Altius Minerals : 2023 AIF

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Forward-looking Information

Unless otherwise noted, the information given herein is as of December 31, 2023.

Certain statements made in this document that are not current or historical factual statements may constitute "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information may include, but is not limited to, statements with respect to future events or future performance; the effect of the Copper Purchase Agreement in respect of the Chapada Mine (each as defined herein) on Altius Minerals Corporation's ("Altius" or the "Corporation") financial position and/or results; expectations regarding the impact, if any, of COVID-19 on the Corporation's operations; production volumes; the financial and operational strength of counterparties; industry conditions, trends and practices; realized prices for production; future mineral reserves and mine life; management's expectations regarding the Corporation's growth and results of operations; estimated future revenues; fluctuations in the prices of the primary commodities that are material for the Corporation's royalty revenue (including potash, iron ore, and copper); requirements for additional capital; business prospects and opportunities including within renewable energy; treatment under governmental regulatory regimes with respect to environmental matters; treatment under governmental taxation regimes; government regulation of mining operations; dependence on personnel; and competitive conditions. Such forward looking information reflects management's current beliefs and is based on information currently available to management. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "will", "would", "pro forma" and other similar expressions, or the negative of these terms, are generally indicative of forward looking information. By its very nature, forward looking information requires the Corporation to make assumptions and is subject to inherent risks and uncertainties which give rise to the possibility that the Corporation's predictions, forecasts, expectations or conclusions will not prove to be accurate, that the Corporation's assumptions may not be correct and that the Corporation's objectives, strategic goals and priorities will not be achieved. Such forward looking information is not fact but only reflects management's estimates and expectations.

A number of factors could cause actual events or results to differ materially from any forward looking information, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty revenue; fluctuations in the value of the Canadian dollar; changes in national and local government legislation, including permitting, licensing and environmental regimes and taxation policies; regulations and political or economic developments in any of the jurisdictions where properties in which the Corporation holds a royalty or other interest are located; influence of macroeconomic developments; reduced access to debt and equity capital; litigation; title, permit or licensing disputes related to the Corporation's interests or any of the properties in which the Corporation holds a royalty or other interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation holds a royalty or other interest; rate and timing of production differences from resource estimates; risks and hazards associated with the business of development and mining on any of the properties in which the Corporation holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope

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failures or cave ins, flooding and other natural disasters; and the ability of certain renewable royalty investments to (as defined herein) to meet certain milestones.

The forward looking information contained herein is based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which the Corporation holds a royalty or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Investors are cautioned that the forward looking information is not a guarantee of future performance. The Corporation cannot assure investors that actual results will be consistent with any forward looking information disclosed herein. Accordingly, investors should not place undue reliance on forward looking information due to the inherent uncertainty thereof. For additional information with respect to risks, uncertainties and assumptions, please refer to the "Risk Factors" section of this Annual Information Form ("AIF").

The forward looking information disclosed herein is provided as of the date of this AIF only and the Corporation does not assume any obligation to update or revise such information to reflect any new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

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Non-GAAP Financial Measures

Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss).

Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section in the Corporation's Management Discussion and Analysis.

Technical and Third-Party Information

Except where otherwise stated, the disclosure in this AIF relating to properties and operations on the properties in which Altius holds royalty and streaming interests is based primarily on information publicly disclosed by the owners or operators of these properties and information available in the public domain as at March 11, 2024. As a royalty holder, Altius has limited, if any, access to properties included in its royalty portfolio. Altius generally relies on publicly available information regarding these properties and operations and generally has no ability to independently verify such information. Additionally, Altius has, and may from time to time receive, operating information from the owners and operators of these properties which it is not permitted to disclose to the public. Altius is dependent on the operators of the properties and their qualified persons to provide information to Altius or on publicly available information to prepare required disclosure pertaining to properties and operations on the properties on which Altius holds royalty and streaming interests and generally has limited or no ability to independently verify such information. Although Altius does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate.

All currency references in this AIF are to Canadian dollars unless otherwise indicated.

Corporate Structure

Name, Address and Incorporation

The Corporation was incorporated as a private corporation under the name 730260 Alberta Inc. by certificate and articles of incorporation (the "Articles") issued pursuant to the provisions of the Business Corporations Act (Alberta) on March 5, 1997. The Articles were amended by certificate and articles of amendment dated June 12, 1997 to

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remove the "private company" provisions and the restrictions on share transfers and to change the name of the Corporation to "Altius Minerals Corporation."

The head office of the Corporation is located at 2nd Floor, 38 Duffy Place, St. John's, Newfoundland and Labrador A1B 4M5. Its registered office is located at 4200 Bankers Hall West, 888 - 3rd Street S.W., Calgary Alberta, T2P 5C5.

Intercorporate Relationships

The following chart sets forth the intercorporate relationships between the Corporation and certain subsidiaries, their jurisdictions of incorporation, continuance, formation, or organization, as applicable, and the Corporation's current equity interest in each such subsidiary.

