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.

Altius Minerals Corporation has agreed to acquire a 50% effective interest in Great Bay Renewables (GBR) for US$168 million, increasing its stake from 29%. The transaction involves a tripartite agreement with Northampton Capital Partners and certain funds managed by affiliates of Apollo. Under the deal, Northampton will acquire Apollo Funds' membership interests in GBR for approximately US$390 million, while Altius will concurrently purchase Northampton's interest in Altius Renewable Royalties Corp. (ARR), the entity through which Northampton holds its indirect interest in GBR.

The restructuring will result in Altius and Northampton each holding a 50% effective interest in GBR. Prior to the closing, GBR is held equally by Apollo Funds and ARR, with ARR owned by Altius (57%) and Northampton (43%). Altius will fund the US$168 million purchase consideration through existing liquidity, including partial utilization of existing credit facilities that are being adjusted to reflect the recent acquisition of Lithium Royalty Corp.

Brian Dalton, CEO of Altius, stated that the company is excited to increase its participation in GBR, a business it helped conceptualize eight years ago. He noted that GBR will continue to be led by Frank Getman and his team, who have established the business as a leading provider of royalty capital in the US electricity generation sector. Dalton highlighted that GBR has almost 9 GW of generation under royalty and is focused on adding scale and diversity to its portfolio.

Dalton also expressed gratitude to Apollo for its early belief in GBR and its collaborative role in the business's development. The transaction is subject to customary terms and conditions and is expected to close in late July.

Transaction Structure

The deal involves two concurrent transactions:

• Northampton acquires Apollo Funds' direct 50% interest in GBR for approximately US$390 million.
• Altius acquires Northampton's minority interest in ARR for US$168 million.

Financial Details