november 30 december 1, 2021

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Forward-Looking Statements

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”) or Altius RenewableRoyalties’ (“ARR”) intent, or the beliefs or current expectations ofAltius’ officers and directors. Such forward-looking statements aretypically identified by words such as “believe”, “anticipate”,“estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”,“would”, “contemplate”, “possible”, “attempts”, “seeks” and similarexpressions. Forward-looking statements may relate to future outlookand 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.

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Sustainable Natural Resource Royalty LeaderEnabling Change While Delivering Strong Returns For Shareholders

TSX: ALS | OTCQX: ATUSF

Specialized in long-life royalties on natural resources that are

essential to the world meeting its sustainability objectives

Track record of generating strong returns through counter-

cyclical investment discipline - proving that making a difference

does not have to mean sacrificing returns

Business model offers superior long-term risk protection while

providing free upside optionality to growth

Natural inflation hedge due to price based revenue growth

without exposure to capital and operating cost inflation

Renewable Energy Projects support the decarbonization of Power Generation

Invested in Key Sustainability Based Growth Trends

Potash is a natural fertilizer that enables Food Sustainability and Limits Deforestation

High-Purity Iron Ore allows infrastructure to be built with Cleaner Steel

Copper, Nickel, Lithium and Cobalt are critical metals to the EV Transition

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Copper 24%

Potash31%

Iron Ore16%

Power Generation(renewables dominant)

26%

Ni-Zn-Co3%

ConsensusNAV†

Ni-Zn-Co7%

Power Generation(coal dominant)

13%

Copper 34%

Potash20%

Iron Ore23%

$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

$0.43

$0.53$0.50

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

Q1-2018

Q1-2019

Q1-2020

Q1-2021

Royalty Revenue Per Share

Other2%Commodity Balance

Revenue Growth History

†Consensus NAV derived from analyst reports between May – Aug 2021

2021 YTDRoyalty

Revenue $60.9M

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Operating Stage Mining Royalty InterestsOperating Stage Royalties

Base and Battery Metals High Purity Iron Ore Potash

Chapada Mine – Cu

Voisey’s Bay - Ni,Cu,Co

777 – Cu,Zn,Au,Ag

Gunnison - Cu

Mt. Cattlin - Li

Iron Ore Company of Canada

Rocanville Mine

Esterhazy Mine

Allan Mine

Cory Mine

Vanscoy

Patience Lake

YOY Price Increase

Copper – up 28%

Nickel – up 24%

Zinc – up 20%

Lithium Carbonate - up 276%

YOY Price Increase

65% Fe Fines China – down 21%

65% Fe Pellet China – up 2%

YOY Price Increase

Granular MOP Cornbelt – up 155%

Granular MOP Brazil C&F – up 221%

Standard MOP SE Asia C&F – up 150%

Note: Altius is a seed level shareholder of Lithium Royalty Corporation, which holds the Mt. Cattlin royalty. Altius is a shareholder of Labrador Iron Ore Royalty Corporation which is a pass-through holder of a royalty on the operations of IOCC

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Metals

Chapada (Lundin Mining): Resource expansion drilling and mine expansion studies ongoing

Curipamba (Adventus Mining): Feasibility Study complete

Voisey’s Bay (Vale): Two new underground mines near construction completion

Groto do Cirillo (Sigma Lithium): Construction underway*

Tres Quebradas (NeoLithium being acquired by Zijin mining): Pilot plant operating, feasibility studies ongoing*

Finniss (Core Mining): Construction Underway*

Potash

Saskatchewan Mines (Nutrien and Mosaic): Production ramp up into completed

mine expansions ongoing and accelerating

Iron Ore

IOC (Rio Tinto): Debottlenecking and growth investments underway

Kami (Champion Iron): Rescoping of prior feasibility studies in progress

Gold

Silicon (AngloGold Ashanti): New Nevada gold discovery noted with maiden resource

estimate expected to be published as of current year end

Moosehead (Sokomon): Definition drilling and resource estimation underway


Advanced Stage Mining Royalty Growth Pipeline

Note: Altius is a seed level shareholder of Lithium Royalty Corporation, which holds the Groto do Cirilo, Tres Quebradas and Finniss royalties. Altius also holds direct royalty interests in Groto Do Cirilo and Tres Quebradas royalties

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38 years

29 years

24 years22 years 21 years 20 years

15 years 15 years 13 years 13 years10 years

Note1. Represents NAV-weighted average of top ten assets' underlying mine lives. Based on top ten assets determined by NAV that have two or more disclosed analyst estimates.2. Mine lives are from public disclosure, with the exception of three assets for which mine life data was sourced from Wood Mackenzie or SNL

• Gemfield (Maverix) – WoodMac• Cerro Lindo (Triple Flag) – SNL• Mantos Blancos (Osisko / Anglo) – SNLTSX: ALS | OTCQX: ATUSF

Sustainable Business FoundationLong-Life Royalties

Source: TD Bank, company reports, Wood Mackenzie, SNL.

