Altius Minerals Corporation · TSX:ALS
Altius Minerals — Investor Presentation (January 2026)
32 slides from Altius Minerals's investor presentation, Jan 21, 2026
Slide 1: Corporate Presentation January 21, 2026
TSX: ALS | OTCQX: ATUSF Diversified , Long-Life, Natural Resource Royalties Corporate Presentation January 21, 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- 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: Balance, Diversity & Longevity
Balance, Diversity & Longevity Large Resources and Geopolitical Advantages Amplify New Build and Expansion Optionality Other Other Gold 4% 6% Potash 8% 18% Production ARR 13 Mines & 12 Electricity South 13% America Altius LRC 23% Pro-Forma Canada Pro-Forma Iron Ore Construction / Expansion Consensus
Slide 4: Base and Battery Metals
Base and Battery Metals TSX: TSX:ALS ALS ATUSF OTCQX: | OTCQX: ATUSF |4
Slide 5: Copper Incentive Price
Copper Incentive Price Prices Are Up But Still Not Enough.... $12.00/lbs Production Cost Capital Cost As existing fleet of mines become lower grade, deeper and older the cost of 10.00 extending lives or building new has increased significantly and caused capital cost escalation that has far outpaced
Slide 6: Global Copper Mine Demand
Global Copper Mine Demand Consistent Long-Term Growth Requirement World Refined Copper Usage 36,000 kt 32,000 Demand for new copper mine production has increased with relative consistency at an average of 3.3% per year since the beginning of the last 28,000 century and the dawning of electricity as
Slide 7: Base and Battery Metals
Chapada District Contained Copper Resource & Reserve1 (Mlbs) Base and Battery Metals Chapada Reserve Chapada Measured & Indicated Sauva Measured & Indicated Depletion Significant Production Growth Ahead +2.5 Blbs Resources continue to be delineated at the new Saúva (copper) discovery within the Chap
Slide 8: LRC Proposed Acquisition - Transaction Summary
LRC Proposed Acquisition - Transaction Summary Acquisition of LRC for $9.50/share for $520M Acquire 100% of equity shares (common + convertible) of Lithium Proposed Transaction Royalty Corp (“LRC”) in Plan of Arrangement LRC holders can elect to receive $9.50 in cash or 0.24 Altius common shares for
Slide 9: Solidifying a Successful Partnership...
Solidifying a Successful Partnership... As Lithium Market Emerges from Nascency Lithium Carbonate($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 investor in 60,000 founding of LRC wit
Slide 10: Lithium: Emerging as a Mainstream Industrial Metal
Lithium: Emerging as a “Mainstream” Industrial Metal Original theory (at time of first LRC partnering investment) is playing out successfully with lithium emerging as a mainstream industrial metal Lithium Demand (LCE Units) with essential electricity-based applications 4.5 Mt Demand Forecast Range 4
Slide 11: 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 12: Transaction provides meaningful revenue growth potential
Transaction provides meaningful revenue growth potential $1,250/t SC6 Illustrative Price Basis (Current Spot Price ~$1,700 /t) Expected Lithium Revenue1 ($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
Slide 13: Potash
Potash TSX: TSX:ALS ALS ATUSF OTCQX: | OTCQX: ATUSF |13
Slide 14: 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 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
Slide 15: Potash: Price Currently Well Below Incentivization Requirements
Potash Price Currently Well Below Incentivization Requirements $1,200 $1,000 $800 Jansen Brownfields Phase 2 (BHP Recent Capex & Opex Estimates) Implied Incentive Price (15%): $615/tonne $600 $400 Nutrien / Mosaic Sask. Brownfields (2009-2014 Major Capital Investment Programs) $200 Incentive Price (
Slide 16: 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 17: High Purity (DR Grade) Iron Ore
High Purity (DR Grade) Iron Ore Labrador Trough TSX: TSX:ALS ALS ATUSF OTCQX: | OTCQX: ATUSF |17
Slide 18: 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 19: High-Purity Iron Ore
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 20: 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 21: Electricity Generation
Electricity Generation TSX: ALS OTCQX: ATUSF |21
Slide 22: Key US Electricity Trends
Key US Electricity Trends 16% 15% 1% 1% 9% 43% 2000 US 2024 US Total US power generation has increased by 10% over the past 25 years but is on 52% 18% track to grow by 15% over the next 5 years Electricity Mix Electricity Mix Renewables based generation has grown market share from 9% to 21% so far t
Slide 23: US Electricity Generation Royalties
US Electricity Generation 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 $27 - 32M royalty within the exis
Slide 24: Electricity Royalty Growth
Electricity Royalty Growth 6 New Projects Currently Under Construction Property Operator Location Energy Type Facility Size (MW) Royalty Rate Status Hansford County Undisclosed Texas Wind 658 Fixed Operating Young Wind NextEra Energy Resources Texas Wind 500 2.5% of revenue Operating Canyon Wind Nex
Slide 25: Arthur Gold 0.5% NSR
Arthur Gold 0.5% NSR
Slide 26: Arthur Royalty Investment
Arthur 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 vs, original US$300,000 investment Since closing of the sale to FNV a greater degree of certainty concerning the di
Slide 27: Significant Upside Potential at Arthur Gold
Significant Upside Potential at Arthur Gold Mineralization Continues beyond areas currently included in Published Resource The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated (31 December 202
Slide 28: Arthur Compared to Evolution of Other Nevada World Class Gold Camps
Arthur Compared to Evolution of Other Nevada World Class Gold Camps Sources: Cortex and Goldstrike data based on annual reports from Barrick and Placer Dome. Cortez includes Gold Rush and Fourmile Rapidly growing resource with potential to be the next significant gold district in Nevada TSX: ALS OTC
Slide 29: Project Generation Business
Project Generation Business Altius’s True Value Creation Differentiator TSX: ALS OTCQX: ATUSF |29
Slide 30: 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 PG Portfolio (Exploration project sales or select third party investments) update Profitably manage resulting Create long-term
Slide 31: 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 32: Balance Sheet Remains Strong LRC Post-Transaction
Balance Sheet Remains Strong LRC Post-Transaction Altius Liquidity Post Transaction 30 41 Altius Pro-Forma Share Structure 28 LRC 66 Acquisition2 Revolver1 188 Altius Shares - Current 46,285,577 28 Bridge Loan New Shares1 11,500,000 188 Altius Shares – Pro-Forma 57,785,577 Altius Shares, Fully Dilut
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