Altius Reports 2025 Attributable Royalty Revenue of $69.9M and Adjusted Earnings(1) of $22.5M
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
March 10, 2026 | St. John’s, Newfoundland
Altius Reports 2025 Attributable Royalty Revenue of $69.9M and Adjusted
Earnings(1) of $22.5M
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated
Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports its full year
revenue of $53.7 million compared to $58.2 million in 2024 and $14.1 million for the fourth quarter compared to
$11.7 million in Q4 2024.
Attributable royalty revenue (1) of $69.9 million ( $1.51 per share (1)) compared to $64.0 million ($1.37 per share)
reported in 2024. Fourth quarter attributable revenue of $20.9 million ($0.45 per share) compared to $13.5 million
($0.29 per share) in Q4 2024. Royalty revenue r eflects higher potash and base metal prices, copper stream
deliveries and growth in renewables offset by lower dividends from iron ore.
Operating Royalty Portfolio Performance
Summary of attributable royalty
revenue YE 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 YE 2024
Base and battery metals $ 23,390 $ 4,192 $ 7,664 $ 4,694 $ 6,840 $ 19,422
Potash 18,507 4,972 5,526 4,115 3,894 18,404
ARR (Electricity)(1) 13,381 6,306 3,327 2,100 1,648 6,959
Iron ore(2) 6,291 1,803 1,496 1,122 1,870 11,220
Interest and investment 8,345 3,610 3,394 638 703 7,980
Attributable royalty revenue $ 69,914 $ 20,883 $ 21,407 $ 12,669 $ 14,955 $ 63,985
(1) ARR and GBR amounts presented at their effective ownership percentages of 57% and 29%, respectively
(2) Labrador Iron Ore Royalty Corporation dividends
2025 Adjusted EBITDA of $45.8 million ($0.99 per share) compared to $44.1 million ($0.95 per share) in 2024.
Adjusted EBITDA (1) of $15.6 million ($0.34 per share (1)) during Q4 2025 compared to $9.3 million ($0.20 per
share) during Q4 2024. Adjusted EBITDA for both periods followed the trend of revenue.
Full year adjusted operating cash flow of $27.5 million ($0.59 per share) compared to $24.8 million ($0.53 per
share) in 2024. Q4 2025 adjusted operating cash flow (1) of $3.2 million ($0.07 per share (1)) compares to $2.3
million ($0.05 per share) in Q4 2024. The increase reflects higher royalty receipts and interest offset by taxes paid
and working capital changes.
Net earnings for the year ended December 31, 2025 of $299.4 million ($6.45 per share) compared to $101.8
million in 2024 ($2.16 per share). Net earnings of $22.5 million ($0.48 per share) for Q4 2025 compared to net
earnings of $85.5 million ($1.82 per share) in Q4 2024. Net earnings in 2025 were positively impacted by the gain
on sale of the Arthur Gold royalty interest as well as lower amortization, interest and other costs partially offset by
an increased loss from joint venture which included an impairment charge on a development portfolio at GBR. Net
earnings in 2024 were positively impacted by the gain on deconsolidation of ARR. Adjusted net earnings per
share(1) of $0.49 and $0.24 for the year ended December 31, 2025 and Q4 2025 is higher than the $0.27 and
$0.06 per share comparable periods in 2024. The main adjusting items are summarized in the table below:
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
Adjusted Net Earnings
Three months ended Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net earnings attributable to common
shareholders $ 22,355 $ 84,751 $ 298,628 $ 100,765
Addback (deduct):
Unrealized loss (gain) on fair value
adjustment of derivatives (89) (23) 236 2,056
Foreign exchange loss (gain) 3,778 2,520 (3,142) 3,046
Exploration and evaluation assets
abandoned or impaired – – 12 226
Gain on sale of royalty interest (34,912) – (374,523) –
Realized gain on disposal of derivatives – (136) – (4,186)
Gain on disposal of mineral property (402) (25) (421) (25)
Gain on deconsolidation of subsidiary – (87,146) – (87,146)
Non-recurring other income – – – (4,259)
Impairment(1) 13,090 1,537 13,090 3,116
Tax impact 7,025 1,206 88,655 (892)
Adjusted net earnings $ 10,845 $ 2,684 $ 22,535 $ 12,701
(1) Impairment charge in the current year relates to amounts recorded at GBR
Annual Highlights and Subsequent Event
• On March 6, 2026 the Corporation completed a previously announced plan of arrangement under the
Canada Business Corporations Act (the “Arrangement”), whereby Altius acquired all of the outstanding
common shares and convertible common shares of Lithium Royalty Corp. ("LRC"), for a choice of
consideration per share of either (i) 0.240 common shares of Altius, (ii) C$9.50 in cash or (iii) if no choice
was made, 0.160 common shares of Altius and C$3.166666 in cash (the “Consideration”). Pursuant to the
Arrangement, the aggregate share consideration paid by Altius to former LRC shareholders consisted of
9,630,177 common shares of Altius (the “Consideration Shares”) and the aggregate cash consideration
paid by Altius to former LRC shareholders consisted of $140,039,989.
