EMBRACING CYCLICITY TO GROW THE LEADING DIVERSIFIED MINING ROYALTY COMPANY

FEBRUARY 2017

FORWARD LOOKING STATEMENTS

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

By their very nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties,both general and specific, and the risk that predictions and other forward‐looking statements will not prove to beaccurate. Do not unduly rely on forward‐looking statements, as a number of important factors, many of which arebeyond Altius’ control, could cause actual results to differ materially from the estimates and intentions expressedin such forward‐looking statements.

Forward‐looking statements speak only as of the date those statements are made. Except as required byapplicable law, Altius does not assume any obligation to update, or to publicly announce the results of any changeto, any forward‐looking statement contained herein to reflect actual results, future events or developments,changes in assumptions or changes in other factors affecting the forward‐looking statements.

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COUNTER‐CYCLICAL BUSINESS STRATEGY

Voisey’s Bay 777

Sherritt (11)

Chapada

Altius IPO

Royalty / stream acquisition

Exploration Project Deals

Dow Jones Mining Index 

• Acquire diversified (base metal, bulks and fertilizers) mine royalties and accumulate exploration projects during down-cycles

• Exploration project deals create royalties and equity-based profits during up-cycles

ROYALTY DIVERSITY 

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• 14 mines, 10 commodities

• 30+ year average remaining mine life

• Top‐tier counterparties and strong resource jurisdictions

• Many additional pre‐development stage royalties

Royalty Revenue By Commodity

met coal10%

thermal coal33%

potash11%

base metals44%

Iron2%

ROYALTY BUSINESS GROWTH 

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• Three acquisitions (13 royalties) completed during down‐cycle have resulted in significant revenue growth

• Improving base metal and bulk commodity prices now also beginning to have positive revenue impact 

• Market improvement also driving renewed growth and advancement of our pre‐development stage royalty portfolio

$0

$20

$40

2014 2015 2016 2017 (f)

Revenue

EBITDA

(f) Management estimates as of May 1, 2016Revenue figures are royalty based only and do not include project generation business equity or project sales. 

(Please see Forward Looking Statements at beginning of this presentation).

(Fiscal years ended April 30)

2016 Commodity PricesAltius’ Diversified Royalties

DIVERSIFIED + LONG PORTFOLIO LIFE + INVESTMENT GRADE COUNTERPARTIES 

1 All category resources divided by recent average production rates (non 43‐101 measure)

Voisey’s Bay Ni‐Cu‐Co MineLabrador, Canada(20+ year resource life1)

777 Cu‐Zn‐Au‐Ag MineManitoba, Canada(4‐6 year resource life1)

Chapada Cu‐Au MineBrazil

(30+ year resource life1)

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BULKCOMMODITIESBULKCOMMODITIES

DIVERSIFIED + LONG PORTFOLIO LIFE + INVESTMENT GRADE COUNTERPARTIES 

1 Mine lives based on the lesser of federal regulation or current mine plans

Paintearth Thermal Coal Mine SupplyingBattle River Power PlantAlberta, Canada(5 year resource life1)

Sheerness Thermal Coal Mine SupplyingSheerness Power PlantAlberta, Canada(7 year resource life1)

Highvale Thermal Coal Mine SupplyingSundance Power PlantAlberta, Canada(12 year resource life1)

Cardinal River Metallurgical Coal MineAlberta, Canada(13 year resource life1)

Genesee Thermal Coal Mine SupplyingGenesee Power PlantAlberta, Canada(38 year resource life1,2)

72 Mine life may be further reduced by a recently announced goal of the Alberta gov’t to close all coal plants by 2030

FERTILIZERSFERTILIZERS

Rocanville Potash MineSaskatchewan, Canada (529 year resource life1)

Cory Potash MineSaskatchewan, Canada (1,453 year resource life1)

Allan Potash MineSaskatchewan, Canada (987 year resource life1)

Patience Lake Potash MineSaskatchewan, Canada (resource life unknown)

Esterhazy Potash MineSaskatchewan, Canada (320 year resource life1)

Vanscoy Potash MineSaskatchewan, Canada (60 year resource life1)

DIVERSIFIED + LONG PORTFOLIO LIFE + INVESTMENT GRADE COUNTERPARTIES 

1 All category resources divided by recent average production rates (non 43‐101 measure)

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PROJECT GENERATION (PG) BUSINESS STRATEGY 

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• Our Project Generation activity is managed with intense cyclical discipline and as a self‐funded business line within Altius

• Exploration projects are acquired and upgraded (down‐cycle focus) and then vended to third parties in exchange for corporate equity and/or cash and project level royalties (up‐cycle focus)

• Equity monetizations and cash based project sales proceeds are used to fund land acquisitions and upgrading with no contribution from royalty income

• Retained royalties and excess profits “dividend” back to grow Altius’s core royalty portfolio –previous cycle profits funded a significant part of recent royalty acquisitions

Cumulative Investments:  ($16 million)

Cash Based Profits: $207 million

Previous Cycle PG Performance

coppergoldnickelzincuraniumironcoal

PROJECT LOCATIONSPROJECT LOCATIONS

potash

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PG BUSINESS – MINERAL LANDS PORTFOLIO

• Five year bear market for commodities (2011‐2016) resulted in an extreme global exploration spending crash 

• This created the widespread opening up of mineral lands for low‐cost acquisition

• Altius was able to increase its global land holdings by 9 times as a result

• Land portfolio is significantly larger than at similar stage of previous cyclical recovery

• Project deal flow began to re‐emerge in mid 2016 

 ‐

 200,000

 400,000

 600,000

 800,000

 1,000,000

 1,200,000

 1,400,000

 1,600,000

 1,800,000

 2,000,000

Altius mineral rights (hectares)

Dow Jones Mining Index XAU Index

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• Project Generation equity portfolio has almost tripled from the beginning of our current financial year (May 1, 2016)

• Value increase is attributable to both increased market pricing and project sales as several inventory projects were successfully converted into new corporate equity positions (and royalties)

PG BUSINESS – EQUITY PORTFOLIO

Wilding Lake ‐ Antler Gold (NWA : TSXV) Telkwa ‐ Allegiance Coal (AHQ : ASX) Vidalita ‐ Emu NL (EMU : ASX) Irish and NL Zinc Projects –Adventus (ADVZ: TSXV)

Project to Equity Conversions YTD

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CAPITAL STRUCTURE

Management estimates (Please see Forward looking Statements at beginning of this presentation).Free cash flow is derived from operating cash, generative and exploration expenditures and cash receipts from joint venturesInvestment proceeds for 2017 includes only H1 actual amount

As at January 15, 2016

Market cap C$540 million

Annual Dividend $0.12 per share

Net Debt* ~$27 million

Available Liquidity ~$70 million*Debt less cash and public equities

Fiscal years ended April 30

INVESTMENT SUMMARY

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Diversified Royalty Portfolio

14 producing royalties spanning 10 commodities

Royalty revenue up nearly 15x to ~$40m/a through down‐cycle

Low jurisdictional risk

All investment grade counterparties

Reserve life (revenue‐weighted) of 30+ years

Expanding and expandable underlying assets providing strong inherent optionality

Metal price rebound effects beginning to impact

Project Generation Business

Low‐cost global portfolio build up executed during down‐cycle

Exploration portfolio is self‐funded independent of royalty revenue 

Focus shifting to project spin‐outs and vend‐outs as junior equity markets improve

Poised to create new royalties and generate capital gains as per previous up‐cycle track record

Deal flow re‐emerging

Altius offers investors commodity and asset diversification from long life, world class royalty assets plus a proven record of profitability and growth through exploration project generation

Thank You