THE AFRICAN MINING ROYALTY GENERATOR - Corporate Presentation Q1 2021 AIM: ALS TSX.V: ALTS - 121 Group
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ACQUISITION
THE AFRICAN MINING
DISCOVERY
ROYALTY GENERATOR
ROYALTIES
Corporate Presentation
Q1 2021
AIM: ALS TSX.V: ALTS OTC: ALTUF
Altus Strategies Corporate Presentation A
This presentation has been prepared by Altus Strategies plc (“the Company”).
DISCLAIMER
This document does not constitute or form any part of any offer or invitation or other solicitation or ownership risks; artisanal miners and community relations; difficulty in enforcement of judgments; the Company’s
recommendation to purchase any securities and contains information designed only to provide a broad overview for staggered board of directors; market conditions; stress in the global economy; current global financial condition;
discussion purposes. As such, all information and research material provided herein is subject to change and this exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; and risks related to the
document does not purport to provide a complete description of the investment opportunity. All expressions of payment of dividends. For more information about the risks and challenges of the Company’s business, investors
opinion are subject to change without notice and do not constitute advice and should not be relied upon. The should review those factors discussed in the section entitled “Risk Factors” in the Listing Application of the Company
Company does not undertake any obligation to update or revise the information in or contents of this document. datedMay 31, 2018, available on the Company’s profile at www.sedar.com
Recipients of this document who may consider acquiring shares in the Company are reminded that any such
acquisition should not be made on the basis of the information contained in this document. Statements relating to “mineral reserves” or “mineral resources” are deemed to be forward-looking statements or
information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves
Certain statements contained in this presentation constitute forward-looking information under applicable and resources described can be profitably produced in the future. Readers are cautioned that the foregoing lists of
Canadian securities laws. These statements relate to future events or future performance. All statements other factors are not exhaustive. The forward-looking statements contained in this presentation are expressly qualified by
than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but this cautionary statement.
not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “objectives”, “strategies”,
“estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, Although the forward-looking statements contained in this presentation are based upon assumptions which the
“believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other Company believes to be reasonable, the Company cannot assure holders of its ordinary shares that actual results
factors that may cause actual results or events to differ materially from those anticipated in such forward-looking will be consistent with these forward-looking statements. With respect to forward-looking statements contained in
statements. Altus Strategies plc (“The Company”) believes the expectations reflected in those forward-looking this presentation, the Company has made assumptions regarding: future commodity prices and royalty regimes;
statements are reasonable but no assurance can be given that these expectations will prove to be correct and availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates;
such forward-looking statements included in its presentationshould not be unduly relied upon. the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and
related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates;
In particular, this presentation contains forward-looking statements pertaining to the following: mineral resource future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and
estimates; targeting additional mineral resources and expansion of deposits; the Company’s expectations, assumptions underlying estimates related to adjusted funds from operations. These forward-looking statements are
strategies and plans for its African projects, including the Company’s planned exploration and development made as of the date of this presentation and the Company disclaims any intent or obligation to update publicly any
activities; the results of future exploration and drilling and estimated completion dates for certain milestones; forward-looking statements, whether as a result of new information, future events or results or otherwise, other
successfully adding or upgrading mineral resources and successfully developing new deposits; the timing, receipt than as required by applicable securities laws.
and maintenance of approvals, licences and permits from any applicable government, regulator or administrative
body; production and processing estimates; future financial or operating performance and condition of the
Company and its business, operations and properties; benefits of the Company’s projects to local communities; and
any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results,
performanceor achievements.
This forward-looking information is not based on historical facts, but rather on current expectations and projections
about future events and is subject to risks and uncertainties. These risks and uncertaintiescould causeactual results
to differ materially from the future results expressed or implied in this presentation. Such risks may include, without
limitation: mineral exploration, development and operating risks; estimation of mineralisation, resources and
reserves; environmental, health and safety regulations of the resource industry; competitive conditions; permitting
and licencing risks; operational risks; negative cash flow; liquidity and financing risks; funding risk; uninsurable risks;
conflicts of interest; exercise of statutory rights and remedies; government policy changes;
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
“BUILDING
THE LEADING
AFRICAN
OVERVIEW
ROYALTY
GENERATOR”
Steve Poulton
Chief Executive, Altus Strategies Plc
Altus Strategies Corporate Presentation 01
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
OVERVIEW ROYALTY & PROJECT PARTNERS CORNERSTONE INVESTMENT
STRATEGIC SHAREHOLDER
MINING PROJECT 35%
AND ROYALTY GENERATOR
FOCUSED ON AFRICA
Aiming to become the leading royalty company for
African assets. Offering shareholders maximum
exposure to the precious metals sector with the
minimum risk profile and capital outlay.
