Investor Presentation November 2018

Introduction

E

Early Mover Advantage in Battery/Base Metal

Royalties

• There are currently no companies focused on the battery metals royalties space• Cobalt 27 is the only other company focused on battery metals royalty/streaming, but their focus has been

physical cobalt ownership and streaming transactions on nickel/cobalt• BatteryOne is primarily focused on acquiring existing royalties on battery metals projects from major mining

companies, juniors and prospectors looking to monetize royalty assets via a public market vehicle• Cobalt 27’s streaming transactions have been at IRRs of 9-21% in comparison to the 4-6% for transactions in

precious metal streams, reflecting the relative immaturity of the battery metals royalty/streaming space

Compelling Fundamentals in Battery/Base Metals

• Favorable supply/demand fundamentals for nickel, copper, cobalt, lithium, tin and graphite• Demand driven by Electric Vehicle (“EV”) revolution, alternative energy and overall global industrial growth• Supply constrained by lack of new discoveries, governmental/social regulations, increasing resource nationalism

and benign funding environment

Experienced team

• CEO & CFO have 25 years combined mining finance experience in investment banking and private equity• Former COO of Vale Inco, Parviz Farsangi, has joined the Board of Directors• Major shareholder and supporter Brett Heath founded Metalla Royalty & Streaming Ltd. (TSX-V: MTA)• Advisory board members Darin Wagner and Paul Fornazzari have founded multiple successful companies

Implementation ofMaverix/Metalla

Vendor Partnership ModelIn Battery/Base Metals

• Maverix Metals (TSX-V: MMX) and Metalla have both succeeded in focusing on acquisitions of non-core royalty portfolios held by larger companies looking to retain upside exposure via a public vehicle

• Maverix shareholders include Newmont Mining (28%), PanAmerican Silver (26%), and Gold Fields (20%).• Coeur Mining holds a 19% stake in Metalla• Since their launches in July 2016, Maverix and Metalla have seen share price appreciation of 3.8x and 5.1x,

respectively

Foundation Acquisitionat 0.1x P/NAV on a World-

Class Project

• 2% Royalty on 21% of Dumont project, which has the world’s largest undeveloped reserves of nickel and cobalt• Project operator is RNC Minerals with a controlling equity interest held by Waterton Global Resource Mgmt.• Acquisition terms: C$2m of cash upfront, C$1m in equity post-financing; 1% of royalty can be bought back by

vendor for C$1m at any time; SPA signed on August 22, 2018• Pre-tax NPV C$21m at 5% discount rate using US$6 nickel price; every US$1 increase in nickel prices adds over

C$4m to NPV

Investment Highlights

• Alex Tsukernik, CEO and Director• 14 years of metals and mining finance experience, including 10 years as an

independent principal/group head • $3bn+ of completed transactions as independent principal/group

head • $50bn+ of prior transaction experience, mostly in large-cap steel

M&A• Founder of mining investment advisory firm Syntella Partners since 2011• Previously Head of Metals & Mining for investment bank Rodman &

Renshaw• MBA Columbia, CFA Charterholder• Mark Riccio, CFO• 11 years of metals and mining finance experience, including 5 years as a

senior principal investment professional• $500m+ of completed principal investments • $11bn+ of completed investment banking transactions across base,

precious, bulks and industrial metals and minerals• Previously Director at mining private equity firm Denham Capital and Vice

President in Merrill Lynch’s Metals & Mining Investment Banking group in the USA and Australia

• MBA University of Texas at Austin, CFA Charterholder

Management Team

• Parviz Farsangi, Non-Executive Director• Former Chief Operating Officer of Vale Inco• >30 years experience in numerous leadership and operational roles• Ph.D. in Mining Engineering from McGill

• Robert Leckie, Non-Executive Director• CEO of Agrimarine Holdings Inc.• Former Managing Director of Dundee Acquisition• Graduate of Dalhousie University in Halifax, Nova Scotia

Board of Directors

Board of Directors to be expanded ahead of public listing

• Denis Silva, Non-Executive Director• Corporate and securities partner at Gowling WLG (Canada) LLP• 11 years of experience in corporate, securities, mining and regulatory• Acted for a wide variety of companies listed on the TSX, the TSX-V, the

NYSE and NASDAQ

• Darin Wagner• President, CEO & Director of Balmoral Resources• Formerly President and CEO of West Timmins Mining until $424m

acquisition by Lake Shore Gold• Professional Geologist with 25 years of exploration and corporate

development experience• Twice recognized as Explorers of the Year in Quebec for Balmoral’s

