TSX:ALS | OTCQX:ATUSF

Annual General MeetingMay 2019

Growth, Diversity, Longevity

TSX: ALS

2

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.

Forward Looking Statements

TSX: ALS

3

Year Highlights

• Additional potash royalties acquired and debt refinanced

• Potash mine expansions ramping up

• Additional LIORC (IOC Royalty) interest acquired

• Bloom Lake successfully restarted

• Coal to renewables initiative launched

• Voisey’s Bay litigation settled

• Curipamba royalty added

• Gunnison construction begins

• Chapada and Cardinal River expansion feasibility studies announced

• Positive Kami, Telkwa, Groto di Cirilo and El Domo economic studies

• Several strategics investing in our PG portfolio companies

• PG companies had 99,000 metres of drilling completed with several discoveries indicated

Cyclical Analysis

TSX: ALSCurrent Cyclical Position

5

20102000

5

Royalty Acquisition

2005 2015 2020

IPOTrough 1

Position

Trough 2

Position

Down-Cycle / Trough

• Buy long-life, diversified mining royalties

• Accumulate exploration lands and convert to royalties and equities

Up-Cycle

• Achieve royalty purchase paybacks

• Capture value from exploration lands while pre-production stage royalties mature

TSX: ALSCurrent Cyclical Position

6

• Miners have regained positive balance sheets on improved prices / margins and are beginning to invest cash flow back into assets (which is

showing up as multiple organic growth indications across our portfolio)

• M&A activity is becoming trendy in the broader mining space

• Better junior explorers and developers attracting strategic investors (including many examples within our portfolio)

6

Cycle Bottom Occurred In Early 2016

But Still Below Mid-Cycle Levels

• Supply-demand deficits are occurring or looming for many commodities and stockpiles are being drawn down

• Investments are mainly to replace declines and closures rather than for incremental industry supply growth

• Prices and confidence generally still below levels required to incentivize development of next generation of projects

• Capital market participants are still absent the junior sector

• Capital and operating cost inflation is set to re-pressure margins and increase incentive price requirement levels (oil prices, wages, new tailings

standards, pits converting to underground, etc.) (particularly bullish for royalties – price but not cost sensitive)

• Global economic growth signals are noisy and mixed but major structural shifts towards transportation electrification and renewable energy are

underway and incredibly metals intensive

Potential for Another Strong Up-Cycle?

TSX: ALS

• Decreasing average industry metal grade means increasing cost intensity / incentive price requirement

• “Probable” pipeline project data signaling that the grade decline trend will continue

• Average timeframe from new major discovery to production is now 25-30 years

Dr. Copper: Geologic Cost Inflation

Average Mined Copper Ore Grade Falling Cost Intensity Per Unit of Metal Increasing

7

TSX: ALSDr. Copper: “Under-build, build and over-build, under-build….”

• Previous cyclically strong incentive conditions resulted in over-supply and a price decline

• Current price has come off 2016 bottom but is still below new build incentive requirement

• Few greenfields project sanctions in this environment

$.00

$1.00

$2.00

$3.00

$4.00

$5.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Incentive Price

Copper Price

8

TSX: ALSGlobal Structural Demand Driver

• 6 of 32 objectives outlined in China’s 13th 5 year plan (2016-2020) relate to environmental quality improvements

• India now has an estimated attributable 500,000 pollution related premature deaths per year

• Air pollution and de-carbonization objectives are a major global driver towards cleaner transportation, power generation and steel making alternatives

• Royalty portfolio is well aligned with resulting structural trends

Source: Washington Post, February 22, 2016 edition

Relative Relative Concentration of Air Pollution (PM 2.5)

Portfolio Well Aligned With Major Global Growth Trends

Soil Quality/Agricultural Yield

Improvements

High Quality (Lower Emission) Iron Ore

Fossil Fuel to Clean Energy Conversion

Transportation Electrification Cu, Co, Ni, Li

Coal to Renewables

Labrador Trough

Premium Products

Potash

9

TSX: ALS

$4M $5M $4M $2M $3M $4M $3M $5M

$28M$33M

$47M

$67M

$77- $81M

Adapting With the Cycle

10

IPO

Royalty Acquisition

Royalty Revenue

20202015201020052000

• We have been engaged in intense M&A activity for 5 years to build a diversified, long-life royalty portfolio

