OUR BUSINESS. Royalties retained in project generation deals

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2 OUR BUSINESS Royalty creation and investment Royalties retained in project generation deals Retained capital gains available to acquire third party royalties Mineral exploration project generator Form a partner funded joint venture to retain a minority direct project interest Convert the project interest into an equity stake in a public vehicle

3 2013 AN OPPORTUNISTIC TIME Altius will be 18 years old next month and has seen several cyclical market turns Real R lgrowth in a cyclical l sector requires a contra rian and long term investment tphilosophy h The current market represents the deepest resource bear market that the company has experienced since the one that characterized its period of inception We have been investing with an emphasis on royalties and early stage exploration lands Currently bidding for several production stage royalties and assembling a land portfolio for Chile partnership

4 THE FORWARD PLAN Continued core operational focus on successful project generation and royalty creation business Seek acquisition of royalties on long term projects to compliment Voisey s Bay and Kami Use strong cash position to acquire immediate or near term cash flow and implement dividend Continue to buy back shares and optimize future dividends per share To become recognized as a dividend paying royalty company with a unique, high returns based growth strategy

5 ROYALTY BUSINESS For producing and development stage mineral assets Altius prefers royalties Objective To build a royalty portfolio through both project generation and acquisition Strategy Focus on royalties on world class production or development stage assets with proven operators Project generation business is slowly, but surely y, delivering exceptionally high return royalties. (E.g. Kami royalty scheduled to begin paying in 2015) Seeking to directly acquire eistingthird existing third party royalties altiesorpro provide royalty based project financing using large cash surplus

6 VOISEY S BAY ROYALTY Acquired in 2003 payback achieved in 2008 Viewed as a long term investment in a world class asset ~ 25 year revenue stream low cost producer Annual revenue estimated at ~$3 4 million at current production levels and nickel prices Exposure to exploration and expansion potential at zero cost Royalty Revenue ($ millions)

7 ROYALTY and Equity Holding Kami Royalty Altius discovered, and holds a 3% Gross Sales Royalty, over Alderon s Kami Iron Ore depos sit At Fe 62.5% prices of $115/ tonne this royalty will generate pre tax revenue of more than $27 million/a (8 mtpa) and $55.2 million/a (16 mtpa) Alderon Equity Altius is a founder and the largest shareholder of Alderon Iron Ore: 32.9 million shares (~25%) Current value of ~$53 million Other major shareholders include Hebei Iron and Steel Group (~20%) and Liberty Mutual (15%)

8 KAMI ROYALTY VALUE Alderon Feasibility Study (BBA Dec. 2012) Royalty Year ($mil) 1 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $9.5 Total 746

9 ROYALTY PORTFOLIO POTENTIAL Projected Royalty Revenue Kami Voisey's oseysbay Altius intends to dividend id d royalty related ltdfree cash flow to shareholders h upon development of the Kami project

10 OUR BUSINESS Mineral exploration project generator Form a partner funded joint venture to retain a minority direct project interest Convert the project interest into an equity stake in a public vehicle Royalty creation and investment Royalties retained in project generation deals Retained capital gains available to acquire third party royalties

11 CENTURY/ALTIUS $3M drilling program underway 1 4% GSR MAMBA/ALTIUS $6.5M earn in anticipated in 2013 new DSO discovery 3% GSR RIO TINTO/ALTIUS Geotite Bay Discovery Drilling & resource calculation underway 3% GOR NORTHERN STAR /ALTIUS Various drilling ongoing 1 4% GSR ALTIUS & PARTNERS Julienne Lake 3% GSR Kami Project Feasibility/Development 3% GSR LABRADOR TROUGH LABRADOR TROUGH IRON ORE Large, Partner Funded Land Position

12 Julienne Lake Deposit Newfoundland and Labrador offering its part of the Julienne Lake Deposit in a competitive EOI process (~580M mineable tonnes at 33.2%). Altius claims cover the remainder of deposit. the Altius has partnered with two Chinese integrated steel producers in its proposal to develop the combined properties (EML and Altius Julienne Lake). If the Proposal is accepted Altius will retain a consolidated royalty and a small carried project interest. The proposal offers two strategic bidding advantages: Advantage 1: An improved pit design that removes boundary related pit limitations within the EML; and Advantage 2: Further pit expansion that encompasses mineable resources within Altius claim boundary.

13 Chile Expansion Finalizing a 10 year project generation initiative in partnership with Santiago s Zeus Capital $21 million dollar budget including $14 million in Chilean government non recourse loans Altius to contribute capital and project generation and deal making expertise Joint ventures and spin out companies will result with a strong emphasis on royalty creation Southern hemisphere location allows greatly increased generative effort without a corresponding increase in staff levels or overhead costs

14 Other Project Generation Business Highlights Completed an up to $20 million earn in JV with Anglo American on Natasquan project A 2nd multi year exploration Alliance with Virginia Mines in Quebec Mamba announces DSO discovery at Snelgrove

15 CAPITAL STRUCTURE Issued shares: 27,762, Market Capitalization: $310 million Cash: Market Securities: Royalties (internal NAV): Debt: $135 million $110 million $172 million nil ALS:TSX altiusminerals.com

16 INVESTMENT THESIS Altius will become a recognized royalty business, organically and/or through acquisition Organic royalties begin to deliver significant value in medium term Profitable spin out model and proven business strategy continues to deliver ; Mamba and Alderon Steady income stream from Voisey s Bay royalty cash flows company for decades to come Low operating costs; proven prospect generator model execution on Altius projects Limited downside: Strong balance sheet and assets A proven track record and commitment t to enhancing shareholder h value