TSX:ALS | OTCQX:ATUSFJanuary 2020

Mining Conference

This document includes certain statements that constitute “forward‐looking statements” and “forward-looking information” within the meaning of

applicable securities laws (collectively, “forward‐looking statements”). Forward-looking statements include statements regarding Altius Minerals

Corporation’s (“Altius”) intent, or the beliefs or current expectations of Altius’ officers and directors. Such forward-looking statements are typically

identified by words such as “believe”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “contemplate”,

“possible”, “attempts”, “seeks” and similar expressions. Forward‐looking statements 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 be accurate. Do not unduly rely on forward‐looking statements, as a

number of important factors, many of which are beyond Altius’ control, could cause actual results to differ materially from the estimates and

intentions expressed in such forward‐looking statements.

Forward‐looking statements speak only as of the date those statements are made. Except as required by applicable law, Altius does not assume

any obligation to update, or to publicly announce the results of any change to, 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.

Forward Looking Statements

Altius Differentiators

3

Altius is known to be different from most mining sector royalty and streaming companies for its focus on commodities rather than precious

metals.

Altius is also different in several other ways …

At current commodity prices the

portfolio is delivering an approximate

average 15% unlevered IRR against

purchase prices and this is

translating into the highest 5-year

EBITDA per share growth rate in the

sector.

Disciplined, countercyclical, royalty

acquisition strategy delivering

strong-returns on invested

capital on a full cycle basis

Long-life (i.e. large resource) assets

allow for organic mine expansion

based growth at no additional

acquisition or capital costs to the

royalty holder. Uncapped royalty

structures preserve this optionality

fully while offering more security than

stream contracts.

Combination of long life asset

base and royalty dominated

structures provides exceptional

upside at low risk

20+ year proven record of “negative

cost” royalty creation – with excess

profits used to fund third-party royalty

acquisitions, share buybacks and

debt repayment.

Pipeline royalties are created

organically as part of a

complementary exploration project

generation business

Counter-Cyclical Discipline

• Significant cash profits earned during most recent up-cycle period were held until subsequent downcycle matured, enabling 4 years of intense

M&A activity to grow a diversified, long-life royalty portfolio

• Expansions and new builds at existing royalty projects now dominate Altius’s growth profile as counter-party miners begin to redeploy cyclically

improved operating margins

• This type of growth requires no further investment from Altius, allowing greater capital allocation prioritization on de-leveraging and capital

returns to shareholders through dividends and buybacks

4

IPO & INITIAL YEARS

▪ Many exploration

projects acquired

through downturn

▪ Non-dilutive PG

exploration business

model developed

ROYALTY REVENUE GROWING FAST AS

COMMODITY PRICES BEGIN TO RECOVER

▪ Chapada, IOC and lithium royalties added with

organic royalty growth expected from Gunnison

▪ Renewable Energy investments to create

additional royalties and replace coal

▪ Increased potash royalty ownership

▪ 57 project vend-outs and 2 spin-outs completed

4

Royalty Acquisition

Altius Interpretation

of Mining Cycle

Position

COMMODITIES SUPERCYCLE

▪ Voisey’s Bay royalty acquired

▪ Three successful exploration spin-outs and many JV’s

resulting in over $200M in monetized profits

2002 – 20111997 – 2001

COMMODITIES SUPERCYCLE

ENDS

▪ 13 producing royalties

acquired as debt crisis hits

producers

▪ Exploration project portfolio

also opportunistically

replenished

2012 – 2015 2016 – Present

5

Growth With A Shareholder Alignment Focus

Revenue

Growth: 14.5x

Growth: 14.5x

Non-IFRS Measures - Attributable revenue and adjusted EBITDA is intended to provide additional information only and do not have

any standardized meaning prescribed under IFRS and should not be considered in isolation or as a substitute for measures ofperformance prepared in accordance with IFRS. 2019 ROC based on market capitalization at 2019 year end.

$6M

$28M$33M

$47M

$67M

$78M $75 - $80M

FY 2014 FY 2015 FY 2016 FY 2017 2018 2019 2020Guidance

Dividends$5M

Dividends$5M

Dividends$7M

Dividends$8M

Share buy back$1M

Share buy back$1M

Share buy back$5M

Share buy back$9M

FY 2016 FY 2017 2018 2019

Return to Shareholders

2019 Return of Capital: 3%

-$0.20

$0.00

$0.20

$0.40

$0.60

Adj. EBITDA Per Share (Quarterly)

