St. John's, Newfoundland - December 31, 2021 - Altius Renewable Royalties Corp. (TSX: ARR, WKN: A2QQFT, OTCQX: ATRWF) ("ARR" or the "Company") reports that Apex Clean Energy ("Apex") has exercised a change of control-based option to redeem the remaining residual royalty financing provided by its joint venture subsidiary Great Bay Renewables ("Great Bay"). The option exercise follows the recently announced sale of a majority interest in Apex. Great Bay will retain the previously disclosed three royalties it has earned to date under the Apex investment agreement.

Under the buyout option terms, the provisional purchase consideration, including a buyout premium calculated under the investment agreement, is approximately US$70 million, $41.7 million of which is a cash payment, with the remainder representing an estimated value ascribed to the retained royalties in accordance with the agreement. There can be no assurance that the provisional value ascribed to the retained royalties under the agreement will be achieved. A formal valuation of the retained royalties will be completed 6 months following the achievement of commercial operations for each project, as prescribed by the original terms of the investment agreements, and true-up payments to Great Bay or Apex may be made at that time to account for any differences between current provisionally estimated amounts and the formal royalty valuation calculations.

About Altius Renewable Royalties

ARR (TSX: ARR, WKN: A2QQFT, OTCQX: ATRWF) is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators through its joint venture Great Bay Renewables. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

For further information, please contact:

Flora Wood, Investor Relations
Email: Flora@arr.energy
Tel: 1.877.576.2209
Direct Phone: +1.416.346.9020

Ben Lewis, CFO
Email: Ben@arr.energy
Tel: 1.877.576.2209

https://www.arr.energy
https://www.twitter.com/altiusrenewable
https://www.linkedin.com/company/altiusrenewable/

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects ARR's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond ARR's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information, including any true up of the provisional purchase consideration and future valuations of ARR's royalties. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in ARR's Annual Information Form and most recent Management Discussion & Analysis. ARR does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.