JANUARY 2019 FORWARD LOOKING STATEMENTS

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.

2 ALTIUS

Focus on diversified mining royalties (base metal, bulks and fertilizers)

Strong revenue growth record

High-quality mines, operators and jurisdictions

Longest-life royalty portfolio in sector

Counter-cyclical discipline

Attractive valuation compared to North American pure royalty companies

3 CAPITAL STRUCTURE AND BALANCE SHEET

ALS:TSX | ATUSF: OTCQX Research Coverage

Issued Common Shares 42.8 million Craig Hutchison Fairfax Preferred Securities 10.0 million Brian MacArthur Basic Market Capitalization $483 million

Annual Dividend $0.16 per share Orest Wowkodaw Outstanding Debt $115 million TBD Cash and Public Equity Holdings† $167 million

Available Under Credit Revolver† $100 million Carey MacRury

Debt Investments Cash

$180M

$150M

$120M

$90M

$60M

$30M

$M F F F 2017 Q1- Q2- Q3- 2018 F 2015 F 2016 F 2017 2017 Q1 – 2018 Q2 – 2018 Q3 –2018 2018 2015 2016 2017 2018 2018 2018

Net Debt $41M $11M -$19M -$126M -$46M -$62M -$59M -$52M 4

† All dollar figures are in Canadian dollars with market capitalization as of January 11, 2019. 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 of December 31, 2018 includes $28 million cash + 4 $54 million junior equities portfolio position + $85 million LIORC position. DIVERSIFIED

Other 2% Nickel 1%

Met. Coal 5% Zinc 7%

Iron 2018 Ore Copper 9% 35% Revenue 2018 Revenue Commodity Mix $66.9M

Thermal Coal 20%

Potash 21%

A Balance of Base Metals, Bulk Commodities and Fertilizers 5 GROWTH

Royalty Revenue (FY2014 – 2018)†

$67M-$72M

$67M

$47M

$33M $28M $6M

† FY 2014 FY 2015 FY 2016 FY 2017 2018 2019 LTM Guidance † Range EBITDA Margin

Royalty Revenue Per Share (FY2014 – 2018)†

$1.56 80%

$1.08

$0.88 $0.83

$0.22

† FY 2014 FY 2015 FY 2016 FY 2017 2018

Strongest revenue growth record in the royalty sector

† Altius converted its financial reporting period to calendar year-end in 2017 from its previous fiscal year-end of April 30. FY 2017 refers to an 8-month stub period. LTM EBITD margin refers to the 12- 6 months period ending September 30, 2018. GROWTH

Embedded future royalty growth requires no additional capital investment…

Rocanville Voisey’s Gunnison (Nutrien) Bay Under Construction (Vale) (Excelsior)

Vanscoy Esterhazy (Nutrien) (Mosaic) Ramping Cardinal River Up (Teck)

Kami Feasibility Chapada (Alderon & (Yamana) Hebei) Stage Cory Allan (Nutrien) (Nutrien) Telkwa (Allegiance & Itochu)

….. Altius believes that its sector leading growth record can continue 7 GROWTH

Portfolio of Junior Explorers Provides Additional Long Term Royalty Pipeline Potential

$54 Project generation portfolio value as at December 31, Million 2018. (~1.27/share)

54 Converted to new royalties and junior equities since $54M Projects 2016 market bottom.

$33M $22M

Altius vended 25 properties April 2016 April 2017 December 2018 2018 and completed 7 deals.

8 † Does not include $10M equity convertible debenture in Champion Iron, or indirect holdings and in-the-money share purchase warrants. QUALITY

Rocanville Mine Allan Mine Cory Mine Patience Lake Vanscoy Mine Chapada Mine Commodity

Location , Canada Commodity Copper

Location Goiás, Brazil Esterhazy Mine

Commodity Potash 777 Mine

Location Saskatchewan, Canada Commodity Copper, Zinc, Gold & Silver

Location Manitoba, Canada Voisey’s Bay Mine Genesee Mine Commodity Nickel, Copper & Cobalt Sheerness Mine Highvale Mine Location Newfoundland, Canada Paintearth Commodity Thermal Coal

