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TSX: ALS | OTCQX: ATUSF Corporate Presentation February 21, 2026 Diversified , Long-Life, Natural Resource Royalties Electricity | Potash | Lithium | Clean Steel | Copper | Gold | Nickel
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|2 TSX: ALS OTCQX : ATUSF Forward Looking Statements This document includes certain statements that constitute “forward- looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements include statements regarding Altius Minerals Corporation’s (“Altius”) intent, or the beliefs or current expectations of Altius’ officers and directors. Such forward-looking 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-looking statements may relate to future outlook and anticipated events or results. By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward- looking statements, as a number of important factors, many of which are beyond Altius’ control, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. The industry data and market information relating to, among other things, past, present and future commodity prices, price trends, price forecasts, price sensitivities, mineral demand growth and trends have been obtained from third party and publicly available sources that while management may believe to be reliable have not been independently verified by management nor does the Company guarantee its accuracy or completeness and such information is inherently subject to interpretation and limitations. Accordingly, shareholders should not place undue reliance on such information. The impact of proposed trends and forecasts on royalty revenue or valuation of any of Altius’s royalties is conceptual in nature, and any reliance thereon should be similarly limited. Many factors, events and uncertainties which may arise in the future could cause these statements to differ materially from the facts which may ultimately transpire in the future. . Qualified Person Lawrence Winter, Ph.D., P.Geo., Vice President, Generative and Technical for Altius, a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed, prepared and approved this release Forward-looking 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 publicly announce the results of any change to, any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. Non-GAAP Financial Measures Attributable royalty revenue, adjusted EBITDA, adjusted operating cash flow and adjusted net earnings is intended to provide additional information only and do not have any standardized meaning prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. For a reconciliation of these Non-GAAP financial measures to various IFRS measures, please refer to our Management Discussion and Analysis.
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|3 TSX: ALS OTCQX : ATUSF Balance, Diversity & Longevity Large Resources and Geopolitical Advantages Amplify New Build and Expansion Optionality Altius LRC Pro-Forma Consensus1 NAV Electricity 13% Gold 8% Potash 18% Iron Ore 15% Base & Battery Metals 42% Other 4% 1. Pro-Forma Altius NAV based on Altius current Consensus NAV, Consensus Asset value of Lithium Royalty Corporation as of November 2025 and Goulamina at announced transaction value of US$27M. Pro-Forma Consensus1 Jurisdiction NAV South America 23% USA 25% Canada 46% Other 6% Remaining Royalty Reserve Lives for Mines Average More Than 35 years Electricity Plants Have 20-30 Equipment Lives and Infinite Resources
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|4 TSX: ALS OTCQX : ATUSF Leading Royalty Revenue Growth Profile Potential For Up to 3x Increase Over Next 5 Years From 2025 Baseline Mariana Grota do Cirilo Tres Quebradas Voisey’s Bay Curipamba Saúva Neves GdC Phase 2 Tres Qua. Phase 2 Mariana Phase 2 Moblan Arthur Kami Adina GdC Phase 3 2031+ +0% +50% +100% +150% +200% 2026 2027 2028 2029 2030 Progressive ramp up of potash volumes as operators hold market share in growing global market Ramp Ups New Builds / ExpansionsRevenue Range Ongoing commissioning of electricity development projects Note: Estimates are provided for illustrative purposes only based on publicly available forecasts published by royalty operators, expected development timelines and expansions, spot and consensus price assumptions, and Altius’s internal assumptions and judgements beyond publicly available guidance. Actual results can and likely will differ materially from the ranges provided in this illustration and should not be relied upon as guidance for investment modelling purposes. 2x 3x 2.5x 1.5x 2025 Base
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|5 TSX: ALS OTCQX : ATUSF Base Metals Construction underway at Curipamba - adds ~ $10M/a in average royalty revenue over initial 5 years at spot prices with 50% from base metals and 50% from precious metals Sanctioning of development of the recently discovered Saúva deposit within the Chapada District expected in H2, 2026 - with signaled potential to increase overall Chapada copper output by 25-35% New Eastern Deeps and Reid Brook underground mines (nickel, copper, cobalt) within Voisey’s Bay District currently ramping up production levels 1. For more information, please refer to Lundin Mining news release dated February 18, 2026, entitled “Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves” on the Company’s website Chapada District Contained Copper Resource & Reserve1 (Mlbs) 3,207Mlbs 2,217Mlbs 657Mlbs 2,145Mlbs 1,597Mlbs 1,221Mlbs 2016 Depletion 2025 Chapada Reserve Chapada Measured & Indicated Sauva Measured & Indicated Depletion Stream Acquisition Date +2 Blbs
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|6 TSX: ALS OTCQX : ATUSF Lithium Royalty Corp. Transaction provides meaningful revenue growth potential $1,250/t SC6 Illustrative Price Basis (Current Spot Price ~$1,700 /t) 10 20 30 40 50 60 $70M 0 12 2026 26 2027 34 2028 39 2029 49 2030 58 59 2032 59 2033 56 2034 55 2035 36 43 47 56 62 61 60 60 62 16 2031 Expected Lithium Revenue1 ($C) Revenue Estimate Range 1. Revenue Estimates are internal projections based on operator guidance where available and management estimates otherwise. Transaction expected to close in early March Portfolio developments since announcement of acquisition in December: Acquisition of operating stage Goulamina royalty Grota do Cirilo operations restarted First product shipments from Mariana completed
