An emerging royalty inncome company

Issued shares: 28 149 115Issued shares: 28,149,115 

Market Capitalization: ~$315 million

ALS:TSX                                                                         

CAPITAL STRUCTURE

Cash: ~$150 millionCash: ~$150 million

Investments: $110 million*

Debt: nil* Includes proportional 32.9 million shares of Alderon Iron Ore (ADV:TSX)

                                              altiusminerals.com

Mineral Exploration Project Generator

‐Form a partner funded joint venture and

Mineral Exploration Project Generator

‐Form a partner funded joint venture andForm a partner funded joint venture and retain a minority direct project interest 

‐Convert project interests into equity stakes in new or existing public vehicles 

Form a partner funded joint venture and retain a minority direct project interest 

‐Convert project interests into equity stakes in new or existing public vehicles g p

Royalty Creation and Investment

‐Royalties retained in project generation

g p

Royalty Creation and Investment

‐Royalties retained in project generationRoyalties retained in project generation deals described above

‐Retained capital gains available to acquire third party royalties

Royalties retained in project generation deals described above

‐Retained capital gains available to acquire third party royaltiesthird party royaltiesthird party royalties

OUR BUSINESS

PROJECT GENERATION BUSINESS –– JOINT VENTURE PARTNER OF CHOICE

PROJECT GENERA

Shareholding monetized for ~$6 M

25% shareholde3% GSR d‐ 3% GSR created

Project milestone share payments (5m + bonus)‐ 1‐4% GSR created

ATION BUSINESS – PROJECT SPIN OUTS 

Shareholding monetized for ~$200 M‐ 2% GSR created

rdd

Project milestone share payments (19 9%)Project milestone share payments (19.9%)‐ 3% GSR created

CENTURY/ALTIUS$3M drilling program underway

‐ 1‐4% GSR

RIO TINTO/ALTIUSGeotite Bay Discovery

Drilling & resource calculation underway‐ 3% GOR

ALTIUS & PARTNERSJulienne Lake‐ 3% GSR

Kami ProjectFeasibility/Development

‐ 3% GSR

/MAMBA/ALTIUS$3M phase I drilling program underway

‐ 3% GSR

NORTHERN STAR /ALTIUSdrilling program underway

1 4% GSR‐ 1‐4% GSR

LABRADOR TROUGHLABRADOR TROUGH IRON ORE

Large, Partner FundedLand Position

Alderon EquityAltius is a founder and the largest shareholdAlderon Iron Ore: 32.9 million shares (~25%Alderon Iron Ore: 32.9 million shares ( 25%

Current value of ~$50 million

Other major shareholders include Hebei IronOther major shareholders include Hebei IronSteel Group (~20%) and Liberty Mutual (15%

Kami RoyaltyAltius discovered, and holds a 3% Gross SaleRoyalty, over Alderon’s Kami Iron Ore depos

Equity and Royalty Holding

der of %)%)

n andn and %)

es sit

Feasibility Study BBA – December 2012

NPV at 8% discount rate $3,244 MrateIRR 29.3%

Average estimated operating costs $42 17/toperating costs (loaded for shipping)

$42.17/t

FOB Concentrate sales price forecast  (product and off take adjusted to long term CFR benchmark)

$110/t

benchmark)  

Estimated mine life 30 years

Final product iron 65 2%Final product iron grade (% Fe) 65.2%

All category resource for the Rose Deposit

1093.2 Mt @29.6% Fe

‐Annual Production Rate 8.0 Mtpa

Projected Plant Start‐up and Q4, 2015

j fi li k d d ff kProject finance linked product off‐take agreement completed with Hebei Steel Group 

‐ ~$400 million in obligations for effective 40% interest$400 million in obligations for effective 40% interest

KAMI ROYAlderon Feasibility St

YearRoyalty ($mil)