Toronto (TSX-V: ALTS)
New York (OTC: ALTUF)
London (AIM: ALS)
Focus on Africa
HIGH QUALITY GROWTH PORTFOLIO
21 PROJECT INVESTMENTS 9 ROYALTIES CASH TRADABLE EQUITIES
>70% PORTFOLIO LEVERAGED TO GOLD C$9.6M C$2.6M
Altus Strategies Corporate Presentation 02
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
SHARE CAPITAL STRUCTURE
HIGHLY SUPPORTIVE Capital Structure One Year Share Price Performance
SHAREHOLDER BASE AIM: ALS, TSX-V: AIM: ALS MKT CAP £57M
WITH MANAGEMENT Listings TSX-V: ALTS MKT CAP C$100M
ALTS, OTC: ALTUF
TEAM ALIGNED WITH Issued shares outstanding 70,091,601
INVESTORS HOLDING A Share options 5,100,000
COMBINED 20% Warrants C$1.125 / expiring 18 April 21 182,372
Altus has welcomed global mining investor Warrants C$1.500 / expiring 18 Apr 23 5,478,323
La Mancha Group as its largest shareholder,
representing a strong endorsement of the
Altus team and its business model. The
Fully diluted 80,852,296
partnership provides the capital and
expertise to fast track projects and royalty Market Cap undiluted (AIM / TSX-V) £57M / C$100M
generation activities by leveraging La Figure as at 31st January 2021
Mancha’s capital, experience and network.
Significant Shareholders
La Mancha Holding s.à.r.l 35.45% Private Investors La Mancha
Altus Strategies (Board) 20.53%
Euro Pacific
Delphi 9.99%
>78%
Sprott USA 6.69% CreditForce
CreditForce Limited 2.40% Sprott USA
Euro Pacific Gold Fund 1.91%
Delphi
Subtotal 76.73% Altus Board
Board & Institutional shareholder
ownership
Altus Strategies Corporate Presentation 03
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
DISCOVERY UPSIDE & ROYALTY GROWTH
ACQUISITION
ACQUIRE EXISTING
ACQUISITIONS
ROYALTY ROYALTY
FUNDED
ALTUS
ACQUISITION
FINANCE A
ROYALTY
ROYALTIES
CASH
FLOW
DISCOVERY
MILESTONE PAYMENTS
DISCOVERIES
PROJECT
PARTNER
AND EQUITY
FUNDED
GENERATION
‘DISCOVERY’ RETAIN A
ROYALTY
Altus Strategies Corporate Presentation 04
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
“SHARING OUR
OUR TEAM
KNOWLEDGE
BETWEEN ALL
OUR EMPLOYEES
ACROSS ALL
OUR PROJECTS”
Will Slater
VP Operations, Altus Strategies Plc
Altus Strategies Corporate Presentation 05
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
OUR TEAM
BOARD OF DIRECTORS MANAGEMENT
DAVID NETHERWAY STEVEN POULTON MATTHEW GRAINGER SANDRA BATES MARTIN KEYLOCK ALISTER HUME
Non-Executive Chairman Chief Executive Executive Director General Counsel CFO & Company Secretary VP Business Development
Mining Engineer with over 45 Mining Geologist with over 20 Mining Geologist with over 20 International lawyer with over Corporate accountant with over Experienced investment and
years’ experience. Chairman of years’ experience. Co-founder of years’ experience. Co-founder of 20 years’ experience in natural 15 years' experience. Previously business development manager
Altus and Canyon, Director of Altus, Ariana, African Aura Altus, Ariana and former COO of resources. A Partner at with Velocys plc, a multinational with over a decade of
Kore. Former director of Afcan, [Afferro / Avesoro] and Stellar African Aura [Afferro / Keystone Law, non-executive of AIM listed renewable fuels experience in private equity and
Afferro, African Aura, Avesoro, Diamonds. Avesoro]. Adriatic Metals Plc, non- business. A member of the capital markets in natural
Crusader, Equigold, Gryphon, executive of Pensana Rare ACCA since 2007. resources. Previously with The
Kilo, Orezone and Shield. Earths Plc and member of Sentient Group and KoBold
Women in Mining UK. Metals.
ROBERT MILROY MICHAEL WINN KARIM NASR WILL SLATER DR. RICHARD BELCHER AMBOGO GUINDO
Non-Executive Director Non-Executive Director Non-Executive Director VP Operations VP Exploration General Manager (Mali)
Capital markets’ specialist with Geologist with over 37 years’ Chief Executive of La Mancha, Geologist with over 10 years’ Geologist with over 17 years’ Geologist with over 25 years’
over 45 years’ experience. experience. Co-founder and holding company of the La experience across Africa on a experience in Africa and Europe experience in gold exploration
Former MD of Eagle Drilling and Chairman of EMX Royalty, Mancha Group, a privately held range of commodities on a range of commodities. He in Mali. Former government
has been involved in exploration
founder of Corazon Capital. President of Seabord, director gold mining investment company including. He has been and UNDP geologist. involved
from grass-roots through to
Chairman of Milroy Capital and of Revelo, Alexco, Atico. Former with assets in West Africa. He is involved in the management resource and held management in the discovery of the Syama
Director of the Energy Venture director of Legend, Sprott, also a director of TSX-listed of reconnaissance, drilling positions with several junior deposit having worked with
Funds III, IV & V. Reservoir (co founder) and Golden Star Resources, a and resource stage companies. BHP for 12 years including
NGEx. company in which La Mancha exploration programmes. two years in their San
has a 34.4% equity interest. Francisco Head Office.
