FEBRUARY 2020

WILDING LAKE PROJECTNewfoundland, CanadaGold

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Disclaimer and Qualified Person

Forward Looking Statements

This document includes certain statements that constitute “forward‐looking statements” and “forward-looking information” within

the meaning of applicable securities laws (collectively, “forward‐looking statements”). Forward-looking statements include

statements regarding Altius Minerals Corporation’s (“Altius”) intent, or the beliefs or current expectations of Altius’ officers and

directors. Such forward-looking statements are typically identified by words such as “believe”, “anticipate”, “estimate”, “project”,

“intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “contemplate”, “possible”, “attempts”, “seeks” and similar expressions.

Forward‐looking statements may relate to future outlook and anticipated events or results.

By their very nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties, both general

and specific, and the risk that predictions and other forward‐looking statements will not prove to be accurate. Do not unduly rely

on forward‐looking statements, as a number of important factors, many of which are beyond Altius’ control, could cause actual

results to differ materially from the estimates and intentions expressed in such forward‐looking statements.

Forward‐looking statements speak only as of the date those statements are made. Except as required by applicable law, Altius

does not assume any obligation to update, or to publicly announce the results of any change to, any forward‐looking statement

contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors

affecting the forward‐looking statements.

Qualified Person’s Statement

Dr. Lawrence Winter, Ph.D., P.Geo., Vice-President Exploration for Altius, is the Qualified Person as defined by National

Instrument 43-101, Standards of Disclosure for Mineral Projects. Dr. Winter is responsible for the scientific and technical data

presented herein and has reviewed and approved this project summary.

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Project Highlights

• Advanced project – drill ready targets

• Multiple zones of high-grade gold in quartz veins and disseminated gold in feldspar-porphyry (e.g. Elm Zone:

93 g/t Au over 1.3 m channel sample, 10 g/t Au over 5.35 m drill intersection); plus newly recognized target

• Located on the same major structure that hosts the neighboring Marathon Gold’s Valentine Lake gold project;

3.09 Moz Measured & Indicated, plus 0.96 Moz Inferred (www.marathon-gold.com)

• Only 2,600 m of diamond drilling

in 30 DDH to date (average length < 90 m)

• Recent ground and airborne mag surveys

• Road accessible, recently forested

• 100%-Altius owned (subject to royalty)

• Strong community support

• Straight forward permitting process

• Available for JV or Option

• Additional information available

upon request

WILDING LAKE PROJECT AREA VIEWING SOUTHWEST TOWARDS

MARATHON GOLD’S VALENTINE LAKE GOLD PROJECT

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Location and Ownership

WILDING LAKEPROJECT

• Located in central Newfoundland

• Comprises Wilding Lake Block

(5750 Ha) & Noel Paul Block (3525

Ha)

• Easily accessible by forest access

roads from Millertown

• regional service centers and

airports nearby

• 100%-owned by Altius Resources

subject to a 1.5% NSR royalty (1%

buyback)

WILDING LAKE PROJECT LOCATION

Coordinates: 517,400mE, 5,368,900mN (NAD83, UTM Zone 21)

ST. JOHN’S

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Geological Setting for Gold in Central Newfoundland

• Located within the Dunnage Tectonostratigraphic Zone

• Geology records a prolonged geological history as part of the Appalachian Orogenic Cycle

• The Rogerson Structural Corridor encompasses Marathon Gold’s Valentine Lake gold deposits

• NE-SW trending crustal-

scale fault zone

(>200 km in length)

• Trace of corridor marked

by belt of conglomerate

(i.e. Rogerson Lake

Conglomerate)

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Valentine Lake Project – Newfoundland’s Next Gold Mine

• Gold mineralization lies mainly in the hanging wall to the NW dipping Valentine Lake Thrust Fault;

Neoproterozoic Valentine Lake Intrusive rocks over Silurian Rogerson Lake Conglomerates

• Predominantly 1-10 cm wide extensional to conjugate milky-white quartz with free gold, tourmaline and

pyrite

• Four primary deposits delineated to date on 20 km trend - plenty of exploration upside; combined mineral

resource of 3.09 Moz Au M&I and 0.96 Moz Au Inferred

• Amenable to open pit

mining and

conventional milling

• Estimated twelve-year

mine life based on

current resource

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Wilding Project Geology and Gold Distribution

Initially discovered by prospecting in

2016; multiple gold prospects and

targets outlined since that time

Rogerson

Structural Corridor

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Recent Exploration

2016 – Altius Resources Inc.

