A DIVERSIFIED MINERAADIVERSIFIEDMINERAALS ROYALTY COMPANYALSROYALTYCOMPANY

FORWARDLOOKINGSTATEMENTS

This document includes certain statements that constituteinformation within the meaning of applicable securities lawslooking statements include statements regarding Altius Mineralsexpectations of Altius officers and directors. Such forwardlookibelieve, anticipate, estimate, project, intend, expect,possible, attempts, seeks and similar expressions. Forwardanticipated events or results.

By their very nature, forwardlooking statements involve numerogeneral and specific and the risk that predictions and other forgeneral and specific, and the risk that predictions and other forDo not unduly rely on forwardlooking statements, as a numbercontrol, could cause actual results to differ materially fromforwardlooking statements. These factors include, but are nproposed plan of arrangement by the court and the other regulaproposed plan of arrangement by the court and the other regulachange or other circumstance that could give rise to the terminconsummation of the transaction or failure to complete the arran

Forwardlooking statements speak only as of the date those statAltius does not assume any obligation to update, or to puforwardlooking statement contained herein to reflect actualassumptions or changes in other factors affecting the forwardloo

forwardlooking statements and forwardlookingg g(collectively, forwardlooking statements). Forward

s Corporations (Altius) intent, or the beliefs or currenting statements are typically identified by words such asmay, will, plan, should, would, contemplate,dlooking statements may relate to future outlook and

ous assumptions, inherent risks and uncertainties, bothward looking statements will not prove to be accuratewardlooking statements will not prove to be accurate.of important factors, many of which are beyond Altiusm the estimates and intentions expressed in suchot limited to the inability to obtain approval of theatory approvals and the occurrence of any other event,atory approvals and the occurrence of any other event,nation of the Arrangement Agreement, or the delay ofngement for any other reason.

ements are made. Except as required by applicable law,ublicly announce the results of any change to, anyresults, future events or developments, changes in

oking statements.

2

ALTIUS A17YEARROYALTYHISTORY

Altiusfoundedin1997withaProjectGeneration(PG)/RoyaltyCreationbusinessmodel.Moreh 60 j l l

Spinsout2companies,Aurora(uranium)

&Rambler(copper),pioneeringa

Acquires9%ofInRoyaltyCorporproposesmerge

unsuccessfthan60projectlevelagreementssince

founding

lucrativevariationonthePGandroyaltycreationbusinessmodel

unsuccessfleadstootherseanacquisition

Altiusnets~$30

19972002 2003 20032006 20072008

AcquiredVoiseysBayroyalty for ~$13m

Monetizesstakeinbothspin outs for pre tax profits ofroyaltyfor $13m spinoutsforpretaxprofitsof

morethan$200Mwhileretaininga2%royaltyonAuroraproperties.BeginssearchforadditionalRoyaltyacquisitions.

nternationalrationanderwhichisful but

Spinsout3rdcompany;AlderonIronOre(ADV:TSX)creates 3% Gross

AcquiresSherrittsPMRL&CDProyaltiesforupto

$503MinpartnershipwithLib t M t l d thfulbut

engaginginnauction;0minprofit

creates3%GrossSalesRoyalty.

Owns32Mshares

LibertyMutualandotherprivatepartners

20092010 20102013 2013

ExpandsPGbusinessinto Quebec and Chile

Acquires9%ofVirginiaand 6% of Callinan basedintoQuebecandChile

withemphasisonroyaltycreation

and6%ofCallinanbaseduponattractivecorporate

equityvs.underlyingroyaltyvaluations

3

ACQUISITIONOFSHERRITTROYALTYPORTFOLIO

Altiusisacquiringona51%basis: The11productionstageroyaltyinterestsofPrairieMinesubsidiaryofSherrittInternationalCorporation,through(Altius Acquireco)( AltiusAcquireco )

Totalpurchasepriceis$460million($233millionattribu TheLPwillbebeneficiallyowned51%byAltius,43%bycollectively by two other private partiescollectivelybytwootherprivateparties

Andona100%Altiusbasis: The Carbon Development Partnership (CDP) equally o TheCarbonDevelopmentPartnership( CDP ),equallyoproductionstageroyaltyinterestsanditsextensiveunde

Totalpurchasepriceisexpectedat$42million

(1)LMMisownedbyBostonbasedLibertyMutual,aUSbasedglobalinsurancecompanyestablishedover100yearsagowithmore t