• Revenues have been sustainably grown by more than 15 times and the portfolio is well positioned to capture further benefits at no cost

• Organic royalty revenue growth is now emerging as a key driver with many assets signaling potential new builds, expansions and extensions as

better prices improve margins (potash ramp up, Gunnison and Voisey’s Bay new mines, Chapada and Cardinal River expansion feasibility

studies, Telkwa, Kami and Curipamba positive economic studies, renewable energy projects advancing, PG equity portfolio growth)

• We anticipate the transition from M&A to organic (existing portfolio) based growth drivers to continue, motivating more aggressive

debt reduction and balance sheet strengthening as a capital allocation priority

TSX: ALSCapital Structure and Balance Sheet

Research Coverage

Craig Hutchison

Brian MacArthur

Orest Wowkodaw

Carey MacRury

11† All dollar figures are in Canadian dollars with market capitalization as of May 2, 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 March 31, 2019 includes $21

million cash + $61 million junior equities portfolio position + $119 million LIORC position. Subsequent to quarter-end, as of May 3 2019, $11

million was repaid on revolver reducing outstanding debt to $124 million and increasing revolver availability to $86 million.

TSX: ALS | OTCQX: ATUSF

Issued Common Shares 42.9 million

Fairfax Preferred Securities 10.0 million

Basic Market Capitalization $549 million

Annual Dividend $0.20 per share

Outstanding Debt $119 million

Cash and Public Equity Holdings† $201 million

Available Under Credit Revolver† $86 million

11

$M

$50M

$100M

$150M

$200M

$250M

F 2015 F 2016 F 2017 2017 2018 Q1-2019

Debt Investments Cash

F 2015 F 2016 F 2017 2017 2018 Q1-2019

Net Debt $41M $11M -$19M -$126M -$52M -$65M

Positioned for Organic Growth

TSX: ALSGrowth Record

$0.88 $0.83

$1.08

$1.56

$1.80 - $1.89

FY 2015 FY 2016 FY 2017 2018 2019 Guidance

Revenue Per-Share

† 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. 13

80% EBITDA Margin

Strong Per Share Revenue Growth Record

5-year: +20% CAGR

15% Unlevered Revenue Yield Against

Combined Portfolio Purchase Price (2019E)

TSX: ALSDiversity and Demand Alignment

14

Portfolio Well Aligned With Major Global Growth Trends

Soil Quality/Agricultural Yield Improvements

High Quality (Lower Emission) Iron Ore

Fossil Fuel to Clean Energy Conversion

Transportation Electrification

Copper

35%

Steel Making Coal 5%

Zinc

7%Premium

Iron Ore

9%

Potash

21%

Electricity

Generation

(coal)

20%

Battery Metals

(Ni-Li-Co) 1%

Other 2%

2018 Revenue

by Commodity

Cu, Co, Ni, Li

Coal to Renewables

Labrador Trough

Premium Products

Potash

15 Paying Mine Royalties

TSX: ALS

29

34

51

67

97

8

14

29

12

24

18

11

18

3

7

20

Vanscoy

Rocanville

Allan

Esterhazy

Cory

Thermal Coal(Various Mines)

777

Voisey's Bay

Chapada

Metallurgical Coal(Cheviot)

IOCReserve Mine Life (Years)

M&I Resource Life (Years)

Inferred Resource Life (Years)

3-4

Unrivalled Portfolio Expandability

15

Ele

ctr

icity

Ge

ne

ration

Base M

eta

ls

Ste

el

Pota

sh

M&I: 113 Years

Inferred: 130 Years

M&I: 1,263 Years

Inferred: 1,032 YearsTotal: 2,392 Years

Total: 272 Years

M&I: 52 Years

Inferred: N/ATotal: 120 Years

M&I: 476 Years

Inferred: 788 YearsTotal: 1,315 Years

M&I: 194 Years

Inferred: 86 YearsTotal: 315 Years

+

+

+

+

+

Replacement: Gunnison, Voisey’s Underground, Chapada

Growth Potential, Curipamba Development Potential

Electrical

Higher Prices / Lower Cut-off Grade Creates Significant

Additional Resources, Further Exploration Potential

† Mine lives calculated based on current mineral inventory and 2018 throughput. Thermal coal asset lives denote the 2018 weighted average

revenue and expected plant closure and not based on reserves. The 2018 revenue weighted average mine life is based on remaining reserves

inclusive of MI resources and throughput capacity.