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Mining Project Generation PortfolioBuilding a Long-Term Royalty Pipeline & Making Profits in the Process

Portfolio of pre-production stage royalties and junior equity positions provide excellent free option value exposure to discovery and development

Apr 2016 Oct 2021

$22

$51

$39

Current Equities Value ($MM)

Net Monetization

Starting Equities Value ($MM)

Select PG Royalties PG Equities Portfolio Performance

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▪ US$203M royalty financing deployment

▪ Royalty portfolio increased to 3,510 MW (16 projects)

▪ 5 operating stage, 1 near construction completion

▪ Expect to be cash flow positive in 2022

Operational Solar, 265MW

Operational Wind, 200MW

Construction Wind, 195MW

Late-stage Development,

1,160MW

Mid-stage Development,

1,685MW

1 Megawatts total reflects royalties received by the ARR / Apollo JV stemming from APEX and TGE project sales as well as direct royalty purchases from Longroad Energy and Northleaf Capital Partners. For further details visit www.arr.energy . 2 Mid-stage development activities include, but are not limited to, determining project size, costs, equipment and layout, conducting environmental studies, and applying for interconnection approvals. 3. Late-stage development activities include, but are not limited to, determining the offtake strategy, finalizing and optimizing project size, costs, equipment and layout, finalizing interconnection approvals and costs, and seeking tax equity and other investors.

Renewable Energy Megawatts Under Royalty 1

Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21

3,510 MW

59% Owner of Altius Renewable Royalties

http://www.arr.energy/

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$22M $33M$54M $54M $52M $51M$11M

-$3M -$6M

$17M$7M $13M

Issued Common Shares 41.4 million

Fairfax Preferred Securities 10.0 million ($100 million)

Basic Market Capitalization (Nov 26 2021) $658 million

Annual Dividend $0.28 per share

Outstanding Debt† $117 million

Cash and Public Equity Holdings† $187 million

Available Credit† $108 million


†All dollar figures are in Canadian dollars with market capitalization as of October 8, 2021. Altius converted its financial reporting period to calendar year-end in 2017 from its previous fiscal year-end of April 30. Cash and public equity holdings as at June 30, 2021 includes $19 million cash (excluding ARR) + $51.2 million junior equities portfolio position (September 30, 2021) + $135 million LIORC position. Returns of Capital for 2021 dividend refers to the estimated dividend based on the cumulative dividend paid out as at June 30, 2021 and the estimated dividend for the remainder of the year based on shares o/s. The share buy back is shares purchased as at June 30, 2021.

† † Net debt is calculated as cash + investments (LIORC and junior equity portfolio) - debt

Capital Structure and Track Record

Altius Minerals Corporation

Project Generation Portfolio

Public Junior Equities

Net Annual Sales vsNew Investments

Apr 2016 Dec 2019Dec 2018 Dec 2020Apr 2017 YTD 2021

Returns of Capital


Balance Sheet

Dividends$3M

Dividends$5M

Dividends$7M

Dividends$7M

Dividends$8M

Dividends$8M

DividendsFY(E)$10M

Share buy back$2M

Share buy back$2M

Share buy back$5M Share buy back

$9M Share buy back$6M

Share buy backYTD$6M

2015 2016 2017 2018 2019 2020 2021 †

F2017 2017 2018 2019 2020 Q2 – 2021

Net Debt†† - $19M - $126M - $52M - $60M -$35M -$97M

†

$M

$50M

$100M

$150M

$200M

$250M

Debt Investments Cash

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Appendix

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Potash Fertilizer and Sustainable Food Production


Global potash demand has grown by almost 30M mt over past 20

year in reflection of population growth and decreasing per capita

arable land (higher agricultural yield requirements)

Compounding growth rate projections suggest global demand could

increase by 21M mt by 2030

Our royalty mines represented ~22% of global potash shipments in

2020 and since our initial acquisition in 2014 these have collectively

increased production rates by ~37% (or 5.4% per year)

Mines produced at 66% of combined nameplate capacities in 2020

implying potential for up to 50% further production growth to reach

recently completed nameplate capacity expansion levels

Extensive resources exist on Altius royalty lands that could support

further operator capacity expansions to meet future expected

market demand growth

60

50

40

70

30

2000 2020201520102005

0.00

5.00

10.00

15.00

20.00

25.00

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

Rocanville Allan Cory

Patience Lake Esterhazy Total Nameplate

7.8

4M

mt

+4.1

5 M

mt

Global Potash Shipments Growth

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Metals Essential to the Electrification Transition


Lithium Nickel Cobalt

Intense electrification and decarbonization of the world’s industrial and consumer energy requirements is underway - with the shift as it relates to

transportation particularly dramatic

The world requires much greater supplies of several key metals to meet its electrification ambitions and Altius has built a large portfolio of royalties in mining

projects that can meet this challenge

Wind and Solar

Storage

Transmission

Charging

Electric Vehicles

Altius Royalty ExposuresChapada (O, ES)

777 (O)Voisey’s Bay (O, C)

Curipamba (FS)Gunnison (O,C)

Mt. Cattlin (0)Tres Quebradas (C, FS)

Groto do Cirilo (C)Finniss (C)

Valjevo (PFS)

Voisey’s Bay (O, C) Voisey’s Bay (O, C)

† Development stage assets.†† Royalty exposure through investment holding in Lithium Royalty Corp.