Altus Strategies Corporate Presentation 06
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
“WE MAXIMIZE
RETURNS BY
GENERATING
STRATEGY
ROYALTY INCOME
AND RETAINING
DISCOVERY
UPSIDE”
Alister Hume
Business Development Manager, Altus
Strategies Plc
Altus Strategies Corporate Presentation 07
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
ROYALTY GENERATION STRATEGIES
DISCOVERY STRATEGY ACQUISITION STRATEGY
Exploration Discovery Feasibility Build Production
Exploration Discovery Feasibility Build Production
Value per share
Value per share
CASH FLOW
CASH FLOW
Multiple diversified discoveries Focus on cash paying assets
JV or sell assets to third parties Acquire royalties from third parties
Retain royalties on future income Provide finance to create new royalties
Altus Strategies Corporate Presentation 08OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
PORTFOLIO GROWTH
FOCUSED ON ROYALTY
Projects + Royalties Licences Acquired Licences Relinquished
CREATION THROUGH
EXCEPTIONAL ASSET 25
21 21
SELECTION 20
20 16
Altus has continued to grow its portfolio of 15
14
projects throughout the cycle. Good assets
are advanced and either i) sold or ii) made 15
available for joint venture, in each case
8
Altus retains a royalty interest. Poor quality 10 6
assets are relinquished at the earliest 5 5
opportunity to preserve shareholder 3 3
capital. 5
0
-5
-10
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Strategic
investment JV on copper Listing on AIM Gold royalty on two gold Strategic investment by La
discovery in in projects in Mali to Desert Mancha
by Sprott
Ethiopia with Gold (TSXV)
JOGMEC
Listing on TSXV Gold royalty on two projects in
JV on bauxite asset in
Bauxite royalty in Cameroon Mali with Marvel Gold (ASX)
Cameroon with Canyon
with Canyon (ASX)
(ASX) Deal with Legend Gold
Corp (TSXV) Gold royalty on two projects in Côte
Option agreement on Ni- d’Ivoire with Stellar Africa (TSXV)
Co asset in Côte d’Ivoire
Altus Strategies Corporate Presentation 09OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
MARKET OPPORTUNITY
WHY AFRICA
AFRICA FOCUSED
• Vast under explored continent
• Discoveries at or near surface reduces cost and time
• More targets can be tested per dollar invested – reducing
exploration costs and increasingdiscovery potential 35
35
9 39
Depth of cover(m)
• Africa with only 14% of the global exploration budget has 78
generated 24% of all discoveries in the last decade (source: MinEx 92
92
Consulting). 98
125
Illustration: Discoveries in Africa are made
much closer to the surface than the rest of the world
162
198
SCENARIO TRADITIONAL JUNIOR ROYALTY CO ALTUS MODEL (ROYALTY GENERATOR)
Projects Few (1-2 Flagships) Multiple (+5) Multiple (+15)
Discoveries Single None Multiple
Low risk on producing Royalties Combination of High risk/high return
Risk Profile High Risk
High risk on exploration Royalties discoveries and long term stable income
Small Finance/Technical Team Multiple Expert Teams
Team/Expertise Small Exploration Team No involvement in project Leverage expertise to make discoveries and
development review royalties opportunities
Equity Equity & Cash from Equity, Milestone Payments,
Primary Funding Tradeable Securities & Cash
Paying royalties
100% of a 0.5%-2.5% Royalties of
Scenario single Discovery Cash flows if producing DISCOVERY ACQUISITION ROYALTIES
10OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
PORTFOLIO AND PIPELINE
PROJECT PYRAMID
Altus holds interests in a number of
projects in the form of royalties and also
a diversified range of base and precious # Project 3rd Party M Country
metal exploration projects across Africa.
