2021 Global Metals & Mining Conference - Altius Minerals

|2TSX: ALS | OTCQX: ATUSFTSX: ALS | OTCQX: ATUSF

FORWARD- LOOKING STATEMENT

This document includes certain statements that constitute “forward-looking statements” and “forward-looking information” within themeaning of applicable securities laws (collectively, “forward-lookingstatements”). Forward-looking statements include statementsregarding Altius Minerals Corporation’s (“Altius”) intent, or the beliefsor current expectations of Altius’ officers and directors. Such forward-looking statements are typically identified by words such as “believe”,“anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”,“plan”, “should”, “would”, “contemplate”, “possible”, “attempts”,“seeks” and similar expressions. Forward-looking statements mayrelate to future outlook and anticipated events or results.

By their very nature, forward-looking statements involve numerousassumptions, inherent risks and uncertainties, both general andspecific, and the risk that predictions and other forward-lookingstatements will not prove to be accurate. Do not unduly rely onforward-looking statements, as a number of important factors, manyof which are beyond Altius’ control, could cause actual results to differmaterially from the estimates and intentions expressed in suchforward-looking statements.

Forward-looking statements speak only as of the date thosestatements are made. Except as required by applicable law, Altius doesnot assume any obligation to update, or to publicly announce theresults of any change to, any forward-looking statement containedherein to reflect actual results, future events or developments,changes in assumptions or changes in other factors affecting theforward-looking statements.

Non-IFRS MeasuresAttributable revenue, adjusted EBITDA and adjusted operating cashflow is intended to provide additional information only and do nothave any standardized meaning prescribed under IFRS and should notbe considered in isolation or as a substitute for measures ofperformance prepared in accordance with IFRS. Other companies maycalculate these measures differently. For a reconciliation of thesemeasures to various IFRS measures, please refer to our ManagementDiscussion and Analysis.


ROYALTIES ON A SUSTAINABLE NATURAL RESOURCE FUTURE

Public subsidiary ARR funding the development of a portfolio of more than 25 GW of new renewable energy projects as electrical coal royalties approach regulatory phase out

Macro-Trend

Transition to Renewable Energy Royalties

Electrification and Storage

Soil Quality/AgriculturalYield Improvements

Lower EmissionSteel Making

Altius Royalty Exposure

Altius Renewable Royalties Corp.TSX:ARR

Cu, Ni, Li, Co

Natural Potash Fertilizer

Clean Iron Ore Products

Copper, which is essential to EV and renewable energy transitions, represents our largest revenue exposure. Growing exposure to key battery metals - nickel, lithium and cobalt

Potash fertilizer royalties relate to a portfolio of top-tier Canadian mines that are integral to meeting the increasing demand for sustainable food productionwithout additional deforestation

Royalties relate to high-purity iron ore products - that minimize pollution from steel production

Industry leading fundamental business growth from assets that enable the world to meet its sustainabilityobjectives.


3Electricity

ROYALTY LIVES Unrivalled Sustainability & Expandability

Weighted to 2019 revenue contribution levels our royalties have a potential weighted average remaining life of more than 120 years.

Mine lives calculated based on current mineral inventory and 2019 throughput. Coal asset lives denote the expected plant closure and not based on mineral inventory. The 2019 revenue weighted average mine life is based on remaining reserves inclusive of MI resources and

throughput capacity.

Reserve Mine Life (Years) M&I Resource Life (Years) Inferred Resource Life (Years)

Chapada

Voisey’sBay

777

Gunnison

Cory

Esterhazy

Allan

Rocanville

Vanscoy

25IOC

32

14

1

76

57

33

29

14

15

73

16

7

Total: 1,004 Years

Total: 129 Years

Total: 1,744 Years

Total: 1,433 Years

Total:309 Years

Several additional deposits identified.Iron

Base Metals

Potash

+

+

+

+

+

M&I: 928 Years

M&I: 57 Years

M&I: 928 Years | Inferred: 759 Years



Resource increased by 46% in the past 3 years with several exploration programs ongoing and capcity expansions under study.

Higher prices/ Lower cut-off grade potentially creates significant additional resource; Further expoloration potential.

