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Two Metals – One Theme Investor Presentation October 2020 TWO METALS – ONE THEME This presentation contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may ", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers arecautioned that such information may notbe appropriatefor other purposes. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which Nova will purchase metals or from which it will receive royalty payments 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 continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to the marketability of metals; the inherent uncertainty of Forward production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities Looking interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Nova; stock market volatility; regulatory Statement restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Nova undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual futureresults may vary materially. Accordingly, readers areadvised notto place unduereliance on forward-lookingstatements or information. All scientific and technical information in respect of the Dumont deposit is based on a National Instrument 43-101 technical report titled “Technical Report on the Dumont Ni Project, Launay and Trécesson Townships, Quebec, Canada” dated July 11, 2019. All scientific and technical information in respect of the NuevaUnion project is available in the annual information form filed by Teck Resources Limited and dated February 26, 2020 and on a National Instrument 43-101 technical report titled “Technical Report on the El Morro Copper-Gold Project, Atacama Region, Chile” prepared by Goldcorp, dated February 16, 2010. 2 BUILDING A LEADING ROYALTY COMPANY IN COPPER AND NICKEL – THE BUILDING BLOCKS OF CLEAN ENERGY Nova Royalty focuses on July 2018: Company founded with a full team of professionals with expertise in royalties, the next generation of operations, geology and finance copper and nickel mines January 2019: Acquired 2.0% Net Smelter Royalty (“NSR”) on the Dumont nickel project in Quebec, the world’s second largest undeveloped nickel deposit; raised C$2.6m at C$0.25/unit February 2020: Acquired 2.0% NSR on NuevaUnión, a Teck/Newmont JV, one of the world’s Introduction largest undeveloped copper projects. Oversubscribed C$5.9m financing at C$0.50/unit September 2020: Acquired nine royalties from Transition Metals, headlined by a 1.0% NSR on Janice Lake, a copper-silver property in Saskatchewan, being advanced by Rio Tinto October 2020: Secured $15mm financing facility from Beedie Capital and began trading on the TSX Venture Exchange under the ticker NOVR Robust Pipeline of Acquisitions In Process With Clear Path to Scale 3 MANAGEMENT TEAM AlexTsukernik • Founding CEO of Nova Royalty President, CEO, Director • Over 15 years of corporate finance and advisory experience in Metals and Mining • Former Head of Metals and Mining investment banking at Rodman & Renshaw Doug Reed • Over 10 years of accounting experience; CFO of multiple public companies Team comprised of senior CFO mining industry, finance and royalty executives Kim Casswell • Over 20 years of public company experience Corporate Secretary BOARD OF DIRECTORS Brett Heath • Founder, President & CEO of Metalla Royalty & Streaming (NYSE: MTA, TSX-V: MTA) Our People Non-exec Chairman • Founding shareholder of Nova; Over 10 years of royalty experience Robert Leckie • Vice President at Dundee Corp. with over 10 years of resource investment experience; Director Current Board member of several public companies Denis Silva • Partner at DLA Piper law firm; Board member of several public companies Director TECHNICAL ADVISORS Parviz Farsangi • Lead Technical Advisor of Nova • Former EVP & COO of Vale Inco Darin Wagner • Former Founder, President & CEO of Balmoral Resources and West Timmins Mining ChristianRios • VP, South America at Auryn Resources 4 CAPITAL STRUCTURE SHAREHOLDERS Basic Shares Outstanding 