Mr. Brian Dalton reports

ALTIUS MINERALS CORPORATION INCREASES OWNERSHIP INTEREST TO 50% IN GREAT BAY RENEWABLES IN PARTNERSHIP WITH NORTHAMPTON CAPITAL PARTNERS

Altius Minerals Corp. has signed a share purchase agreement with Northampton Capital Partners and certain funds managed by affiliates of Apollo. Under the agreement, the Apollo funds will sell their membership interests in Great Bay Renewables Holdings LLC and Great Bay Renewables Holdings II LLC (collectively, GBR) to Northampton for total consideration of approximately $390-million (U.S.). Northampton will simultaneously sell its interest in Altius Renewable Royalties Corp. (ARR), through which it currently holds its indirect interest in GBR, to Altius.

Under the tripartite transaction, Altius will increase its effective interest in GBR from 29 per cent to 50 per cent while Northampton will increase its effective GBR interest from 22 per cent to 50 per cent. Prior to the closing of the transaction, GBR is held equally by Apollo Funds and ARR, with ARR in turn being owned by Altius (57 per cent) and Northampton (43 per cent). The transaction structure involves the acquisition by Northampton of Apollo Funds' direct 50-per-cent interest in GBR while Altius will concurrently acquire Northampton's minority interest in ARR.

The purchase consideration payable by Altius for the remainder of ARR is $168-million (U.S.) and will be financed through existing liquidity. The purchase consideration will include partial utilization of existing credit facilities. These facilities are currently being adjusted and expanded to reflect the balance sheet integration of Altius's recently completed acquisition of Lithium Royalty Corp.

Brian Dalton, chief executive officer of Altius, commented: "We are excited to enter into this transaction and increase our participation in the exciting future ahead that we envision for GBR, a business that we helped to conceptualize and found eight years ago. We also look forward to working as an equal partner with Northampton and building further upon the excellent working relationship that has been established between us. GBR will continue to be led by Frank Getman and his team, who have successfully innovated and driven adoption of the royalty financing model within the U.S. electricity generation sector and firmly established the business as its leading provider of royalty capital. With almost nine gigawatts of generation under royalty, GBR has reached an exciting inflection point in terms of its growth and royalty revenue trajectory and is now focused on continuing to add scale and diversity to its portfolio as the U.S. enters a period of electricity demand growth that is stronger than has been experienced in more than a generation."

Mr. Dalton added: "We would also like to take this opportunity to extend our sincere gratitude to Apollo for its bold early belief in the potential of GBR and for the strongly collaborative and value-added role it has played in its business development."

The transaction is subject to customary terms and conditions and is expected to close in late July.

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 electric-arc-furnace-based steelmaking, steadily increasing agricultural fertilizer requirements, and the enhanced appetite for financial asset diversification through precious metals ownership. These macro trends 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 55,748,220 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of the S&P/TSX Composite Index, the S&P/TSX Global Mining Index and the S&P/TSX Canadian Dividend Aristocrats Index.

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