• Trenching, channel and till

sampling

• Geological and structural

mapping

• B-horizon soil sampling (>1200

samples)

• Line cutting (82-line km)

2017 – Antler Gold Inc.

• Ground magnetic survey

• Airborne magnetic surveys

• Prospecting

• 6800 soil samples

• 2450 m trenching – channel

sampling

• 2599 m of diamond drilling in 30

drill holes

• Structural study and age dating

• Trench reclamationKNOWN GOLD ZONES ON THE WILDING LAKE PROJECT

(VIEW TOWARDS THE NORTHEAST)

Gold in Orogenic-Style Quartz Veins

• Also associated with gold; chalcopyrite, hematite, malachite and tourmaline

• Found at the Elm-Cedar, Alder-Taz, Dogberry and Raven prospects

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Elm Zone Vein Extension Vein, Elm Zone Coarse gold, Elm Zone

Rogerson Lake Conglomerate Deformed conglomerate Chalcopyrite-hematite-

malachite-tourmaline

Gold in Pyritized Feldspar Porphyry

• Found at the Red Ochre Complex and Birch Prospect

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Altered feldspar porphyry Pyrite-quartz in altered porphyry

Elm Zone – Channel and Diamond Drill Results

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Alder Zone – Channel and Diamond Drill Results

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Red Ochre – Channel and Diamond Drill Results

Hole ID From m To m Length m Gold g/t

WL-17-10 *NSA

WL-17-11 12.00 27.00 15.00 0.32

59.00 70.00 11.00 1.51

including 60.00 61.00 1.00 3.28

and 61.00 62.00 1.00 3.22

WL-17-12 17.00 33.00 16.00 0.22

49.00 66.00 17.00 0.98

including 60.00 61.00 1.00 10.21

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Still Early Days - Significant Exploration Potential Remains

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Newly Recognized Valentine Lake-Type Target

Valentine Lake-Type Target - Valentine Lake Intrusive Suite (565 +/- 2 Ma) rocks

• Extensive magnetic anomaly tested by single vertical diamond-drill hole WL-17-29

• WL-17-29 returned 0.58 g/t Au over 8.75 m from 281.1 to 289.85 m,

including 5.1 g/t Au over 0.5 m from 288.5 to 289.0 m

565 +/- 2Ma granodiorite-tonalite

Deformed Rogerson Lake ConglomerateMagnetic Anomaly

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More Drilling = More Discoveries

• Currently, only 2600 meters of drilling on the Wilding Lake Project

• Propose 5000 meters of drilling to expand existing zones and follow-up on the Valentine Lake-type target

• For reference, over 250 kilometers of drilling on the adjacent Marathon Gold’s Valentine Lake Gold project

• Provincial Government JEA program provides up to $150,000 for drilling projects in Newfoundland

Item Unit Cost Number Unit Cost

Accomodation/Meals 400 120 day 48,000

Supplies/Rentals 50,000 1 overall 50,000

Truck Rental X 2 3,000 4 month 12,000

Core Shed Rental 700 4 month 2,800

Fuel 5,000 4 month 20,000

Wages (4 people) 1,600 120 day 192,000

Drilling 125 5,000 meter 625,000

Core Sample Analysis 40 2,400 sample 96,000

Helicopter 1,600 24 hours 38,400

Total 1,084,200

15% Cont 162,630

Grand Total 1,246,830

PROPOSED ESTIMATED BUDGET FOR 5000 METERS OF DRILLING

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Contact Information

17CW

Chad Wells

Vice-President, Business Development

Phone: (709) 579-8271

Email: Chad@altiusminerals.com

LWLawrence Winter

Vice-President, Exploration

Phone: (709) 579-8278

Email: Lawrence@altiusminerals.com

ALS

Altius Resources Inc.

2nd Floor, 38 Duffy Place

St. John’s, NL, A1B 4M5

Main: (709) 576-3440

Fax: (709) 576-3441