Altius Reports Third Quarter 2021 Expected Attributable Royalty Revenue of Approximately $20.7 million

TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation

October 14, 2021 | St. John’s, Newfoundland and Labrador

Altius Reports Third Quarter 2021 Expected Attributable

Royalty Revenue of Approximately $20.7 million

Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) expects to report

attributable quarterly royalty revenue† of approximately $20.7 million ($0.50 per share) for the third quarter

ended September 30, 2021. This compares to quarterly revenue of $16.2 million ($0.39 per share) in the

comparable prior year quarter and $21.9 million ($0.53 per share) in Q2 2021.

Summary of attributable royalty

revenue

(in thousands of Canadian dollars)

Three months

ended September

30, 2021

Three months ended

June 30, 2021

Three months

ended September

30, 2020

Base metals $8,216 $9,394 $8,677

Iron ore (1) $6,035 $5,029 $1,293

Potash $3,788 $4,516 $3,158

Thermal (electrical) coal $2,562 $2,140 $2,668

Metallurgical coal $0 $0 $291

Other royalties and interest $135 $827 $142

Attributable royalty revenue $20,736 $21,906 $16,229

See non-IFRS measures section of our MD&A for definition and reconciliation of attributable royalty revenue

(1) Labrador Iron Ore Royalty Corporation dividends received

Base metal (primarily copper) revenue of $8.2 million (40% of total) is down from $9.4 million in Q2 2021

as higher production volumes and revenues at Chapada were offset by lower revenues from 777 and

Voisey’s Bay.

Iron ore revenue in the form of dividends received from Labrador Iron Ore Royalty Corporation (“LIORC”),

which serves as a pass -through vehicle for royalty income and equity dividends related to the operations

of I ron Ore Company of Canada (IOC), was $6.0 million (29% of total) and compares to $5.0 million

recorded in Q2 2021. The increase reflected strong market prices for IOC’s premium quality products during

the quarter.

Potash revenue of $3.8 million (18% of total) compares to Q2 2021 potash revenue of $4.5 million. Revenue

in the third quarter was impacted by annual maintenanc e shutdowns at the Rocanville, Cory, Allan and

Esterhazy mines, which have since been completed. Realized prices in the quarter were broadly reflective

of prior quarter market prices due to lag effects. Potash spot market prices increased by an average of

more than 80% during the quarter and these impacts are expected to be reflected in realized prices for

royalty revenue calculation purposes in coming quarters.

Thermal (electrical) coal revenue of $2.6 million (12% of total) compared to Q2 revenue of $2.1 million.

Altius Renewable Royalties (ARR: TSX) (“ARR”), of which the Corporation is a controlling shareholder,

reported first royalty investments relating to production stage wind and solar operations. In August, ARR

TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation

announced a US$35 million investment in Longroad Energy’s Prospero 2 solar project in Texas . In

September, ARR announced a US$52.5 million investment in Nort hleaf Capital Partners’ Cotton Plains

portfolio which com prises three projects (two wind and one solar), also in Texas, all of which have been

operating since 2017. With these new investments and continuing strong royalty creation through its

developer funding agreements, ARR ended the quarter with approximately 3,21 0 MW of wind and solar

projects subject to royalty.

Third Quarter 2021 Financial Results Conference Call and Webcast Details

Additional details relating to individual royalty performances and asset level developments will be provided

with the release of full financial results, which will oc cur on November 10, 2021 after the close of market,

with a conference call to follow on November 11, 2021.

Date: November 11, 2021

Time: 9:00 AM ET

Toll Free Dial-In Number: +1(866) 521-4909

International Dial-In Number: +1(647) 427-2311

Conference Call Title and ID: Altius Q3 2021 Results, ID 2240919

Webcast Link:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=1D41BE

CE-7AC1-4E49-B823-8D0CA6EE0F17

†Attributable royalty revenue is a non‐IFRS measure and does not have any standardized meaning

prescribed under IFRS. For a detailed description and examples of the reconciliation of this measure,

please see the Corporation’s MD&A disclosures for prior quarterly and annual reporting periods, which

are available at https://www.altiusminerals.com

About Altius

Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to

long life, high margin operations. This strategy further provides shareholders with exposures that are well

aligned with sustainability -related global growth trends including the electricity generation transition from

fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing

agricultural yield requirements. These each hold the potential to cause increased demand for many of

Altius’s commodity exposures including copper, renewable bas ed electricity, several key battery metals

(lithium, nickel and cobalt), clean iron ore, and potash. Altius has 41,410,175 common shares issued and

outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small

Cap and S&P/TSX Global Mining Indices.

Forward-Looking Information

This news release contains forward ‐looking information. The statements are based on reasonable

assumptions and expectations of management and Altius provides no assurance that actual events will

meet management's expectations. In certain cases, forward ‐looking information may be identified by such

terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although

Altius believes the expectations expressed in such forward ‐looking statements are based on reasonable

assumptions, such statements are not guarantees of future performance and actual results or

developments may differ materially from those projected. Readers should not place undue reliance on

forward-looking information. Altius does not undertake to update any forward-looking information contained

herein except in accordance with securities regulation.

For further information, please contact:

Flora Wood

Email: [email protected]

Ben Lewis

Email: [email protected]

TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation

Tel: 1.877.576.2209

Direct: +1(416)346.9020

Tel: 1.877.576.2209