MINERALS CORPORATION The Beginning of Chapter 2… June 2009

Issued shares:28,381,195 Fully Diluted:29,689,695 Cash:$157 million Debt:nil CAPITAL STRUCTURE

Chapter 1 for Altius… Altius began early in the last resource bear market ( ) generating exploration projects at low cost It managed successfully to sell many of these during the bull market from 2003 to 2008 – while often retaining long-term royalties A royalty creation business … the 1 st Cycle 37% annual share price growth rate through first complete sector cycle

Voisey’s Bay Royalty Acquired in 2003 – Long term Ni price assumption of $3.25 Viewed as a long-term investment in a world-class asset Payback achieved in year revenue stream – low cost producer Current year revenue estimated at $ million No cost continued exposure to exploration and expansion potential Vale has announced new capital investment in processing infrastructure

AURORA ENERGY Co-founded Aurora Energy Resources in 2005 and subsequently grossed $208 million in sale of full equity interest Retain 2% gross sales royalty on all potential uranium production in Aurora’s Central Mineral Belt project with current M-I-I resources of 130 M lbs

The beginning of Chapter 2 for Altius… Current environment is similar to Major difference is that we are starting this cycle with a large, profit derived, cash position and a well developed project generation business model Current cash is far in excess of that optimal to the project generation business Additional contrarian investments in the sector are attractive Embracing Cyclicity

Project generation and royalty businesses

Focus on founding creative, new mineral resource projects Attract JV financing partners (more than 50 since inception, 14 current) Co-found independent public spin-out companies around select project initiatives e.g. Aurora, Rambler Altius has directly invested about $10 million in mineral project generation over 11 years since inception Third party spending on Altius generated projects in that time exceeds $80 million Diversified commodity focus Project Generation Business

Examples of JV Success in 2008 Taylor Brook % Ni, 0.13% Cu, and 0.028% Co over 4.15 meters Viking - four new zones of high-grade gold mineralization with recent drill hole Intercepts of g/t over 0.5 m, & g/t over 3.7 m m drilling program commencing next month

A new discovery located in the heart of North America’s most important iron ore mining district Acquired by staking when the market was gloomy - K-08-01: 30.10% Fe over m -K-08-03: 30.00% Fe over m Nearby Bloom Lake deposit which recently completed project financing and off-take Project Generation - Kamistiatusset Iron Ore Project

What’s Next? Project generation business in excellent position - competition for projects, people and services is dropping quickly - great opening now to expand proven model to additional jurisdictions Cash position creates additional contrarian opportunities to acquire royalty and equity stakes in strong assets -Initial deal flow indications are strong Consider Altius as a potential value adding financial partner -

MINERALS CORPORATION