1 Leopard Rock Avesoro Au Liberia
Exit & Monetisation
12 1 2 Birsok Canyon Al Cameroon
2
11 3 Pitiangoma Est Resolute Au Mali
Joint Venture Agreement 4 Lakanfla Marvel Gold Au Mali
13
3
4 5 Tigray-Afar - Cu Ethiopia
19 15
Advanced Discussions 6 Agdz - Cu Morocco
10 7 Bikoula - Fe Cameroon
20
Joint Venture Ready 18
8 Laboum - Au Cameroon
5
9 9 Daro - Cu Ethiopia
Project Generation 14 10 Diba - Au Mali
8
21 11 Djelimangara Desert Gold Au Mali
7
Applications 12 Sebessounkoto Desert Gold Au Mali
6
13 Tabakorole Marvel Gold Au Mali
17
14 Takzim - Zn Morocco
15 Prikro Stellar Africa Au Ivory Coast
16
16 Ammas - Zn Morocco
17 Zaer - Cu Morocco
18 Zager - Au Ethiopia
19 Zenoula (apl) Stellar Africa Au Ivory Coast
20 Toura (apl.) Firering Ni Ivory Coast
Project partners 21 Egypt* (New) - Au Egypt
* New licences granted in Jan 2021
Altus Strategies Corporate Presentation 11OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
ALTUS ROYALTY PORTFOLIO
Organically generated and 100% owned
LAKANFLA TABAKAROLE DJELIMANGARA SEBESSOUNKOTO PITIANGOMA
Western Mali Southern Mali Western Mali Western Mali Southern Mali
2.5% NSR 2.5% NSR 2.5% NSR 2.5% NSR 2.0% NPI
Gold Gold Gold Gold Gold
Status: Drilling Status: Resource Status: Drilling Status: Drilling Status: Drilling
Marvel Gold Marvel Gold Desert Gold Desert Gold Resolute Mining
ASX:MVL ASX:MVL TSX-V:DAU TSX-V:DAU ASX:RSL
LEOPARD ROCK BIRSOK PRIKRO ZENOULA (*)
Liberia Cameroon Cote D’Ivoire Cote D’Ivoire
2.5% NPI US$1.5/t 2.5% NSR 2.5% NSR
Gold Bauxite Gold Gold
Status: Drilling Status: Feasibility Status: Exploration Status: Exploration
Canyon Resources Stellar AfricaGold Stellar AfricaGold
Avesoro Resources
ASX:CAY TSX-V:SPX TSX-V:SPX
Altus Strategies Corporate Presentation 12OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
KEY PROJECTS
DIBA Summary Advanced 0.4Moz gold project 15km from Sadiola mine
(AU)
TODAY
Key attributes US$107M (post-tax) NPV10 US$1,500 on oxide ounces 2018 2020 Update PEA 2021 2023
Western Mali Asset stage Indicated resource, preliminary PEA, CIL plant metallurgy
Deal Resource expansion targeting 1m oz, PEA, metallurgy Target Income / JV
Results 10,000m drilling completed Q1 2021
DISCOVERY
Next phase Drilling through 2021 to increase resource to 1m oz Project acquired Metallurgy - CIL Drilling
JV Partner 100% ownership by Altus
Deal Terms N/A
LAKANFLA Summary Major karst target 6km from Sadiola mine (FE3 & FE4 pits)
(AU)
TODAY
Key attributes Large geophysical target and significant artisanal mining
2018 2019 2020 2023
Western Mali Asset stage 3,800m drilling & geophysics, soils completed Q4 2020
JV
Deal Exploration Resource, BFS Production Target
Funding
DISCOVERY Results Karst system confirmed, soil grid defines additional targets
Next phase Further drilling & geophysics Drilling
JV Partner Marvel Gold (Q2 2020) – ASX listed
Deal Terms 2.5% NSR & Altus co-fund option at 20%
TABAKAROLE Summary Significant new gold project defined in western Mali
Key attributes 0.91Moz resource @ 1.2 g/t Au and growing
(AU)
TODAY
Asset stage Resource expansion & testing new targets 2018 2020 2021 2022
Southern Mali
Results Q121: excellent metallurgy (>90% recoveries), drilling JV
Deal Exploration Resource + 1moz Feasibility
Funding
DISCOVERY Next phase Further drilling planned to expand resource >1m oz
Drilling
JV Partner Marvel Gold (Q2 2020) – ASX listed
Altus Strategies Corporate Presentation Deal Terms 2.5% NSR & Altus co-fund option at 20% 13OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
DISCOVERY STRATEGY IN ACTION
Unrivalled simultaneous exposure to multiple discoveries
*Only 3 of 20 projects & royalties
Altus shareholders have exposure to over 20,000m of reverse circulation (RC) drilling at three projects over the fourth
quarter of 2020. This is an exceptional investment proposition that defines the unique hybrid business model of Altus. More drilling and exploration undertaken by other JV partners
such as Resolute, Desert Gold and across rest of portfolio.
43,000m Mali projects - 18 month total drilling Projected 5,000m
RC
38,000m 5,000m
RC
33,000m 20,000m 9,000m
Diba (100% Owned) 3 months
3 projects RC
Lakanfla (Marvel JV)
Tabakorole (Marvel JV)
24,000m 6,700m
RC = reverse circulation
DD = diamond drillhole
AC = air core RC
17,500m 10,000m
RC
7,500m 3,880m
RC
3,500m 1,600m [COVID Shutdown]
2,000m 2,000m DD
0m AC
Q1 Q2 Q3 Q4 Q1 Q2
2020 H1 2021
Altus Strategies Corporate Presentation 14OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
GOLD IN EGYPT
EGYPT LICENCES Summary Licences granted in 2021 as part of a competitive international process
(AU) Key attributes Multiple high priority areas targeted including historic gold workings Geophysics Trenching
2020 2021 2022
Eastern Egypt Exploration licenses strategically located within a world–class gold
Asset stage Licences
province attracting top tier bidders including Barrick, B2 Gold & Centamin Target definition, ground follow up Drilling
Granted
DISCOVERY
Next phase Aggressive target generation programme
TODAY
Surface Sampling
Ownership 100% owned by Altus subsidiary Akh Gold
Deal Terms tbc
HISTORIC MINING JURISDICTION EGYPT: Attractive Investment Destination
Well-established historic mining district with activity recorded from Pharaonic DIVERSE PROJECT PORTFOLIO EXISTING MINERALISATION
times.