General Development of the Business

The Corporation manages its business under three operating segments, consisting of (i) the acquisition and management of producing and development stage royalty and streaming interests ("Mineral Royalties"), (ii) the acquisition and early stage exploration of mineral resource properties with a goal of vending the properties to third parties in exchange for early stage royalties and minority equity or project interests ("Project Generation") and (iii) its majority interest holding in publicly traded Altius Renewable Royalties Corp. (TSX: ARR) ("ARR"), which is focused on the acquisition and management of renewable energy investments and royalties ("Renewable Royalties").

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The Corporation's diversified mineral royalties and streams generate revenue from 11 operating mines located in Canada (9), and Brazil (2) that produce copper, nickel, cobalt, potash, iron ore, and lithium. It holds royalty interests in 2 construction stage lithium mines. The Corporation further holds a diversified portfolio of preproduction stage royalties and junior equity positions that it mainly originates through mineral exploration initiatives within its Project Generation business division.

The Corporation holds a 58% interest in ARR, which through a jointly controlled entity, Great Bay Renewables LLC ("GBR"), holds a portfolio of royalties related to renewable energy generation projects located primarily in the United States that includes 11 operating assets, 2 under construction and several royalties or royalty rights to additional development stage projects. Certain funds managed by affiliates of Apollo Global Management, Inc. (the "Apollo Funds") represent the other party to the joint venture.

Significant Acquisitions

The Corporation did not complete any significant acquisitions during the year ended December 31, 2023.

Three Year History

Year ended December 31, 2023

Attributable royalty revenue and adjusted EBITDA

Revenue and attributable royalty revenue (see Non-GAAP financial measures section) as well as adjusted EBITDA decreased from 2021 and 2022 based on lower commodity prices, lower coal revenue as the operator converts to natural gas and the scheduled closure of the 777 mine. Adjusted operating cash flow reflected lower royalty revenues and higher interest and the timing of income taxes paid. Changes in total assets over the same periods reflects the growth of the Corporation's renewable royalty segment in addition to changes in investments and loans receivables offset by impairment losses on Pickett Mountain in 2023.

Lithium Royalty Corporation ("LRC")

Altius holds minority partnership-based interests in three of LRC's lithium royalties including Grota do Cirilo (commenced production during the second quarter of 2023), Tres Quebradas and Mariana (both of which are expected to complete construction and begin operations in 2024). During the second half of 2023 the Corporation recognized its first ever royalty revenue related to lithium production from its ownership interest in Grota do Cirilo.

In the first quarter of 2023 LRC, of which Altius was a co-founding investor, completed an initial public offering to raise $150,000,000 and during the second quarter Altius received $8,950,000 from LRC as a return of capital distribution to the pre-IPO shareholders of LRC. Altius expects to receive a combination of cash and shares over the next 24 months as described in LRC's prospectus. The Corporation holds an indirect 9.55% equity interest in LRC with an estimated net value at December 31, 2023 of $40,529,000.

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See 2022 and 2021 sections for additional information regarding LRC.

Altius Renewable Royalties Corp.

During the year ended December 31, 2023 US$15,950,000 (CAD$21,222,000) was funded into GBR by ARR. These amounts were used to fund ARR's 50% of renewable royalty investments into Hodson Energy, LLC ("Hodson") and Hexagon Energy, LLC. ("Hexagon"). During the year ended December 31, 2023 ARR received a distribution from GBR of US$54,125,000 (CAD$74,985,000 ) after the closing of GBR's credit facility. ARR intends to reinvest these proceeds into the business as new renewable royalty investment are identified.

Through investments in US-basedutility-scale wind and solar project developers and operators ARR is building a diversified portfolio of renewable energy royalty interests that currently represent a combined potential nameplate capacity in excess of 15,000 Megawatts of power generation.

See 2022 and 2021 sections for additional information on ARR.

Acquisition of Investments

During the year ended December 31, 2023 the Corporation acquired investments in its Project Generation portfolio of $1,609,000 and invested in an unsecured convertible debenture of US$4,000,000 (CAD$5,283,000) in Adventus Mining Corporation ("Adventus") with a maturity date of December 31, 2024. The loan receivable can be converted at any time after December 31, 2023, at the Corporation's option, into a 0.63% net smelter return royalty on the Curipamba - El Domo project. The Corporation holds common shares in Adventus as well as a 2% net smelter royalty in the project.

Capital Allocation

The Corporation's capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long-life, high margin operations while providing growing shareholder capital returns.

In addition to the acquisition of investments noted above, during the year ended December 31, 2023 the Corporation made $8,000,000 in scheduled payments on its credit facilities and paid dividends of $15,191,000 ($0.32 per common share). There were 239,100 shares repurchased under its normal course issuer bid during the fourth quarter of 2023 and 611,800 were repurchased and cancelled during the year ended December 31, 2023 at a cost of $12,528,000 or $20.48 per share.

The Corporation renewed its Normal Course Issuer Bid ("NCIB") by which it may purchase at market price up to 1,996,856 common shares being approximately 4.21% of the 47,430,043 common shares issued and outstanding

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as of August 18, 2023, through the facilities of the Toronto Stock Exchange ("TSX") or a Canadian alternative trading system. The NCIB commenced on August 22, 2023 and will end no later than August 21, 2024. Any shares purchased during the NCIB will be cancelled and returned to treasury.

