Altius Minerals Corporation has successfully closed a tripartite transaction that significantly increases its stake in Great Bay Renewable Holdings, LLC and Great Bay Renewable Holdings II, LLC (collectively, "GBR"), while simultaneously expanding its credit facility to support ongoing investment activity. The transaction, originally announced on July 10, 2026, restructures GBR's ownership and marks the exit of Apollo-managed funds from the renewable royalties platform.

GBR Ownership Restructuring

The transaction involved funds managed by affiliates of Apollo selling their membership interests in GBR to Northampton Capital Partners ("Northampton") for total consideration of approximately US$390 million. Concurrently, Northampton sold its interest in Altius Renewable Royalties Corp. to Altius for approximately US$168 million. As a result of this tripartite arrangement, GBR is now held equally between Altius and Northampton, with Apollo funds no longer retaining any interest.

The following table summarises the ownership changes resulting from the transaction:

From Q3 2026 onward, Altius will report its proportionate share of 50% of GBR revenues and expenses, reflecting the increased ownership position.

Amended Credit Facility

On July 24, 2026, Altius completed an amendment to its credit facility, increasing its size and extending its maturity. The amended facility is jointly led by Bank of Nova Scotia and Toronto-Dominion Bank, with participation from National Bank of Canada, ATB Financial, Desjardins Financial Security Life Assurance Company, and Export Development Canada. Bank of Nova Scotia serves as the Administrative Agent for the Credit Facility.

Key details of the amended Credit Facility are outlined below:

The previous term and revolving credit facility has been replaced with a single revolving facility, with no principal repayments required. The Credit Facility is available for qualifying royalty acquisitions, streaming acquisitions, and other qualifying investments. Subsequent to the closing of the amendment, Altius completed a draw down of C$100 million on the Credit Facility in relation to the closing and funding of the GBR transaction.

About Altius Minerals

Altius Minerals' strategy is centred on creating per share growth through a diversified portfolio of royalty assets linked to long-life, high-margin operations. The company's portfolio provides exposure to global growth trends, including electricity-based energy usage, global infrastructure development, increased electric arc furnace-based steelmaking, agricultural fertilizer demand, and precious metals. Key commodity exposures include potash, high purity iron ore, electricity, base metals, and gold. Altius also operates a Project Generation business that originates mineral projects for sale to developers in exchange for royalties. The company has 58,748,220 common shares issued and outstanding, listed on Canada's Toronto Stock Exchange, and is a member of the S&P/TSX Composite, S&P/TSX Global Mining Indices, and the S&P/TSX Canadian Dividend Aristocrats Index.

Scotiabank analyst Orest Wowkodaw has raised the price target for Altius Minerals (TSX: ALS) from C$59 to C$65, reflecting a revised valuation for the mining company. Despite the upward adjustment in the price ceiling, Scotiabank maintains its Sector Perform rating on the stock, indicating that analysts view the shares as likely to perform in line with the broader sector rather than outperforming it. This update provides investors with a clearer view of the bank’s near-term valuation expectations for Altius Minerals.

Analyst Rating and Price Target

The adjustment represents a C$6 increase from the previous target of C$59. The new target of C$65 suggests a modest upside potential based on current market conditions and company fundamentals as assessed by Scotiabank’s research team. The Sector Perform rating implies that the stock is expected to generate returns comparable to its peer group, rather than leading or lagging significantly.

Market Implications

The maintenance of the Sector Perform rating alongside a higher price target often indicates that while the absolute value of the company has increased, relative attractiveness compared to peers has not shifted dramatically. Investors monitoring Altius Minerals should note that the price target serves as an estimate of fair value over a specific horizon, typically 12 months, though the exact timeframe was not specified in the filing. The move reinforces Scotiabank’s continued coverage of the name within the mining sector.

What the Numbers Show

The C$6 uplift in the price target reflects a recalibration of expected future cash flows or risk premiums applied to Altius Minerals’ operations. Without additional context on operational changes or commodity price assumptions, the primary takeaway is the alignment of the stock’s valuation with current sector benchmarks. The unchanged rating suggests that any positive factors driving the higher target are already priced into the broader market consensus for similar assets.