Altius Provides 2023 Year-End Project Generation Update

Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) (“Altius”) is pleased to provide an update on its Project Generation (“PG”) business activities and its public junior equities portfolio. The market value of the junior equities portfolio at December 31, 2023 was $45.1 million, as compared to $44.6 million at September 30, 2023.

During the year, new cash-based investments amounted to $1.6 million and the market value (year-end basis) of shares received as part of property sales agreements totaled $2.8 million. Proceeds from sales of public equities from the portfolio totaled $1.2 million. An updated list of the public equity holdings has been posted to the Altius website at http://altiusminerals.com/projects/junior-equities.

In 2023, greater than 300,000 metres of exploration and delineation drilling, with an estimated cost to the operators of more than $60 million, was completed across projects in which Altius has royalty and/or equity exposure.

Project Generation Portfolio 2023 Select Highlights

Altius holds 29,315,015 common shares of Orogen Royalties (TSX-V:OGN) representing an approximate 16.5% equity stake and a further 7.1 million common share purchase warrants. Orogen continued to execute on its business model of project generation-based royalty creation with noteworthy highlights including nearly $5 million in 2023 royalty revenue from its Ermitaño royalty in Mexico and the significant advancement of AngloGold Ashanti’s Expanded Silicon project in Nevada (Orogen's 1% NSR royalty in addition to Altius' directly held 1.5% NSR royalty). Altius and Orogen also continued its strategic alliance in Nevada generating several new projects that bear geologic similarities to the Silicon discovery.

Adventus Mining Corp. (TSX-V:ADZN), of which Altius is a significant shareholder, closed the year with announcement of completion of its environmental consultation process for the proposed development of its El Domo-Curipamba project in Ecuador. This result now clears the way for the expected issuance of the environmental licence for the project. The Company also announced plans of a proposed merger with Luminex Resources Corp. (“Luminex”) (TSXV: LR) and a related US$18 million financing. In addition to its substantial equity holding (16,467,738 common shares) in Adventus, Altius holds a $4 million convertible debenture royalty loan with the Company, and a current 2% NSR royalty over the Curipamba project.