Altius Minerals Corporation reported second quarter 2026 adjusted earnings per share of $0.14, missing the analyst consensus estimate of $0.20 by 30 percent. The company’s quarterly revenue reached $23.2 million, a 136 percent increase from $9.8 million in Q2 2025, but fell short of the $23.833 million analyst forecast by 2.66 percent. Despite the miss, the results reflect strong operational leverage from an expanding royalty portfolio, with net earnings rising to $8.6 million ($0.16 per share) from $5.5 million ($0.12 per share) a year earlier.

The earnings shortfall occurred even as attributable royalty revenue surged to $30.0 million ($0.53 per share) from $12.7 million ($0.27 per share) in the prior year period. Adjusted EBITDA climbed to $23.3 million ($0.42 per share) from $7.5 million ($0.16 per share). The company declared an increased quarterly dividend of $0.11 per share, a 10 percent hike over recent payouts, payable on September 15, 2026 to shareholders of record as of August 28, 2026.

Portfolio Performance Breakdown

Revenue growth was broad-based across key sectors, with base metals and electricity royalties showing particularly strong year-over-year gains. Lithium royalties contributed significantly for the first time following the acquisition of Lithium Royalty Corp. (LRC) in March 2026.

Note: Electricity amounts reflect effective ownership percentages of 57% for ARR and 29% for GBR. Iron ore includes Labrador Iron Ore Royalty Corporation dividends.

Strategic Developments and Capital Allocation

In June 2026, Great Bay Renewables LLC (GBR), a subsidiary, closed a US$73 million royalty investment with Apex Clean Energy for the construction-stage 311 MW Coles Wind project in Illinois. Altius invested US$12.4 million ($17.3 million CAD) during the quarter to fund its share of the capital call. Additionally, the corporation received US$30.5 million ($42.2 million CAD) from the winding up of original investments in Royalty Capital Funds controlled by Waratah Capital.

Subsequent to the quarter, Altius completed several major transactions. On July 21, 2026, it raised net proceeds of $174.1 million through a public offering of 3 million common shares at $60.50 per share. On July 24, 2026, the company amended its credit facility, increasing capacity to $350 million from $225 million and extending maturity to July 2030. Finally, on July 30, 2026, Altius increased its effective interest in GBR from 29% to 50% via a tripartite transaction with Northampton and Apollo Funds, paying US$167.4 million for Northampton’s minority interest in Altius Renewable Royalties Corp. (ARR).

What the Numbers Show

The surge in adjusted net earnings to $7.6 million ($0.14 per share) from $1.6 million ($0.03 per share) in Q2 2025 underscores the operational leverage gained from the expanding royalty portfolio. While GAAP net earnings benefited from higher revenues, they were impacted by increased costs of sales, general and administrative expenses, and amortization. Notably, Q2 2025 earnings had been positively influenced by tax recoveries from recognized tax losses, making the current quarter’s organic growth even more pronounced. The addition of lithium royalties, which jumped from $61 thousand to $6.4 million year-over-year, highlights the successful integration of LRC and diversifies revenue streams beyond traditional base metals and potash.

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.