Altius Minerals Corporation · TSX:ALS
Altius Minerals — Shareholder Meeting (May 2026)
38 slides from Altius Minerals's shareholder meeting presentation, May 2026
Slide 1: Annual General Meeting
TSX: ALS | OTCQX: ATUSF Annual General Meeting May 2026 Electricity | Potash | Lithium | Clean Steel | Copper | Gold | Nickel
Slide 2: Forward Looking Statements
Forward Looking Statements This document includes certain statements that constitute “forward- looking Many factors, events and uncertainties which may arise in the future could cause statements” and “forward-looking information” within the meaning of applicable these statements to differ materially
Slide 3: Corporate Highlights
Corporate Highlights Solid Progress Completed sale of 2/3 of Arthur (Silicon) 1.5% NSR gold royalty for Increased annual dividend to $0.40 per share (+400% over first 10 C$375 million (vs original investments for full royalty of years since initiating dividend payments) $400,000), while retaining 1/
Slide 4: Royalty Revenue Growth Inflection Beginning
Royalty Revenue Growth Inflection Beginning Medium-Term Spot Commodity Price Basis (as of May 8, 2026) Further Growth Potential2 Expected Royalty Revenue1 ($C) 2030-2035+ $250M Pipeline Royalties Other3 Arthur 200 Electricity Gold GdC Phase 3 150 Moblan Base Gunnison And 100 Battery Metals Adina 50
Slide 5: Electricity (ARR) Background
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Slide 6: GBR / ARR Background and Business Ownership Structure
GBR / ARR Background and Business Ownership Structure Altius Minerals 28.5% effective interest in GBR Great Bay Royalties ARR Apollo Great Bay Royalties (GBR – originally Great Bay Renewables) (50%) (50%) was originated in 2018 with a vision of bringing the royalty finance model to the electricity g
Slide 7: GBR Royalty Counterparties
GBR Royalty Counterparties Royalty financing model acceptance by some of sector’s most sophisticated participants |7
Slide 8: Electricity Royalties Ramp-Up
Electricity Royalties Ramp-Up Additional advanced stage royalty acquisitions expected to further drive growth trajectory GBR Revenue ($C)1 $80M $74M $66M $61M 60 $51M 40 $33M $24M 20 0 2025 2026 2027 2028 2029 2030 Late Stage Operator Deal Originated Early Stage Developer Deal Originated IX (net) Ad
Slide 9: Bullish US Electricity Generation Conditions
Bullish US Electricity Generation Conditions U.S. Power Demand Growth By Sector2 2025E – 2032E Power availability emerging as a key industrial growth bottleneck Rapid growth of electricity demand in US and strong competition to secure supply has resulted in Transportation 20% significant increases i
Slide 10: Contrarian Investment Window Open
Contrarian Investment Window Open Down-cycle like investment sentiment conditions despite bullish fundamentals Despite the bullish fundamental market backdrop, capital has Recent GBR transactions have resulted in implied yields against become enigmatically more difficult and expensive for US purchas
Slide 11: Base Metals
Base Metals |11
Slide 12: Chapada Resource & Reserve Growth Continues
Chapada Resource & Reserve Growth Continues Saúva discovery additions provides LOM extension potential, while also boosting grade profile Since copper stream was acquired in 2016 we have witnessed episodic resource growth that has more than kept pace with depletion and resulted in continuous extensi
Slide 13: Saúva Expansion at Chapada
Saúva Expansion at Chapada Near term production growth, longer term LOM extension Sanctioning decision for recent Saúva deposit discovery at Chapada planned for H2 with potential to increase copper production by 15- 20k tonnes per year (33-50%) based upon introduction of higher head grades |13
Slide 14: Curipamba
Curipamba 2.0% NSR Mine construction started in January 2025, and Silvercorp is currently targeting production in mid 2027 The high-grade El Domo VMS deposit is located within the larger Curipamba property, Construction Progress at El Domo which consists of seven concessions covering approximately 2
Slide 15: Voisey's Bay
Voisey’s Bay Multi-Generational Potential Ramp up proceeding to plan and evaluation of expansion potential underway in conjunction with delineation of resources identified beyond current mine plan areas Source: Vale Base Metals 2025 Exploration and 2026 Outlook Results |15
Slide 16: Gunnison Copper
Gunnison Copper Recent PEA highlights potential Located within an established Arizona mining region PEA case targeted 174 Mlbs of copper cathode production per year in the first 15 years of mine life At $6.00/lbs copper, the 1.625% GSR could contribute approximately C$21.6M of royalty revenue beginn
Slide 17: Base Metal 5 Year Royalty Revenue
Base Metal 5 Year Royalty Revenue Spot Commodity Price Basis (as of May 8, 2026) Royalty Revenue ($C) (1) $60M $51M $51M 50 $44M 10 10 40 $38M 11 3 3 $37M 3 5 3 3 30 20 38 39 34 31 31 10 0 2026 2027 2028 2029 2030 Chapada Voisey’s Bay Curipamba 1. Estimates are provided for illustrative purposes onl
Slide 18: Lithium
Lithium |18
Slide 19: Lithium Cycle Has Turned Upwards
Lithium Cycle Has Turned Upwards Spot prices have doubled since LRC acquisition announcement in December Lithium Carbonate ($US) $100,000/tonne 80,000 60,000 40,000 May 2026: $27,865 20,000 Dec. 2025: $14,424 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Bloomberg |19
