Gunnison Copper Royalty (Arizona, USA)

Altius holds a 1% GRR on the Gunnison Copper project in Arizona being advanced by Excelsior Mining Corp. This royalty was originally acquired by Callinan in 2013 as part of a royalty and equity financing of the Company. As per a royalty option agreement with Excelsior, Altius now has options to increase its royalty stake at certain project milestone with additional investment that it will duly be considering in the months ahead.

The project covers 246 km² and is located approximately 105 km southeast of Tucson within the Arizona copper belt. Excelsior is currently focusing efforts on the North Star deposit, which is interpreted as an oxidized skarn-type deposit.

Excelsior is studying the possibility of bringing the project to production using in-situ leaching and in late 2015 completed an acquisition of the nearby Johnson Mine camp financed by their strategic shareholder Greenstone Resources. Then, on January 28, 2016 Excelsior filed its Updated Prefeasibility Study (“Updated PFS”) on the Gunnison Copper Project to take into consideration the acquisition of the Johnson Camp Mine (“JCM”) and staged production approach which reportedly lowered initial capital costs to $45.9 million.

Details of the updated PFS and other related project information can be reviewed on Excelsior's website or on SEDAR.

Roderick Smith, P.Geo., Chief Geologist, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein.

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