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|7 TSX: ALS OTCQX : ATUSF Potash Market - Steady Compounding Demand Growth While Royalty Mines also Gaining Market Share (Now 24% of Global Supply) 0 20 40 60 80 100 120 140Mt 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Actual Global Demand LT Growth Trend (2.4% CAGR) Global Potash Demand Growth 2026E: 74-77Mt 135 Mt 84 Mt 106Mt 68Mt 52Mt Royalties Acquired Since the time of Altius’s acquisition of its Saskatchewan potash mine royalties in 2014, the total global demand for potash has grown by 40% Operator Potash Growth 4 8 12 16 20Mt 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2025E Nutrien Mosaic 2024 Over the same time period, our royalty mines have grown production by more than 50% to increase global market share from 18 to 24% 11 13 13 15 15 14 15 15 15 15 16 17
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|8 TSX: ALS OTCQX : ATUSF Electricity Generation Royalties Strong Power Demand Growth in US Market In Development Operating & ConstructionSolar Wind 100 MW 200 MW 300 MW 400 MW(Altius Minerals holds an effective GBR interest of 29%) GBR Revenue Growth ($C) LevelTen PPA Report, 4Q 2025 Wind 73.73 Blended 67.70 Solar 61.67 $9.6M $14.3M $23.9M $45.5M 2022 2023 2024 2025 Diversified portfolio of operating, construction and development stage assets across key US power regions held through a joint venture partnership (GBR) that includes entities controlled by Altius (~29%), Apollo Global Management and Northampton Capital Partners Total US power generation on track to grow by 15% over the next 5 years while prices established under Power Purchase Agreements (PPA) between industrial end users and renewable operators have increased by ~50% over the past three years Royalty revenue continues to ramp up in accordance with the commissioning of projects from within the large component of development stage assets within the portfolio, new operating stage portfolio additions and interconnection financing proceeds Power Purchase Agreement Price Trends $65M-$70M estimated longer term run rate recurring revenue at GBR based on existing investments
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|9 TSX: ALS OTCQX : ATUSF High-Purity Iron Ore Portfolio Well Positioned Altius well positioned to benefit from increasing demand for high- purity iron through its Labrador Trough based iron ore royalty interests Champion/Nippon/Sojitz Kami project (Altius 3% GSR royalty) DFS and permitting processes underway targeting ~ 9 Mt/a of DR grade pellet feed Continued heightened levels of investment commitment towards refurbishment and growth at IOC (indirect Altius royalty interest recently increased), which produces DRI pellets and BF pellets and concentrates Resource stage projects (Julienne Lake and Labrador West) provide further resource stage development optionality IOC Rail Power Altius Royalty Interest Operating Mine Advanced Project
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|10 TSX: ALS OTCQX : ATUSF Arthur Royalty Investment Value Creation Crystallized – Continuing Growth Exposure Altius’s sold 2/3 of its original 1.5% NSR royalty Arthur royalty to Franco-Nevada for ~C$375 million vs, original US$300,000 investment Since closing of the sale to FNV a greater degree of certainty concerning the district scale (~200 km2) extent of lands subject to royalty has been confirmed through a now fully concluded arbitration process Large oxide gold resource with significant ongoing growth potential PFS indicates Merlin as a >500k oz/a producer at tier 1 cash costs First production targeted for “beginning of next decade” At current gold prices the retained 0.5% NSR has the potential to generate C$20- $30M/a in royalty revenue Base Area of Interest = 26.8 km2 Royalty lands as agreed by arbitration panel add an additional ~168.8 km2 “When fully developed the complex is anticipated to be a long-life multimillion ounce producer, which will become the center of gravity for AngloGold Ashanti and will become the largest and probably most long longevity asset that we will have in the portfolio, giving us low-cost, low-risk, high-margin ounces and plenty of them.” AGA CEO Alberto Calderon speaking on Q3, 2025 conference call
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|11 TSX: ALS OTCQX : ATUSF Project Generation Business Differentiator Royalty Creation while Profiting from Exploration In-house technical team invests directly and indirectly in exploration to create junior equity positions and royalties. Profitably manages resulting junior equities portfolio. Creates long-term royalty optionality at low (or negative) cost. Royalty Value Creation: Silicon: $562 million (gross cash payment on sale plus retained value of 0.5% NSR royalty) vs $0.4M original cost. Kami: Analyst consensus value of $154 million for a 3% GSR vs $2m original cost. 50+ additional partner funded project royalties. 1 As of December 31, 2025 2 Net proceeds expected of $320M after 15% withholding tax. Investments Returns PG Equities 10-year Portfolio Performance1 Project/Equity Investments Monetized Equity Value 2.4x Investments Returns Arthur Gold Royalty Investment Case (C$M) $0.4M $375M2 Gross Cash Proceeds from 1% Sale $188M 0.5% Retained NSR 1,800x
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|12 TSX: ALS OTCQX : ATUSF Balance Sheet Remains Strong Post LRC Transaction Announcement Altius Pro-Forma Share Structure Altius Shares - Current 46,285,577 New Shares1 11,500,000 Altius Shares – Pro-Forma 57,785,577 Altius Shares, Fully Diluted 58,656,318 353 220 188 30 41 28 28 188 66 As At September 30 Franco Contingent Payment Equity Investments Tax, Dividend, Debt, Other LRC Acquisition Post Transaction Cash Revolver1 LRC Acquisition2 Bridge Loan Altius Liquidity Post Transaction 1. New Shares issued based on exchange ratio of 0.24 Altius Shares for each LRC share, assuming maximum share election of 11.5M Altius shares 1. C$125M revolver facility and C$62.5M accordion 2. Cash Acquisition Cost based on maximum share election of 11.5M Altius shares, with the remainder of the purchase consideration in Cash