Altius Minerals Corporation has completed its previously announced bought deal public offering, raising aggregate gross proceeds of C$181.5 million. The company issued 3,000,000 common shares at a price of C$60.50 per share. The transaction was led by a syndicate of underwriters including National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc., acting as co-bookrunners, alongside ATB Capital Markets Corp., Canaccord Genuity Corp., Raymond James Ltd., and BMO Capital Markets.

Use of Proceeds

Altius intends to use the net proceeds to strengthen its balance sheet following the completion and announcement of several acquisitions in 2026. The funds will also be allocated for general corporate purposes. Combined with credit facilities that are currently being adjusted and expanded to reflect the integration of acquisitions, the capital raised will enhance Altius’ liquidity. This financial positioning is designed to help the company consider additional accretive opportunities while maintaining a conservative leverage profile.

Offering Details

The underwriters agreed to purchase the shares on a bought deal basis. The offering was made pursuant to a prospectus supplement to the company’s short form base shelf prospectus dated June 25, 2026. The transaction received conditional approval from the Toronto Stock Exchange.

Altius Minerals Corporation expects to report record attributable royalty revenue of approximately $30.0 million in Q2 2026, compared to $12.7 million in Q2 2025. The significant increase is driven by higher realized prices and volumes across potash, lithium, and base metals, alongside the continuing ramp-up of electricity projects. The company also announced a transaction to increase its effective interest in Great Bay Renewables Holdings (GBR) from 29% to 50%, which will further impact future revenue.

Royalty Revenue Summary

Segment Performance

Base metals revenue of $9.4 million primarily reflects higher realized copper and nickel prices and the timing of copper stream deliveries from Chapada. The preliminary cost of sales for the Chapada copper stream, excluding depletion, was $2.6 million for the quarter. Potash portfolio revenue of $5.0 million reflects higher realized prices and volumes.

Lithium revenue of $6.4 million is attributed to increased ownership following the acquisition of Lithium Royalty Corp. in Q1 2026, as well as price improvements and operational ramp-ups. Iron ore royalty revenue of $1.6 million, received as dividends from Labrador Iron Ore Royalty Corp., remained comparable to recent periods characterized by limited equity dividends from the Iron Ore Company of Canada.

Electricity royalty revenue of $6.1 million reflects the ramp-up of operational projects, including first production from Sequoia I, and $3.3 million in interest and investment income related to interconnection deposits. Interest and other revenue includes $1.5 million of interest income on cash balances.

Strategic Transaction

On July 10, Altius announced a share purchase agreement with Northampton Capital Partners and funds managed by affiliates of Apollo. Under the agreement, Altius will acquire Northampton’s interest in Altius Renewable Royalties Corp. for US$168 million. This transaction will increase Altius’s effective interest in GBR from 29% to 50%, subject to customary closing conditions expected in late July.

Altius will release its full financial results on August 10, 2026, followed by a conference call on August 11, 2026.