MINING LAW 2
New mining legislation, implemented in 2020, has opened up the Egyptian natural
resources sector to foreign investment.
Multiple Historic
mines
Areas of historic Au
workings World
ACTIVE MINING
Excellent infrastructure and world-class potential demonstrated by modern
17 class potential JV
partners
discoveries such as the +14 Moz Sukari gold deposit, currently producing Au mineral
450,000 oz Au per year owned by Centamin. occurrences
Company Market Cap (GBP£) Commodities Operating Countries Ticker
£1.3Bn Gold Egypt, Burkina Faso, Cote d’Ivoire LSE:CEY, TSX:CEE
Strategic support
£4.5m Gold Egypt TSX.V:AAN
Altus Strategies Corporate Presentation 15OVERVIEW OUR TEAM EGYPT PROJECTS APPENDICES ARABIAN–NUBIAN SHIELD LARGE NUMBER OF MINES AND EXPLORATION PROJECTS WITH A TOTAL INFERRED GOLD RESOURCE OF 40 MILLION OUNCES + Larger than the Australian Shield, spanning 10 countries and 2 continents, the Arabian- Nubian Shield contains some of the world’s largest gold deposits 15 Gold Mines Currently active in the ANS Akh Gold Overview Presentation 16
OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
PROJECT PORTFOLIO
MOROCCO Summary 4 licences covering 260km2 for Cu-Ag+ Au, Zn, Pb
PORTFOLIO Key attributes Agdz: Large Cu-Ag + Au system, 14km from Cu mine
DISCOVERY Asset stage Mapping, geophysics and reconnaissance trenching
Results Agdz: 1.25% Cu & 96 g/t Ag over 9.3m in channel
Next phase Agdz: Trenching & geophysics
JV Partner TBC
Deal Terms TBC
ETHIOPIA Summary 3 licences exploring for Cu-Au covering 1,018km2
PORTFOLIO Key attributes VMS & Au potential, extensive alluvial gold mining
DISCOVERY Asset stage Target definition, recon & channel sampling
Results Samples of 34.4% Cu, 203g/t Ag, & 37 g/t Au
Next phase Channel sampling, trenching, geophysics (IP)
JV Partner TBC
Deal Terms TBC
LABOUM Summary Unexplored crustal scale shear zone discovered
(Au) Key attributes 15km long shear zone target up to 5km wide
Cameroon Asset stage Trenching, soil sampling and ground geophysics
DISCOVERY Results Multiple gold prospects defined, 24.5 g/t Au in rock chips
Next phase Systematic channel, trenching and drilling
JV Partner TBC
14
Altus Strategies Corporate Presentation Deal Terms TBC 17OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
NEXT STEPS 2021 – Q1 2021 – Q2
DIBA (100% OWNED) Au
Au
LAKANFLA (MARVEL JV) Au
TABAKOROLE (MARVEL JV) Au
Au
Au
EGYPT (100% OWNED) Au
BIKOULA (100% OWNED) Fe
LABOUM (100% OWNED) Au
AGDZ (100% OWNED) Cu-Ag
ETHIOPIA (3 PROJECTS) Cu-Au
ROYALTY TRANSACTION TBD
NEW LICENCE AQUISITION TBD
Legend Drilling New Projects Metallurgy Resource / PEA JV / Sale / Royalty Geophysics Target definition
Altus Strategies Corporate Presentation 18OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
WHY ALTUS?
“IMPLEMENTING
THE OPTIMAL
STRATEGY FOR
DISCOVERY
AND ASSET
MONETIZATION”
Matthew Grainger
Executive Director, Altus Strategies Plc
Altus Strategies Corporate Presentation 19OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
WHY ALTUS?
DISCOVERY UPSIDE OPTIONALITY
Expansive project portfolio in the most prospective Growing asset portfolio leveraged to the gold price
region globally for new gold and other discoveries. 10 YEAR GOLD PRICE
RECORD HIGH
USD$1,900
ROYALTY INCOME
Accelerating growth of royalty portfolio through USD$1,500
project transactions, acquisitions and investments.
PARTNERSHIP USD$1,100
Low-cost portfolio with multiple partner-funded programs 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
defining new resources and creating shareholder value.
