ADIVERSIFIEDMINERA ALSROYALTYCOMPANY ALS

FORWARDLOOKINGSTATEMENTS
This document includes certain statements that constitute forwardlooking g statements and forwardlooking g information within the meaning of applicable securities laws (collectively, forwardlooking statements). Forward looking statements include statements regarding Altius Minerals s Corporations (Altius) intent, or the beliefs or current expectations of Altius officers and directors. Such forwardlooki ing 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 dlooking statements may relate to future outlook and anticipated events or results. By their very nature, forwardlooking statements involve numero ous assumptions, inherent risks and uncertainties, both general and specific, specific and the risk that predictions and other forwardlooking statements will not prove to be accurate. accurate Do not unduly rely on forwardlooking statements, as a number of important factors, many of which are beyond Altius control, could cause actual results to differ materially from m the estimates and intentions expressed in such forwardlooking statements. These factors include, but are not limited to the inability to obtain approval of the proposed plan of arrangement by the court and the other regula atory approvals and the occurrence of any other event, change or other circumstance that could give rise to the termin nation of the Arrangement Agreement, or the delay of consummation of the transaction or failure to complete the arran ngement for any other reason. Forwardlooking 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 pu ublicly announce the results of any change to, any forwardlooking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forwardloo oking statements.

ALTIUS A17YEARROYALTYHISTORY

Altiusfoundedin1997 withaProjectGeneration (PG)/RoyaltyCreation businessmodel.More than h 60project j level l l agreementssince founding

Spinsout2companies, Aurora(uranium) &Rambler(copper), pioneeringa lucrativevariationonthePG androyaltycreation businessmodel

Acquires9%ofIn nternational RoyaltyCorpor rationand proposesmerge erwhichis unsuccessf fulbut leadstoothersengaging e in anacquisition nauction; Altiusnets~$30 0minprofit

Spinsout3rd company;Alderon IronOre(ADV:TSX) creates3%Gross SalesRoyalty. Owns32Mshares

AcquiresSherrittsPMRL& CDProyaltiesforupto $503Minpartnershipwith Lib t Mutual Liberty M t land dother th privatepartners

19972002

2003

20032006

20072008

20092010

20102013

2013

AcquiredVoiseysBay royaltyfor~$13m $13m

Monetizesstakeinboth spinoutsforpretaxprofitsof morethan$200Mwhile retaininga2%royaltyonAurora properties.Beginssearchfor additionalRoyaltyacquisitions.

ExpandsPGbusiness intoQuebecandChile withemphasison royaltycreation

Acquires9%ofVirginia and6%ofCallinanbased uponattractivecorporate equityvs.underlying royaltyvaluations

ACQUISITIONOFSHERRITTROYALTYPORTFOLIO O TRANSACTIONSUMMARY
Altiusisacquiringona51%basis: The11productionstageroyaltyinterestsofPrairieMine es&RoyaltyLimited(PMRL),awhollyowned subsidiaryofSherrittInternationalCorporation,throughthenewlyformedAltiusPrairieRoyaltiesCorp. (Altius ( AltiusAcquireco Acquireco) ) Totalpurchasepriceis$460million($233millionattributabletoAltius) TheLPwillbebeneficiallyowned51%byAltius,43%byLibertyMetalsandMining,LLC(LMM)(1) and6% collectivelybytwootherprivateparties Andona100%Altiusbasis: TheCarbonDevelopmentPartnership(CDP) ( CDP ),equallyowned o bySherrittInternationalandOTTP, OTTP forits productionstageroyaltyinterestsanditsextensiveunde evelopedresourcelands Totalpurchasepriceisexpectedat$42million

(1)LMMisownedbyBostonbasedLibertyMutual,aUSbasedglobalinsurancecompanyestablishedover100yearsagowithmore than50,000employeesandannualrevenueofnearly$40billion

TRANSACTIONFUNDINGandCONDITIONS
Altius Al i portion i of ffunding f di consists i of: f $125millionofcashandinvestments $80millionnonrevolvingseniordebt(6% 4yearterm) t $50millionconvertiblesubordinatedebt(7% 7ye earterm) Assetsalespriortoclosingmayreduceoreliminat tesubordinatedebt(availableforsaleassets i l d morethan include h $110M $ in i equities i i and dseveral ladvanced ad dcoal lprojects) j ) ClosingCondit tions
AcquisitionoftheGeneseecoalroyaltyform mingpartofthePMRLRoyalties is subjecttoarightoffirst refusalinfavourofathirdparty.Ifexercised,Altius stillintends toacquiretheremainingPMRL Royalties ClosingConditions Acquisitionof50%ofCDPis subjecttobotharightoffirstrefusalandtagalongrights infavorofa thirdpartythatholds theremaining50%ofCD DP Customaryconditions,includingthereceiptofapprovaloftheplanofarrangementbytheCourtof Queens BenchofAlbertaandrelevantregulat toryapprovals ExpectedClosing Expectedinwinter/spring2014