1 $22.3 2 $27.9 3 $29.1 

$4 $28.5 5 $28.9 6 $27.5 7 $27.4 8 $26.6 9 $25.3 10 $26 710 $26.7 11 $25.0 12 $25.5 13 $24.4 14 $24.2 15 $24.4 16 $24.5 $17 $24.4 18 $25.3 19 $25.8 20 $25.6 21 $24.1 22 $23.6 23 $23.7 24 $24.0 25 $24.1 26 $24.2 27 $24.3 28 $24.4 29 $24 929 $24.9 30 $9.5 

Total 746

YALTY VALUEtudy (BBA – Dec. 2012)

• Newfoundland and Labrador offering its part ofNewfoundland and Labrador offering its part ofthe Julienne Lake Deposit in a competitive EOIprocess (~580M mineable tonnes at 33.2%).

• Altius’ claims cover the remainder of thedeposit.

• Altius has partnered with two Chineseintegrated steel producers to submit a proposal

d l h b d ( dto develop the combined properties (EML andAltius Julienne Lake).

• If the Proposal is accepted Altius will retain aconsolidated royalty and a small carried projectconsolidated royalty and a small carried projectinterest.

• The proposal offers two strategic biddingadvantages:g

• Advantage 1: An improved pit designthat removes boundary related pitlimitations within the EML; and

• Advantage 2: Further pit expansion thatencompasses mineable resources withinAltius’ claim boundary.

Julienne Lake Deposit

Chile Expansion

10 year project generation initiative in partnership10 year project generation initiative in partnership with Santiago’s Zeus Capital

$21 million dollar budget including $14 million in Chilean government non‐recourse loansChilean government non recourse loans

Altius contributing capital and project generation and deal making expertise

Joint ventures and spin out companies will result withJoint ventures and spin‐out companies will result with a strong emphasis on royalty creation

Southern hemisphere location allows greatly increased generative effort without a correspondingincreased generative effort without a corresponding increase in staff levels or overhead costs

Objective

To build a royalty portfolio through both project royalty proceeds to shareholders 

Strategy

‐ Focus on royalties on world class development 

‐ Project generation business is slowly, but surelyKami royalty scheduled to begin paying in 2015)

‐ Seeking to directly acquire existing third party r

‐ Industry environment is now conducive to value

ROYALTY BUSINESS

generation and acquisition and to distribute the 

or production stage assets with proven operators

y, delivering exceptionally high return royalties. (E.g. 

royalties or provide royalty based project financing 

e oriented investment

Acquired in 2003 ‐ payback achieved in 2008

Viewed as a long‐term investment in a world‐l tclass 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

VOISEY’S BAY ROYALTY

5 0

6.0

Royalty Revenue($ millions) 

2.0

3.0

4.0

5.0

0.0

1.0

2006 2007 2008 2009 2010 2011 2012

70

40

50

60

20

30

40

0

10

Note: Kami royalty revenue is subject to a positive developmenrate ramping to 16 Mt/arate, ramping to 16 Mt/a

ROYALTY REVENUE GROWTH POTENTIAL

KamiVoisey's Bay

(Production and feasibility stage royalties only)

nt decision.  Revenue potential illustration shows initial stage 8 Mt/a production 

Issued shares: 28 149 115Issued shares: 28,149,115 

Market Capitalization: ~$315 million

ALS:TSX                                                                         

CAPITAL STRUCTURE

Cash: ~$150 millionCash: ~$150 million

Investments: $110 million*

Debt: nil* Includes proportional 32.9 million shares of Alderon Iron Ore (ADV:TSX)

                                              altiusminerals.com

INVESTMENT THESIS

Low operating costs; proven prospect g

Profitable spin out model and proven bu

Steady income stream from Voisey’s Bay

Limited downside: Strong balance sheetLimited downside: Strong balance sheet

Organic royalties begin to deliver signifi

Altius will become a recognized royalty 

A proven track record and commitment

enerator model execution on Altius projects

usiness strategy continues to deliver

y royalty cash flows company for decades to come

t and assetst and assets

cant value in medium term

business

t to enhancing shareholder value