Anemergingroyaltyin ncomecompany

OURBUSINESS

MineralExplorationProjectGenerator Formapartnerfundedjointventureand retainaminoritydirectprojectinterest Convertprojectinterestsintoequity stakes t k in i neworexisting i ti public bli vehicles hi l RoyaltyCreationandInvestment Royaltiesretainedinprojectgeneration dealsdescribedabove Retainedcapital p gains g availabletoacquire q thirdpartyroyalties

PROJECTGENERATIONBUSINESS JOINTVENTUREPARTNEROFCHOICE

PROJECTGENERA ATIONBUSINESS PROJECTSPINOUTS

Shareholdingmonetizedfor~$6M

Shareholdingmonetizedfor~$200M 2%GSRcreated

25%shareholder 3%GSRcreated d

Projectmilestonesharepayments(5m+bonus) 14%GSRcreated

Projectmilestonesharepayments(19 (19.9%) 9%) 3%GSRcreated

CENTURY/ALTIUS $3Mdrillingprogramunderway 14%GSR

MAMBA/ALTIUS / $3MphaseIdrilling programunderway 3%GSR

RIOTINTO/ALTIUS Geotite BayDiscovery Drilling&resourcecalculationunderway 3%GOR

NORTHERNSTAR/ALTIUS drillingprogramunderway 14%GSR

ALTIUS&PARTNERS JulienneLake 3%GSR

Kami Project Feasibility/Development 3%GSR

LABRADORTROUGH IRONORE Large,PartnerFunded LandPosition

EquityandRoyaltyHolding

Alderon Equity Altiusisafounderandthelargestsharehold derof AlderonIronOre:32.9millionshares(~25% ( 25% %) Currentvalueof~$50million OthermajorshareholdersincludeHebei Iron nand SteelGroup(~20%)andLibertyMutual(15% %)

KamiRoyalty Altiusdiscovered,andholdsa3%GrossSale es Royalty,over Alderons KamiIronOredepos sit

FeasibilityStudy NPVat8%discount rate IRR Averageestimated operatingcosts (loaded forshipping) FOBConcentrate salespriceforecast (product andofftake adjustedtolong termCFR benchmark) Estimatedminelife Finalproductiron grade(%Fe) All categoryresource fortheRoseDeposit AnnualProduction Rate ProjectedPlant Startupand Commissioning ProjectedYearsto Payback

BBA December2012

$3,244M 29.3% $42.17/t

$110/t

30years 65.2% 1093.2Mt@29.6% Fe 8.0Mtpa Q4,2015 3.8

Project j fi financeli linked k dproduct d off fftake k agreement completedwithHebei SteelGroup ~$400 $400millioninobligationsforeffective40%interest

KAMIROY YALTYVALUE
AlderonFeasibilitySt tudy(BBA Dec.2012)

Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total

Royalty ($mil) $22.3 $27.9 $29.1 $ $28.5 $28.9 $27.5 $27.4 $26.6 $25.3 $26 7 $26.7 $25.0 $25.5 $24.4 $24.2 $24.4 $ $24.5 $24.4 $25.3 $25.8 $25.6 $24.1 $23.6 $23.7 $24.0 $24.1 $24.2 $24.3 $24.4 $24 9 $24.9 $9.5 746

JulienneLakeDeposit
Newfoundland and Labrador offering its part of the Julienne Lake Deposit in a competitive EOI process (~580M mineable tonnes at 33.2%). Altius claims cover the remainder of deposit. the

Altius has partnered with two Chinese integrated steel producers to submit a proposal to develop d l the h combined b d properties (EML ( and d Altius Julienne Lake). If the Proposal is accepted Altius will retain a consolidated royalty and a small carried project interest. The proposal offers two strategic bidding advantages: g Advantage 1: An improved pit design that removes boundary related pit limitations within the EML; and Advantage 2: Further pit expansion that encompasses mineable resources within Altius claim boundary.

ChileExpansion
10yearprojectgenerationinitiativeinpartnership withSantiagosZeusCapital $21milliondollarbudgetincluding$14millionin Chileangovernmentnonrecourseloans Altiuscontributingcapitalandprojectgenerationand dealmakingexpertise Jointventuresandspinoutcompanieswillresultwith astrongemphasisonroyaltycreation Southernhemispherelocationallowsgreatly increasedgenerativeeffortwithoutacorresponding increaseinstafflevelsoroverheadcosts

ROYALTYBUSINESS
Objective Tobuildaroyaltyportfoliothroughbothprojectgenerationandacquisitionandtodistributethe royaltyproceedstoshareholders

Strategy Focusonroyaltiesonworldclassdevelopmentorproductionstageassetswithprovenoperators

Projectgenerationbusinessisslowly,butsurely y,deliveringexceptionallyhighreturnroyalties.(E.g. Kami royaltyscheduledtobeginpayingin2015)

Seekingtodirectlyacquireexistingthirdpartyroyalties r orprovideroyaltybasedprojectfinancing

Industryenvironmentisnowconducivetovalue eorientedinvestment

VOISEYSBAYROYALTY
Acquiredin2003 paybackachievedin2008 Viewedasalongterminvestmentinaworld class l asset t ~25yearrevenuestream lowcostproducer Annualrevenueestimatedat~$34millionat currentproductionlevelsandnickelprices Exposuretoexplorationandexpansionpotential atzerocost
RoyaltyRevenue ($millions) 6.0 50 5.0 4.0 3.0 2.0 1.0 0.0 2006 2007 2008 2009 2010 2011 2012

ROYALTYREVENUEGROWTHPOTENTIAL

70 60 50 40 30 20 10 0 Kami Voisey'sBay
(Productionandfeasibilitystageroyaltiesonly)

Note:Kamiroyaltyrevenueissubjecttoapositivedevelopmen ntdecision.Revenuepotentialillustrationshowsinitialstage 8Mt/aproduction rate rampingto16Mt/a rate,

CAPITALSTRUCTURE
Issuedshares: MarketCapitalization: 28 149 115 28,149,115 ~$350million Cash: Investments: Royalties(internalNAV): Debt: ~$150million $100million* $172million nil

* Includesproportional32.9millionsharesofAlderonIronOre(ADV:TSX)

ALS:TSX

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