Growth: 14.5x Countercyclical investment strategy, prudent use of

leverage and limited share-based dilution has

caused revenue growth to translate into strong

EBITDA and cash flow growth on a per share basis

6

Cory

Rocanville Esterhazy

Vanscoy

New Mines in Construction

Extension / Expansion Feasibility Renewable Development Portfolio

New Mine Studies

Royalty Growth Pipeline Requires No Additional Capital Investment

Built Developing Advancing

Kami (Iron Ore)

Telkwa (Met. Coal)

Voisey’s Underground

(Nickel-Cobalt-Copper)

Gunnison

(Copper)

Chapada

Expansion (Cu) 1500MW+ Portfolio

Curipamba (Copper +)

Groto do Cirilo (Lithium)

Completed Potash Expansions Ramping Up

Allan

Royalty Growth Pipeline

7

Historic Royalty Acquisition Returns

AcquisitionAcquisition

Date

Purchase

Price

Realized

After-Tax Unlevered Cashflow

Net Asset Value(5%)

Consensus

Realized Cashflow + NAV

vs.

Purchase Price

Voisey's Bay 2003 $13.6 million $24.6 million $18.2 million 314%

Chapada Stream 2016 $76.8 million $33.6 million $124.0 million 205%

Potash Portfolio 2014 & 2018 $138.2 million $36.0 million $226.9 million 190%

IOC 2017 & 2019 $69.1 million $22.6 million $106.1 million 186%

Callinan Merger 2015 $70.9 million $32.4 million $71.7 million 147%

Coal Portfolio 2014 $191.7 million $62.6 million $67.1 million 68%

$560.3 million $211.7 million $614.0 million 147%

Note:

1. Purchase price is based on cash purchase price in CAD. For the acquisition of Callinan Royalties in 2015, the purchase price excludes cash and consideration allocated to non-royalty related

assets. (see Note 9, 2016 Annual Financial Statements), and also includes the cost to exercise the option increasing the Gunnison Gross Sales Royalty (exercised in 2018).. The main

producing royalty in Callinan is 777 with the Gunnison development stage royalty also part of that acquisition.

2. After tax unlevered cash flow is the cumulative (since acquisition) reported revenue up to June 30, 2019 after accounting for 27% corporate income tax. For LIORC, the effective tax rate is

adjusted to zero to reflect the actual tax rate on inter-corporate dividends. For the Chapada copper stream, reported revenue is net of a 30% deduction to reflect the cost of purchasing copper,

as per the contract. The effective tax rate on Chapada is 0% until the initial deposit of US$60 million is fully recovered. Voisey’s Bay royalty revenues are shown net of the 20% Newfoundland &

Labrador royalty tax.3. Consensus NAV by asset based on analysts reports from July - September 2019. The Callinan NAV consensus is based on NAV ascribed to 777 and to Gunnison

Base Metals9%

Base Metals37%

Thermal Coal56%

Thermal Coal16%

Metallurgical Coal 7%

Metallurgical Coal 4%

Potash23%

Potash21%

PremiumIron 20%

Other 5%Other 2%

0%

25%

50%

75%

100%

Diversified Portfolio Aligned with Global Sustainability Trends

Global Macro Trends

• Fossil Fuel Phase Out for Power Generation and Transportation (Coal to Renewables)

• Metals Intensive Electrification (Cu-Ni-Li-Co)

• Food Demand Growth and Crop Yield Maximization (Potash)

Past Present Future

† Revenue commodity distribution for 2015 is based on fiscal year ended April 30, 2015.8

2015 2019†

• Air-quality based flight to quality in

iron ore to provide stability and

potential growth for IOC mine

royalty

• Continuing potash royalty volume

growth fully embedded

• Coal to be completely phased out

of our mix and replaced with

renewable energy project

royalties

• Copper and nickel royalties stable

to growing on new mine builds

and expansions within portfolio

• Battery metals to gradually enter

our revenue mix

27

32

49

65

95

10

5

1

24

1

12

27

22

19

1

18

18

2

3

7

20

Vanscoy

Rocanville

Allan

Esterhazy

Cory

Genesee

Sheerness

Paintearth

Cheviot /Highvale

Gunnison

777

Voisey's Bay

Chapada

IOC Reserve Mine Life (Years)

M&I Resource Life (Years)

Inferred Resource Life (Years)

Po

tash

Co

al

Base M

eta

lsIr

on

85+ year revenue weighted average resource life

M&I: 113 Years

Inferred: 130 Years

M&I: 1,263 Years

Inferred: 1,032 YearsTotal: 2,391 Years

Total: 515 Years

M&I: 52 Years

Inferred: N/ATotal: 118 Years

M&I: 476 Years

Inferred: 788 YearsTotal: 1,314 Years

M&I: 194 Years

Inferred: 86 YearsTotal: 313 Years

+

+

+

+

+

† Mine lives calculated based on current mineral inventory and 2018 throughput. Thermal coal asset lives denote the

expected plant closure and not based on reserves. The 2018 revenue weighted average mine life is based on remaining

reserves inclusive of MI resources and throughput capacity.

