. any concerns related to the Company's accounting, internal controls or auditing matters to the Company's audit committee pursuant to the Company's Whistleblower Policy; and

ii. all other actual or suspected violations of laws, rules, regulations and policies, and violations of this Code, to the Company's corporate governance and nominating committee (the "Governance Committee") pursuant to the Governance Committee's charter.

It is against the Company's policy to take any action against any Member for reporting in good faith any violation or potential violation of this Code, the policies, laws and standards referenced in this Code, or any of the Company's other guidelines, codes of conduct or policy statements.

j. We are committed to providing a work environment that enables all Members to pursue their careers free from unlawful discrimination or harassment.

k. Using material non-public information to trade in our securities for the account of a Member, or providing a family member, friend or any other person with a "tip" about such information is illegal. All material non-public information is "inside information" and must not be disclosed or used for personal gain or the personal gain of others. Members are also subject to the Company's Corporate Disclosure, Confidentiality and Securities Trading Policy, a copy of which is available from the Compliance Officer.

l. Violations of this Code may lead to disciplinary action, including reprimand, suspension without pay, demotion or immediate discharge.