Altius Minerals : Investor Presentation January 14, 2025

Published: 2025-01-14 09:52:04 ET ALS.TO

TSX: ALS | OTCQX: ATUSF

Diversified , Long-Life, Natural Resource Royalties

16th Annual Global Mining Conference

January 14-16, 2025

2024 Highlights

Potash

Global potash demand returns to LT growth trend levels on more affordable pricing while operators highlight competitive abilities to continue to incrementally grow production levels to meet further expected global supply requirements

Altius operators expect to hold or grow market share

Base and Battery Metals

Construction completed at Voisey's Bay Eastern Deeps mine while recently commissioned Reid Brook mine continues to ramp up Curipamba permitting finalized and early construction works underway, targeting initial production late 2026 Saúva resource drilling continues to successfully expand potential deposit size while district level expansion studies continue to advance

Grota do Cirillo phase 1 lithium spodumene production achieved and stage 2 expansion underway.

Tres Quebradas and Mariana lithium brine projects continued construction progress

US Electricity (ARR)

ARR revenue ramping up according to plan with several additional projects

advancing towards operations Strong new investment deployment progress at higher returns as competing capital market sources remained subdued

Take private transaction completed that delivered a significant premium and liquidity to minority shareholders

Northampton Capital brought on as new partner and adds access to deep pools of pension fund based long-term capital

High-Purity Iron Ore

Kami Project - PFS, EIS stage-1 review, steelmaker partnering and offtake completed Continued strong investment levels at IOC with operator signaling potential to expand production of DR grade products

High-purity iron ore begins to gain market share from low to moderate grade ores as BF to EAF transition gains momentum

Silicon

Published maiden resource for Merlin brings combined Expanded Silicon Project Inferred and M&A Resources to more than 13Moz... and still growing

Partial award announced from binding arbitration

Full year PG portfolio value increased to ~$60 million from $45 million despite net monetization of nearly $14 million

Corporate

761,500 shares acquired under NCIB at an average price of $21.27 per share ($16.2 million invested)

Dividend increased to $0.36/share annually

TSX: ALS | OTCQX: ATUSF

Balance, Diversity & Longevity

Remaining Royalty Lives Range From 19 to 163 years (Average 43 years)

Production

10 Mines, 13 Renewable

Other

Construction

Gold

17%

Potash

4 Mines, 2 Renewable

28%

Advanced Study

Analyst

2 Mines, 21 Renewable

Consensus

NAV

Renewables

18%

"High Purity"

Iron Ore

Base & Battery

19%

Metals

17%

South

America

20%

Canada

49%

Consensus

NAV by

Jurisdiction

United States

31%

TSX: ALS | OTCQX: ATUSF

Silicon Gold District

Highlights and Outlook

Major new Nevada gold district discovery by Anglogold

Ashanti

Significant ongoing resource growth potential

Expanded Silicon PFS underway, covering the Silicon and

Merlin deposits

Altius 1.5% NSR Royalty

Partial award under ongoing arbitration has been announced (see 2025-01-10PR)

Strategic alternatives being evaluated for royalty ranging from long-term portfolio addition to a sale or asset swap

Source: Anglogold Ashanti Q3 2024 Earnings Results Conference call presentation, https://thevault.exchange/?get_group_doc=143/1730973223-Q32024ResultspresentationFINAL.pdf

TSX: ALS | OTCQX: ATUSF

Potash

Market Stabilized - Long-term Growth Trend Intact

Potash prices re-basing at higher levels following war-based price surge and inflationary reorganization of global distribution and logistics networks

Royalty mines holding market share ~20% of growing global market demand

Competitive advantage of Saskatchewan mines to meet future global demand growth further accentuated by geopolitical and relative cost of capital challenges of major competitors in Russia and Belarus

$900

$800

Potash Price (FOB Mid West)

$700

$600

$500

$400

$300

~$320

~$225

$200

Global Demand Tracking Well to Long-Term Growth Trend

140

129

Actual Global Demand

120

LT Growth Trend (2.4% CAGR)

102

100

82 Mt

Royalties

Acquired

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

Altius Royalty Mines Global Production Market Share

25%

20%

15%

TSX: ALS | OTCQX: ATUSF

Base and Battery Metals

Copper, Nickel, Cobalt and Lithium

Copper prices still well below incentive levels as costs have increased more than prices

Curipamba project production and royalty payments targeted for commencement in 2026

Sauva discovery (copper) resource increased and now being incorporated into ongoing Chapada district expansion studies

Groto do Cirillo (lithium) into Phase 2 expansion, while Tres Quebradas and Mariana continued construction progress

Voisey's Bay Eastern Deeps mine (nickel) near construction completion

Chapada District Contained Copper Resource &

Reserve1 (Mlbs)

Chapada Reserve

Chapada Measured & Indicated

Sauva Measured & Indicated

Depletion

+2.5 Blbs

1,564Mlbs

660Mlbs

1,124Mlbs

2,372Mlbs

3,248Mlbs

2,499Mlbs

2016

Depletion

2023

TSX: ALS | OTCQX: ATUSF 1. For more information, please refer to Lundin Mining news release dated February 8, 2024, entitled "Lundin Mining Announces 2023 Mineral Resource and Mineral Reserve Estimates" on the Company's website

Base and Battery Metals

Copper Incentive Price

As existing fleet of mines become lower grade, deeper and old the cost of extending lives or building new has increased significantly

Copper price has not kept pace with cost increases and therefore continues to fail to incentivize sufficient mine investment decisions to offset a looming copper market supply deficit

$12.00

Production Cost

Capital Intensity

+609%

$10.00

1.0%

$8.00

$6.00

$4.00

+400%

$2.00

-32%

0.5%

$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 begin falling meaningfully as a result - while long- term compounding demand growth continues

Altius's portfolio well positioned to benefit from

higher prices and the building / expansion decisions that will result

TSX: ALS | OTCQX: ATUSF

$7.00

Copper Price

Incentive Price

$6.00

$5.00

$4.00

$3.00

$2.00

$1.00

$0.00

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

Renewable Energy Royalties

57% Equity

Altius Renewable Royalties co-founded Great Bay

Renewables (GBR) in 2019

GBR became a 50:50 joint venture with Funds controlled by global PE firm Apollo Global Management in 2020

ARR completed an IPO during early 2021 for proceeds of C$108M

GBR has since funded more than US$490 million in renewable royalty investments,

Current take-private transaction values 100% of ARR at ~US$370M (Altius Minerals 57%)

TSX: ALS | OTCQX: ATUSF

2.6 GW of operating

~7.2 GW of

9 states

royalties, US wind and

development royalties

solar

~US$492M of

~US$13-16M

~+49%

royalty investments

Growth in

2024E Royalty Revenue

counting commitments

Proportionate

GBR

(net)

Revenue ARR YTD

100 MW

200 MW

300 MW

Solar

Operating & Construction

400 MW

Wind

In Development

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

EAF Steelmaking

3.4% CAGR

29%

Iron Inputs

73%

2,000

Scrap Steel

DR Grade Iron Ore (>67% Fe)

1,500

1,000

BF / BOF Steelmaking

Iron inputs

BF Grade Iron Ore

500

(58-67% Fe)

2000

2005

2010

2015

2020

2025

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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Disclaimer

Altius Minerals Corporation published this content on January 14, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 14, 2025 at 14:51:03.811.