Longest Asset Life Sustainability Profile in Resource Royalty Sector

Replacement: Conversion to Long-Life Renewable Royalties Underway

Replacement: Gunnison, Voisey’s Underground, Chapada

Growth Potential, Curipamba Development Potential

Higher Prices / Lower Cut-off Grade Creates Significant

Additional Resources, Further Exploration Potential

Renewable Energy Royalties – Replacing Coal While Adding Growth

o Altius Renewable Royalties Corp. (“ARR”) is a newly created subsidiary of Altius Minerals Corporation.

o Strategic objective of replacing relatively short-life electrical coal generation royalties with long-life, renewable electricity generation royalties.

o ARR has completed a first transaction with Tri Global Energy (“TGE”) to gain royalties related to a portfolio of more than 1,500 MW of

development stage wind energy projects located in Texas, Nebraska and Illinois for a total investment up to US$30 mm.

o In October, TGE announced the achievement of a milestone under the agreement, as a private investment company has acquired a 360MW

Texas wind energy project from TGE, which will now be subject to an ARR gross sales royalty. In December, TGE also sold the 400MW

Illinois Wind Energy Project to Copenhagen Infrastructure Partners. Of the US$30 mm commitment, TGE has requested and Altius has

funded US$14 million so far. Once created, the royalties are for the ultimate life of the project and capture life extensions and/or expansions -

providing excellent further option value potential.

10

$22M$33M

$54M $54M

$17M

April 2016 April 2017 December2018

December2019

Proven Equity/Royalty Investment Strategy Allows Creation of New Pipeline Royalties at Negative Cost and Even Provides Cash for 3rd Party Royalty Acquisitions

11

Project Generation: Creating New Royalties and Equity Profits

57

Projects

114,000

Meters

Converted to new royalties and

junior equities since 2016 market

bottom

Externally funded drilling completed

(based on reporting from operators)

across pre-production stage royalty

portfolio in 2019

Junior Equity Portfolio Growth

After

accounting

for $17M

cash sales

generated

through

monetization

of some

assets within

the PG

portfolio. $200M +

Monetized equity gains during

previous cycle

(2002 - 2010)

Altius generates mineral exploration projects for sale in

exchange for royalties and equity positions

Research Coverage

Craig Hutchison

Richard Gray

Brian MacArthur

Carey MacRury

Jacques Wortman

Orest Wowkodaw

TSX: ALS | OTCQX: ATUSF

Issued Common Shares 42.1 million

Fairfax Preferred Securities 10.0 million

Basic Market Capitalization $489 million

Annual Dividend $0.20 per share

Outstanding Debt $109 million

Cash and Public Equity Holdings† $169.2 million

Available Under Credit Revolver $86 million

Insiders Ownership 5.9%

Capital Structure

† All dollar figures are in Canadian dollars as of January 22, 2019. Cash and public equity holdings includes $22 million cash + $54.1 million

junior equities portfolio position + $93 million LIORC position. Net Debt to Ebitda multiples are provided as at September 30, 2019..12

Debt, Cash & Investments

$M

$75M

$150M

$225M

Debt Investments Cash

F 2016 F2017 2017 2018 2019

Net Debt $11M - $19M - $126M - $52M - $60M

3.0x

1.3x

x

1x

2x

3x

2016 2017 2018 2019

Net Debt to Ebitda

24.1x 32.1x

37.9x 42.4x 49.3x

61.2x

ALS WPM OR RGLD FNV SSL

11.0x

16.4x 17.2x 18.8x 19.6x

25.2x

ALS OR SSL WPM RGLD FNV

13.7x 16.1x

18.3x 19.1x 22.0x

27.4x

ALS OR SSL WPM RGLD FNV

EV/EBITDA (2020E)†

P/CF (2020E)†

† Consensus estimates for multiples based on S&P Capital IQ and market close data as of January 20, 2019.

Attractive Relative Valuation

P/E (2020E)†

13

0.96x 1.03x 1.35x

2.14x

2.84x 2.94x

ALS OR SSL WPM RGLD FNV

P/NAV†

Thank You

14

PRODUCING

ROYALTIES

DEVELOPMENT

ROYALTIES

PROJECT GENERATION

PROJECT

RENEWABLE ENERGY

PORTFOLIO

CONTACT

INFORMATION

Flora Wood

Director, Investor Relations

Phone: (416)346-9020

Email: Flora@altiusminerals.com