PRODUCTIO ONROYALTIES ON

OURPRODUCTINGROYALTIES QUALITY,SCAL LE,DIVERSITY,&LONGEVITY

PROJECT
Voiseys Bay G Genesee Paintearth Sh Sheerness Highvale Cardinal River Rocanville Cory y Allan PatienceLake Et h Esterhazy Vanscoy others

OPERATOR
VALE Sherritt Sh itt / CapitalPower Sherritt / ATCO Sh i / Sherritt ATCO Sherritt / TransAlta Teck PotashCorp Potashcorp p PotashCorp Potash Corp M i Mosaic Agrium various

ROYALTY
0.3%NSR Tonnes xindexe T i d ed d multiplier Tonnes xindexe ed multiplier Tonnes xindexe i d ed d multiplier Tonnes xindexe ed multiplier 5%netrevenue e Revenue Revenue Revenue Revenue R Revenue Revenue Revenue

LTM ($) EBITDA

3 65 6.5 5.6 5.1 Nil* 2.1 2.3 0.8 0.3 0.3 23 2.3 0.2 0.2

COMMODITY
NiCuCo C l/El t i it Coal/Electricity Coal/Electricity Coal/Electricity l/ l i i Coal/Electricity SteelmakingCoal Potash Potash Potash Potash P t h Potash Potash Potash

EST. LIFE
21 43 11 2 24 19 16 75 75 83 49 73 61 73

Revenueanticipatedin2016

SCALE
$35

RoyaltyRevenueGrowth

LTMRevenue e($Millions)

$30 $25 $20 $15 $10 $5 $ $0 $3 Altius

$30

SharesOutstanding FullyDiluted

27,594,460 27,911,320

ProForm maAltius

HistoricalRoyaltyRe evenue(SherrittPortfolio(2) PlusVoiseysBay)

$50 $45 $40 $35 $32 $31

($Millions)

$30 $25 $20 $15 $10 $5 $0

$30

$30

2010 Voisey'sBay

2 2011 ElectricalCoal

2012 MetallurgicalCoal Potash

LTM Other

(1)Basedonmostrecent annualfiguresprovidedbyPotashCorp, AgriumandMosaic (2)AttributabletoAltius;LTMasofSeptember30,2013

DIVERSITY
Altiusroyaltyassetbaseiswelldiversifiedbycommodity,geographyandasset Revenuefrom6commoditieswithmore ethan50%fromlowrisk,inflationadjustedelectricalcoal royalties Nosingleassetcontributesmorethan22 2%ofrevenue Developmentpipelinecomprisedofironore,uranium u andotherassetswillfurtherincreaseAltius revenuediversification RevenuebyCommodity(1)
Nickel,Copper andCobalt 10% MetCoal 7% Other 4% ElectricalCoal 58%

RevenuebyAsset(1)
Other 9% Paintearth 19%

Voisey'sBay 10% Rocanville 8% Genesee 22%

Potash 21%

Esterhazy 8% CardinalRiver 7% % Sheerness 17%

(1)AttributabletoAltius;LTMasofSeptember30,2013

ALLCANADIAN
12Canadianmineroyaltiesproducingelectricalcoal,potash,nickel,copper,cobaltandmetallurgicalcoal

Genesee Alberta Highvale Saskatchewan C Cory Edmonton Cheviot Paintearth Calgary Sheerness Regina Esterhazy Rocanville Saskatoon PatienceLake Allan Labrador City VoiseysBay

Newfoundlandand Labrador

Vanscoy

St.Johns

PMRLElectricalCoalRoyalty PMRLMetallurgicalCoalRoyalty PMRLPotashRoyalty AltiusRoyalties

Canada

10

VOISEYSBAYNICKELCOPPERCOBALTROYALTY
Acquiredin2003 paybackachievedin2008 Annualrevenueestimatedat~$3.0million Exposuretoexplorationandexpansionpotential atzerocost(undergroundmineapprovedthis year)

Royalt y ty yRevenue ($millions) m 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2006 2007 2008 2009 2010 2011 2012 2013

Labor Disruption

CARDINALRIVERSTEELMAKINGCOAL

MetallurgicalCoalMineoperatedbyTeck Corporation Annual lrevenuetoAltius l estimated dat ~$2.5 $3.0million ASSET Reserves 27.3Mt ProductionProfile 1.73Mt/annum RoyaltyRate 2.5%ofnetrevenue