Martiniere Gold and Grasset Nickel discoveries and previously at Platinum Group Metals were team awarded the NWOPA Explorer of the Year Award in 2004 for the Seagull Pt-Pd discovery in Ontario

• Paul Fornazzari• Partner at Fasken Martineau DuMoulin LLP in Toronto• Co-Founder and former Chairman and Secretary at Lithium Americas

Corp (now Neo Lithium)• Legal practice focused predominantly in the areas of corporate,

commercial and securities law in the natural resources sector across North and Latin America

Advisory Board

Additional Advisory Board members to be added

Market Opportunity

Nickel(1) Cobalt(1) Copper(1)

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• Compelling supply-demand dynamics - target metals remain in forecast supply-demand imbalance through at least 2020 as shown in charts below, driven by EVs, grid energy storage and new tech developments

• Few large scale developments driven by lack of new discoveries, limited desire to fund/capital available for new builds and increased jurisdictional and environmental challenges

• Notably, 66% of cobalt currently comes from DRC, which is facing the challenge of meeting ethically sourced requirements, which is one factor in higher Co prices

• Undersupply should support prices, but cap significant new supply given no forecasts for outsized deficits and significantly higher prices to incentivize new supply

(1) Citigroup and Macquarie

Why Battery Metals?

• While the precious metals space features a number of royalty/streaming competitors, only Cobalt27 has emerged as a dedicated vehicle for the battery metals space with a strong focus on streaming and physical cobalt ownership

• Nickel, Copper, Cobalt, and Tin are all projected to run into significant deficits in coming years

• Supply constraints are worsening from lack of new discoveries/developments and increasing governmental/social operational costs

• May 22, 2018: US$113 million streaming/equity facility from Cobalt27 to Ramu Nickel (Highlands Pacific); Scotia calculated an IRR of 21% on the transaction

• June 11, 2018: US$690 million nickel/cobalt streaming facility from Wheaton Precious Metals and Cobalt27 to Voisey’s Bay (Vale); CIBC and Eight Capital calculated an IRR of 9% on the transaction

“We estimate the Voisey's Bay stream to WPM yields a 9% IRR at $35/lb cobalt assuming a 20% tax rate - which compares to recent larger precious metals streams at ~4-6% IRR.”(1)

Strong Supply/Demand Fundamentals

Relative AbsenceOf Capital Providers

Robust Returns onRecent Battery

Streaming Transactions

(1) Eight Capital research report on the Voisey’s Bay transaction dated June 12, 2018

Compelling Market Opportunity

Core Commodity/Jurisdictional Focus

With SignificantPipeline

Execution, Speed, Liquidity And Discipline

• Use first-mover advantage to create critical mass• Multiple discussions ongoing on producing, development, and

exploration assets• Focus on existing royalties (90%+ of portfolio) that current owners are

not able to easily and efficiently monetize• “Orphaned” royalties often have a weak market• Frequently, the best option for the owner is to vend them into a larger,

more diversified vehicle and retain future commodity/project upside• BatteryOne looking to transact in shares with vendors that want to

retain future upside following Maverix/Metalla model

Low-Cost Operations• Lean management structure• First-year budget forecasts C$600k of overhead costs

BatteryOne Business Model• Focus on nickel sulfide and copper (80%+ of portfolio) in Tier 1 one

jurisdictions (Americas, Australia, Europe)• Emphasis on proven mining camps• Secondary emphasis on cobalt, tin, lithium, graphite, lead, zinc and

non-sulfide nickel deposits• More than 1,000 copper and nickel royalties under review

Nickel Targets• Focus primarily on nickel sulfide deposits in Canada and Australia

Copper Targets

• Core country focus represents 63% of recent major copper discoveries providing a significant opportunity set with upside

Source: SNL; represents major copper discoveries made between 1998-2012.

Since the launch of Metalla and Maverix in July 2016, both newcomers to the market have successfully executed on building high quality royalty/streaming

portfolios leading to strong returns for shareholders

Portfolio acquisitions add scale: # royalties & streams

High growth assets: 2018-19 forecast production growth

Strong cornerstone investors

Share price increase since July 2016

Market capitalization

81

50-60%

Newmont (28%)Pan American (26%) Gold Fields (20%)

3.8x

C$474mm

22

10-20%

Coeur (19%)

5.1x

C$64mm

Blueprint for Success

Metalla Share Price History

11/2/16: acquired Timmins-based royalty portfolio from IEP; closed over-subscribed $2.3m financing