Replacement: Conversion to Renewable Royalties Underway

86+ year revenue weighted potential average resource life

TSX: ALS

Cory

Rocanville Esterhazy

Organic Royalty Growth Pipeline

16

Vanscoy

New Mines in Construction

Extension / Expansion Feasibility Renewable Development Portfolio

New Mine Studies

Royalty Growth Pipeline Requires No Additional Capital Investment - Facilitating Continuation of Sector Leading Per-Share Royalty Growth

Built Developing Advancing

Kami (Iron Ore)

Telkwa (Met. Coal)

Voisey’s Underground

(Nickel-Cobalt-Copper)

Gunnison

(Copper)

Cardinal River Extension

(Met. Coal)

Chapada

Expansion (Cu) 1500MW+ Portfolio

Curipmba (Copper +)

Groto do Cirilo (Lithium)

Completed Potash Expansions Ramping Up

Allan

TSX: ALSRenewable Energy Royalties

17

o Altius Renewable Royalties Corp. (“ARR”) is a newly created subsidiary of Altius Minerals Corporation.

o Strategic objective of converting a legacy portfolio of relatively short-life Alberta electrical coal generation royalties into long-life, renewable

electricity generation royalties now being executed.

o ARR has completed a first transaction with Tri Global Energy (“TGE”) to gain royalties related to a portfolio of more than 1,500 MW of

development stage wind energy projects located in Texas, Nebraska and Illinois for a total investment up to US$30 mm.

o At full uptake, initial cash flow projections range from US$3 - 4 mm annually to Altius for an average project life of 25 years.

o Once created, the royalties are for the ultimate life of the project and capture life extensions and/or expansions - providing excellent further

option value potential.

TSX: ALS

• Potash is increasingly critical to global food security as it

increases the amount of crops that each farm unit can

produce

• Potash royalty portfolio mines have recently undergone

$9B in expansions to create volume ramp-up growth

potential

• The global potash market has grown at more than a 3%

CAGR over the past 5 years

Potash Production and Demand Growth

0MT KCI

10MT KCI

20MT KCI

30MT KCI

40MT KCI

50MT KCI

60MT KCI

70MT KCI

80MT KCI

2002 2004 2006 2008 2010 2012 2014 2016 2018

Global Potash Demand

Mine

Production (Mt)Nameplate

Capacity

2017 2018 (Mtpa)

Esterhazy (K1-K2-K3) 4.3 4.6 6.2

Rocanville 4.9 5.2 6.5

Allan 1.8 2.4 4.0

Cory 1.0 0.8 2.7

Vanscoy 2.4 2.2 3.0

Global Arable Land Per Person

Reduced by ~50% Since 1960

18

TSX: ALSChapada

19

Altius acquisition in 2016 heavily motivated by identification of resource and production growth potential

Exploration

Success

Productivity

Growth

Expansion

Growth

Potential

Chapada has a strong exploration track

record with reserves and resources (M&I)

increasing by 46%, since 2016.

Yamana 2019 guidance signals further

increased copper recovery rates resulting

from recent concentrator plant

investments.

Sale pending to Lundin Mining who have

emphasized that evaluation of copper

focused growth opportunities will be

prioritized as a means to leverage its

technical and financial strength.

116Mlbs 127Mlbs129Mlbs

3,248Mlbs

3,471Mlbs

3,707Mlbs

660Mlbs

1,313Mlbs

2,025Mlbs

514Mlbs252Mlbs

781Mlbs

2016 2017 2018

Production Reserves

Measured & Indicated Resources Inferred Resources

TSX: ALSLabrador Trough and Iron Ore Growth

Iron Ore Company of Canada

Operator: Rio Tinto

Interest: Altius is a major shareholder of LIORC,

which is mandated to be a passive flow-through

vehicle for royalty and equity entitlements related to

the operations of the Iron Ore Company of Canada.