COAL/ELECTRICITYROYALTIES
Coalminesfeedonornearminesitepowergene eratingstationsonafully dedicatedbasis. Noexposuretothermalcoalmarketprices. Coalminingandroyaltycoststothegeneratingplant p arelessthan$20/tonne. CoalgenerationrepresentsAlbertasbaseloadandlowestcostpower. Possibilitiesforextendedpowerplantlives. Royaltiespaidbyutilitiesbaseduponunitsofcoa alconsumptionmultipliedbya royaltyrateandescalatedaccordingtoCanadian nRealGDPinflationrates.
2012 Alberta Power Generation
Hydro Other* 3% Wind 3% 4% Coal 53% Gas 37%

Government of Canada Real GDP Change Forecast

Source:AlbertaDepartmentofEnergy(*OtherincludesBiomass,WasteHeatandFuelOil)

Source: Government of Canada, Budget 2013

EXPANDING POTASHOPERATIONS Exce ellentLongTermRoyaltyGrowthUpside

25.0 21 1 21.1 20.0 +36% 15.5 15.0

Capacity(MtpaKCl)

10.0

Glo obal Potash Capacity Utilization

5.0

0.0 Capacity CapacityPost Expansion

ROYALTYGROW WTHPOTENTIAL WTH

OURWORK AVIRTUOUSCYCLEOF FROYALTYGROWTH&CREATION

MineralExplorationProjectGenerator Generateanddefineaproject opportunity pp y Formapartnerfundedjointventureto retainaminoritydirectprojectinterest or Converttheprojectinterestintoequity inapublicvehicle Royaltycreationandinvestment Royaltiesretainedinprojectgeneration deals Equitysaleprofitsusedtoacquirethird party p yroyalties y

ROYALTYPIPELINEHIGHLIGHTS
PROJECT
Kami JulienneLake CMB CDP

OPERATOR
Alderon Wisco/Xinxing Paladin Various

ROYALTY
3%Gross 3%FOB 2%Gross various

STATUS
Development Prefeasibility Prefeasibility Exploration toProduction Resource Definition Discovery Discovery Exploration Exploration

COMMODITY
Iron Iron Uranium PotashandCoal

POTENTIALLIFE/ COMMENT
20152045+ 20172047+ Large,growingresource Enormous advancedstage resourcebase,somecurrent revenue Geothite Bay yis ap potential majordiscovery PotentialDSO zonediscovered Includespartof JoyceLake discovery y Earlystagesurfacediscoveries Earlystagesurfacediscoveries

LabWest Projects(4) Snelgrove Schefferville Grenville/ Menihek Astray

RioTinto Mamba Century/Wisco Century/Wisco NorthernStar/ Xinxing Prospex AngloAmerican

3%Gross 3%Gross 14% Sliding g 14% Sliding 14% Sliding 1%BM/2% PM 2%NSR

Iron Iron Iron Iron Iron

ChileProjects Natashquan

Exploration Exploration

Copper andGold NiPGM

Grassrootsinsouth,land assemblyinnorth NumerousEManomaliestobe drill testedthisyear Prospecting,landassembly

Lab/Quebec Alliance

Virginia

various

Exploration

NiPGM, Au

KAMIIRONOREROYALTY
Kami Royalty Altius discovered,andholdsa3%Gross SalesRoyalty, overAlderons Kami IronOredeposit AtFe62.5%pricesof$110/tonneat8Mtpathis royaltywillgeneratepretaxrevenueofmorethan t $25 million/year Permitsgrantedforupto16MTpaandAlderonstated intenttoexpandtothislevel AlderonEquity Altiusisafounderandthelargestshareholderof o AlderonIronOre:32.9millionshares(~25%) Currentvalueof~$60million ndSteel OthermajorshareholdersincludeHebei Ironan Group( (~20%) 20%)andLibertyMutual(15%) RoyaltyandEquitycosttoAltiusof~$2.5million
3% GSR (Ald (Alderon Feasibility F ibilit Study) St d )
(BBA Dec.2012)
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total Production
(Mt)

SellingPrice
(Mt)

Gross Revenue
($mil)

Royalty(1)
($mil)

6.89 8.24 8.25 8.09 8.21 8.20 8 16 8.16 7.91 7.53 7.94 8.17 8.35 7.97 7.90 7.96 8.00 7.97 8.25 8.42 8.36 7.88 7.70 7.73 7.85 7.88 7.90 7 95 7.95 7.98 8.13 3.12 234.90

107.00 107.00 107.00 107.00 107.00 102.00 102 00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102.00 102 00 102.00 102.00 102.00 102.00 102.84

