Altius Provides First Quarter 2021 Project Generation Update and Announces Retirement of Board Member

Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) is pleased to update its Project Generation (“PG”) business activities and its public junior equities portfolio. The market value of equities in the portfolio at March 31, 2021 was $54.2 million, compared to $52.2 million at December 31, 2020. This portfolio value does not include equity sales amounts, which exceeded new investment amounts by $2.5 million during the quarter, the value of various share purchase warrants or optional property-based milestone share payments yet to be received. An updated list of the public equity holdings has been posted to the Altius website (Link). A summary of PG business highlights for the quarter is provided below.

The Altius executive team and Board of Directors also wish to recognize the dedicated service of outgoing board member Don Warr, whose formal retirement became effective on March 31, 2021. Brian Dalton, CEO, commented, “Don has contributed to the growth of Altius with unwavering passion and professionalism throughout his 15-year tenure. I know I speak for the whole team in expressing gratitude for the opportunity to have worked with this always straight-shooting gentleman and in offering him our collective well wishes in all of his future pursuits.”

Portfolio and Project Generation Business Highlights

Champion Iron Ltd. (CIA:TSX) (“Champion”) has announced completion of its acquisition of the Kamistiatusset (“Kami”) iron ore project pursuant to a receivership process relating to the assets of Alderon Iron Ore Corp (“Alderon”). Under the acquisition, Altius is receiving 600,000 Champion shares for the sale of its portion of secured debt of Alderon. It also expects to receive a portion of the $15-million initial cash consideration and of potential future production-based cash payments stemming from its 37.3-per-cent equity holding in Alderon. The amount of cash consideration will be dependent on the receiver's ongoing approval process for any additional third-party creditor claims, which will rank in priority over any amounts payable to equity holders.

The Kami project is situated within the Labrador Trough mining district, nearby to the east of Champion’s operating Bloom Lake mine and south of the operating Scully mine of Tacora Resources and the Rio Tinto operated Iron Ore Company of Canada mining complex. Altius's project-generation team completed early exploration programs that broadly outlined the iron ore deposits at Kami before selling the project to Alderon in exchange for an equity shareholding and retained royalty. Alderon then further delineated large resource areas at Kami and published a feasibility study for the project in 2018. This study, which can be viewed under Alderon’s document filings at www.sedar.com, indicated the Kami Project’s ability to produce approximately 7.84 million tonnes per annum of premium-quality (high iron, low impurity content) iron ore concentrates.