Altius Minerals Corporation · TSX:ALS
Altius Minerals — Investor Presentation (December 2025)
26 slides from Altius Minerals's investor presentation, Dec 10, 2025
Slide 1: Corporate Presentation
TSX: ALS | OTCQX: ATUSF Diversified , Long-Life, Natural Resource Royalties Corporate Presentation December 10, 2025 Potash | Clean Steel | Renewable Energy | Copper | Gold | Lithium | Nickel | Cobalt
Slide 2: Forward Looking Statements
Forward Looking Statements This document includes certain statements that constitute “forward- In particular, the forward looking statements and information looking statements” and “forward-looking information” within the contained herein relating to past, present and future commodity prices, meanin
Slide 3: Balance, Diversity & Longevity
Balance, Diversity & Longevity Large Resources and Geopolitical Advantages Amplify New Build and Expansion Optionality South Gold Potash Production America 11% 26% 12 Mines & 13 Renewable 15% Altius Analyst Consensus Construction Canada Renewables Consensus NAV by 18% 1 Mine & 5 Renewable 48% NAV1 J
Slide 4: Potash
Potash TSX: ALS | OTCQX: ATUSF |4
Slide 5: Potash Market Compounding Demand Growth Plus Market Share Growth
Potash Market Compounding Demand Growth Plus Market Share Growth Global Potash Demand Growth Operator Potash Growth 135 Mt 140Mt 20Mt Actual Global Demand LT Growth Trend (2.4% CAGR) 17 120 106Mt 16 15 15 15 15 16 15 15 100 14 Mosaic 13 84 Mt 13 Royalties 12 11 80 68Mt Acquired 52Mt 60 8 2026E: 74-7
Slide 6: Structural Competitive Advantages
Structural Competitive Advantages Long-term Production Growth – Base Case Assumption Our operator’s Saskatchewan, Canada potash mines feature unique competitive advantages (resource scale and quality, logistic networks, geopolitical stability, cost of capital, etc.) that facilitate continuously expa
Slide 7: Potash: Price Incentivization Required to Meet Steady Demand Growth
Potash Price Incentivization Required to Meet Steady Demand Growth Requirements $1,200 Jansen Phase 1 and 2 Greenfields Incentive Price: $1,097/tonne $1,000 $800 Jansen Phase 2 Incentive Price: $615/tonne $600 Nutrien/Mosaic Sask. Brownfields $400 Incentive Price: $390/tonne $200 $0 2005 2006 2007 2
Slide 8: Base and Battery Metals
Base and Battery Metals TSX: ALS | OTCQX: ATUSF |8
Slide 9: Global Copper Mine Supply
Global Copper Mine Supply Consistent Long-Term Growth Requirement Global demand for copper has increased by ~2/3 in the past 20 years, While long-term copper demand growth has been a relative constant, the copper market experiences very volatile price cycles largely mirroring the increase in global
Slide 10: Chapada District Contained Copper Resource & Reserve
Chapada District Contained Copper Resource & Base and Battery Metals Reserve1 (Mlbs) Significant Production Growth Ahead Chapada Reserve Chapada Measured & Indicated Sauva Measured & Indicated Depletion +2.5 Blbs Resources continue to be delineated at the new Saúva (copper) discovery within the Chap
Slide 11: High Purity (DR Grade) Iron Ore
High Purity (DR Grade) Iron Ore Labrador Trough TSX: ALS | OTCQX: ATUSF |11
Slide 12: High Purity Iron Ore
High Purity Iron Ore Positioned to Benefit From BF to DR (High-Purity) Grade Market Share Reversal Global Crude Steel Production Monthly Global Crude Steel and DRI Production (MM tonnes) (K tonnes) 2,500 ~3.4% CAGR 2,000 1,500 1,000 500 2000 2005 2010 2015 2020 2025 While steel production has been r
Slide 13: High-Purity Iron Ore: Portfolio Well Positioned
High-Purity Iron Ore Portfolio Well Positioned Altius well positioned to benefit from increasing demand for high- purity iron through its Labrador Trough based iron ore royalty interests Labrador Trough one of few regions in the world with raw ore quality amenable to producing DR quality iron ore co
