Mr. Brian Dalton reports

ALTIUS COMPLETES SALE OF 2/3 OF ITS SILICON GOLD 1.5% NSR TO FRANCO-NEVADA

Altius Royalty Corp., a wholly owned subsidiary of Altius Minerals Corp., has completed the sale of a 1-per-cent net smelter return royalty covering the Silicon and Merlin gold deposit discoveries in Nevada to a wholly owned subsidiary of Franco-Nevada Corp., pursuant to a royalty purchase agreement entered into by ARC and Franco-Nevada. ARC will continue to hold a remaining 0.5-per-cent NSR royalty interest in Silicon (recently renamed the Arthur gold project by AngloGold Ashanti PLC) as a long-term component of its diversified portfolio.

The purchase price for the 1-per-cent NSR Silicon royalty interest is $275-million (U.S.) (approximately $375-million (Canadian)) composed of $250-million (U.S.) in upfront cash paid at closing and a further payment of $25-million (U.S.) in cash payable upon the conclusion of a continuing arbitration process that confirms the area subject to the royalty under final award to be consistent with Altius's interpretation of the partial award of the arbitration tribunal that was issued and reported on earlier this year.

The board of directors of Altius has received a fairness opinion from Cormark Securities Inc. which opinion concluded that, based upon and subject to the assumptions made, procedures followed, matters considered, and limitations and qualifications set out therein, the consideration to be received by ARC pursuant to the transaction is fair, from a financial point of view, to ARC.

Brian Dalton, chief executive officer of Altius, commented: "We are pleased to partner with Franco-Nevada on this royalty, which encompasses AGA's world-class Silicon and Merlin gold deposit discoveries in Nevada, as well as extensive areas of prospective surrounding land. The transaction crystallizes significant value for shareholders while further demonstrating the ability of Altius's project generation business to amplify the return profile of its overall royalty investment portfolio. The decision to retain a third of our Silicon royalty interest also provides continuing growth exposure to this emerging gold district, while confirming the addition of precious metals as a long-term, well-balanced component of our shareholders' diversified royalty portfolio. We now look forward to the ability to explore a wider set of capital allocation and deployment opportunities, facilitated by a considerably strengthened balance sheet and liquidity profile, and to further growing shareholder value."

Anticipated benefits to Altius shareholders

Capital allocation opportunities

• Cash, after taxes and fees, expected to increase to more than $360-million (assumes upfront and further payment proceeds from this transaction and also from the recent acquisition of Orogen Royalties Inc. by Triple Flag Precious Metals Corp.);
• Total liquidity increased to more than $540-million (including $116-million available under a revolving credit facility and $62.5-million potentially available under an accordion feature);
• Creates enhanced flexibility to evaluate external merger-and-acquisition opportunities while limiting equity-level dilution of existing assets and the embedded growth potential of its portfolio;
• Improves ability to opportunistically increase per-share exposure to existing royalty interests through share repurchases.

Retained royalty exposure:

• Continuing optionality exposure to gold resource growth from current approximately 16-million-ounce resource estimate at the Arthur gold project, as AGA continues aggressive exploration and delineation drilling programs and the reporting of encouraging results;
• Achieves rebalance of commodity exposures while confirming precious metals and another Tier 1 quality royalty as components of Altius's long-term, diversified portfolio.

For further information, please see the updated Altius corporate presentation posted to the company's website.

Financial and legal advisers

Cormark Securities is acting as financial adviser to Altius. Stikeman Elliott LLP is acting as legal counsel to Altius and ARC.

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 global growth trends including increasing electricity-based market share within energy usage, global infrastructure build and refurbishment growth, increased EAF-based steelmaking, steadily increasing agricultural fertilizer requirements, and the enhanced appetite for financial asset diversification through precious metal ownership. These macrotrends each hold the potential to cause higher demand for many of Altius's commodity exposures including potash, high-purity iron ore, renewable energy, base metals and gold. In addition, Altius runs a successful project generation business that originates mineral projects for sale to developers in exchange for royalties and that has a demonstrated record of driving outsized direct returns from its overall royalty investment portfolio. Altius has 46,315,304 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 and the S&P/TSX Canadian Dividend Aristocrats Index.

We seek Safe Harbor.