ALTUS UNDERVALUED RELATIVE TO PEER GROUP
Company Market Cap Commodities Countries operating in Exploration assets Royalty assets
Copper, Gold, Silver,
£40.6m Botswana 1 3
Zinc
Gold, Copper, Iron Ore, Cameroon, Egypt, Morocco,
£53m Bauxite, Zinc, Silver Mali, Ivory Coast, Ethiopia 16
20 9
Australia, Ivory Coast,
£78m Lithium, Gold 22
Ghana, Chad, Gabon
Gold, Copper North America, South
£204.0m 63 9
America, Scandinavia
Nickel, Gold,
£360.3m North America 36 16
Copper, Iron ore,
Altus Strategies Corporate Presentation Coal, Potash, Zinc, 20
CobaltOVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
CORPORATE SOCIAL RESPONSIBILITY
COMMUNITY Sharing our knowledge Operating a zero- Establishing the foundationsof
INVOLVEMENT FROM between all our tolerance policy future partnerships through
employees across on bribery and open and honest discussion
THE START OF OUR corruption
all our projects with all stakeholders
PROJECTS LAYS
THE GROUND
WORK FOR FUTURE
Conducting Working within Working with local
our business communities to
the ‘E3 Plus’
DEVELOPMENT ethically and undertaken projects
honestly framework
that have tangible and
ensuring minimal immediate benefits
Growing our
Recruiting talented team members
disturbance to the local
from the communities in which we environment technical
teams
operate
OUR PEOPLE
Management & Administration Technical Team SupportTeam
3 9 1
6 6 4
Local personnel Expat personnel
Altus Strategies Corporate Presentation 21OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
APPENDICES
APPENDICES
Altus Strategies Corporate Presentation 22OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
KEY PROJECTS
DIBA
Diba – schematic cross section
PROJECT (AU) Summary Advanced 0.4Moz gold project 15km from Sadiola gold mine
Key attributes US$107M post tax NPV10 @ US$1,500 on oxide ounces
Western Mali
Asset stage Indicated resource, preliminary PEA, CIL plant metallurgy
Results 0.4 Moz Au (Indicated + Inferred) Target : 1 million oz
Next phase Drill results, geophysics, >5,000m drilling (Q2 2021)
JV Partner 100% ownership by Altus
Deal Terms N/A
Selected drill intersections
Hole ID From (m) To (m) Interval (m) Grade (g/t Au) Conceptual model for PEA
MIDH07-065 10.0 22.0 12.0 20.66
MIDH06-009 44.0 61.0 17.0 3.25
20KSRC-060 17.0 77.0 60.0 3.34
20KSRC-067 0.00 5.00 5.00 43.83
20KSRC-049 89.0 95.0 6.00 22.11
MIDH07-057 32.0 62.0 30.0 2.15
Intersections: greater than 0.5g/t Au cut off grade, (OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
KEY PROJECTS
LAKANFLA
Project summary Major karst target 6km from Sadiola mine (FE3 & FE4 pits) Yatela mine – karst geology in pit wall
PROJECT (AU) Summary
Key attributes
Major karst target 6km from Sadiola mine (FE3 & FE4 pits)
Karst (Yatela-type) drill target (similar to FE3 & FE4 pits)
Key attributes
Asset stage Large geophysical target
Historic drilling, and
gravity significant
survey artisanal
anomaly, mining
surface oxide defined
Western Mali
Results
Asset stage 12m
3,800m @ 9.78
drilling g/t & 16m @soils
& geophysics, 5.2 g/t within Q4 2020
completed
major gravity low
Results
Next phase of work Karst system confirmed,
Drilling underway (Q4soil grid geophysics,
2020), defines additional targets survey for
soil geochemical
additional targets
Joint
Nextventure
phase partner FurtherJVdrilling & geophysics
Term agreement signed with Marvel Gold (Q2
2020)
JV Partner Marvel Gold (Q2 2020) – ASX listed
Deal terms 50% of US$1.45m in payments + 2.5%
Deal Terms NSR,&co-fund
2.5% NSR Altus option at option
co-fund 20% at 20% following BFS
Project value illustration (US$) Conceptual karst model >2.5km artisanal workings
Expenditure by Altus N/A
Expenditure by JV partner >US$1m; phase 3 underway
Payments to Altus to date [B] US$150,000
Net cost to Altus to date [A-B] N/A
Project timeline illustration
High grade breccia Collapsed ground / karst
TODAY
2018 2019 2020 2023
JV
Deal Exploration Resource, BFS Production Target
Funding
Drilling
Altus Strategies Corporate Presentation 24OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
KEY PROJECTS
TABAKAROLE
Tabakorole long-section showing recent drilling and resource upside
PROJECT (AU) Summary Significant new gold project defined in western Mali
