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 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 , 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 Demand Ni (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, Royal Gold, and . (4) Junior Royalty: Maverix, Metalla, Osisko Gold Royalties, and Sandstorm. 11 Source: Bloomberg Financial Markets, FactSet, and Thomson One Analytics. ASSET NuevaUnión Dumont Janice Lake/Wollaston

OPERATOR Teck/Newmont Goldcorp Waterton Global Rio Tinto Nova’s main assets being RESERVE 682m tonnes at 0.51% Cu 1.028bn tonnes at 0.27% Ni N/A advanced with significant and 0.47 g/t Au and 107ppm Co capital spent ROYALTY 2.0% NSR on Cu revenues from 2.0% NSR on ~21% of deposit 1.0% NSR Cañtarito block (~20% of current mine plan)

Focus on METALS Cu, Au Ni, Co Cu, Ag District-Scale COUNTRY Chile Canada Canada RECENT NEWS Feb 20, 2020: announced a July 22, 2020: Waterton Sep. 1, 2020: Rio announced Assets planned US$152m drilling acquired remaining 28% stake commencement of RAB program focused on deep in project from partner Karora drilling program with results extensions of the deposit Resources for C$48m used to plan a diamond drilling program in 2021 Feb 26, 2020: Reserve increase Fully-permitted, shovel- ready 14 royalties in total with 13 from 577Mt at 0.53% Cu and project in Quebec June 23, 2020: Rio announced in Canada and one in Chile 0.48 g/t Au to 682Mt at 0.51% commencement of 2020 Cu and 0.47 g/t Au exploration including construction of 50-person BFS expected 2020 camp and systematic mapping of 52km district 12 Junior Mining Companies Seeking Flexible, Non-Dilutive Financing Nova has an advanced pipeline of opportunities Holders of Existing Royalties Seeking Immediate Value Target and/or Future Upside Opportunities Operators Looking to Monetize Project Value Without Selling Assets

Project Developers Looking to Simplify or Consolidate Royalty Structure 13 FOUNDATIONAL PATH TO SCALE PORTFOLIO Current NSRs comprise some of the most Robust pipeline of follow-on acquisitions Why Invest in prospective copper/nickel development assets in the world Nova Royalty? TEAM CREDIBILITY Founding team ready to scale the business Proven ability to transact with owners of high- quality assets and attract financing support

14 Appendix CONTROLLING SHAREHOLDERS ROYALTY TERMS Teck and Newmont Goldcorp 50/50 JV 2.0% NSR on Cu revenues from Cañtarito, a key mine plan block within the La Fortuna deposit, covering ~20% of the total mine plan tonnes; no 2.0% NSR on major, key OPERATOR buyback portion of one of the NuevaUniónJV ROYALTY MAP world’s largest METALS development stage Copper, gold, molybdenum copper-gold projects LOCATION Huasco Region, CentralChile NuevaUnión PROJECT STATUS PFS released April 2018; BFS currently being Cu-Au Project completed due in 2020 RESERVES 682Mt at 0.51% Cu and 0.47 g/t Au FORECAST PRODUCTION 90,000 - 110,000 tonnes per day will produce approximately 190,000 tn Cu and 315,000 oz Au on average per year over the first 10 years

16 Note: Project data sourced from the RPA NI 43-101 report dated March 23, 2012 and from Teck’s Annual Information Form dated February 25, 2019. CONTROLLING SHAREHOLDERS ROYALTY TERMS Waterton Global Resource Management 2.0% NSR (Coyle-Roby royalty claims) on ~21% of the current resource; 1% buyback 2.0% NSR on the world’s OPERATOR second largest nickel Waterton Global Resource Management ROYALTY MAP reserve – fully permitted, METALS battery-grade nickel Nickel, cobalt project located in Quebec LOCATION Abitibi mining camp, Québec; close proximity to all key infrastructure Dumont Ni-Co PROJECT STATUS Shovel ready: Feasibility study completed, fully Project permitted RESERVES 1.028 billion tonnes at 0.27% nickel FORECAST PRODUCTION First 7 years: 33ktpa of Nickel and 1ktpa of Cobalt; 50ktpa of Nickel and 2ktpa of Cobalt thereafter

17 Note: Project data sourced from Dumont Feasibility Study Technical Report dated July 11, 2019. CONTROLLING SHAREHOLDERS PROJECT MAP Rio Tinto earning 80% interest from Forum Energy Metals by spending US$30m 1.0% NSR on the 38,250 ha OPERATOR Janice Lake project under Rio Tinto systematic exploration by Rio Tinto METALS Copper, silver LOCATION Wollaston Saskatchewan, Canada PROJECT STATUS Copper Rio currently undertaking second exploration program at Janice Lake after spending US$3.7m District in 2019 and completing its first stage earn-in requirements 10 months ahead of schedule EXPLORATION HIGHLIGHTS 1.0% NSR on the 15,000 ha • 18.5 meters (59.0 to 77.5m downhole Wollaston Copper Project depth) at 0.94% Cu and 6.7 g/t Ag located 40km southwest • 52 meters at 0.57% Cu and 1.5 g/t Ag of Janice Lake ROYALTY TERMS 1.0% NSR including additional milestone payments at BFS and commercial production; 0.375% buyback 18 Early Exploration Nub East, 1.00% Royalty Copper King, 1.00% Portfolio Pinnacle, 1.00%

Homathko, 1.00% Dundonald, 1.25% Saturday Night, 1.00% W. Matachewan, 1.00% Maude Lake, 1.00% Bancroft, 1.00% Elephant Head, 1.00% 19 For further inquiries, please contact:

Alex Tsukernik Contact President & CEO [email protected] Details (604) 696-4241 www.novaroyalty.com