Ms. Flora Wood reports

ALTIUS REPORTS Q4 2023 AND FULL YEAR 2023 EXPECTED ATTRIBUTABLE ROYALTY REVENUE

Altius Minerals Corp. expects Q4 2023 attributable royalty revenue of $15.8-million and annual attributable royalty revenue of $73.7-million.

Base and battery metals (primarily copper) revenue of $18.3-million for the year compares with $28.5-million reported for 2022 due primarily to the scheduled closure of the 777 mine in Q2 2022 and a Q4 lag between mine production and copper stream deliveries from Chapada. At Voisey's Bay, nickel production continued to be impacted by the transitioning to underground mining from prior open-pit-based production. The corporation recognized its first lithium royalty revenue during the second half of the year from the ramp-up of the Groto do Cirilo mine.

The corporation's preliminary cost of sales on the Chapada copper stream, excluding any depletion for the quarter, is $5.1-million, compared with $5.6-million in the prior year.

Potash portfolio revenue during the year was $24-million, which compares with $41.4-million in 2022, reflecting significantly lower average realized prices versus prior-year record levels, which were impacted by heightened supply uncertainty relating to major production areas in Russia and Belarus.

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 $9.5-million, as compared with $10.7-million in 2022 due to lower production relating to wildfires, plant maintenance issues and the timing of sales relative to production.

Renewable energy royalty revenue continued to ramp up during 2023 to $7.1-million, as compared with $4.8-million in 2022, due to the contribution of newly acquired production-stage royalties and the commissioning of new development projects during the year. Portfolio projects representing more than one gigawatt of generating capacity are currently under construction.

Thermal (electrical) coal royalty revenue of $8.9-million compared with $15.2-million last year, reflecting lower attributable production volumes at the Genesee mine as the adjacent Genesee power plant nears completion of its conversion to natural gas burning.

Fourth quarter and year-end 2023 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 occur on March 11, 2024, after the close of market with a conference call to follow on March 12, 2024.

Date:  March 12, 2024

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 Q4 2023 financial results (ID: 46414943)

About Altius Minerals Corp.

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 macro trends each 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. Altius has 47,080,737 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, S&P/TSX Global Mining, and S&P/TSX Canadian Dividend Aristocrats indices.

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