Bloom Lake

Operator: Champion Iron Ore

Interest: Altius invested $10M as a royalty and

equity convertible debenture in 2017 (since

converted to equity at $1 per share).

Kami Project

Operator: Alderon Iron Ore Corp.

Interest: Interest: Altius is a co-founder / major

shareholder of Alderon and has a 3% gross sales

royalty relating to its project development financing

stage Kami project.

Altius Exposure to Labrador Trough Iron Ore

The Labrador Trough Advantage

o High iron, ultra-low impurity product commands premium

pricing due to lower emissions and higher productivity during

steel making process

o Stable jurisdiction unique in terms of large resources

combined with surplus, existing transport and handling

infrastructure

o Amongst highest margin iron ore operations in the world

20

Iron Ore Exposure also includes several other wholly owned exploration and resource stage projects

Iron Ore Pricing Since Market Bottom

TSX: ALSRoyalty Portfolio Growth: Gunnison on Stream in 2019

• Fully financed and under construction with

first production expected in Q4-2019 as per

guidance provided by the operator.

• The first phase of operations are being

scaled to ramp up production to 25 million

pounds of copper per year, during the first 3

years, and eventually increasing thereafter to

75 and 125 million pounds per year.

• Altius currently has a 1.625% gross revenue

royalty (GRR) over the Gunnison Project (the

GRR reduces to 1.5% with Phase 2 plant

capacity level reaching 75 million pounds of

copper per annum or higher).

EXCELSIOR’S GUNNISON PROJECT (COPPER ISL)

21

TSX: ALSBattery Metal Exposure Set For Growth

Project: Tres Quebradas (3Q) Lithium Project

Operator: NeoLithium

December 2019 PFS Highlights: $490.2mm Capex, NPV(8%) of

$1.2Bn, After-tax IRR 27.9%, LOM: 20 y.

Royalty Interest: 1% Gross Overriding Revenue

Project: Grota do Cirilo Lithium Project

Operator: Sigma Lithium Resources

Highlights: Measured and Indicated 37,899,000 tonnes @

1.48%LiO2 (Xuxa and Barreiro Deposits)

Royalty Interest: 1% Gross Overriding Revenue

Mine: Voisey’s Bay

Operator: Vale Commodity: Ni-Co-Cu

Highlights: In H2 2018, Vale announced plans to proceed with the Voisey's

Bay underground mine expansion project, which is expected to extend the

life of the mine by approximately 15 years. Significant scale, additional

adjacent mineralized zones offer further mine life upside potential should

mineable cut-off grades decrease in the future based upon higher metal

prices.

Lithium Royalty CorporationBattery Metal Exposure

(Ni-Li-Co)

o Nickel and copper royalty revenue set to increase with Voisey’s

Bay Underground expansion.

o Indirect lithium royalty revenue added through shareholding in

Lithium Royalty Corporation, which also includes direct royalty

participation right.

22

o Lithium Royalty Corporation (“LRC”) was formed to pursue investment

opportunities in the battery materials sector.

o Altius is a founding shareholder (~12%) of LRC and holds the right to

participate directly in any royalty acquisition on a 10% direct interest basis.

TSX: ALSRoyalty Growth Pipeline (PG)

$61

Million

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

purchase warrants.

57

Projects

2019

$22M

$33M

$54M$61M

April 2016 April 2017 December 2018 March 2019

Project generation portfolio value as

at March 31, 2019

(~$1.42/share)

Converted to new royalties and junior

equities since 2016 market bottom

140,000 meters of drilling estimated

across pre-production stage royalty

portfolio

Junior Equity Portfolio Growth

23

Leveraging Equity Exposure into New Pipeline Royalties and Equity Gains

TSX: ALSPG Portfolio: Attracting Other Strategic Investors

Kinross completed a private placement of 12.5M shares in Wolfden Resources in

March 2019 and currently holds approximately 9.7% of the issued and outstanding

shares of the Company.