$737.6 $881.8 $882.7 $866.0 $878.4 $836.4 $832 6 $832.6 $806.6 $768.2 $810.3 $833.5 $851.2 $812.6 $805.7 $812.4 $815.6 $812.9 $841.9 $859.0 $853.0 $ $803.4 $785.4 $788.7 $801.1 $803.8 $806.0 $811 4 $811.4 $814.3 $829.1 $317.8 $24,159.2

$22.1 $26.5 $26.5 $26.0 $26.4 $25.1 $25 0 $25.0 $24.2 $23.0 $24.3 $25.0 $25.5 $24.4 $24.2 $24.4 $24.5 $24.4 $25.3 $25.8 $25.6 $ $24.1 $23.6 $23.7 $24.0 $24.1 $24.2 $24 3 $24.3 $24.4 $24.9 $9.5 $724.8

KAMIPROJECTMILESTONES
Alderonhasachievedeverymajormilestonenec cessaryoverthepast3years,despiteterriblemarket headwinds. cinvestmentandofftake Hebei IronandSteelcompletedmajorstrategic ProvincialandFederalEnvironmentalAssessme entclearancesreceived Powersecured ead) $1billiondebtfinancingraiseunderway(BNPle Longleadequipmentordered Portdevelopmentontimeandbudget Thenextmajormilestoneisprojectfinance,wh hichisexpectedwithinthenextfewmonths

JULIENNELAKEIRONORE
Newfoundland and Labrador offering its part of the Julienne Lake Deposit (EML) in a competitive EOI process Altiuss claims cover the remainder of the deposit and almost two thirds of the potential deposit based upon internal, exploration level, non43101 compliant, resource estimate and a recently completed concept study Altius has partnered with two Chinese integrated steel producers in a proposal to develop the combined properties (EML and Altius Julienne Lake) at an eventual 2124 Mtpa iron ore concentrate production rate Chinese partners currently import more than 100 MT of seaborne iron ore If the Proposal is accepted Altius will retain a 3% gross mine gate royalty across entire deposit. Decision imminent.

CARBONDEVELOPMENTPARTNERSHIP LONG GTERMGROWTH

C CDPproperties i cover~12 12billi billiontonnesof f undevelopedcoalreservesandresourcesinwestern Canadaand~2billiontonnesofinferredpotash resourcesinSaskatchewan(definedbymorethan 30,000drillholes) Muchoftheresourcelandislocatedproximalto existingminingoperationsandcouldbe incorporatedintofuturemineplansfornew royalties Otherdiscreteminerallandareasofferthe opportunitytocreatenewroyalties,jointventures, and/orspinoutcompanies(severalunsolicited proposalsfromdevelopersofexportcoalprojects sinceacquisition)
(1) ) Resources and Reserves (
Provenand Probable Reserves Measuredand Indicated Resources Inferred Resources

(millionsoftonnes)

Coal

Bituminous Thermal Subbituminous Lignite TotalCoal

Potash

49.0 49.0

58 9 58.9 6,401.5 792.2 7,252.6

27 8 27.8 4,552.8 114.1 4,694.7 2,037.0 2,037.0

Rocanville OtherResources TotalPotash

Total Mineral Holdings

(thousands of hectares)

Province

Fee Simple

Crown Leasesfrom Leasesand ThirdParties Licenses

Total

Coal Coal Coal Potash Other Freehold Minerals Other Freehold Minerals Total

Saskatchewan Alberta BC B.C. Saskatchewan Saskatchewan

2 664 1 16 5

18 188 7

4 3

20 856 11 16 5

BC B.C.

6 694

213

6 914

Source:Companyfilings (1)ReservesandResourcesreportedona100%basis

21

CURRENTEQUITYHOLDINGS

COMPANY

SHARE PRICE($) 2.03 2.12

SHA ARES

AMOUNT ($millions) 66.7 6.15 35.3 2.5 6 $116.6

DESCRIPTION

Alderon(T.ADV) Callinan (T.CAA)

32,869,006 2,901,000 2,658,449 5,000,000 17 000,000 17, 000 000

Foundingshares Investment Investment Paymentshares P Payment shares h

VirginiaMines(T.VGQ) 13.29 CenturyIron(T.FER) M b (ASX:MAB) Mamba TOTAL 0.49 *0 35 *0.35

(AsofFebruary14,2014)

PROFORMACAPITALSTRUCTURE

(AsofFebruary14,2014)

AltiustradesontheTSXunderthesymbolAL LSandisaconstituentofboththeS&P/TSXMiningand S&P/TSXSmallCapindices

SharesOutstanding FullyDiluted MarketCap. 27 594 460 27,594,460 27,911,320 ~$427.7million Cash &Investments Debt: Enterprise Value $116 6million $116.6 $130million $441.1