O TRANSACTIONSUMMARY

es&RoyaltyLimited(PMRL),awhollyownedthenewlyformedAltiusPrairieRoyaltiesCorp.

tabletoAltius)LibertyMetalsandMining,LLC(LMM)(1) and6%

owned by Sherritt International and OTTP for itsownedbySherrittInternationalandOTTP,foritsevelopedresourcelands

4han50,000employeesandannualrevenueofnearly$40billion

TRANSACTIONFUNDINGandCONDITIONS

Al i i f f di i f Altiusportionoffundingconsistsof: $125millionofcashandinvestments $80millionnonrevolvingseniordebt(6% 4yeart $50millionconvertiblesubordinatedebt(7% 7ye

Assetsalespriortoclosingmayreduceoreliminati l d h $ i i i d lincludemorethan$110Minequitiesandseverala

ClosingCondit Acquisition of the Genesee coal royalty form

ClosingConditions

AcquisitionoftheGeneseecoalroyaltyformrefusalinfavourofathirdparty.Ifexercised,Royalties

Acquisitionof50%ofCDPissubjecttoboththird party that holds the remaining 50% of CDthirdpartythatholdstheremaining50%ofCD

Customaryconditions,includingthereceiptQueensBenchofAlbertaandrelevantregulat

Expected Closing Expected in winter / spring 2014ExpectedClosing Expectedinwinter/spring2014

term)earterm)

tesubordinatedebt(availableforsaleassetsd d l j )advancedcoalprojects)

tionsming part of the PMRL Royalties is subject to a right of firstmingpartofthePMRLRoyaltiesissubjecttoarightoffirstAltiusstillintendstoacquiretheremainingPMRL

arightoffirstrefusalandtagalongrightsinfavorofaDPDP

ofapprovaloftheplanofarrangementbytheCourtoftoryapprovals

5

PRODUCTIOPRODUCTIOON ROYALTIESONROYALTIES

OURPRODUCTINGROYALTIES QUALITY,SCAL

PROJECT OPERATOR ROYALTYPROJECT OPERATOR ROYALTY

Voiseys Bay VALE 0.3%NSR

G Sh itt / T i dGenesee Sherritt /CapitalPower

Tonnes xindexemultiplier

Paintearth Sherritt /ATCO

Tonnes xindexemultiplier

Sh Sh i / i dSheerness Sherritt /ATCO

Tonnes xindexemultiplier

Highvale Sherritt /TransAlta

Tonnes xindexemultiplier

CardinalRiver

Teck 5%netrevenue

Rocanville PotashCorp Revenue

Cory Potashcorp Revenuey p

Allan PotashCorp Revenue

PatienceLake Potash Corp Revenue

E t h M i REsterhazy Mosaic Revenue

Vanscoy Agrium Revenue

others various Revenue

LE,DIVERSITY,&LONGEVITY

LTM ($) COMMODITY EST.LTM ($)EBITDA

COMMODITY EST.LIFE

3 NiCuCo 21

d 6 5 C l/El t i it 43ed 6.5 Coal/Electricity 43

ed 5.6 Coal/Electricity 11

d l/ l i i 2ed 5.1 Coal/Electricity 24

ed Nil* Coal/Electricity 19

e 2.1 SteelmakingCoal 16

2.3 Potash 75

0.8 Potash 75

0.3 Potash 83

0.3 Potash 49

2 3 P t h 732.3 Potash 73

0.2 Potash 61

0.2 Potash 73* Revenueanticipatedin2016

SCALE RoyaltyRevenueGrowth

$35

$3

$20

$25

$30

$35

e

(

$

M

i

l

l

i

o

n

s

)

$3$

$5

$10

$15

L

T

M

R

e

v

e

n

u

e

HistoricalRoyaltyRe

$3$0Altius ProForm

$30$30

$35

$40

$45

$50

s

)

$5

$10

$15

$20

$25

$30

(

$

M

i

l

l

i

o

n

$0

$5

2010 2Voisey'sBay Electrical

0SharesOutstanding 27,594,460

Fully Diluted 27,911,320FullyDiluted 27,911,320

evenue(SherrittPortfolio(2) PlusVoiseysBay)

maAltius

$32 $31 $30

2011 2012 LTMCoal MetallurgicalCoal Potash Other

(1)BasedonmostrecentannualfiguresprovidedbyPotashCorp,AgriumandMosaic(2)AttributabletoAltius;LTMasofSeptember30,2013