• LRC brings a large portfolio of royalties relating to a rapidly progressing pipeline of operating to
exploration stage projects with the majority featuring long to ultra -long implied resource lives. LRC
recorded total royalty revenue in the fourth quarter of approximately US$3.5 million ($4.8 million) of which
US$3.0 million related to the newly acquired Goulamina royalty.
• On July 23, 2025 the Corporation announced that Altius Royalty Corporation (“ARC”), a wholly -owned
subsidiary of Altius, completed the sale of 2/3 of its 1.5% NSR royalty covering the Arthur Gold project in
Nevada (the “1% Arthur Royalty”) to a wholly owned subsidiary of Franco -Nevada Corporation (“Franco-
Nevada”) (TSX & NYSE: FNV), pursuant to a royalty purchase agreement. The purchase price for the 1%
Arthur Royalty was US$275 million ($375 million). As a result the Corporation recognized a gain on the
sale of $374.5 million during 2025. Altius continues to hold the remaining 0.5% NSR royalty interest in
Arthur Gold as a long-term component of its diversified portfolio.
• On July 9, 2025 Orogen Royalties Inc. ("Orogen") completed a plan of arrangement with Triple Flag
Precious Metals Corp. ("Triple Flag") resulting in Triple Flag’s acquisition of Orogen’s 1.0% NSR royalty
on the Arthur Gold project. Following completion of Orogen and Triple Flag's plan of arrangement, the
Corporation received cash of $29.5 million, 1,147,710 Triple Flag shares (which were monetized during
the quarter for gross proceeds of $37.1 million) and 9,889,490 shares (16.7%) of the new spin out
company, Orogen Royalties Inc. As a result of the transaction the Corporation recognized total gross
proceeds of $81.4 million and a realized gain of $64 million.
• On July 21, 2025 Champion Iron Limited ("Champion") announced that it had entered into a definitive
framework agreement with Nippon Steel Corporation (“Nippon”) and Sojitz Corporation (“Sojitz”) pursuant
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
to which Nippon and Sojitz agreed to initially contribute $245 million for an aggregate 49% interest in
Kami Iron Mine Partnership (the "Partnership"), a new entity formed for the ownership and potential
development of the Kami Project. Altius originated the Kami project within its Project Generation business
and retains a 3% gross sales royalty interest.
• Silvercorp Metals Inc. provided a construction and procurement update and budget for the development
of the Curipamba project while noting that construction has advanced significantly on the project during
2025 and is on track for completion in July 2027. Altius holds a 2% NSR royalty relating to the project.
• In late 2025 and early 2026 Great Bay Renewable LLC deployed or committed approximately US$96
million in new royalty investments and the reorganization of an existing portfolio investment. This
deployment includes a US$42.5 million royalty investment with Apex Clean Energy and an up to US$50
million investment with Granite Source Power.