Key attributes 0.91Moz resource @ 1.2 g/t Au and growing
Southern Mali
Asset stage Resource expansion & testing new targets
Results Q121: excellent metallurgy (>90% recoveries), drilling
Next phase Further drilling planned to expand resource >1m oz
JV Partner Marvel Gold (Q2 2020) – ASX listed
Deal Terms 2.5% NSR & Altus co-fund option at 20% following BFS
Project value illustration (US$)
Expenditure by Altus N/A Plan view of recently completed diamond drilling at Tabakorole
Expenditure by JV partner >US$1.0m; phase 3 underway
Payments to Altus to date [B] US$150,000
Net cost to Altus to date [A-B] N/A
Project timeline illustration
TODAY
2018 2020 2021 2022
JV
Deal Exploration Resource + 1moz Feasibility
Funding
Drilling
Altus Strategies Corporate Presentation 25OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
SUMMARY MINING CODES
Royalty rates Mining code - key terms
Licence Type Corporate Tax (%) Govt.Carried Precious Base metals Precious Industrial Mining code Application / First Renewal SecondRenewal
Interest (%) metals(%) (%) stones(%) minerals(%) date Grant Cost Fee Fee
Exploration 25.0% 10% 3% 2.5% 8% 2.5% 2001 4,000 CFA/km2 3,000 CFA/km2 All renewals the
($7/km2) ($5/km2) same price
Cameroon
Mining code - key terms (continued)
Licence Type Land rent Min. Min.Size Max size (km2) Reporting Initialterm Renewals Area dropped on Notes
(local/km2) expenditure (km2) requirements (Years) (Numbers renewal (%)
(local/km2) & Years)
Exploration Yr. 1: 1,000 CFA ($1.5) 3,000 None 500 Annual & 3 3 x 2yr 50% Renewals of permits cost 4,000CFAper Km2. In
to CFA/km2 Bi-annual addition maps and attestations from the national
Yr. 8: 8,000 CFA $(13) ($5/km2 institute of cartography have to be procured at
Yr. 8 ~350,000CFA depending
upon the size
Royalty rates Mining code - key terms
Licence Type CorporateTax Govt.Carried Precious Base metals Precious Industrial Mining code Application / First Renewal Second
(%) Interest (%) metals(%) (%) stones(%) minerals(%) date Grant Cost Fee RenewalFee
Exploration 28.0% 5.0% 7.0% 6.0% 7.0% 4.0% Mining Operations (Amendment) Proc. No Application: 500 ETB ($22) 100ETB 100ETB
816/2013; Mining Licence: 200 ETB ($9)One ($5) ($5)
Operations Proclamation 678/2010; company may only hold
Licensing Directive 1/2011 1,500km2 of ANS in total
Ethiopia
Mining code - key terms (continued)
Licence Type Land rent Min.expenditure Min.Size Maxsize Reporting Initialterm Renewals Area dropped on Notes
(local/km2) (local/km2) (km2) (km2) requirements (Years) (Numbers renewal (%)
& Years)
Exploration Oromia: 600 ETB ($25) / No set minimum 1 Level 1 - 1,500; Annual & Bi-annual (Including 3 2 x 1yr 25% N/A
km² Benish: 120 ETB ($5) / km² Afar: expenditure but the Level 2 - 2,000 operations, results (incl. core and
60 ETB ($3) / km² Ministry have to Max size a licensee can log data), employment, financial,
Tigray: 40 ETB ($2)/ km² agree the overall work hold at a given time is commercial, and other relevant
programme 3,500 km2. info)
Altus Strategies Corporate Presentation 26OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
SUMMARY MINING CODES
Royalty rates Mining code - key terms
Licence Type Corporate Tax (%) Govt.Carried Precious Base metals Precious Industrial Mining code Application / First Renewal SecondRenewal
Interest (%) metals(%) (%) stones(%) minerals(%) date Grant Cost Fee Fee
Exploration 19%(half) 10%TBC 3.0% 3.0% 3.0% 3.0% 2016 2,000 MAD / 4,000 MAD($400) N/A
35%(full) under new block($200) / block
code
Morocco
Mining code - key terms (continued)
Licence Type Land rent Min. Min.Size Max size (km2) Reporting Initialterm Renewals Area dropped on Notes
(local/km2) expenditure (km2) requirements (Years) (Numbers renewal (%)
(local/km2) & Years)
Exploration Varies depending on land 33,000-66,000 n/a Total licence Annual 3 1 x 4yr - Terms taken from new mining code - August 2016.Differs from old
value, min of MAD($3,300- area made up of code, but Aterian permits were issued under
5000MAD/hectare + 7,000) 4x4km blocks. the old code and transferred to the new one. Minimum
10%. Only small expenditure negotiable with MoM. Tax rate of 38.5% reduced
area of total rented by half if product exported.