8

Altiusroyaltyassetbaseiswelldiversifiedby

DIVERSITY

Revenuefrom6commoditieswithmoreroyalties

Nosingleassetcontributesmorethan22 Developmentpipelinecomprisedofironore,urevenuediversification

RevenuebyCommodity(1)

Electrical Coal

Nickel,CopperandCobalt

10%

Other4%

ElectricalCoal58%

MetCoal7%

Potash21%

(1)AttributabletoAltius;LTMasofSeptember30,2013

commodity,geographyandassetethan50%fromlowrisk,inflationadjustedelectricalcoal

2%ofrevenueuraniumandotherassetswillfurtherincreaseAltius

RevenuebyAsset(1)

Paintearth19%

Other9%

Genesee22%

Rocanville8%

Voisey'sBay10%

22%

Sheerness17%

CardinalRiver%

Esterhazy8%

17%7%

9

ALLCANADIAN

12Canadianmineroyaltiesproducingelectrica

AlbertaSaskatchewanHighvale

Genesee

C

CheviotEdmonton

Calgary

PaintearthSaskatoon

AllanVanscoy

Cory

PatienceLake

CalgarySheerness

ReginaEsterhazy

Rocanville

Vanscoy

PMRLElectricalCoalRoyaltyPMRL Metallurgical Coal RoyaltyPMRLMetallurgicalCoalRoyaltyPMRLPotashRoyaltyAltiusRoyalties

lcoal,potash,nickel,copper,cobaltandmetallurgicalcoal

VoiseysBay

NewfoundlandandLabrador

LabradorCity

St.Johns

Canada

10

VOISEYSBAYNICKELCOPPERCOBALT

Acquiredin2003 paybackachievedin2008

Annualrevenueestimatedat~$3.0million

Exposuretoexplorationandexpansionpotentialatzerocost(undergroundmineapprovedthisyear)year)

Royalt

5.0

6.0

y($m

2.0

3.0

4.0

0.0

1.0

2006 2007 2008 20

ROYALTY

tyRevenueymillions)

Labor DisruptionLabor Disruption

09 2010 2011 2012 2013

CARDINALRIVERSTEELMAKINGCOAL

MetallurgicalCoalMineoperatedbyTeckCorporation

l l dAnnualrevenuetoAltius estimatedat~$2.5 $3.0million

ASSETASSETReserves 27.3MtProductionProfile 1.73Mt/annum

Royalty Rate 2.5% of net revenueRoyaltyRate 2.5%ofnetrevenue

COAL/ELECTRICITYROYALTIESCoalminesfeedonornearminesitepowergenededicatedbasis.

Noexposuretothermalcoalmarketprices.

Coal mining and royalty costs to the generating pCoalminingandroyaltycoststothegeneratingp

CoalgenerationrepresentsAlbertasbaseloada

Possibilitiesforextendedpowerplantlives.

RoyaltiespaidbyutilitiesbaseduponunitsofcoaroyaltyrateandescalatedaccordingtoCanadian

2012 Alberta Power Generation

Coal

Wind4%

Hydro3%

Other*3%

2012 Alberta Power Generation

Coal53%

Gas37%

Source:AlbertaDepartmentofEnergy(*OtherincludesBiomass,WasteHeatandFuelOil)

eratingstationsonafully

plant are less than $20/tonne.plantarelessthan$20/tonne.

ndlowestcostpower.

alconsumptionmultipliedbyanRealGDPinflationrates.

Government of Canada Real GDP Change Forecast

Source: Government of Canada, Budget 2013

EXPANDING POTASHOPERATIONS Exce

21 1

25.0

15.5

21.1

15.0

20.0

M

t

p

a

K

C

l

)

+36%

Glo5.0

10.0

C

a

p

a

c

i

t

y

(

0.0Capacity CapacityPost

Expansion

ellentLongTermRoyaltyGrowthUpside

obal Potash Capacity Utilization

ROYALTY GROWROYALTYGROWWTH POTENTIALWTHPOTENTIAL

OURWORK AVIRTUOUSCYCLEOF

MineralExplorationProjectGenerator

Generateanddefineaprojectopportunitypp y

Formapartnerfundedjointventuretoretainaminoritydirectprojectinterest

oror

Converttheprojectinterestintoequityinapublicvehicle

Royaltycreationandinvestment

Royaltiesretainedinprojectgenerationdeals

Equitysaleprofitsusedtoacquirethirdpartyroyaltiesp y y

FROYALTYGROWTH&CREATION

ROYALTYPIPELINEHIGHLIGHTSPROJECT OPERATOR ROYALTY

Kami Alderon 3%Gross

JulienneLake Wisco/Xinxing 3%FOB

CMB Paladin 2%Gross

CDP Various various

LabWest RioTinto 3%GrossProjects(4)