5/4/17: consolidated Hoyle Pond Extension Royalties

1/18/17: acquired Acquire 15% of the New Luika Gold Mine Silver Stream from Silverback

Metalla has built a diverse portfolio through multiple acquisitions since July 2016, resulting in a 406% increase in MTA’s share price

Share Price (C$)

6/12/17: acquired a portfolio of three royalties and one stream from Coeur Mining

5/10/18: acquired Valgold and their 100% owned Garrison Royalty 9/4/18: acquired a

2% NSR on theSanta Gertrudisgold property

5/14/18: acquired a 2% NSR on the Akasaba West Property

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Maverix Metals Share Price History

7/11/16: acquired 13 royalties from Pan American for C$52.0m

12/5/16: acquired a portfolio of 11 royalties from Gold Fields for C$42.0m and completed financing program with PAAS

5/28/18: acquired a portfolio of 54 royalties from Newmont for US$93.2m (C$121.1m); tripled portfolio to 81 royalties and streams

Three major transactions created significant value for Maverix shareholders –MMX shares have increased in value 280% since it’s July 2016 listing

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Why Royalties?

Royalty/Streaming Companies Top Performers

• Royalty and streaming companies have enjoyed a long history of success in the precious metals space, having delivered superior performance to the major gold/silver mining companies

• As a result, precious metal royalty and streaming companies consistently trade at price/cash flow multiples that are 2-3x those of major gold/silver miners

• Royalty/streaming companies have outperformed the major miners for several reasons:

o Defined capital risk: Royalty/streaming companies do not fund any capital after their initial investment whereas mining companies have to deal with cost pressures, higher taxes, further dilution, increased borrowing costs, etc.

o High margins: Ability to pay consistent dividends from cash flow given high margins

o Lean, flexible corporate structures: Royalty companies by definition don't require large staffing, versus mining companies which have exploration, operations and corporate teams

Differences Between Royalties and Streams

Although royalties and streams are similar in that they provide exposure to mining project revenue, they are very different instruments

Royalties Streams

Number of Assets Numerous: Thousands of mines in North America, Australia, and the Americas have had royalties at some point in their life cycle

Few: Streams are typically generated on mines that are in construction or are already producing

Role in Miner Capital Structure

None: The royalty is typically tied to the mineral right, not the corporate issuer’s credit

Quasi-Debt: Streams are typically a corporate obligation that is similar to debt

Exposure to Tier 1 Assets Occasional: would typically be generated before major discovery (e.g. Goldstrike)

Almost Never: Conventional equity and debt financing typically more desirable for issuers than streams

Acquisition Price Variable: From 0.1x NAV or less for exploration/development assets to 1.5-2.0x NAV for producing mines

Typically around 0.8-1.0x NAV

Dumont: Foundation Acquisition

Controlling Shareholder

Metals

Location

Reserves & Resources

Nickel-Cobalt; World’s largest undeveloped reserves of both cobalt and nickel

Abitibi mining camp, Québec; close proximity to all key infrastructure

P&P reserves: 1,177 million tonnes at 0.27% nickelMeasured resources: 372 million tonnes at 0.28% nickelIndicated resources: 1.29 billion tonnes at 0.26% nickel

Royalty Terms2% NSR (Coyle-Roby royalty claims) on approximately 21% of the current resource1% can be bought back for $1mm at any timeArea of interest likely to commence being mined years 5-7 of project life

Project Status Feasibility study completed; Fully permitted and shovel-ready

Forecast Production First 5 years: 33ktpa of Nickel and 1ktpa of CobaltThereafter: 51ktpa of Nickel and 2ktpa of Cobalt

Waterton Global Resource Investments

Operator RNC Minerals – Waterton JV

Recent Cobalt 27 Investment Cobalt 27 acquired a 1.75% NSR on Dumont at an implied valuation of US$70m on February 22, 2018

Foundation Acquisition - Dumont Nickel-Cobalt Royalty

Valuation NPV is pre-tax C$21m at 5% discount rate using US$6 nickel priceEvery US$1 increase in nickel prices adds over C$4m to the NPV

NPV

(1) Research analysts’ estimates for Cobalt27’s recent acquisitions of 1.4x P/NAV(2) Eight Capital research report on Cobalt 27’s acquisition of the Dumont royalty dated February 22, 2018

Based on a C$21mm NPV, BatteryOne is acquiring the Dumont royalty at a P/NAV of 0.1x.

