Mr. Lawrence Winter reports

ALTIUS PROVIDES 3RD QUARTER 2026 PROJECT GENERATION UPDATE

Altius Minerals Corp. has updated its project generation business activities and its junior equities portfolio for the quarter ended Sept. 30, 2026.

The market value of equities in the portfolio at Sept. 30, 2026, was approximately $97.6-million, compared with $80.4-million at June 30, 2026. Net portfolio investment of approximately $5.0-million was completed during the quarter.

The main investments during the quarter were a $1.7-million follow-on investment in TNR Gold Corp., participation in the Centauri Minerals Inc. seed financing prior to its initial public offering, and an approximately 5-per-cent shareholding and further investment into private exploration company Gilpas Resources Ltd.

The largest holding in the portfolio remains Orogen Royalties Inc., where Altius holds an approximately 17-per-cent interest. During the quarter, Orogen added four new copper and gold projects to its property portfolio, all within southwestern United States. In addition, Orogen acquired a 2-per-cent net smelter return royalty on the Haldane high-grade silver project in the Yukon and announced an exploration alliance with Arum discovery in Norway for the generation of orogenic gold targets. Orogen holds over $33-million in working capital and in first half 2026 received over $6-million revenue from its royalty and prospect generation business. Altius also continues in an exploration alliance with Orogen in Nevada updated below.

An updated list of the public equity holdings has been posted to the Altius website.

Development- and exploration-stage royalty updates

The Altius-Orogen alliance was established in 2022 to generate precious metal exploration targets in central and southern Nevada, focused on mineral systems considered geologically analogous to the Arthur project in Nevada. To date, seven projects have been generated with five of those vended and converted to equity holdings and retained royalties. The most recent gold project to be generated and staked is the Serpent project, located 100 kilometres northeast of Arthur. The project hosts a new discovery of multikilometre-scale, structurally controlled low-sulphidation epithermal gold- and silver-bearing silicification and adularia with anomalous mercury-arsenic-antimony, recognized initially from an eight-kilometre-long trend of kaolinite and illite alteration identified from airborne hyperspectral data.

Also in Nevada, Toogood Gold Corp. advanced its Table Mountain gold-silver project toward a maiden drill program. In addition, Altitude Minerals Ltd. is preparing an initial 2,100-metre reverse circulation drill program at its 100-per-cent-owned Firenze silver-gold project. Altius holds equity interests in both Toogood and Altitude, and retains 1.5-per-cent net smelter return royalties on each of Table Mountain and Firenze, both of which originated from the Altius-Orogen gold alliance.

Altius holds an equity interest in Buffalo Potash Corp. and a 0.16-per-cent GSR royalty on the Odessa property. During the quarter, Buffalo completed the drilling program for the initial production module at its Disley project in Saskatchewan. The 15-10 source well, located on the IPM pad, intersected 20.5 metres of net sylvinite grading 39.4 per cent sylvite (KCl). IPM development remains on budget and on schedule with first production targeted for first quarter 2027.

Altius holds an equity interest in Perseverance Metals Inc. and a 2-per-cent NSR royalty on its Voyageur nickel-copper-cobalt-platinum-group-element project in Michigan's Upper Peninsula, where Perseverance recently announced the discovery of near-surface, magmatic nickel-copper sulphide-bearing mafic-ultramafic intrusion in its inaugural drill program at the Osprey target. The recognition of these rocks is significant in their similarity to rocks hosting the Eagle deposit in Michigan and the Tamarack deposit in Minnesota. Perseverance subsequently closed an $11.8-million non-brokered private placement, in which Altius participated, with the funds being allocated to accelerate exploration at the Voyageur project.

Altius holds an equity interest in High Tide Resources Corp. and a 2.75-per-cent GSR royalty on its Labrador West iron project in Newfoundland and Labrador, where drilling advanced during the quarter. The company reported 91.4 metres grading 28.7 per cent Fe and 112.6 metres grading 27.2 per cent Fe, extending iron oxide mineralization outside of the current pit shell and resource model. Recent metallurgical work yielded flotation concentrates with high iron grades averaging 67.7 per cent Fe, and the project has progressed to the pilot plant stage.

Altius holds an equity interest in Centauri Minerals Inc., which completed its spinout from Aldebaran Resources and listed on the TSX Venture Exchange during the quarter, including the completion of a $25-million financing in July. A phase 1, 12,000-metre diamond drilling program is set to commence on its flagship Rio Grande gold-copper project, which hosts indicated resources of 1.45 million ounces gold, 384,000 tonnes copper and 12.7 Moz silver and inferred resources of 1.55 Moz Au, 420,000 t Cu and 17.8 Moz Ag, and will target both near-surface resource expansion and potential mineralization sources at depth.

Altius holds an equity interest in Sun Valley Minerals Inc., which in July filed a preliminary prospectus and applied to list on the TSX Venture Exchange, together with a National Instrument 43-101 technical report on its Taraman group of projects in Uruguay. The listing remains subject to TSX-V approval. Altius previously reported that it has a right of first offer to purchase private land, where applicable, underlying mineral titles held by Sun Valley in Uruguay that, if developed, can convert to a 1-per-cent gross sales royalty.

Altius holds an equity interest in Silver Range Resources Ltd., and has an active exploration alliance agreement with Silver Range in Utah and Arizona, related to which Altius holds 1-per-cent NSR royalties on both the Alamo project in Arizona and the Drum project in Utah. In September, the company updated its exploration plans to define drill targets at Drum and is seeking a joint venture partner. Subsequent to the quarter-end, Silver Range also granted Resilience Minerals Ltd. an option to acquire an 80-per-cent interest in the Alamo property.

During the quarter, Altius portfolio companies Canstar Resources Inc. and its earn-in partner VMS Mining Corp. (private) completed a four-hole, 2,756-metre drill program at the Mary March volcanogenic massive sulphide project in central Newfoundland, the first drilling at the property since 2019. The drill program tested a new geological model for the property and intersected the widest massive sulphide intercept in the project's drilling record yielding 15.6 metres (467.4 to 483.0 m) of massive sulphide grading 0.73 per cent copper, 0.73 per cent lead, 2.10 per cent zinc, 0.71 g/t gold and 19.0 g/t silver, including 9.75 m (473.25 to 483 m) at 1.13 per cent Cu, 1.14 per cent Pb, 3.27 per cent Zn, 0.89 g/t Au and 25.5 g/t Ag from drill hole MM-26-42. A follow-up phase 2 drill program is to commence this fall.

As part of its PG investment mandate, Altius continues to evaluate potential exploration alliances and junior equity investment opportunities that support royalty creation across multiple jurisdictions.

Qualified person

Lawrence Winter, PhD, PGeo, vice-president, generative and technical, for Altius, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), is responsible for the scientific and technical data presented herein, and has reviewed, prepared and approved this release.

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, electricity, 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 58,754,253 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of the S&P/TSX Composite and S&P/TSX Global Mining indices, S&P/TSX Canadian Dividend Aristocrats Index, and FTSE Global Small Cap Index.