5 year tax exemption for new mining projects
Royalty rates Mining code - key terms
Licence Type CorporateTax Govt.Carried Precious Base metals Precious Industrial Mining code Application / First Renewal Second
(%) Interest (%) metals(%) (%) stones(%) minerals(%) date Grant Cost Fee RenewalFee
Exploration 25% for first 10% free carry 6% 3% 3% 3% 2012 10,000,000CFA/Licence 5,000,000 All renewals
15 years, 30% with option for ($18,000/Licence) CFA/Licence at the same price
thereafter; first 3 further 10% for ($9,000 /
years, miners are cash (Exploitation Licence
exempt from VAT Licence)
Mali
Mining code - key terms (continued)
Licence Type Land rent Min. Min. Size Max size (km2) Reporting Initial term Renewals Area dropped on Notes
(local/km2) expenditure (local/km2) (km2) requirements (Years) (Numbers renewal (%)
& Years)
Exploration Initial term: 1,000 CFA ($1.8) / km2 Frist No set minimum expenditure None None Quarterly 3 2 x 2yr None Mining ventures are generally
renewal: 1,500 CFA ($2.7) / km2 Second but the Ministry have to agree & Annual free of corporation tax for the
renewal: 2,000 CFA ($3.6) /km2 the overall work programme first five years of production
Altus Strategies Corporate Presentation 27OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
SUMMARY MINING CODES
Royalty rates Mining code - key terms
Licence Type Corporate Tax (%) Govt.Carried Precious Base metals Precious Industrial Mining code Application / First Renewal SecondRenewal
Interest (%) metals(%) (%) stones(%) minerals(%) date Grant Cost Fee Fee
Exploration up to 25.0% 10% free carry with 4%, Gold 3.5% 3% 1.5 – 3.5% 2014 1,000,000 CFA/ TBC TBC
option for further 5% for (3-6%) Licence
cash
Ivory Coast
Mining code - key terms (continued)
Licence Type Land rent Min. Min.Size Max size (km2) Reporting Initialterm Renewals Area dropped on Notes
(local/km2) expenditure (km2) requirements (Years) (Numbers renewal (%)
(local/km2) & Years)
Exploration TBC 1600 CFA/km2 None 400 Half yearly, 4 2 x 3yr None 0.5% of annual revenues directed to Community Mining Fund. First
annual 5 years of commercial production are income tax free. Exploration
phase companies exempt from contributing towards incorporation
of their companies or increasing capital stock, annual minimum tax
and property taxes.
Royalty rates Mining code - key terms
Licence Type Corporate Tax (%) Govt.Carried Precious Base metals Precious Industrial Mining code Application / First Renewal SecondRenewal
Interest (%) metals(%) (%) stones(%) minerals(%) date Grant Cost Fee Fee
Exploration 22.5% 10% - 20% 5% / tbc 5% / tbc 5% / tbc 5% / tbc 2020 US$ 20,000 / US$ 50,000
Mining code - key terms (continued)
Egypt
Licence Type Land rent Min. Min.Size Max size (km2) Reporting Initialterm Renewals Area dropped on Notes
(local/km2) expenditure (km2) requirements (Years) (Numbers renewal (%)
(local/km2) & Years)
Exploration 5,000 EGP for initial period, 20,000 EGP for None Single Quarterly & 2 3 x 2yr 20% Land rent comparatively high. Licences awarded by public bids and
increasing by 5,000 EGP initial period, licence block annual inc. are valid for specific commodities. Compulsory 1:9 expat to local
with each renewal increasing by (size varies) expenditure staff ratio. ESIA & EMP required at FS
20,000 EGP with
each renewal
Altus Strategies Corporate Presentation 28OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES
ROYALTIES AND JOINT VENTURES
1 Initial payment of US$50,000 and 3m Desert Gold shares 3 Resolute to earn an initial 70% interest by funding US$3M in 5 https://avesoro.com/operations/liberia/ndablama-gold
following deal completion on October 30 2019. Further exploration and by completing a feasibility study. Altus retains project/
milestone payments of US$100k (initial 500k oz Au the option to co-fund its 30% interest on a pro rata basis or
resource defined and US$100k for additional 500k oz Au exchange its interest for a 2% NSR royalty.
resource. 1.5% royalty repurchase right to Desert Gold for 6 http://www.altus-strategies.com/news/option-agreement-on-
up to US$6.0m in cash. Refer to http://www.altus-strategies.com/news/extension-to- toura-nickel-cobalt-project-in-cote-divoire/
joint-venture-with-resolute-in-southern-mali/
Refer to http://www.altus-strategies.com/news/completion-of-
gold-royalty-property-transaction-with- desert-gold/
4 Altus to receive 25m shares for the termination of the JVA
(which are in addition to 8 million shares already received
2 JV term sheet signed with Marvel Gold (Graphex) on 17 under the JVA) and 5 million shares for transferring the
June 2020. Includes up to US$450k of milestone cash Project and upon the receipt of a mining convention at the
payments and a final US$1m payment if Marvel Gold sole Minim Martap Project as well as receiving a US$1.50 /
fund mine construction. Altus have right to maintain 20% tonne royalty on bauxite ore mined and sold from the
interest upon commencement of production. 2.5% NSR Project.
royalty subject to 1.5% buy back option by Marvel Gold for
between US$3.33m – US$5.0m for each 0,5% with the Refer to: http://www.altus-strategies.com/news/altus-
amount dependent on the size of the resource at the time of vends-bauxite-jv-in-cameroon-to-canyon-for-equity-royalty/
repurchase.
Refer to https://www.altus-strategies.com/news/altus-and-
graphex-enter-gold-jv-and-royalty-agreement-in-mali/
Altus Strategies Corporate Presentation 29OVERVIEW OUR TEAM STRATEGY WHY ALTUS? APPENDICES CONTACT Altus Strategies Plc 14 Station Road, The Orchard Centre Didcot, Oxfordshire, OX11 7LL, UK Phone: +44 (0) 1235 511 767 Email: info@altus-strategies.com www.altus-strategies.com Altus Strategies Corporate Presentation 30
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