Investor Presentation February 2021

THE FUNDAMENTAL INVESTMENT IN THE ENERGY TRANSITION

TSX-V: NOVR OTCQB: NOVRF This presentation contains certain "forward looking statements" and certain "forward-looking information" as defin ed 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. Th e forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans rel ati n g to the future. Readers are cautioned that such information may notbe appropriate for other purposes.

Forward-looking information is subject to kn own 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; th e absence of control over operations from wh i ch Nova will purchase metals or from wh i ch it will receive royalty pay men ts 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 berefin ed; accidents, equipmen t breakdowns, title matters, labor disputes or o th er unanticipated difficulties or interruptions in operations; problems inherent to the marketability of metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the p ri mary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Nova; stock market volatility; regulatory 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 Forward judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are Looking advised notto place undue reliance on forward-lookingstatements orinformation. All scientific and technical information in respect of the Dumont deposit is based on a National Instrument 43-101 technical report ti tl ed “Technical Report on th e Dumont Ni Statement Project, Launay and Trécesson Townships, Quebec, Canada” dated July 11, 2019. All scientific and technical information in respect of the NuevaUn i on p roj ect 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.

All scientific and technical information in respect of the Taca Taca project is based on a NI 43-101 technical report titled “Taca Taca Project Salta Province, Argentina” prepared by First Quantum, dated November 30, 2020.

All scientific and technical information in respect of the Twin Metals project is based on the Antofagasta plcannual report for the 2019 fiscal year.

All scientific and technical information in respect of the Vizcachitas project is based on a NI 43-101 technical report titled “Preliminary Economic Assessment of the Vizcachitas Project” prepared by Tetra Tech, dated June 13, 2019.

Technical information contained in th i s presentation originates in the public disclosure set out in the above references and has been reviewed and approved by Christian 1 Rios, AIPG Certified Professional Geologist, Advisor to Nova and a Qualified Person as defined in NI 43-101. FOCUSED ON THE FIRST, ESSENTIAL STEP IN THE ENERGY TRANSITION – THE GREAT COPPER AND NICKEL MINES THAT WILL POWER THE WORLD

Foundational portfolio of royalties on multiple world-class copper and nickel assets being advanced by Nova Royalty focuses on  major operators the world’s most strategic copper and Taca Taca – 0.42% NSR – one of the world’s largest copper-gold-molybdenum development nickel projects projects; owned 100% by (TSX: FM) which has guided to a production  decision in 2023-2024

NuevaUnion – 2.0% NSR – one of the largest copper-gold development projects in the Americas.  project is a 50-50 JV between Teck Resources (NYSE: TECK) and Newmont (NYSE: NEM) Introduction Dumont – 2.0% NSR – world’s second largest nickel reserve, fully permitted, located in Quebec;  100% owned by Waterton Global Resource Investments

Twin Metals – 2.4% NSR – major copper-nickel-pgm deposit in the Duluth Complex in Minnesota; Duluth Complex comprises 34% of all copper and 95% of all nickel reserves in United States; 100%  owned by Antofagasta plc (LSE: ANTO)

Vizcachitas – 0.98% NSR on open pit and 0.49% NSR on underground – one of the largest copper development projects in the Americas (mine plan exclusively open pit); 100% owned by Los Andes  Copper (TSX-V: LA)

 Founding team with proven track record of success ready to scale the business 2 MANAGEMENT TEAM

Alex Tsukernik • Founding CEO of Nova President, CEO, • Over 15 years of corporate finance experience in Metals and Mining Director • Former Head of Metals and Mining investment banking at Rodman & Renshaw

Bill Tsang • Former CFO of Metalla Royalty & Streaming (NYSE: MTA) CFO Broad, engaged team in • Over 10 years of audit and accounting experience in the mineral exploration sector place from Nova’s founding in July 2018 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) Non-exec Chairman • Founding shareholder of Nova; Over 10 years of royalty experience Our People Andrew Greville • Former senior copper executive at Xstrata, BHP and Pechiney SA (now Rio Tinto) Non-exec Director • Currently principal of WEMCO Consulting and Board member of several public companies

E.B. Tucker • Director of Metalla Royalty & Streaming (NYSE:MTA) and former partner of KSIR Capital Non-exec Director • Founding shareholder of Nova; Over 10 years of royalty experience

Denis Silva • Partner at DLA Piper law firm; founding shareholder of Nova; Board member of several public Non-exec Director companies TECHNICAL ADVISORS Parviz Farsangi • Chief Technical Advisor of Nova; Former EVP & COO of Vale Inco; founding Chairman of Nova

