Altius Minerals (ALS) investor relations material

Business model and project generation

• Maintains a diversified royalty portfolio across base metals, potash, steelmaking materials, and renewables, emphasizing project generation for high-return, early-stage royalties.

• Project generation is core, with a focus on acquiring royalties at low cost and retaining upside from greenfield discoveries, as seen in the Silicon and Kami projects.

• The company’s origins trace to a group of geologists in Newfoundland, with a culture of trust and long-term partnerships in project generation.

• Holds a significant equities portfolio in juniors, especially in Newfoundland gold, and is known for fair dealings with partners.

• Maintains a balance between technical and financial expertise, with a long-tenured team and strong industry relationships.

Portfolio highlights and recent transactions

• Holds 10 producing non-renewable royalties and 13 renewable energy royalties, with several projects in construction or advanced study.

• Recent sale of a 1% royalty on Silicon for CAD 560 million, retaining a 0.5% NSR, exemplifies the value of early-stage project generation.

• Arbitration confirmed expanded royalty coverage on Silicon and Merlin, increasing the area of interest sixfold.

• Potash royalties have nearly doubled in entitlement since 2004, benefiting from steady volume growth and favorable tariff exemptions under USMCA.

• Major copper assets include Chapada (with a 3.7% stream) and Curipamba, expected to start production by end of 2026.

Market and industry outlook

• Potash demand remains robust, with Saskatchewan mines cementing their global prominence; BHP’s Jansen project delays reinforce the need for high incentive prices.

• Copper is a key focus for future treasury deployment, given its deep, underinvested market and long-term resilience.

• Lithium exposure is growing through a cornerstone investment in Lithium Royalty Corporation, with piggyback rights on new royalties.

• High-purity iron ore royalties, especially at Kami, are positioned to benefit from the global shift to EAF steelmaking.

• Newfoundland’s mining sector is experiencing a wave of investment and employment, with local workforce returning from oil sands to participate in new projects.