Slide 14: Kami Project
Kami Project Being Advanced by a Powerful Partnership - 3% GSR Altius originated Kami through its Project Generation business and retains a 3% Gross Sales Royalty (GSR) over the project The project is expected to produce 8.5Mtpa DR grade (>67%) Iron ore over an initial 26 year mine life. 30% Once in
Slide 15: Renewable Energy
Renewable Energy TSX: ALS | OTCQX: ATUSF |15
Slide 16: Key US Electricity Trends
Key US Electricity Trends 16% 15% 1% 1% Total power generation has increased by 10% over the past 25 years but is on track to grow by 15% over the next 5 years 9% 43% 2000 US 2024 US 52% 18% Electricity Mix Electricity Mix Renewables based generation has grown market share from 9% to 24% (+129%) so
Slide 17: Renewable Energy Royalties
Renewable Energy Royalties GBR Royalty Revenue Projection ($C) $65M-$70M estimated longer term GBR Revenue Growth ($C) run rate recurring revenue at GBR $40M based on existing investments $30M $20M Royalty revenue continues to ramp up as projects subject to royalty within $27 - 32M the existing deve
Slide 18: Arthur Gold
Arthur Gold 0.5% NSR
Slide 19: Silicon Royalty Investment
Silicon Royalty Investment Value Creation Crystallized – Continuing Growth Exposure Altius’s sold 2/3 of its original 1.5% NSR royalty Arthur royalty to Franco-Nevada for ~C$375 million. Since closing of the sale to FNV a greater degree of certainty concerning the district scale (~200 km2) extent of
Slide 20: Exploration Targets, Plus Existing Reserves + Resources
Exploration Targets, Plus Existing Reserves + Resources Drillhole Drillhole 4.2 Moz MI&I 12.1 Moz inferred Drilled Mineralization Further Exploration Potential TSX: ALS | OTCQX: ATUSF |20
Slide 21: Arthur Royalty Investment
Arthur Royalty Investment Value Creation Crystallized – Continuing Growth Exposure Through Retained 0.5% Royalty The Arthur Gold project (and Altius’s original 1.5% royalty) was originated in 2014 as part of a generative exploration focused grubstake agreement between Renaissance Exploration and Cal
Slide 22: Project Generation Business
Project Generation Business Altius’s True Value Creation Differentiator TSX: ALS | OTCQX: ATUSF |22
Slide 23: Project Generation Business: Royalty Creation while Profiting from Exploration
Project Generation Business Royalty Creation while Profiting from Exploration In-house technical team invests in exploration to create junior equity positions and royalties (Exploration project sales or select third party investments) Profitably manage resulting Create long-term royalty portfolio of
Slide 24: Further Exploration Royalty Optionality
Further Exploration Royalty Optionality Property (Jurisdiction) Primary Commodity Explorer/Developer Royalty Basis Status Telkwa Met Coal Bathurst Resources Limited 3% FOB DFS and permitting underway Michelin Base Metals Paladin Energy Ltd. 2% NSR on all minerals except uranium Exploration Stellar C
Slide 25: Capital Allocation Opportunities
Capital Allocation Opportunities Enhanced Flexibility $541M Cash, after taxes and fees increased to C$353 million Accordion2 Total liquidity increased to more than C$540 million (including C$125 million Available available under a revolving credit facility and C$62.5 million potentially available Re
Slide 26: Capital Structure
Capital Structure Strong Balance Sheet, Growing Returns of Capital Capitalization Table 761.5k shares acquired in 2024 at an average price of $21.27 per share ($16.2 million invested) Issued Common Shares1 46,276,054 Annual dividend increased to $0.40 per share in 2025 Basic Market Capitalization1 $
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