Altius Minerals Corporation · TSX:ALS
Altius Minerals — Merger or Acquisition (December 2025)
23 slides from Altius Minerals's merger presentation, Dec 22, 2025
Slide 1: Altius and Lithium Royalty Corp Combine Long-Life, High-Quality Royalty Portfolios
Altius and Lithium Royalty Corp Combine Long-Life, High-Quality Royalty Portfolios Electricity | Clean Steel | Potash | Copper | Gold | Lithium | Nickel | Cobalt
Slide 2: Forward Looking Statements
Forward Looking Statements This document includes certain statements that constitute “forward- Qualified Person looking statements” and “forward-looking information” within the Lawrence Winter, Ph.D., P.Geo., Vice President, Generative and meaning of applicable securities laws (collectively, “forwar
Slide 3: Legal Disclosures
Legal Disclosures In connection with the proposed transactions, Altius Minerals Corporation (“Altius Minerals”) and Lithium Royalty Corp. (“Lithium Royalty”) intend to file materials with Canadian securities regulators on SEDAR+. Lithium Royalty expects to file a management information circular (the
Slide 4: Transaction Summary
Transaction Summary Acquisition of LRC for $9.50/share for $520M Acquire 100% of equity shares (common + convertible) of Lithium Proposed Transaction Royalty Corporation (“LRC”) in Plan of Arrangement LRC holders can elect to receive $9.50 in cash or 0.24 Altius common shares for each LRC equity sha
Slide 5: Altius Shareholder Benefit Highlights
Altius Shareholder Benefit Highlights A long-term, counter-cyclical investment in a no-longer-nascent market Meaningful pro-forma expansion of revenue, EBITDA (and EBITDA margin) and consensus NAV/s 37 royalties (no streams) added to portfolio Includes royalties on 4 mines that were successfully fun
Slide 6: Benefits to Lithium Royalty Corporation Shareholders
Benefits to Lithium Royalty Corporation Shareholders Broader Pro-Forma Upside Potential Greater diversity of exposure to commodities with strong fundamentals and cyclical timing attributes: Copper, potash, U.S. based electricity and high-purity iron ore each feature powerful structural demand growth
Slide 7: A Deal Nine Years in the Making...
A Deal Nine Years in the Making... Solidifying a Successful Partnership as Lithium Market Emerges from Nascency Lithium Carbonate($US) Price peaking at $90,000/tonne >$80,000/tonne as demand surges, resulting in supply 80,000 LRC Initial incentivization Public 70,000 Offering Altius strategic invest
Slide 8: Base & Battery Metals Segment Bolstered
Base & Battery Metals Segment Bolstered As Market Deficit Conditions Emerge Other Other 6% Gold 4% Gold Potash 8% 11% Potash 18% 24% ARR 13% Pre-Transaction Pro Forma ARR Consensus1 Consensus2 Iron Ore 18% NAV NAV 15% Iron Ore 22% Base & Battery Base & Battery Metals Metals 19% 42% 1. Altius Consens
Slide 9: Transaction provides meaningful revenue growth potential
Transaction provides meaningful revenue growth potential $1,250/t SC6 Illustrative Price Basis Expected Lithium Revenue1 ($C) $70M 62 61 62 60 60 60 56 50 47 43 40 36 Revenue 30 Estimate 58 59 59 56 55 Range 49 20 16 39 34 26 10 12 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 SC6 Price $1,000
Slide 10: Lithium Price Bottomed in June?