Altius is a significant shareholder of Wolfden and holds a 1.35% GSR on Pickett Mountain project.

AngloGold Ashanti has an option agreement in place with Renaissance, whereby it

has the option to acquire 100% interest in the project by paying US$3M by 2020

and is actively exploring the project.

Altius is a shareholder of Renaissance Gold and owns

a 1.5% NSR covering the Silicon project.

Adventus recently announced an investment by Consorcio Nobis, one of Equador’s

largest private business conglomerates resulting in a 9.9% interest.

Altius is a significant shareholder of Adventus and holds a 2.0% NSR on the Curipamba project.

Newmont completed a a strategic investment in Evrim in August 2018 with the

proceeds funding exploration of the Cuale project.

Altius is a significant shareholder of Evrim and holds a 1.5% NSR for precious metals on the Cuale Project.

Resource focused Sprott funds own ~19% of Sokoman with the company receiving

endorsement by Eric Sprott with his participation in the $3M financing in 2018.

Altius is a significant shareholder of Sokoman and holds a 1.5% NSR on Moosehead property.

De Beers is a significant shareholder in Adia Resources. In addition, De Beers is

providing In-kind services for shares and access to world class facilities for

processing and analysis of samples

Altius is a significant shareholder of Adia Resources and holds a 2.5% royalty on the Lynx project.

BHP made a strategic investment in Midland to take a 5% stake in the company.

The proceeds are slated to advance exploration at the company’s Mytril project.

Altius is a shareholder of Midland and jointly holds a 1.00% NSR on Mythril in an alliance with Midland.

Mega commodity trader, Itochu entered into an investment and joint venture

agreement with Allegiance for the development of the Telkwa project.

Altius is a shareholder of Allegiance and holds a 1.5 -3% gross sliding-scale royalty on the Telkwa project.

TSX: ALSPG Portfolio Highlights

25

• Wolfden Resources released a resource estimate on its Pickett Mountain project. The high grade zinc-lead-copper-silver massive

sulphide deposit in Maine, USA has an Indicated Mineral Resource of 2.05 million tonnes at 19.32% Zinc Equivalent and an

Inferred Mineral Resource of 2.03 million tonnes at 20.61% Zinc Equivalent.

• Wolfden also announced the completion of a $2.5 million private placement financing with Kinross Gold Corporation making

Kinross a 9.7% holder of Wolfden. Altius is a significant shareholder of Wolfden and holds a 1.35% Gross Sales Royalty on Pickett

Mountain project.

• Adventus released a positive Preliminary Economic Assessment (PEA) for the Curipamba copper-gold-zinc project.

• The PEA showed robust economics with after-tax NPV of $288MM and IRR of 40%. Capital expenditure for the project came in at

$185MM with payback of less than two years and a 14 year mine life from an open pit processing ore at 1,750 tpd.

• Allegiance Coal released the Definitive Feasibility Study on the Tenas project, which is one of three open pits comprising the

Telkwa Metallurgical Coal project.

• The DFS studies a production profile of 750,000 tonnes per annum of saleable coal over a 22 year mine life with the DFS

highlighting that the Tenas Project is likely to be one of the lowest cost producers of metallurgical coal on the global seaborne

market. Altius is a substantial shareholder of Allegiance and holds a 1.5-3% gross sliding-scale gross royalty on the Telkwa

project.

• Renaissance’s Silicon project received mention by the CEO of AngloGold Ashanti, who described the Renaissance Gold Silicon

project in Nevada as a “very interesting deposit” and “the base of Anglo’s increasing presence in North America.”

• Altius is a shareholder of Renaissance Gold and owns a 1.5% NSR covering the Silicon project.

TSX: ALSThank You

26

PRODUCING

ROYALTIES

DEVELOPMENT

ROYALTIES

PROJECT GENERATION

PROJECT

RENEWABLE ENERGY

PORTFOLIO

CONTACT

INFORMATION

Flora Wood

Director, Investor Relations

Phone: (416)346-9020

Email: Flora@altiusminerals.com