Darin Wagner • Former Founder & CEO of Balmoral Resources and West Timmins Mining; early shareholder of Nova

Christian Rios • Senior geologist with over 15 years of experience in Latin America; based in Lima; early shareholder of Nova

Frank Hanagarne • Former Executive of Newmont Mining (NYSE: NEM) and Coeur Mining (NYSE: CDE) ; technical advisor to 3 Metalla Royalty & Streaming CAPITAL STRUCTURE SHAREHOLDERS Basic Shares Outstanding 74.8m Closing Price (February 12, 2021) $4.83 Market Capitalization $361m

Options / RSUs 3.8m Fully Diluted Shares 78.7m Outstanding Capital Structure, LIQUIDITY Unrestricted Cash (pro forma $3m Liquidity & acquisition cash commitments) (1) Beedie financing Shareholders $20m facility availability(1,2)

Beedie convertible $5m debt (convertible at C$5.67/share)(1)

(1) Pro forma for the Vizcachitas acquisition and Beedie facility expansion announced on February 10, 2021. (2) Future advances to be convertible at a 20% premium to VWAP at the time of drawdown and subject to an 8% interest rate. 4 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. (2) Bernstein Research; Copper and the Green economy - Thoughts from our decarbonisation conference; September 30, 2019. 5 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. (2) AME Research. 6 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 7 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 8 NOVA IS THE ONLY ROYALTY COMPANY FOCUSED ON COPPER & NICKEL Annual Value of Mine Production (US$bn) 250

200 Royalties: Annual Yield + Mining Cycle Optionality 150

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

(1) Includes: Franco-Nevada, Royal Gold, and , 0 Precious Metals Royalty Companies(1) Copper/Nickel Royalty Companies Maverix, Metalla, , and Sandstorm. 9 Source: Bloomberg Financial Markets, FactSet, and Thomson One Analytics. 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 Wheaton Precious Metals. (4) Junior Royalty: Maverix, Metalla, Osisko Gold Royalties, and Sandstorm. 10 Source: Bloomberg Financial Markets, FactSet, and Thomson One Analytics. ROYALTY PORTFOLIO OVERVIEW – DEVELOPMENT PROJECTS

ASSET Taca Taca NuevaUnión Dumont Twin Metals Vizcachitas

OPERATOR First Quantum Teck / Newmont Waterton Global Antofagasta Los Andes Copper RESERVES & P&P Reserves: P&P Reserves: 682m P&P Reserves: 1.028bn Measured & Indicated Measured & Indicated RESOURCES 1.758bn tonnes at tonnes at 0.51% Cu and tonnes at 0.27% Ni and Resources: 1.293bn Resources: 1.284bn 0.44% Cu, 0.09 g/t Au 0.47 g/t Au 107ppm Co tonnes at 0.57% Cu and tonnes at 0.40% Cu and and 0.012% Mo 0.18% Ni 0.014% Mo ROYALTY 0.42% NSR on 2.0% NSR on Cu 2.0% NSR on ~21% of 2.4% NSR (payable at 0.98% NSR on open pit substantially entire revenue deposit 1/3 of gross value) on and 0.49% NSR on mine plan from Cañtarito block Contained Copper and underground on San (~20% of mine plan) Nickel metal (~18% of Jose 1/3000 claim (~50% resource) of last mine plan – which is exclusively open pit) Focus on METALS Cu, Au, Mo Cu, Au Ni, Co Ni, Cu Cu. Mo District-Scale COUNTRY Argentina Chile Canada USA Chile RECENT NEWS • November 30, • Feb. 20, 2020: • Jul. 22, 2020: • Sep. 25, 2020: Twin • Dec. 14, 2020: 2020: First Announced Waterton acquired Metals Minnesota Announces Assets Quantum planned US$152m remaining 28% stake and Minnesota completion of Public announced a Taca drilling program in project from Conservative Energy Participation Taca project focused on deep partner Karora Forum announce Process for Drilling update: extensions of the Resources for Clean Energy Permitting Process - Maiden reserve deposit C$48m Partnership to complete Pre- of 7.7 million Feasibility Study • Feb. 26, 2020: • Fully-permitted, • Jun. 30, 2020: US tonnes of copper Reserve increase shovel- ready Bureau of Land • May 14, 2020: • 32-yr mine life with from 577Mt at 0.53% project in Quebec Management issues Provides update on maximum annual Cu and 0.48 g/t Au Notice of Intent to ongoing work for production of to 682Mt at 0.51% Cu start Scoping Pre-Feasibility Study 275kt of copper and 0.47 g/t Au Process of Environmental • Production Impact Statement decision in 2023- 2024 11 WOLLASTON COPPER BELT OTHER EXPLORATION ROYALTIES EXPLORATION ROYALTIES