Lithium Price Bottomed in June? Market Tightening as Grid Based Energy Storage Demand Surges Lithium Carbonate($US) 6% Spodumene Con. ($US) $80,000/tonne $6,000/tonne 70,000 5,000 60,000 4,000 50,000 40,000 3,000 30,000 2,000 20,000 1,000 10,000 0 0 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 M
Slide 11: Lithium Cycle Durations
Lithium Cycle Durations The prior lithium downcycle lasted 34 months and LCE prices declined by 77% from peak to trough If June 2025 marked the low, to be determined, then this downturn lasted 31 months, and prices declined by 90% peak to trough Lithium Carbonate ($US) $90,000/tonne 34 Months 34 Mon
Slide 12: Lithium: Emerging as a “Mainstream” Industrial Metal
Lithium: Emerging as a “Mainstream” Industrial Metal Original theory (at time of first LRC partnering investment) is Lithium Demand (LCE Units) playing out successfully with lithium emerging as a 4.5 Mt mainstream industrial metal with essential electricity-based Demand Forecast Range 4.50 applicati
Slide 13: Significant Additional Supply Response Needed
Significant Additional Supply Response Needed Price Incentivization Required Supply Deficit Emerging Mined Lithium (Mt LCE) 4.5 Higher than forecast surge in grid-based energy storage deployment 2.4 has brought supply/demand back to balance sooner than expected Significant near to medium term supply
Slide 14: LRC Portfolio Well Positioned to Benefit
LRC Portfolio Well Positioned to Benefit Operator 1 Rio Tinto Asset Mt Cattlin Royalty A$1.5/t Currency AUD 2 Core Lithium Finniss 2.50% USD 3 Sigma Lithium Grota do Cirilo 0.90% USD 4 Zijin Mining Tres Quebradas 0.90% USD MIA 5 Ganfeng Mariana 0.45% CAD Q2 Metals KAUSTINEN / ILMAJOKI Production 6 G
Slide 15: Balance Sheet Remains Strong Post-Transaction
Balance Sheet Remains Strong Post-Transaction Altius Liquidity Post Transaction 30 41 Altius Pro-Forma Share Structure 28 Revolver1 188 LRC Altius Shares - Current 46,285,577 181 Acquisition2 New Shares Issued1 8,778,693 28 Bridge Loan Altius Shares - New 55,064,270 188 Altius Shares, Fully Diluted
Slide 16: Grota Do Cirilo
Grota Do Cirilo Operating spodumene mine with phase 2 expansion program underway Royalty Overview Location Minas Gerias, Brazil Lithium Royalty Interest 1.00% NSR (0.9% NSR Acquired) Product Type 5.5% Spodumene Concentrate • Phase 1 in Production • Phase 2 Expansion underway to double Asset Stage pr
Slide 17: Tres Quebradas
Tres Quebradas Lithium brine project with the potential to triple production capacity Royalty Overview Location Catamarca, Argentina Lithium Royalty Interest 1.00% GOR (0.9% NSR Acquired) Product Type Lithium Carbonate • Phase 1 in Production Asset Stage • Phase 2 Expansion underway to triple produc
Slide 18: Goulamina
/ 65% Goulamina Government of Mali / 35% High-grade, low-cost asset with a leading lithium sector operator Royalty Overview Location Sikasso, Mali Lithium Royalty Interest 1.5% Trailing Product Sales Fee (royalty) Product Type Lithium (Spodumene concentrate) Asset Stage Production Phase 1 target of
Slide 19: Mariana
Mariana High-grade lithium brine asset currently ramping up Royalty Overview Location Salta, Argentina Lithium Royalty Interest 0.50% NSR (0.45% NSR Acquired) Lithium brine (via evaporation and Product Type precipitation) Production (Construction completed in Asset Stage February 2025) Average Annua
Slide 20: Finniss
Finniss Reconfigured Operating Plan - Restart FID pending Royalty Overview Location Northern Territory, Australia Lithium Royalty Interest 2.50% GOR Product Type 6% Spodumene Concentrate Asset Stage Development Refer to Note 3 below Proposed Annual Production1 205 ktpa Key Upcoming Catalysts Final i
Slide 21: Neves
Neves High grade reserves, low production costs, scalable processing capacity Royalty Overview Location Minas Gerais, Brazil Lithium Royalty Interest 3.0% GOR Product Type Lithium (Spodumene concentrate) Asset Stage Development Average Annual Production1 146,000 tonnes SC5.5 Resources1 8.5 Mt at 1.2
Slide 22: Adina
Adina Large resource in Quebec - Agnico Eagle Subsidiary Strategic Backing Royalty Overview Location Quebec, Canada Lithium Royalty Interest 4.00% GOR & 2.00% NSR Product Type 5.5% Spodumene Concentrate Asset Stage Exploration and evaluation (PEA) Proposed Annual Production1 255.9 ktpa (avg. LOM) Ke
Slide 23: Moblan
Moblan High grade, long-life project, near key infrastructure Royalty Overview Location Quebec, Canada Lithium Royalty Interest 2.50% - 1.50% GOR Product Type Spodumene Asset Stage Development planning (DFS) Proposed Annual Production1 279 ktpa (avg. LOM) Key Upcoming Catalysts2 Reserve (P&P): 48.1
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