Mr. Brett Heath reports

METALLA REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2018

Metalla Royalty and Streaming Ltd. has released its financial results for the third quarter of fiscal 2018. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the nine months ended Feb. 28, 2018, please see the company's filings on SEDAR or the company's website.

Brett Heath, president and chief executive officer of Metalla, commented, "During the third quarter of fiscal 2018, Metalla received regulatory approval for its common shares to trade as a Tier 1 TSX-V [TSX Venture Exchange] issuer, appointed two strategic board members, Mr. Alexander Molyneux and Frank L. Hanagarne Jr., and increased its monthly dividend by 50 per cent, effective in June, 2018."

Mr. Heath continued, "All of these actions position the company for our next stage of growth as we seek additional accretive acquisitions that will add value for shareholders and leverage to gold and silver prices."

Third quarter financial highlights

During the nine months ended Feb. 28, 2018, the company:

• Shipped and provisionally invoiced 96,543 attributable silver ounces at an average price of $16.15 (U.S.) per ounce for $1,559,312 (U.S.) or $1,933,547 (Canadian);
• Generated cash margin of $912,331 (U.S.) (equivalent to $1,131,291 (Canadian)) or $9.45 (U.S.) per attributable silver oz toward the company's operating cash flows from the Endeavor silver stream and New Luika gold mine stream held by Silverback Ltd.;
• Held trade receivables of $727,513 (U.S.) and 35,473 attributable silver oz as inventory on the reporting date and to be realized in the subsequent quarter;
• Provided update on its 2-per-cent NSR (net smelter return) Joaquin royalty, with expected cash flow as early as calendar year 2019 in the fourth quarter;
• Increased production guidance in the range of 450,000 and 500,000 oz of silver for fiscal year 2018;
• Received regulatory approval on its listing application as a Tier 1 TSX-V issuer, and effective Feb. 2, 2018, its common shares began to trade;
• Declared and paid a monthly dividend for January to April, 2018, of 0.1 cent per share to the shareholders of the company (please see news release dated Dec. 12, 2017 for further information);
• Appointed Mr. Molyneux and Mr. Hanagarne as members of the board of directors;
• Increased the monthly dividend rate, effective June, 2018, to 0.15 cent per share to the shareholders of the company (please see news release dated March 19, 2018, for further information).

Quarterly updates on royalties and streams

Endeavor silver stream

The Endeavor mine, located in New South Wales, Australia, was once the region's largest zinc, lead and silver producer. Commissioned in 1983 as the Elura mine, the site has been operated by CBH Resources since 2003 and was then renamed as the Endeavor mine. The orebody at the Endeavor mine has the form of massive vertical pillars, which are similar to others found in the Cobar basin. Extraction of approximately 30 million tonnes has occurred to date.

Metalla has the right to buy 100 per cent of the silver production up to 20.0 million ounces (6.77 million ounces have been delivered as of April, 2018) from the Endeavor mine for an operating cost contribution of $1 (U.S.) per ounce of payable silver, indexed annually for inflation, and a further increment of 50 per cent of the amount by which the silver price exceeds $7 (U.S.) per ounce.

Metalla expects CBH Resources to update its mine plan to be made publicly available in second quarter calendar year 2018.

Joaquin project net smelter royalty

A 2.0-per-cent NSR royalty payable by Pan American Silver Corp. on minerals mined from the concessions which form part of the Joaquin project, located in central Santa Cruz province, Argentina, 145 kilometres from the Manantial Espejo silver-gold mine owned by Pan American.

Pan American has announced that it finalized a preliminary feasibility study on the La Morocha deposit, which is part of the Joaquin project. The study recommends the development of the La Morocha deposit as an underground mine, with processing to occur at Pan American's Manantial Espejo mill. Pan American's board of directors has approved a capital investment of approximately $37.8-million (U.S.) to construct the La Morocha underground mine and obtained authorizations to initiate construction on the mining project. Pan American filed a technical report (1) pursuant to National Instrument 43-101 (Standards of Disclosure for Mining Projects) and filed on SEDAR. The technical report outlines an initial 474,000 tonnes of probable reserves at 721 parts per million silver and 0.41 ppm gold, representing contained metal of 11 million ounces Ag and 6,300 ounces Au to be targeted during the first three years of the mine plan (please see Pan American's news release dated Jan. 31, 2018, for further information). Pan American has given guidance that production should start in fourth quarter of calendar year 2019.

