Mr. Chad Wells reports

ALTIUS PROVIDES 2ND QUARTER 2024 PROJECT GENERATION UPDATE

Altius Minerals Corp. has updated its project generation business activities and its public junior equity portfolio.

The market value of equities in the portfolio at June 30, 2024, was $55.8-million, compared with $45.4-million at March 31, 2024. Cash proceeds of $7.6-million were generated from various portfolio sales while $2.9-million was invested during the quarter through the exercise of warrants. Net proceeds of $11.4-million were generated from the portfolio thus far in 2024.

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

Portfolio updates

Recently reported updates from certain portfolio companies included the following.

Orogen Royalties Inc. reported positive cash flows from operations for its three-month period ended March 31, 2024, as well as announced significant advancements at the expanded Silicon gold project located in Nevada, United States, by AngloGold Ashanti NA, where it holds a 1-per-cent project net smelter return royalty. Altius Minerals increased its shareholding of Orogen during the quarter, exercising 7,115,545 common share purchase warrants at 40.17 cents. Altius Minerals now holds a total of 36,430,561 common shares, or 18.15 per cent of the issued and outstanding common shares of the company and 17.18 per cent on a fully diluted basis. Altius Minerals also directly holds a 1.5-per-cent NSR royalty covering the expanded Silicon project.

Since its initiation in late 2022, Altius Minerals' strategic exploration alliance in Nevada with Orogen continues to generate new epithermal gold projects that bear geologic similarities to the Silicon discovery, and the partners are seeking to place with quality exploration groups. These include the Cuprite gold project, vended to Strikepoint Gold Inc. (see below), Celts, Firenze and Hot Tip.

Adventus Mining Corp. announced in late April a definitive arrangement agreement with Silvercorp Metals Inc., pursuant to which Silvercorp agreed to acquire all of the issued and outstanding common shares of Adventus at an effective price of 50 cents per Adventus share. As part of the arrangement, Altius Minerals received $9.6-million from Adventus to settle a $4-million (U.S.) convertible royalty debenture with the corporation that was originally provided in 2023.

On June 26, Adventus shareholders, including Altius Minerals, approved the arrangement with Silvercorp, and it was subsequently court approved on July 2. On July 5, 2024, Adventus advised that Silvercorp has taken the position that a recent legal challenge to one of the Ecuadorean government's environmental approvals for the Curipamba project represented an unmet condition to closing. Adventus disagrees with this position, and contends that all requirements for closing have been met under the arrangement and that Silvercorp is required to close the transaction by July 31. Altius Minerals holds a 2-per-cent NSR royalty covering El Domo-Curipamba project.

Canterra Minerals Corp. has been highly active in 2024, announcing advancement of its portfolio of base metal and gold projects in Newfoundland. Altius Minerals is a significant shareholder of Canterra and holds royalties covering its Wilding Lake property.

Sterling Metals Inc. recently announced the exercise of its option to acquire 100 per cent of the Adeline copper-silver project located in Labrador from Chesterfield Resource PLC. Altius Minerals is a significant shareholder of both Sterling and Chesterfield primarily related to its origination and sale of the Adeline project, and retains a 2-per-cent GSR royalty covering the project.

Gungnir Resources Inc. provided an update on its current exploration activities in northern Sweden in late June. In addition to a significant equity shareholding in Gungnir, Altius Minerals retains various gross sales royalty purchase options on Lappvattnet and other Gungnir projects in Sweden.

Strikepoint reported encouraging exploration drilling results from its Cuprite gold project in Nevada during the quarter. The five-hole program confirmed gold-silver mineralization below mercury-bearing residual silica exposed at surface, reminiscent of what is observed above the Silicon deposit. The Cuprite gold project was generated through an exploration alliance focused in Nevada between Altius Minerals and Orogen, which together sold the project for equity in Strikepoint and an underlying project royalty in 2023.

Qualified person

Lawrence Winter, PhD, PGeo, vice-president, exploration, for Altius Minerals, 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 Minerals' 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 macrotrends each hold the potential to cause increased demand for many of Altius Minerals' commodity exposures, including copper, renewable-based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore and potash. In addition, Altius Minerals runs a successful project generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius Minerals has 46,467,476 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.