Altius Minerals : Investor Presentation February 23, 2025
ALS.TO
TSX: ALS | OTCQX: ATUSF
Diversified , Long-Life, Natural Resource Royalties
34th Global Metals, Mining & Critical Minerals
Conference
February 23-26, 2025
Renewable Power | Clean Steel | Potash | Copper | Lithium | Nickel | Cobalt
Balance, Diversity & Longevity
Gold
Potash
17%
28%
NAV1
Wind & by
Solar
18% Commodity
Base &
Iron Ore
(DR Grade)
Battery
19%
17%
43y
Weighted Average Royalty Life
South
America
20%
NAV1
by Canada
Jurisdiction 49%
USA 31%
23
Operating Royalties2
5
Royalties on Projects in Construction3
23
Advanced Study4
TSX: ALS | OTCQX: ATUSF
1.
Analyst Consensus Net Asset Value
3.
4 mineral assets, 1 renewable energy projects
|3
2.
10 mineral assets, 13 renewable energy projects
4.
2 mineral assets, 21 renewable energy projects
Organic Royalty Catalysts
Expanded Silicon Project (Gold)
1.5% NSR Royalty acquired as part of a $300K exploration grubstake agreement
New world-class gold district discovery by
Anglogold Ashanti in Nevada
More than 16 Moz of resource identified to date with continuing growth potential
TSX: ALS | OTCQX: ATUSF
Kami (DR Grade Iron ore)
Discovered by Altius project generation group through a $2 million exploration program - 3% GRR retained
Now owned by Champion Iron who recently partnered the project with Nippon Steel and Sojitz
PFS indicated 9 Mt/a production rate
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Expanded Silicon Project (ESP)
Emerging as One of the World's Largest Gold Deposits
Expanded Silicon PFS underway, covering the Silicon and Merlin deposits
Resources continue to grow (25% increase announced in February 2025 to now more than 16 Moz1)
Mainly oxidized ore amenable to low cost heap leaching
PEA indicated in excess of 1Moz/a early years production potential from high grade core of Merlin Deposit
Partial award under ongoing arbitration has indicated a significant expansion of area within district that is captured by royalty (subject to final award)
Strategic alternatives being evaluated for royalty, ranging from long-term portfolio addition to a sale or asset swap
Altius also owns ~19.6% of OGN, which owns a separate 1% NSR, increasing our exposure to the new discoveries
TSX: ALS | OTCQX: ATUSF 1. Effective December 31, 2024, Source: AGA Feb 19 2025 'Full Year 2024 Results' presentation, can be found at: https://thevault.exchange/?get_group_doc=143/1739957070-YearEnd2024Presentation.pdf
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Silicon Gold District (1.5% NSR)
Merlin Deposit Long Section
TSX: ALS | OTCQX: ATUSF
Source: AGA Feb 19 2025 'Full Year 2024 Results' presentation, can be found at: https://thevault.exchange/?get_group_doc=143/1739957070-YearEnd2024Presentation.pdf
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Kami (3% GRR)
New Partnership Increases Momentum
2024 Prefeasibility Study envisioned 9Mt of annual production of a 67.5% Direct-Reduction quality iron ore
In December, Champion partnered with Nippon Steel and
Sojitz to jointly develop Kami
Permitting underway
The partners will proceed with a Definitive Feasibility
Study expected mid year 2026
The 3% GRR has the potential to become Altius's single largest revenue contributing royalty based upon current prices and indicated production rates
TSX: ALS | OTCQX: ATUSF
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High-Purity Iron Ore
Positioned to Benefit From BF to DR Grade Market Share Reversal
Steelmaking Market Share by Process
Global Crude Steel Production
2,500
3.4% CAGR
2,000
1,500
1,000
500
2000
2005
2010
2015
2020
2025
29%
EAF Steelmaking
Iron Inputs
73%
Scrap Steel
DR Grade Iron Ore (>67% Fe)
BF / BOF Steelmaking
Iron inputs
BF Grade Iron Ore (58-67% Fe)
Source: Footprint by Steel Making Method: Data by Minespans by McKinsey, Wood Mackenzie
Source: Steelmaking Market Share by Process: Champion Iron Limited, data by
Minespans by McKinsey
TSX: ALS | OTCQX: ATUSF
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Potash
Market Stabilized - Long-term Growth Trend Intact
Royalties cover majority of Canadian potash mines and represent more than 20% of global production
Mines all feature ultra-long resource lives (100's to 1000's of years)
Potash prices re-basing at higher levels following war-based price surge and inflationary reorganization of global distribution and logistics networks
Royalty mines growing market share within a growing global market
Potash Price (FOB Mid West)
$900
$800
$700
$600
$500
$400
~$345
~$225
$300
$200
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TSX: ALS | OTCQX: ATUSF
Global Demand Tracking Well to Long-Term Growth Trend
140
Mt
Actual Global Demand
129
120
LT Growth Trend (2.4% CAGR)
Mt
102
100
Mt
Mt
82
80
Royalties
71
Mt
Acquired
60
54
40
20
0
2000
2005
2010
2015
2020
2025
2030
2035
2040
2045
2050
Altius Royalty Mines Global Production Market Share
25%
20%
15%
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Base and Battery Metals
$12.00
Production Cost
Capital Intensity
+609%
Copper Incentive Price
$10.00
1.0%
$8.00
As existing fleet of mines become lower grade,
deeper and older the cost of extending lives or
$6.00
building new has increased significantly
$4.00
+400%
Copper price has not kept pace with cost increases
and therefore continues to fail to incentivize
$2.00
-32%
sufficient mine investment decisions to offset a
0.5%
looming copper market supply deficit
$0.00
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
This has persisted since 2012 with supply now set to
$7.00
Copper Price
Incentive Price
begin falling meaningfully as a result - while long-
term demand growth continues to compound
$6.00
Altius's portfolio well positioned to benefit from
$5.00
higher prices and the building / expansion decisions
$4.00
that will result
$3.00
$2.00
$1.00
$0.00
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
TSX: ALS | OTCQX: ATUSF
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Disclaimer
Altius Minerals Corporation published this content on February 24, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 24, 2025 at 15:08:04.092.