Copper

O - operating C – construction ES – expansion study FS - feasibility study PFS – pre-feasibility study

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Cleaner Steel Making from High-Purity Iron Ore


Focused on high purity forms of iron ore that allow more efficient steel making processes and significantly reduced (and eliminated in some cases) per unit coal usage\emissions

Quality benefits result in strong demand and premium pricing

The Labrador Trough produces amongst the highest purity iron ore in the world and has significant resource and infrastructure capacity for future growth

Royalty exposure to the Rio Tinto operated IOC mine and Champion’s advanced stage Kami project in the Labrador Trough

The relative impurity content of 58% vs 66% grade iron ore is almost 3 times higher

Iron Ore Iron Oxygen Impurities

Low Quality 58% 25%17%

Iron to Impurities Ratio - 3.4:1

‘Benchmark’ Quality

62% 27%11%

Iron to Impurities Ratio - 5.6:1

High-Quality 66% 28%6%

Iron to Impurities Ratio - 11:1

Product Quality Pricing Spreads

$104

$166

$87

$125US$

/mt

December 2020 - November 2021

Iron Ore 62% Import Lump Ore Iron Ore 65% Import PelletIron Ore 62% Fe Fines CFR Qingdao Iron Ore 65% Fe Fines CFR Qingdao

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Pr oject Loca t ion Pr oject SellerRenewa ble

Ener gy Sou r cePr oject

O wner /D evelop erFa cilit y Siz e

(MWa c)Gr id Connect ion St a t u s ( 1 ) ( 2 ) Exp ect ed CO D Exp ect ed Lif e Roya lt y Ba sis

Clyde River Orleans County, Vermont (USA)

- Hydro Gravity Renewables 5 MW ISO New England Operational N/A 22 Years 10% of revenue

Prospero 2 Andrews County, Texas (USA) - Solar Longroad Energy 250 MW ERCOT Operational N/A 30 Years Variable

Old Settler Floyd County, Texas (USA) - Wind Northleaf Capital 150 MW ERCOT Operational N/A 25 Years Variable

Cotton Plains Floyd County, Texas (USA) - Wind Northleaf Capital 50 MW DND Operational N/A 25 Years Variable

Phantom Bell County, Texas (USA) - Solar Northleaf Capital 15 MW DND Operational N/A 25 Years Variable

JayHawkCrawford and Bourboun

County, Kansas (USA)Apex Wind

WEC Energy / Invenergy

195 MW SPP Construction Q4 2021 25 Years 2.5% of revenue

TBA TBA TBA Wind TBA 500 MW ERCOTLate-stage

DevelopmentTBA 25 Years 2.5% of revenue

TBA TBA TBA Wind TBA 300 MW ERCOTLate-stage

DevelopmentTBA 25 Years 2.5% of revenue

Canyon Scurry County, Texas (USA) TGE Wind Silverpeak 360 MW ERCOTLate-stage

DevelopmentQ4 2022 25 Years 3% of revenue

Flatland Scurry County, Texas (USA) TGE Solar Silverpeak 180 MW ERCOTMid-stage

DevelopmentQ4 2022 25 Years 1.5% of revenue

Panther GroveWoodford County,

Illinois (USA)TGE Wind

Copenhagen Infastructure Partners

400 MW PJMMid-stage


Honey Creek White County, Indiana (USA) TGE Solar Leeward 400 MW PJMMid-stage

DevelopmentQ4 2023 25 Years 1.5% of revenue

Appaloosa Upton County, Texas (USA) TGE WindNextEra Energy

Resources175 MW ERCOT

Mid-stage Development

Q4 2022 25 Years 1.5% of revenue

Hoosier Line White County, Indiana (USA) TGE Wind Leeward 180 MW PJMMid-stage


Blackford Wind Blackford County,

Indiana (USA)TGE Wind Leeward 200 MW PJM


Q4 2023 25 Years 3% of revenue

Blackford Solar Blackford County,

Indiana (USA)TGE Solar Leeward 150 MW PJM


Q4 2023 25 Years 1.5% of revenue

1. There are no assurances that development state projects will ultimately achieve commercial operation or that the Corporation's joint venture will receive any royalty revenue from the dvelopment stage projects

2. Mid and late-stage development activities, include, but not limited to, determining the offtake strategy, finalizing and optimizing project size, costs, equipment and layout, finalizing interconnection approvals and costs, and seeking tax equity and other investors.

Summary of Renewable Energy Royalties

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

ProducingRoyalties

DevelopmentRoyalties

ProjectGeneration

RenewableEnergyPortfolio

mailto:[email protected]

november 30 december 1, 2021

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