38.5m Warrants (Wt Avg $0.60) 14.4m Options / RSUs (Wt Avg $0.35) 4.4m Fully Diluted Shares 57.3m Capital Outstanding Beedie Capital Conversion $1.00 Structure & Price Per Share Shareholders Management/Directors/ Advisors Own 20%+ 5 DECARBONIZATION MOVEMENT IS POWERED BY COPPER • World’s largest industrial metal market ($170bn annual market value) and key driver of every industrial revolution since 1500 • Superior properties including unmatched thermal and electrical conductivity with greater safety than other conductive metals • Renewable energy assets require up to 15x as much copper as a conventional Copper: The power per unit of installed capacity Core Commodity • Electric vehicles require up to 10x more copper versus internal combustion engine vehicles • Each tonne of copper contributes to an annual reduction of up to 7,500 tonnes of CO2(1) “One way to think about the decarbonization of the global economy is an increase in the copper intensity of GDP”(2) – Bernstein, 9/30/2019 (1) European Institute. 6 (2) Bernstein Research; Copper and the Green economy - Thoughts from our decarbonisation conference; September 30, 2019. COPPER SUPPLY AND DEMAND Annual Incremental Copper Demand Required to Required Annual Copper Supply Growth Rate to Achieve Zero Carbon Scenarios(1) Achieve Zero Carbon Scenarios(1) 60 14% 12% Decarbonization 50 10% Driving Copper 40 Supply/Demand 8% 30 2019 Global 6% Dynamic Mt of Copper Copper Mine 20 Supply: 18Mt 2015-2019 Global Average Copper 4% Supply Growth Rate: 1.3%(2) Annual % Growth in Copper Supply inGrowth CopperAnnual % 10 2% 0 0% 2030 2050 2070 2030 2050 2070 Decarbonization Achieved (Year) Decarbonization Achieved (Year) Upper Mid Lower Upper Mid Lower (1) Bernstein Research; Copper and the Green economy - Thoughts from our decarbonisation conference; September 30, 2019. 7 (2) AME Research. NICKEL’S ROLE IN BATTERY TECHNOLOGY NCM811 Battery Composition NCA Battery Composition 100% 100% 80% 80% 80% 80% Nickel – The 60% 60% Battery Metal 40% 40% 20% 20% 15% 10% 10% 5% 0% 0% Nickel Cobalt Manganese Nickel Cobalt Aluminum Nickel dominates the chemistry of most common battery types 8 TRANSITION TO ELECTRIC VEHICLES IS DRIVEN BY NICKEL EV Related Nickel Demand(1) EVs as a Percentage of Total Vehicle Sales(2) “Tesla will give you a giant 1,400 75% 1,300 contract for a long period of time if you mine nickel 1,200 efficiently and in an 58% environmentally sensitive 1,000 way” – Elon Musk – July 24, 50% 2020 800 Current Global Nickel Supply is ~2,000Kt 600 EV Growth 25% Drives Nickel EVRelated DemandNi (Kt) 400 10% Demand 200 60 0 0% 2018 2030 2025 2040 (1) Wood Mackenzie – Global Nickel Long-term Outlook, June 2018 (2) Bloomberg 9 NOVA IS THE ONLY ROYALTY COMPANY FOCUSED ON COPPER & NICKEL Annual Value of Mine Production (US$bn) 250 200 Royalties: Annual Yield + 150 Mining Cycle Optionality 100 Why Copper- • Capture the commodity upside and optionality of mining projects 50 Nickel Royalties? • Exposed purely to revenues – not costs 0 • Resource and mine life expansion upside Gold & Silver Copper & Nickel • Low G&A; consistently higher margins Market Capitalization of Royalty Companies (US$bn) 70 60 50 40 30 No Copper/Nickel 20 Focused Royalty Companies 10 0 Precious Metals Royalty Companies(1) Copper/Nickel Royalty Companies 10 ROYALTY SECTOR TRADING MULTIPLES 3-Month Average P/NTM Cash Flow Multiples 3-Month Average P/NTM Cash Flow Multiples Senior Royalty vs. Senior Producers(1), (2) Junior Royalty vs. Intermediate Producers(1), (2) Royalty companies trade 35.0x 35.0x at a ~3x premium to mining companies 30.0x 30.0x 30.0x 25.0x 25.0x Cost of Capital 22.1x Edge for Royalty 20.0x 20.0x Companies 15.0x 15.0x 9.5x 10.0x 10.0x 7.4x 5.0x 5.0x 0.0x 0.0x Senior Royalty(3) Senior Producer Junior Royalty(4) Intermediate Producer (1) Market data as at August 28, 2020. (2) Based on analyst consensus estimates of NAV and cash flow. (3) Senior Royalty: Franco-Nevada,
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