Replacement: ; Curipamba development

Perpetual Resources allow unlimited life extensions30+

24

ARR

Genesee


Revenues

ROYALTY REVENUESNew Quarterly Revenue Record In Q4 -2020

Revenue Per Share

$0.03 $0.05

$0.10

$0.04

$0.22 $0.22$0.23

$0.22$0.25

$0.21$0.18 $0.19 $0.19

$0.23

$0.34$0.31

$0.36

$0.42

$0.32

$0.37 $0.39$0.41 $0.42

$0.51

$0.46 $0.45

$0.41$0.39

$0.31

$0.39

$0.53

FQ1 -14 FQ1 -15 FQ1 -16 FQ1 -17 Q1-2017

Q1-2018

Q1-2019

Q1-2020

Q4-2020


Renewable Energy

LithiumRenewable

Energy

Long-Term, Counter-Cyclical Growth FocusRoyalty Acquisition History

Interpreted Cyclical PositionRoyalty Acquisition

20052000 2010 2015 2020

Nickel, Copper, Cobalt

Potash, Thermal (Electrical) Coal

Copper, ZincCopper

Iron Ore

Potash

Cycle II (Super-Cycle)Cycle I Cycle III

|7TSX: ALS | OTCQX: ATUSF

$50

$100

$150

$200

$250

Iron Ore 65% Fe Fines CFR Qingdao

PRICE EXPOSURE TO COMMODITIES WITH STRONG S/D FUNDAMENTALS Macro-trend and Infrastructure Spending Catalysts Emerging

Potash Price (US$/t)

Iron Ore Price (US$/t)

Consensus NAV

Copper 22%

Potash35%

Iron Ore8%

Ni-Zn-Co3%

2020Royalty

Revenue

Copper 35%

Potash21%

Iron Ore13%

Ni-Zn-Co5%

Renewables and Coal– No

Commodity Price Exposure 26%

Copper Price (US$/lb)

Zinc Price (US$/lb)

Nickel Price (US$/lb)

Feb

2020

May Aug Nov Feb

2021

Feb

2020

May Aug Nov Feb

2021

Feb

2020

May Aug Nov Feb

2021

$200

$250

$300

$350

$400

Granular MOP Corn Belt

Feb

2020

May Aug Nov Feb

2021

Feb

2020

May Aug Nov Feb

2021

Renewables and Coal – No

Commodity Price Exposure 32%

Consensus NAV derived from analyst reports between Nov 2020-Jan 2021; Renewables and Other refers to thermal coal, metallurgical coal and renewables. Thermal coal has no commodity price exposure as it is tonnage-based.

$2.00

$3.00

$4.00

$5.00

$0.75

$1.00

$1.25

$1.50

$5.00

$6.50

$8.00

$9.50


Acquisition Acquisition Date Purchase PriceRealized

After-Tax Unlevered Cashflow

Net Asset Value (5%)

Consensus

Realized Cashflow + NAVvs.

Purchase PriceVoisey's Bay 2003 $13.6 million $25.8 million $13.9 million 292%Chapada Stream 2016 $76.8 million $50.8 million $106.4 million 205%Potash Portfolio 2014 & 2018 $138.2 million $51.5 million $221.5 million 198%IOC 2017 & 2019 $54.0 million $39.1 million $98.0 million 254%Calinan Merger 2015 $70.9 million $43.4 million $33.7 million 109%Coal Portfolio 2014 & 2020 $200.6 million $79.0 million $31.9 million 55%Altius Renewable Royalties (ARR) 2019 & 2020 $85.0 million - $193.0 million 227%

$639.1 million $289.6 million $698.4 million 155%

HISTORIC ROYALTY ACQUISITION RETURNSPortfolio Performance

Note:

1. Purchase price is based on cash purchase price in CAD. For the acquisition of Callinan Royalties in 2015, the purchase price excludes cash and consideration allocated to non-royalty related assets. (see Note 9, 2016 Annual Financial

Statements), and includes the cost to exercise the option increasing the Gunnison Gross Sales Royalty (exercised in 2018).. The main producing royalty in Callinan is 777 with the Gunnison development stage royalty also part of that

acquisition.

2. After tax unlevered cash flow is the cumulative (since acquisition) reported revenue up to December 31, 2021 after accounting for 27% corporate income tax. For LIORC, the effective tax rate is adjusted to zero to reflect the actual tax rate

on inter-corporate dividends. For the Chapada copper stream, reported revenue is net of a 30% deduction to reflect the cost of purchasing copper, as per the contract. The effective tax rate on Chapada is 0% until the initial deposit of

US$60 million is fully recovered. Voisey’s Bay royalty revenues are shown net of the 20% Newfoundland & Labrador royalty tax.

