Metalla Royalty & Streaming Ltd.

INTRODUCTORY NOTES

Cautionary Note Regarding Forward-Looking Statements

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

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

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

• risks related to commodity price fluctuations;

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

• risks related to exchange rate fluctuations;

• that payments in respect of Streams and Royalties may be delayed or may never be made;

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

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

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

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

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

• that some Royalty and Stream interests are subject to rights of other interest-holders;

• that Metalla's Royalties and Streams may have unknown defects;

• risks related to Metalla's two material assets, the Côté Property (as defined below) and the Taca Taca Property (as defined below);

• risks related to global financial conditions;

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

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

• that Metalla is dependent on its key personnel;

• risks related to Metalla's financial controls;

• dividend policy and future payment of dividends;

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

• that project operators may not respect contractual obligations;

• that Metalla's Royalties and Streams may be unenforceable;

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

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

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

• litigation;

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

• changes in tax laws impacting Metalla;

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

• credit and liquidity risk;

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

• risks posed by activist shareholders;

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

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

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

• exploration, development and operating risks;

• risks related to climate change;

• environmental risks;

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

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

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

• that Metalla's success is dependent on the efforts of operators' employees;

• risks related to mineral resource and mineral reserve estimates;

• that mining depletion may not be replaced by the discovery of new mineral reserves;

• that operators' mining operations are subject to risks that may not be insured against;

• risks related to land title;

• risks related to international operations;

• risks related to operating in countries with developing economies;

• risks related to construction, development and expansion of mines or projects; ‎

• risks associated with operating in areas that are presently, or were formerly, inhabited or used by indigenous peoples;

• that Metalla is required, in certain jurisdictions, to allow individuals from that jurisdiction to hold nominal interests in Metalla's subsidiaries in that jurisdiction;

• the volatility of the stock market;

• that existing securityholders may be diluted;

• risks related to Metalla's public disclosure obligations;

• risks associated with future sales or issuances of debt or equity securities;

• that there can be no assurance that an active trading market for Metalla's securities will be sustained;

• risks related to the enforcement of civil judgments against Metalla; and

• risks relating to Metalla potentially being a passive foreign investment company within the meaning of U.S. federal tax laws,

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

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

• the completion of future transactions;

• our plans and objectives;

• our future financial and operational performance;

• expectations regarding the Streams of Metalla;

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

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

• the expected output, costs, and date of commercial production for the Côté Property, the Taca Taca Property, and other properties with respect to which the Company has or proposes to acquire an interest;

• future gold and silver prices;

• other potential developments relating to, or achievements by, the counterparties for our Stream and Royalty agreements, and with respect to the mines and other properties in which we have, or may acquire, a Stream or Royalty interest;

• estimates of future production, costs and other financial or economic measures;

• prospective transactions, growth and achievements;

• financing and adequacy of capital; and

• future payment of dividends.

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

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

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

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

Except where otherwise stated, the disclosure in this AIF relating to properties and operations in which Metalla holds Royalty, Stream or other interests, including the disclosure in this AIF under the heading "*Material Assets"*is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Metalla. Specifically, as a Royalty or Stream holder, Metalla has limited, if any, access to properties on which it holds Royalties, Streams, or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose to the public. Metalla is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Metalla, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company holds Royalty, Stream or other interests, and may have limited or no ability to independently verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some reported public information in respect of a mining property may relate to a larger property area than the area covered by Metalla's Royalty, Stream or other interest. Metalla's Royalty, Stream or other interests may cover less than 100% of a specific mining property and may only apply to a portion of the publicly reported mineral reserves, mineral resources and or production from a mining property.