(1) Please see Pan American Silver's Joaquin 2018 technical report.

Zaruma gold mine NSR

A 1.5-per-cent NSR royalty payable by Core Gold Inc. (formerly Dynasty Metals & Mining) on minerals mined from the Zaruma gold mine, located in the Zaruma-Portovelo mining district of southern Ecuador, three kilometres north of the town of Zaruma. Between the years 2012 and 2014, the Zaruma mine produced 72,430 oz of gold and 152,292 oz of silver. The Zaruma gold mine is estimated to contain a measured and indicated resource of 2.62 million tonnes with an average gold grade of 12.97 grams per tonne and an inferred resource of 3.7 million tonnes with an average grade of 12.2 g/t (totalling approximately 1,094 million oz of gold) in a technical report (2) pursuant to National Instrument 43-101 (Standards of Disclosure for Mining Projects) and filed on Sept. 17, 2014.

Core Gold announced it has signed a term sheet with Investa Bank SA to arrange a debt facility for up to $15-million (U.S.). Core Gold's current loan outstanding to Vertex Managed Value Portfolio and Vertex Enhanced Income Fund may be restructured as part of the proposed facility with Investa. Core Gold is still in the process of closing the proposed loan facility with the last update on Jan. 19, 2018. Metalla believes that, if completed, this would allow Core Gold the ability to restart operations at Zaruma during calendar year 2018. Metalla has received royalty payments from Core Gold on production that occurred between 2012 and 2014 from the judgment it acquired as part of the Coeur transaction.

(2) Please see Core Gold's Zaruma preliminary assessment.

Hoyle Pond extension NSR

A 2.0-per-cent NSR royalty payable by Goldcorp Inc. on the Hoyle Pond extension royalties, which are located on claims that are beneath the Kidd metallurgical complex and immediately adjacent to the east and northeast of the Hoyle Pond mine complex. There is a 500,000-ounce-gold exemption on the leased mining rights. Currently, there are no publicly disclosed reserves/resources on the extension property. In Goldcorp's 2017 mineral reserve and mineral resource estimates update (3) (please see Goldcorp's news release dated Oct. 25, 2017), Goldcorp stated that reserve replacement for the Porcupine camp will be focused on the down plunge extension at Hoyle Pond. Metalla is expecting a significant amount of drilling to take place in calendar year 2018 on the extension property with the potential to be able to quantify reserves/resources in calendar year 2019.

(3) See the Goldcorp 2017 news release outlining reserve and resource estimates and providing an exploration update.

Mirado mine royalty

A 1.0-per-cent NSR royalty payable by Orefinders Resources Inc. on its Mirado mine located to the southeast of Kirkland Lake, Ont., within the prolific gold-producing Abitibi greenstone belt. Orefinders has filed on SEDAR its preliminary economic assessment (4) (PEA) of the South zone open pit, a part of the Mirado project.

This PEA considers only production from a specific area which encompasses approximately 5 per cent of Orefinders' Mirado project. The mineral resource contemplated within this PEA for mining is within the South zone's open pit and is near-surface mineralization, which can be economically mined within a relatively short time frame and without the use of an on-site processing or tailings facility. This PEA's economics indicate this project has an after-tax internal rate of return (IRR) of 158 per cent and a pretax undiscounted cash flow of $30.8-million and a posttax net present value of $20.5-million at a 5-per-cent discount rate. Payback period on capital cost is reported at seven months. These estimates are based on an average gold price of $1,300 (U.S.) per ounce and an exchange rate of 76 U.S. cents to $1 (Canadian).

(4) See the Orefinders website to view the PEA.

Qualified person

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, geologist, MSc, member of the Association of Professional Geoscientists of Ontario and of the Ordre des Geologues du Quebec, a consultant to Metalla. Mr. Beaudry is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Metalla Royalty and Streaming Ltd.

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

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