“Dumont is a world-class near-term producer. Construction is to start in 2019 pending financing but visibility isn't certain given a $1.3Bn Capex. Should scalability options be considered, we might see a new FS prior to financing and construction. That said, this is a massive Ni-Co sulphide deposit that may help fill the cobalt and nickel voids expected over the next few years.”(2)

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Dumont Royalty – Significant Re-rating Potential

Capital Raise and Future Plans

Issuer

Amount C$3m

Use of Proceeds Dumont royalty acquisition; royalty or stream and/or portfolio acquisitions; corporate start-up costs; general corporate purposes

BatteryOne Royalty Corp.

Offering Private Placement

Post Capital Raise Shareholder Ownership(1)

(1) Assumes 23.864m shares outstanding post raise; excludes 11.932m warrants

Transaction Overview: Initial Capital Raise

Pre Post-Money Valuation

• Post-money includes share consideration component of royalty acquisition

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Insiders, Officers & Directors Dumont Royalty Holders

Strategic Shareholders New Shareholders

Annual Budget & Timeline to ListingBudget – December 2018 through November 2019

• Forecast operating expenses over the next 12 months total approximately $600k

• Includes marketing costs associated with planned early 2019 public listing

Note: all figures in CAD(1) Includes accounting, administrative, regulatory, and tax services(2) Includes costs associated with pre-listing marketing(3) Includes expenses associated with potential acquisitions including travel, etc.

Timeline to Listing

• SPA on Dumont royalty signed on August 22; close targeted by end of November 2018

• $3m private capital raise underway• Discussions on second royalty transaction in

progress with plan to finalize negotiations over next two to three months

• Continue to progress discussions on deal pipeline looking to close several more by end of 1Q2019

• Use of all or mostly shares as purchase consideration

• Public listing in 2Q-3Q 2019 with targeted valuation >$25m

Nickel/Copper Fundamentals

• Nickel (Ni) key component in EV batteries, with percentage of Ni growing with next generation battery technologies

• Industry shifting to lithium nickel manganese cobalt oxide (“NMC”)(1), driven by multiple factors:• Improved performance due to improved balance between battery power, energy, cycle life

and cost• China EV subsidy policy driving shift from LFP to nickel-rich cathodes (NMC622 and

NMC811)• McKinsey forecasts 31m electric vehicles by 2025, with demand for high-purity class 1 nickel increasing

significantly from 33Kt in 2017 to 570Kt in 2025(2)

• WoodMac forecasting long-term nickel price of $26,500 ($12.00/lb) to satisfy future demand coupled with lower existing supply as ore reserves exhausted and lack of large scale project development

(1) See following slide for battery comparison table(2) McKinsey & Company – The Future of Nickel: A Class Act, November 2017(3) Wood Mackenzie – Global Nickel Long-term Outlook, June 2018

Nickel in Focus

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“In 2017, EV battery demand was less 5% of world nickel demand. By 2020, 35% or

1.3Mtpa attributed to EV demand, representing a CAGR of 15%.”(2)

EV Nickel Demand(3)

Nickel - Primary Battery Component

Source: BMO; Battery University(1) Occurs in situations where an increase in temperature changes the conditions in a way that causes a further increase in temperature, often leading to a destructive result.

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NMC811 Battery Composition

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Nickel Cobalt Aluminum

NCA Battery Composition

• Cu supply and demand dynamics very favorable• Demand growth driven primarily by renewable

energy, EVs and infrastructure• Solar and wind add 2.5Mtpa and 1.9Mtpa

respectively by 2025(1)

• EVs plus charging stations add another 1.5Mtpa by 2025(1)

• Supply constraints due, but not limited to:• Continued drop in grades (decrease from 1.6%

to 1.0% over past 20 years(1))• Lack of new, world class discoveries (over past

30 years of exploration, only one new top ten mine has started production – Las Bambas(2))

• Political, environmental and social pressures• Infrastructure – lack of high quality / reliability

in central Africa and water issues in S America• Development pipeline historically thin with high

incentive prices• BMO forecasting an average supply deficit of

>5Mtpa post 2025

(1) BMO: “Renewable Energy – A Greenlight to Copper Demand”(2) Wood Mackenzie – Top ten producing copper mines; 2018 (Las Bambas discovered in 2005 with first production in 2016)(3) Other includes machinery, appliances and construction

Copper Compelling Short & Long-Term

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Why Invest in BatteryOne?

• Targeting metals with very favorable supply-demand dynamics driven by EV and renewable energy revolutions

• Experienced team partnering with industry leaders to create consistent and quality deal flow with developed transaction pipeline

• Proven strategy that the market is currently rewarding in precious metals space

• World class foundation asset with near-term, actionable pipeline

• Opportunity to invest in early round and participate in future growth