Slide 20: Significant Additional Lithium Supply Response Needed
Significant Additional Lithium Supply Response Needed Portfolio well positioned Supply Deficit Emerging Supply-demand balance continuing to tighten as demand growth rates Mined Lithium (Mt LCE) surprise to the upside - with grid-based battery storage a particularly 4.5 strong new driver Significant
Slide 21: LRC Acquisition Off to Strong Start
LRC Acquisition Off to Strong Start Pricing and asset volume growth announcements resulting in upward revision of revenue projections Lithium Revenue1 ($C) 100 93 $2,800/t SC6 (~ spot price) 85 79 80 60 $1,771/t SC6 52 (analyst consensus 2028 price forecast)3 40 26 63 52 55 20 34 6.5 19 0 20252 2026
Slide 22: Potash
Potash |22
Slide 23: Potash Market - Steady Compounding Demand Growth
Potash Market - Steady Compounding Demand Growth While Royalty Mines Also Gaining Market Share (Now 24% of Global Supply) Global Potash Demand Growth 135 Mt 140Mt Actual Global Demand Major capacity additions in potash are highly capital LT Growth Trend (2.4% CAGR) intensive and typically require 7-
Slide 24: Potash Price
Potash Price Current market price well below incentive price $1,200 Jansen Brownfields Phase 2 (BHP 2025 Capex & Opex Estimates) $1,000 Implied Incentive Price (15%): $615/tonne $800 $600 $400 $200 Nutrien / Mosaic Sask. Brownfields (2009-2014 Major Capital Investment Programs) Incentive Price (15%)
Slide 25: Potash Royalty Revenue Forecast
Potash 10 Year Royalty Revenue Forecast Conservative Price and Volume Assumptions Altius Mine Potash Production (KCl) (1) Royalty Revenue ($C) (1) 30 Mt $30M 25 25 Mosaic 20 20 15 15 $29.2 $26.7 $27.2 $27.8 $28.6 $26.5 $26.1 $25.2 $25.9 Nutrien $21.4 10 10 5 5 0 0 2026 2027 2028 2029 2030 2031 2032
Slide 26: Iron Ore
Iron Ore |26
Slide 27: IOC
IOC Major Capex Program Underway Royalty interest is through equity holding in passively managed Labrador Iron Ore Royalty Corp (LIF) that holds a large mine royalty and a minority equity position in IOC IOC (Rio Tinto controlled and operated) mines currently undergoing significant, multi-year capit
Slide 28: Kami Project (3% Altius GSR)
Kami Project (3% Altius GSR) Being Advanced by a Powerful Partnership - 3% GSR 30% Nippon Steel is Japan’s largest steel producer and the 4th largest globally 51% It is currently in the process of progressively retiring its fleet of Blast Furnace Steel plants while growing its Electric Arc Furnace f
Slide 29: Kami Project
Kami Project Potential to Become Largest Single Mine Royalty in Portfolio Tonnes Grade Kami Reserves (PFS Plan) 643,000,000 29.18% Altius originated Kami through its Project Generation business and retains a 3% Gross Sales Royalty (GSR) over the project M&I Resources 975,000,000 29.6% The project is
Slide 30: Arthur
Arthur “The exceptional economics detailed in the pre-feasibility study firmly establish the Arthur Gold Project as the cornerstone of our US growth platform. With a world-class oxide orebody, minimal technical risk, and a disciplined capital approach, we have a clear roadmap to driving immense long
Slide 31: Arthur Gold Royalty
Arthur Gold Royalty Value Creation Crystallized – Continuing Growth Exposure Altius sold 2/3 of its original 1.5% NSR Arthur Gold royalty to Franco-Nevada for ~C$375 million vs original US$300,000 investment Large oxide gold resource with significant ongoing growth and discovery potential - District
Slide 32: Exploration Targets, Plus Existing Reserves + Resources
Exploration Targets, Plus Existing Reserves + Resources Exceptional Continuing Growth Potential Drillhole Drillhole 4.2 Moz MI&I 4.9 Moz Reserve 6.6 Moz MI&I AGA has thus far identified over 15Moz gold per their 2026 Mineral Resource Statement Extensions of the mineralization, beyond areas included
Slide 33: Arthur Compared to Evolution of Other Nevada World Class Gold Camps
Arthur Compared to Evolution of Other Nevada World Class Gold Camps Source: Franco Nevada Corporate Presentation |33
Slide 34: Project Generation
Project Generation |34
Slide 35: Project Generation Business
Project Generation Business Key Royalty Growth Differentiator Altius’ Project Generation business is built on two strategic pillars that collectively deliver long-term growth and complement its royalty business: 1) Direct Project Generation – Leveraging in-house expertise to identify and develop hig
Slide 36: Project Generation Business
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 portfolio of public Create long-term
Slide 37: Project Generation Royalties
Project Generation Royalties Altius PG holds, and continues to grow, an extensive portfolio of pre-development stage royalties that offer the potential to become our next Kami or Silicon. We currently estimate that more than 50,000 metres of drilling will be completed across this portfolio in 2026.
Slide 38: LRC Additions to PG Royalty Portfolio
LRC Additions to PG Royalty Portfolio LRC Exploration Assets Jurisdiction Commodity Explorer/Developer Royalty Basis Status Galaxy Quebec Hard Rock (Spodumene) Rio Tinto 1.00% NSR Feasibility Study Zeus Nevada Clay (Carbonate) Noram Lithium 1.00% GOR PEA Root Lake Ontario Hard Rock (Spodumene) Green