Snelgrove Mamba 3%Gross

Schefferville Century/Wisco 14%Slidingg

Grenville/Menihek

Century/Wisco 14%Sliding

Astray NorthernStar/Xinxing

14%Sliding

ChileProjects Prospex 1%BM/2%PM

Natashquan AngloAmerican 2%NSR

Lab/QuebecAlliance

Virginia various

STATUS COMMODITY POTENTIALLIFE/COMMENT

Development Iron 20152045+

Prefeasibility Iron 20172047+

Prefeasibility Uranium Large,growingresource

ExplorationtoProduction

PotashandCoal Enormous advancedstageresourcebase,somecurrentrevenue

Resource Iron Geothite Bayis apotentialDefinition

y pmajordiscovery

Discovery Iron PotentialDSO zonediscovered

Discovery Iron Includespartof JoyceLakediscoveryy

Exploration Iron Earlystagesurfacediscoveries

Exploration Iron Earlystagesurfacediscoveries

Exploration Copper andGold Grassrootsinsouth,landassemblyinnorth

Exploration NiPGM NumerousEManomaliestobedrill testedthisyear

Exploration NiPGM, Au Prospecting,landassembly

Kami RoyaltyAltius discovered,andholdsa3%Gross SalesRoverAlderons Kami IronOredeposit

AtFe62.5%pricesof$110/tonneat8Mtpathiroyaltywillgeneratepretaxrevenueofmoretmillion/year

Permitsgrantedforupto16MTpaandAlderonintenttoexpandtothislevel

AlderonEquityAltiusisafounderandthelargestshareholderoAlderonIronOre:32.9millionshares(~25%)

Currentvalueof~$60million

OthermajorshareholdersincludeHebei IronanGroup (~20%) and Liberty Mutual (15%)Group( 20%)andLibertyMutual(15%)

RoyaltyandEquitycosttoAltiusof~$2.5millio

KAMIIRONOREROYALTY

3% GSR (Ald F ibilit St d )

oyalty,

3% GSR (Alderon Feasibility Study)

Year Production(Mt)

SellingPrice(Mt)

GrossRevenue

($mil)

Royalty(1)($mil)

(BBA Dec.2012)

sthan$25

($mil)1 6.89 107.00 $737.6 $22.12 8.24 107.00 $881.8 $26.53 8.25 107.00 $882.7 $26.54 8.09 107.00 $866.0 $26.05 8.21 107.00 $878.4 $26.46 8.20 102.00 $836.4 $25.17 8 16 102 00 $832 6 $25 0

stated

7 8.16 102.00 $832.6 $25.08 7.91 102.00 $806.6 $24.29 7.53 102.00 $768.2 $23.010 7.94 102.00 $810.3 $24.311 8.17 102.00 $833.5 $25.012 8.35 102.00 $851.2 $25.513 7.97 102.00 $812.6 $24.4

of

14 7.90 102.00 $805.7 $24.215 7.96 102.00 $812.4 $24.416 8.00 102.00 $815.6 $24.517 7.97 102.00 $812.9 $24.418 8.25 102.00 $841.9 $25.319 8.42 102.00 $859.0 $25.820 8.36 102.00 $853.0 $25.6

ndSteel

$ $21 7.88 102.00 $803.4 $24.122 7.70 102.00 $785.4 $23.623 7.73 102.00 $788.7 $23.724 7.85 102.00 $801.1 $24.025 7.88 102.00 $803.8 $24.126 7.90 102.00 $806.0 $24.227 7 95 102 00 $811 4 $24 3

n

27 7.95 102.00 $811.4 $24.328 7.98 102.00 $814.3 $24.429 8.13 102.00 $829.1 $24.930 3.12 102.00 $317.8 $9.5

Total 234.90 102.84 $24,159.2 $724.8

KAMIPROJECTMILESTONES

Alderonhasachievedeverymajormilestonenecheadwinds.

