Ms. Flora Wood reports

ALTIUS REPORTS Q3 2023 EXPECTED ATTRIBUTABLE ROYALTY REVENUE(1) OF $17.9M

Altius Minerals Corp. expects to have Q3 2023 attributable royalty revenue of $17.9-million.

All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated.

Base and battery metals (primarily copper) revenue of $4.2-million for the quarter compares with $5.5-million reported for the comparable quarter of 2022, due primarily to the scheduled closure of the 777 mine in Q2 2022 and lower copper stream deliveries from Chapada. The corporation recognized a small royalty from the ramp-up of Groto do Cirilo during the quarter, marking its first lithium royalty revenue.

Potash portfolio revenue during the quarter was $3.9-million, which compares with $10.3-million in the comparable quarter of 2022, reflecting significantly lower average realized prices.

Iron ore royalty revenue in the form of dividends from Labrador Iron Ore Royalty Corp., which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada (IOC), was $3.6-million, as compared with Q3 2022 iron ore revenue of $3.7-million.

Renewable energy royalty revenue of $2.6-million compares with $2.1-million recorded in the same period last year.

Thermal coal royalty revenue of $2-million was received in Q3 2023 compared with $3.8-million during the comparable quarter of last year, reflecting lower attributable production volumes at the Genesee mine that were partially offset by a higher inflation-linked royalty rate. The operator of the Genesee power plant continues to invest in a conversion to natural-gas-based fuelling and plans to bring an end to coal usage by early next year.

The corporation's preliminary cost of sales on the Chapada copper stream, excluding any depletion for the quarter, is $1.1-million compared with $1.3-million in the prior-year quarter. All other royalty assets owned by the corporation have no associated cost of sales.

Third quarter 2023 financial results conference call and webcast details

Date:  Nov. 9, 2023

Time:  9 a.m. ET

Toll-free dial-in number:  1-888-396-8049

International dial-in number:  1-416-764-8646

Conference call title and ID:  Altius Minerals Q3 2023 financial results, ID 35071568

Webcast:  access on-line

About Altius Minerals Corp.

Altius's strategy is to create per-share growth through a diversified portfolio of royalty assets that relates 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 macrotrends hold the potential to cause increased demand for many of Altius's commodity exposures, including: copper; renewable-based electricity; several key battery metals (lithium, nickel and cobalt); clean iron ore; and potash. In addition, Altius runs a successful project generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties.

We seek Safe Harbor.