Our Business. Royalty creation and investment. Royalties retained in project generation deals

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2 Our Business Mineral exploration project generator Generate and define a project opportunity Form a partner funded joint venture to retain a minority direct project interest, or Convert the project interest into a shareholding h in a public vehicle Royalty creation and investment Royalties retained in project generation deals Shareholding h sale profits used to acquire third party royalties

3 Capital Structure Issued shares: 27,712, Market Capitalization: $314 million Royalties (internal NAV): Cash: Investments: Debt: $243 million $135 million $111 million* nil * Includes proportional interest in majority owned investment company ALS:TSX altiusminerals.com

4 2013 A Year To Sow Altius is now 18 years old and has seen several cyclical market turns Real growth in a cyclical sector requires a contrarian and long term investment philosophy The current bear market represents the deepest that the company has experienced since the one that characterized its period of inception We have been investing with an emphasis on ro yalties and early stage exploration lands Currently bidding for several production stage royalties and assembling a land portfolio within Chile partnership

5 Royalties

6 Voisey s Bay Royalty Acquired in 2003 payback achieved in 2008 Annual revenue estimated at ~$3.0 million at current production levels and nickel prices Exposure to exploration and expansion potential at zero cost (underground mine approved this year) 6.0 Royalt ty Revenue ($ millions)

7 Kami Royalty Kami Royalty Altius discovered, and holds a 3% Gross Sales Royalty, over Alderon s Kami Iron Ore deposit At Fe 62.5% prices of $110/ tonne this royalty will generate pre tax revenue of more than $25 million/year Alderon Equity Altius is a founder and the largest shareholder of Alderon Iron Ore: 32.9 million shares (~25%) Current value of ~$50 million Other major shareholders include Hebei Iron and Steel Group (~20%) and Liberty Mutual (15%)

8 Kami Project Milestones Hebei Iron and Steel completed major strategic investment and off take Second Chinese based strategic investment and off take agreement under negotiation Environmental Assessment clearance expected this autumn Debt financing lead underwriter engaged and taking offers Long lead l equipment ordered d Port development on time and budget

9 Royalty Portfolio Potential Kami Voisey's oseysbay 10 0

10 Royalty Pipeline Julienne Lake Project 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 the deposit. Altius has partnered with two Chinese integrated steel producers in a proposal to develop the combined properties (EML and Altius Julienne Lake) at a 21Mtpa iron ore concentrate production rate. If the Proposal is accepted Altius will retain a 3% gross mine gate royalty across entire deposit. Decision expected this Autumn.

11 Indirect Royalty Investments During the current ( relatively indiscriminate) bear market, valuation discounts have emerged between some royalty companies and their royalty assets. Altius now holds ~ 8% of Virginia (Eleonore royalty) and ~6% of Callinan (777 royalty). Investments are underpinned by high confidence in both the underlying assets and the corporate level management teams.

12 Project Generation e is the Royalty Pipeline e

13 Project Generation Business Partner Funded Exploration Nine current JV s/alliance agreements in Newfoundland d& Lb Labrador and Quebec. 12,000,000, Partner Spending 10,000,000 8,000,000 6,000,000 4,000,000 2,000, (Est.)

14 Project Generation Pipeline Chile Entered 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 contributing capital and project generation and deal making expertise Projects being staked and 50+ third party projects Projects being staked and 50+ third party projects under active evaluation

15 Other Project Generation Business Highlights Completed a $20 million earn in JV with Anglo American on Natashquan nickel PGM discovery A 2nd multi year exploration Alliance with Virginia Mines in Quebec Partners Mamba and Century announced DSO discoveries at Snelgrove and Red Dragon respectively

16 The Strategy

17 2013 Board Strategy Session Conclusions Continued core operational focus on successful project generation / royalty creation business. Use strong cash position to acquire immediate or near term, royalty based cash flow and implement dividend. Continue to buy back Altius shares (780,000 over past year) to maximize future growth potential and dividends on a per share basis. MISSION To have Altius become a strong and sustainable dividend paying royalty company that offers uniquely low cost growth potential. We can and we will. Thank You