Hebei IronandSteelcompletedmajorstrategic

Provincial and Federal Environmental AssessmeProvincialandFederalEnvironmentalAssessme

Powersecured

$1billiondebtfinancingraiseunderway(BNPle

Longleadequipmentordered

Portdevelopmentontimeandbudget

Thenextmajormilestoneisprojectfinance,wh

cessaryoverthepast3years,despiteterriblemarket

cinvestmentandofftake

ent clearances receivedentclearancesreceived

ead)

hichisexpectedwithinthenextfewmonths

JULIENNELAKEIRONORE

Newfoundland and Labrador offering its part of Newfoundland and Labrador offering its part ofthe Julienne Lake Deposit (EML) in acompetitive EOI process

Altiuss claims cover the remainder of thedeposit and almost two thirds of the potentialdeposit based upon internal, exploration level,non43101 compliant, resource estimate and arecently completed concept study

Altius has partnered with two Chineseintegrated steel producers in a proposal todevelop the combined properties (EML andAltius Julienne Lake) at an eventual 21 24 MtpaAltius Julienne Lake) at an eventual 2124 Mtpairon ore concentrate production rate

Chinese partners currently import more than100 MT of seaborne iron ore100 MT of seaborne iron ore

If the Proposal is accepted Altius will retain a3% gross mine gate royalty across entiredeposit. Decision imminent.

CARBONDEVELOPMENTPARTNERSHIP LONG

C i 12 billi f CDPpropertiescover~12billiontonnesofundevelopedcoalreservesandresourcesinwesternCanadaand~2billiontonnesofinferredpotashresourcesinSaskatchewan(definedbymorethan30,000drillholes)

Muchoftheresourcelandislocatedproximaltoexistingminingoperationsandcouldbeincorporatedintofuturemineplansfornewroyalties

Otherdiscreteminerallandareasoffertheopportunitytocreatenewroyalties,jointventures,and/orspinoutcompanies(severalunsolicitedproposalsfromdevelopersofexportcoalprojectssinceacquisition)

Source:Companyfilings(1)ReservesandResourcesreportedona100%basis

GTERMGROWTH

Resources and Reserves (1)Resources and Reserves ( )

(millionsoftonnes)

ProvenandProbableReserves

MeasuredandIndicatedResources

InferredResources

Coal

Bituminous Thermal 58 9 27 8BituminousThermal 58.9 27.8Subbituminous 6,401.5 4,552.8Lignite 792.2 114.1TotalCoal 7,252.6 4,694.7Potash

Rocanville 49.0

Total Mineral Holdings

Rocanville 49.0OtherResources 2,037.0TotalPotash 49.0 2,037.0

(thousandsofhectares)

ProvinceFee

Simple

CrownLeasesandLicenses

LeasesfromThirdParties

Total

Coal Saskatchewan 2 18 20Coal Alberta 664 188 4 856Coal B C 1 7 3 11Coal B.C. 1 7 3 11Potash Saskatchewan 16 16OtherFreeholdMinerals

Saskatchewan 5 5

OtherFreehold B C 6 6FreeholdMinerals

B.C. 6 6

Total 694 213 7 914

21

CURRENTEQUITYHOLDINGS

COMPANY SHAREPRICE ($)

SHAPRICE($)

Alderon(T.ADV) 2.03 32,

Callinan (T.CAA) 2.12 2,9

VirginiaMines(T.VGQ) 13.29 2,6

CenturyIron(T.FER) 0.49 5,0

M b *0 35 17Mamba(ASX:MAB) *0.35 17,

TOTAL

ARES AMOUNT($ millions)

DESCRIPTION($millions)

869,006 66.7 Foundingshares

01,000 6.15 Investment

58,449 35.3 Investment

00,000 2.5 Paymentshares

000 000 6 P h000,000 6 Paymentshares

$116.6

(AsofFebruary14,2014)

PROFORMACAPITALSTRUCTURE

AltiustradesontheTSXunderthesymbolALS&P/TSXSmallCapindices

Shares Outstanding 27 594 460SharesOutstanding 27,594,460

FullyDiluted 27,911,320

MarketCap. ~$427.7million

(AsofFebruary14,2014)

LSandisaconstituentofboththeS&P/TSXMiningand

Cash & Investments $116 6 millionCash &Investments $116.6million

Debt: $130million

Enterprise Value $441.1