Altius Reports Q3 2025 Attributable Royalty Revenue of $21.4M and Adjusted Earnings(1) of $7.7M
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
November 11, 2025 | St. John’s, Newfoundland
Altius Reports Q3 2025 Attributable Royalty Revenue of $21.4M and
Adjusted Earnings(1) of $7.7M
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 Q3 2025
revenue of $17.2 million compared to $13.0 million in Q3 2024. Attributable royalty revenue(1) of $21.4 million ($0.46
per share(1)) compares to $14.7 million ($0.32 per share) reported in Q3 2024. The current quarter reflects higher
attributable potash volumes and copper stream deliveries at Chapada as well as higher interest and investment
income, partially offset by lower dividends from iron ore.
Operating Royalty Portfolio Performance
Summary of attributable royalty revenue Q3 2025 Q2 2025 Q3 2024
Base and battery metals $ 7,664 $ 4,694 $ 5,437
Potash 5,526 4,115 3,585
ARR (Electricity) (1) 3,327 2,100 1,998
Iron ore (2) 1,496 1,122 2,618
Interest and investment 3,394 638 1,038
Attributable royalty revenue $ 21,407 $ 12,669 $ 14,676
(1) ARR and GBR amounts presented at their effective ownership percentages of 57% and 29%, respectively
(2) Labrador Iron Ore Royalty Corporation dividends
Adjusted EBITDA(1) of $13.2 million ($0.29 per share(1)) during Q3 2025 compares to $9.4 million ($0.20 per share)
during Q3 2024 following the trend of revenue.
Q3 2025 adjusted operating cash flow (1) of $15.4 million ($0.33 per share (1)) compares to $10.2 million ($0.22 per
share) in Q3 2024. The increase reflects higher royalty receipts and interest offset by taxes paid and working capital
changes.
Net earnings of $264.9 million ($5.72 per share) for Q3 2025 compares to net earnings of $3.2 million ($0.06 per
share) in Q3 2024. Net earnings for the current quarter primarily reflects the gain on sale of the Arthur Gold royalty
interest and higher revenues, lower amortization and interest offset by higher cost of sales and expenses. Adjusted
net earnings per share (1) of $0.17 for Q3 2025 is higher than $0.05 per share for Q3 2024 following the trend of
increased revenue. The main adjusting items are summarized in the table below:
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
Adjusted Net Earnings Three months ended
September 30, 2025 September 30, 2024
Net earnings attributable to common shareholders $ 264,725 $ 2,852
Addback (deduct):
Unrealized (gain) loss on fair value adjustment of derivatives 412 (198)
Foreign exchange (gain) loss (4,989) (510)
Exploration and evaluation assets abandoned or impaired – 65
Gain on sale of royalty interest (339,611) –
Realized gain on disposal of derivatives – 206
Tax impact (1) 87,207 138
Adjusted net earnings $ 7,744 $ 2,553
(1) Includes tax expense on non-recurring tax adjustments in Q3 2025
Quarterly Highlights
• On July 23, 2025 the Corporation announced that Altius Royalty Corporation (“ARC”), a wholly -owned
subsidiary of Altius, completed the sale of 1% of a 1.5% NSR royalty covering the Arthur Gold project in
Nevada (“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) comprised of US$250 million ($341 million) received, net
of 15% withholding tax of US$37.5 million ($51.2 million), and a further payment of US$25 million in cash
payable upon the conclusion of an ongoing arbitration process. As a result the Corporation recognized a
gain on the sale of the Arthur Gold royalty interest to Franco -Nevada of $339.6 million during the third
quarter. The Corporation expects to receive an additional US$25 million following the expiry of any relevant
appeal or challenge periods related to the arbitration process. ARC 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 Trip le 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.
• In July, Champion Iron Limited ("Champion") announced that it entered into a definitive framework
agreement with Nippon Steel Corporation (“Nippon”) and Sojitz Corporation (“Sojitz”) pursuant to which the
two parties have 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. On September 29, 2025 Champion reported that Nippon and Sojitz made initial cash
contributions in an aggregate amount of $68.6 million to the Partnership. Following the Initial Closing,
Champion holds a 51% equity interest in the Partnership and Nippon Steel and Sojitz hold minority positions
of 30% and 19% respectively. The second cl osing of transactions in the framework agreement remains
subject to completion of a definitive feasibility study expected by the end of 2026. Altius originated the Kami
project within its PG business and retains a 3% gross sales royalty interest.
• Silvercorp Metals Inc. ("Silvercorp") provided a construction and procurement update and budget for the
development of the Curipamba project at an estimated capital cost of US$240.5 million while noting that it
is targeting production by the end of 2026. Altius holds a 2% NSR royalty relating to the project.
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
• Following a period of increased regulatory uncertainty, ARR/GBR have noted an increased level of market
activity both in terms of the acquisition of development stage projects from its various royalty based investee
companies and the demand for its royalty capital as part of construction and operating stage project finance
initiatives. These factors are providing the potential for enhanced royalty portfolio growth over the coming
quarters.
Liquidity and Capital Allocation Summary
Cash and cash equivalents at September 30, 2025 were $353 million, compared to $16 million at the end of 2024.
At September 30, 2025 the approximate market value of various public equity holdings included:
• $105 million for shares of Labrador Iron Ore Royalty Corp.
• $25 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation.
• $44 million for publicly traded shares held within the Project Generation equity portfolio, including $24.5
million in Orogen Royalties Inc.
During the quarter the Corporation made debt repayments of $11 million including a $9 million voluntary repayment
on its revolving facility and $2 million of scheduled repayments on its term facility, paid cash dividends of $4.2 million
and issued 12,850 shares under the dividend reinvestment plan. Under its normal course issuer bid, the Corporation
repurchased and cancelled 52,100 common shares for a total cost of $ 1.5 million. At September 30, 2025 the
Corporation carried a balance of $92.1 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 November 28, 2025. The dividend is expected to be paid on or
about December 15, 2025.
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 December 15, 2025 dividend, non -registered shareholders
must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms
to the transfer agent by November 21, 2025, five business days prior to record date. Stock market purchases made
under the DRIP for the December 15, 2025 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 r esults
as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income
tax purposes unless otherwise stated.
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 Inter national 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 hav e 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.
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
Third Quarter 2025 Financial Results Conference Call and Webcast Details
Date: November 12, 2025
Time: 9:00 AM EDT
Toll Free Dial-In Number: +1-800-717-1738
International Dial-In Number: +1-289-514-5100
Conference Call Title and ID: Altius Minerals Q3 2025 Financial Results, ID 20444
Webcast Link: Q3 2025 Financial Results
Conference Call URL (without operator assistance)1: https://emportal.ink/4opXOAC
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 potent ial 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 iron 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 46,276,054 common
shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is includ ed in each of th e
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 reasonab le 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
1 Participants can join the call without operator assistance and will receive an automatic callback after entering personal details