ASSET Janice Lake Wollaston • Nub East (BC): 1.00% [NSR]

OPERATOR Rio Tinto Transition Metals • Copper King (BC): 1.00% [NSR]

Highlights - 8km mineralized strike Located 40km on strike • Pinnacle (BC): 1.00% [NSR] - 52km long district from Janice Lake - Rio Tinto systematically • Homathko (BC): 1.00% [NSR] exploring

ROYALTY - 1.0% NSR on substantially 1.0% NSR on substantially • Dundonald (Ontario): 1.25% [NSR] entire project entire project - Buyback of 0.375% for • Saturday Night (Ontario): 1.00% [NSR] C$750,000; ROFR on Focus on remaining 1.0% NSR • West Matachewan (Ontario): 1.00% [NSR] METALS Cu, Ag Cu District-Scale • Maude Lake (Ontario): 1.00% [NSR] Assets COUNTRY Canada Canada • Elephant Head (Ontario): 1.00% [NSR] RECENT NEWS • Feb. 2, 2021: Rio Tinto • Sep. 1, 2020: Transition commenced Metals provided an • Bancroft (Ontario): 1.00% [NSR] preparation for a update on work at diamond drilling Wollaston, including program at Janice Lake the collection of more by mid-February than 600 bio-geochem samples • Sep. 1, 2020: Rio Tinto announced a RAB • Aug. 17, 2020: drilling program with Transition Metals results used to plan a initiated field work at diamond drilling Wollaston to complete program in 2021 geochem sampling and detailed geological 12 mapping 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 First Quantum Minerals 0.42% NSR on substantially the entire mine plan set out in the November 30, 2020 NI 43-101 prepared by OPERATOR First Quantum; buyback based on proven reserves First Quantum Minerals published in a Feasibility Study 0.42% NSR on one of the METALS world’s premier copper Copper, gold, molybdenum LOCATION development projects LOCATION Salta Province, Argentina PROJECT STATUS Taca Taca Maiden reserve of 7.7mm tonnes of copper and 32-yr updated mine plan released on November Cu-Au-Mo 30, 2020; construction decision expected in 2023- 2024 Project RESERVES Proven & Probable Reserves: 1.758bn tonnes at 0.44% Cu, 0.09 g/t Au and 0.012% Mo FORECAST PRODUCTION Average annual production 227kt of copper for the first 6 years; Average annual production of 200kt of copper after Year 6

16 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

17 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

18 CONTROLLING SHAREHOLDERS ROYALTY TERMS Antofagasta PLC 2.4% GOR (payable at 1/3 of gross value) on Contained Copper and Nickel metal (~18% of OPERATOR resources); no buyback 2.40% GOR on a potential Twin Metals Minnesota strategic source of copper and nickel in METALS LOCATION Copper, nickel, platinum group metals North America LOCATION Minnesota, USA Twin Metals PROJECT STATUS PFS released October 2014; Mine Plan of Cu-Ni-PGM Operations presented to US Bureau of Land Management in December 2019 Project RESOURCES Measured & Indicated Resources: 1.293bn tonnes at 0.57% Cu and 0.18% Ni

FORECAST PRODUCTION 25-year mine life with total ore of approximately 180Mt of mined and processed, as per the December 2019 Mine Plan of Operations

19 CONTROLLING SHAREHOLDERS ROYALTY TERMS Los Andes Copper 0.98% NSR on open pit and 0.49% NSR on underground operations on San Jose 1/3000 claim OPERATOR (~50% of mine plan); PEA mine plan is exclusively 0.98% NSR on one of the Los Andes Copper open pit; no buyback largest copper development projects in METALS Copper, molybdenum LOCATION the Americas LOCATION Rio Rocin Valley, Central Chile Vizcachitas PROJECT STATUS Preliminary Economic Assessment (“PEA”) Cu-Mo Project released in June 2019; currently undertaking Pre- Feasibility Study and seeking permit for additional drilling

RESOURCES Measured & Indicated Resources: 1.284bn tonnes at 0.40% Cu and 0.014% Mo

FORECAST PRODUCTION 45-year open pit mine life with total metal production of 5MT of copper and 138kt of molybdenum; annual production of over 150kt of copper during the first 8 years 20 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 21 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% 22 For further inquiries, please contact:

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