• During the second half of 2026 the Corporation acquired an additional 1,411,145 common shares of
Labrador Iron Ore Royalty Corporation ("LIORC") at a cost of $40.5 million and now holds a total 8.05%
interest in the company.
Liquidity and Capital Allocation Summary
Cash and cash equivalents at December 31, 2025 were $294 million, compared to $16 million at the end of 2024.
At December 31, 2025 the approximate market value of various public equity holdings included:
• $154 million for shares of LIORC.
• $49 million for publicly traded shares held within the Project Generation equity portfolio, including $25.6
million in Orogen Royalties Inc.
During the year the Corporation made debt repayments of $17.0 million, including a $9 million voluntary
repayment on its revolving debt facility to reduce its balance to nil and $8 million of scheduled repayments on its
term debt facility, paid cash dividends of $16.1 million and issued 49,069 shares under the dividend reinvestment
plan. Under its normal course issuer bid, the Corporation repurchased and cancelled 54,100 common shares for a
total cost of $1.6 million. At December 31, 2025 the Corporation carried a balance of $89.3 million under its term
debt facilities.
Dividend Declaration
The Corporation’s board of directors has declared a quarterly dividend of $0.10 per share, payable to all
shareholders of record at the close of business on March 19, 2026. The dividend is expected to be paid on or
about April 02, 2026.
This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced
by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of
countries outside the United States.
In order to be eligible to participate in respect of the April 02, 2026 dividend, non -registered shareholders must
provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the
transfer agent by March 11, 2026, five business days prior to record date. Stock market purchases made under
the DRIP for the April 02, 2026 payment will be satisfied by issuance from treasury at the 5 day volume weighted
average price ending at the close of trading the day before payment date. Shareholders who have already
provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more
information, please see Altius Minerals Corporation Dividend Reinvestment Plan . Participation in the DRIP is
optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the
DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation’s financial
results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian
income tax purposes unless otherwise stated.
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
Non GAAP Financial Measures
1. Management uses the following non -GAAP financial measures: attributable revenue, attributable royalty revenue,
adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash
flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the
Corporation and its operating segments and believes these measures enable investors and analysts to compare the
Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These
measures are intended to provide additional information, not to replace International Financial Reporting Standards
(IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a
standardized meaning, they may not be comparable to similar measures provided by other companies. Further
information on the composition and usefulness of each non -GAAP financial measure, including reconciliation to their
most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.
Fourth Quarter and Year End 2025 Financial Results Conference Call and Webcast Details
Date: March 11, 2026
Time: 9:00 AM ET
Toll Free Dial-In Number: +1-800-717-1738
International Dial-In Number: +1-289-514-5100
Conference Call Title and ID: Altius Minerals Q4 and Year End 2025 Financial Results, ID 01049
Webcast Link: Q4 and Year End 2025 Financial Results
Conference Call URL (without operator assistance)1: Conference Call
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin
operations. This strategy further provides shareholders with exposures that are well aligned with sustainability -related global
growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced
emissions from steelmaking and increasing agricultural yield requirements. These macro -trends each hold the potential to
cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key
battery metals (lithium, nickel and cobalt), clean ir on ore, and potash. In addition, Altius runs a successful Project Generation
business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has
55,915,754 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each
of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.
Forward-looking information
This news release contains forward -looking information. The statements are based on reasonable assumptions and
expectations of management and Altius provides no assurance that actual events will meet management's expectations. In
certain cases, forward ‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates",
"expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward ‐looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those projected. Readers should not place undue reliance on forward -
looking information. Altius does not undertake to update any forward -looking information contained herein except in
accordance with securities regulations.
For further information, please contact:
Flora Wood
Email: [email protected]
Tel: 1.877.576.2209
Direct: +1(416)346.9020
Stephanie Hussey
Email:[email protected]
Tel: 1.877.576.2209
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