Iron Ore Company of Canada Location Alberta, Canada

Commodity Iron Ore (Pellets and Con.) Cheviot Mine Location Labrador, Canada

Commodity Metallurgical Coal

Location Alberta, Canada 9 LONG-LIFE

Revenue Weighted Average Mine Life Remaining ~ 30 Years (Reserves Basis)

IOC 24 18 20 Total: 62 Years

Chapada 26 10 2 Total: 38 Years

Voisey 14 1 3 Total: 18 Years Reserve Mine Life (Years) BaseMetals M&I Resource Life (Years)

777 3 Total: 3 Years Inferred Resource Life (Years)

Metallurgical 12 11 (Cheviot) Total: 23 Years

Coal Thermal 9 (Various Mines)

Vanscoy 99 M&I: 394 Years Total: 948 Years 99 Inferred: 455 Yrs +

M&I: 945 Years Total: 1,788 Years Cory 72 Inferred: 772 Yrs+

M&I: 52 Years Total: 120 Years

Esterhazy 68 Inferred: N/A + Potash

M&I: 639 Years Total: 1,751 Years Allan 64 Inferred: 1,048 Years +

M&I: 204 Years Total: 533 Years Rocanville 35 Inferred: 294 Years +

† Mine lives calculated based on current mineral inventory and 2017 throughput. Thermal coal asset lives denote the 2018 weighted average revenue and expected plant closure and not based on 10 Reserves. The 2018 revenue weighted average mine life is based on remaining reserves . COUNTER-CYCLICAL

Cyclical discipline exercised in both M&A and organic growth initiatives

1997 – 2001 2002 – 2011 2012 – 2015 2016 – Present

COMMODITIES SUPERCYCLE BEGINS IPO COMMODITIES ROYALTY REVENUE GROWING FAST AS 40 SUPERCYCLE ENDS COMMODITY PRICES RECOVER ― Voisey’s Bay royalty acquired ― Many exploration projects acquired ― 13 producing royalties ― IOC royalty added ― Three successful exploration spin-outs and 35 acquired as debt crisis through downturn many JV’s resulting in over $200M in hits producers ― Increased potash royalty ownership monetized profits ― Non-dilutive 30 exploration ― Exploration project ― Several earlier stage royalties business model portfolio also created and acquired developed opportunistically replenished ― 25 54 project vend-outs and 2 spin-outs completed 22 21 20

15

11 10 7

Number of Exploration / Royalty Creation Transactions Creation Royalty / Exploration of Number 6 4 5 5 4 3 3 3 3 1 Royalty Acquisition 2 2 2 2 1 1 1 Altius Interpretation 0 11 of Mining Cycle

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 IPO 11 ATTRACTIVE VALUATION

EV/EBITDA (2019E)† P/CF (2019E)† P/NAV

Franco-Nevada Corporation 20.6x Franco-Nevada Corporation 23.7x Royal Gold Inc. 1.8x

Wheaton Precious Metals 16.5x Franco-Nevada Corporation Corp. PrairieSky Royalty Ltd. 20.1x 1.6x

Wheaton Precious Metals Osisko Gold Royalties Ltd. 16.3x Osisko Gold Royalties Ltd. 1.4x 19.9x Corp.

Royal Gold Inc. 15.5x Royal Gold Inc. 19.0x PrairieSky Royalty Ltd. 1.2x

Wheaton Precious Metals Sandstorm Gold Ltd. 14.1x 16.5x Osisko Gold Royalties Ltd. 1.1x Corp.

PrairieSky Royalty Ltd. 14.0x Sandstorm Gold Ltd. 15.6x Sandstorm Gold Ltd. 1.1x

Altius Minerals Corporation 11.5x Altius Minerals Corporation 12.1x Altius Minerals Corporation 1.0x

† Consensus estimates for multiples based on Factset and market close data as of January 11, 2019. 12 THANK YOU

PRODUCING ROYALTIES

DEVELOPMENT ROYALTIES

PROJECT GENERATION PROJECT

Flora Wood CONTACT Director, Investor Relations INFORMATION Phone: (416)346-9020 Email: [email protected]