3. Consensus NAV by asset based on analysts reports from November 2020 - January 2021. The Callinan NAV consensus is based on NAV ascribed to 777 and to Gunnison. ARR NAV refers to the market value of Altius Minerals interest in the

public company (ARR:TSX).

(Note 1) (Note 2)(Note 3)


2nd

Largest Independent Renewable Developer 1

6.5 GWCommercializedSince Inception

Exposure to Expansive Development Portfolios

1.9 GWCommercializedSince Inception

940 MWCommissioned

~2.3 GW Anticipated Under

Royalty 3

3.5+ GW Development

Portfolio

US$55M GBR Committed Capital

~1.7 GWAnticipated Under

Royalty 3

26 GWDevelopment

Portfolio 2

US$35M GBR Committed Capital

3rd

Largest Independent Renewable Developer 1

Apex Clean Energy

Tri Global Energy

1. Source: Bloomberg New Energy Finance ("BNEF"), Developer League Tables and Rankings Interactive Dataset, 2010-20192. Includes 5 GW of ineligible projects to GBR under Apex's royalty agreement3. Estimated midpoint

ARR –ENABLING THE ENERGY TRANSITIONTop-Tier Developers


4 2 2 2 31

31 4

7

3 21

6

35 1

22

11

16

89

0

Rambler IPO

Aurora IPO Alderon IPO

WORKING WITH THE CYCLICITY OF THE RESOURCE SECTORPG Exploration Project Sales

Num

ber o

f Exp

lora

tion

Proj

ect D

eals

Adventus IPO

Aethon(AbraPlata)

IPO

Interpreted Cyclical PositionMajor Project Spin-out

20052000 2010 2015 2020

Cycle 2 (Super-Cycle)Cycle 1 Cycle 3

|11TSX: ALS | OTCQX: ATUSF

PG BUSINESS GROWTHRoyalty Creation at Negative Cost

61 Projects

Converted to new royalties and junior equities since 2016

market bottom

Raised in 2020 by Altius Portfolio

Companies

Altius generates mineral exploration projects for sale in exchange for royalties and

equity positions. This is a proven Equity/Royalty Investment Strategy that allows

creation of new pipeline royalties at negative cost and provides cash for 3rd party

royalty acquisitions

Net Investments Net Monetization

April 2016 December 2019

$33M

-$3M

April 2017

-$6M

December 2018

$7M

$54M $54M

$17M

$11M

$22M $52M

Junior Equity Portfolio Growth

>$140M

December 2020


40,000 m

20,000 m

16,000 m15,000 m 15,000 m 15,000 m

10,000 m

7,000 m5,000 m

3,000 m 2,500 m

PG BUSINESS>178 km Estimated Drilling Exposure in 2021 from $150mm Capital Raised

Altius generates mineral exploration projects for sale in exchange for royalties and equity positions.

This is a proven Equity/Royalty Investment strategy that allows creation of new pipeline royalties at negative cost and provides cash for 3rd party royalty acquisitions


Issued Common Shares 41.5 millionFairfax Preferred Securities 10.0 million ($100 million)

Basic Market Capitalization $610 millionAnnual Dividend $0.20 per shareOutstanding Debt† $141 million

Cash and Public Equity Holdings† $136 million

Available Under Credit Revolver† $39 million

TSX: ALS | OTCQX: ATUSF

FY 2014 FY 2015 FY 2016 FY 2017 2018 2019

$3M $1M $15M $26M $35M $44M

Revenues

Adjusted Operating Cash FlowReturns of Capital

†Market cap as of Feb 6, 2021 and Debt as at Sep 30, 2020. Cash and public equity holdings includes $16 million cash + $74 million LIORC equity value + $46 million project generation equity values, as at Sep 30, 2020.

Capital Structure and Track RecordAltius Minerals Corporation

$6M$28M $33M $46M $67M $78M $67M

FY 2014 FY 2015 FY 2016 FY 2017 2018 2019 2020

Dividends$3M

Dividends$5M

Dividends$7M

Dividends$7M

Dividends$8M

Dividends$8M

Share buy back$2M

Share buy back$2M

Share buy back$5M Share buy back

$9MShare buy back

$6M

2015 2016 2017 2018 2019 2020


THANKYOU

Flora WoodDirector, Investor RelationsPhone: (416) 346-9020Email: [email protected]

Producing Royalties

Development Royalties

Project Generation

RenewableEnergy Portfolio

mailto:[email protected]

2021 Global Metals & Mining Conference - Altius Minerals

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