Silicon project and royalty implications

AngloGold Ashanti plc ("AGA") continues to advance the discovery of a potential major new gold district, centered around its Silicon Project near Beatty, Nevada. AGA recently provided an update for the 'Expanded Silicon Project', which includes both the Silicon and Merlin gold deposits, that was highlighted by the announcement of an initial Inferred Mineral Resource of 9.05 million ounces at the Merlin deposit (283.9 Mt at 0.99 g/t). This is in addition to the more than 4 million ounce Mineral Resource estimate (121.56 at 0.87 g/t Indicated Mineral Resource for 3.4 Moz and 36.03 at 0.70 g/t Inferred Mineral Resource for 0.81 Moz) previously published for the Silicon deposit. AGA has also stated the the project has "the potential for production to average >500Koz over multi-year period", which compares to the >300Koz per annum level it had previously indicated. A pre-feasibility study ("PFS") for the Expanded Silicon Project is currently in progress. The basis of the PFS targets upper oxide ore only while AGA recently stated there is "significant upside potential from deeper ore horizons and nearby exploration targets" and that infill and extension drilling programs continue. Altius holds a 1.5% net smelter return ("NSR") royalty related to the project.

The Corporation has delivered requests to AGA under the terms of its royalty agreement for the registration of our royalty interest in relation claims staked, held or owned by AGA in the Beatty District, that are in addition to previously registered lands that host the majority of the Expanded Silicon Project. AGA has responded that it does not agree that these additional claims are subject to the royalty and the parties have commenced binding arbitration proceedings to resolve the matter in accordance with the dispute resolution mechanism provided for in the underlying royalty agreement. The arbitration proceedings are ongoing with a scheduled hearing date in April 2024.

The Corporation also continues to consider potential strategic alternatives for its 1.5% NSR royalty including a potential full or partial sale, swap type transaction for non-precious metal royalty assets, or maintaining the royalty as a long-term portfolio component.

Kami Project Updated Feasibility Study

At the end of January 2024, Champion Iron Limited ("Champion") announced the results of an updated project study for the Kami project ("Kami Project Study"). The Kami Project Study evaluated the potential for Kami's high- purity iron ore concentrates (direct reduction or "DR" quality,>67.5% Fe) to support growth in the electric arc furnace steel-making sector. The study details a 25-year life of mine with average annual DR quality iron ore concentrate production of approximately 9.0M wmt per annum at above 67.5% Fe. Champion presented

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estimated capital expenditures, production and operating cost metrics and strategy for next steps, which included a focus on securing a joint venture partner for the project and various pricing and return scenarios.

Altius originated the Kami project within its Project Generation business and retains a 3% gross sales royalty interest.

Year ended December 31, 2022

Attributable royalty revenue and adjusted EBITDA

Attributable royalty revenue for the year ended December 31, 2022 was a record $103,500,000 compared to $83,900,000 in 2021 mainly as a result of higher realized commodity prices and the commencement of renewable royalty revenue from recently acquired projects. Potash revenue doubled year over year and accounted for approximately 40% of total revenue, reflecting significantly higher average realized prices in the first half of the year. Adjusted EBITDA of $89,700,000 compares to $67,000,000 in 2021 following the trend of increased revenue but was partially offset by higher professional development fees as well as higher public company related costs within the Renewable Royalties segment. Adjusted operating cash flow increased to $75,900,000 from $49,400,000 in 2021, generally following the higher revenue trend.

ARR investment

In December 2022, the Corporation purchased 2,298,700 additional common shares in Altius Renewable Royalties Corp. ("ARR") as part of a bought-deal financing to help fund a US$46,000,000 royalty investment in support of Longroad Energy's ("Longroad") acquisition of the 70 MWac Titan Solar project in California. With this participation, Altius maintained a 58% ownership stake in ARR. During the year ended December 31, 2022 US$43,850,000 (CAD$58,583,000) was funded into the GBR joint venture by ARR. These amounts were used to fund ARR's 50% of renewable royalty investments into Titan Solar ("Titan"), Hodson Energy, LLC ("Hodson"), Bluestar Energy Capital LLC ("Bluestar) and Nova Clean Energy LLC ("Nova"), a wind project in Hansford County, Texas, a Tri Global Energy LLC ("TGE") investment tranche as well as working capital for GBR.

Acquisition of investments

During the year ended December 31, 2022 the Corporation acquired investments of $47,814,000 primarily reflecting the acquisition of 866,000 additional shares in Labrador Iron Ore Royalty Corporation ("LIORC") for $25,947,000, bringing the total share ownership in LIORC to 3,739,800 shares or 5.8% of total shares outstanding.

Miscellaneous share acquisitions were made during the year in the junior equities portfolio totaling $5,411,000.

The Corporation also invested an additional $2,584,000 in Lithium Royalty Corp ("LRC"), in addition to $1,299,000 through its co-participation rights in project level royalty acquisitions completed by LRC.

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