All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated
ST. JOHNâ tmS, Newfoundland--(BUSINESS WIRE)--March 10, 2026--
Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ("Altius" or the "Corporation") reports its full year revenue of $53.7 million compared to $58.2 million in 2024 and $14.1 million for the fourth quarter compared to $11.7 million in Q4 2024.
Attributable royalty revenue(1) of $69.9 million ($1.51 per share(1) ) compared to $64.0 million ($1.37 per share) reported in 2024. Fourth quarter attributable revenue of $20.9 million ($0.45 per share) compared to $13.5 million ($0.29 per share) in Q4 2024. Royalty revenue reflects higher potash and base metal prices, copper stream deliveries and growth in renewables offset by lower dividends from iron ore.
Operating Royalty Portfolio Performance
Summary of attributable royalty revenue YE 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 YE 2024 ----------------- ------- ------- ------- ------- ------- ------- Base and battery metals $23,390 $ 4,192 $ 7,664 $ 4,694 $ 6,840 $19,422 Potash 18,507 4,972 5,526 4,115 3,894 18,404 ARR (Electricity)(1) 13,381 6,306 3,327 2,100 1,648 6,959 Iron ore(2) 6,291 1,803 1,496 1,122 1,870 11,220 Interest and investment 8,345 3,610 3,394 638 703 7,980 ----------------- ------ ------ ------ ------ ------ ------ Attributable royalty revenue $69,914 $20,883 $21,407 $12,669 $14,955 $63,985 ----------------- ------ ------ ------ ------ ------ ------ (1) ARR and GBR amounts presented at their effective ownership percentages of 57% and 29%, respectively (2) Labrador Iron Ore Royalty Corporation dividends
2025 Adjusted EBITDA of $45.8 million ($0.99 per share) compared to $44.1 million ($0.95 per share) in 2024. Adjusted EBITDA(1) of $15.6 million ($0.34 per share(1) ) during Q4 2025 compared to $9.3 million ($0.20 per share) during Q4 2024. Adjusted EBITDA for both periods followed the trend of revenue.
Full year adjusted operating cash flow of $27.5 million ($0.59 per share) compared to $24.8 million ($0.53 per share) in 2024. Q4 2025 adjusted operating cash flow(1) of $3.2 million ($0.07 per share(1) ) compares to $2.3 million ($0.05 per share) in Q4 2024. The increase reflects higher royalty receipts and interest offset by taxes paid and working capital changes.
Net earnings for the year ended December 31, 2025 of $299.4 million ($6.45 per share) compared to $101.8 million in 2024 ($2.16 per share). Net earnings of $22.5 million ($0.48 per share) for Q4 2025 compared to net earnings of $85.5 million ($1.82 per share) in Q4 2024. Net earnings in 2025 were positively impacted by the gain on sale of the Arthur Gold royalty interest as well as lower amortization, interest and other costs partially offset by an increased loss from joint venture which included an impairment charge on a development portfolio at GBR. Net earnings in 2024 were positively impacted by the gain on deconsolidation of ARR. Adjusted net earnings per share(1) of $0.49 and $0.24 for the year ended December 31, 2025 and Q4 2025 is higher than the $0.27 and $0.06 per share comparable periods in 2024. The main adjusting items are summarized in the table below:
Adjusted Net
Earnings Three months ended Year ended
------------------
December December December December
31, 2025 31, 2024 31, 2025 31, 2024
------------------ --------- --------- ---------- -----------
Net earnings
attributable to
common
shareholders $ 22,355 $ 84,751 $ 298,628 $100,765
Addback (deduct):
Unrealized loss
(gain) on fair
value
adjustment of
derivatives (89) (23) 236 2,056
Foreign exchange
loss (gain) 3,778 2,520 (3,142) 3,046
Exploration and
evaluation
assets
abandoned or
impaired -- -- 12 226
Gain on sale of
royalty
interest (34,912) -- (374,523) --
Realized gain on
disposal of
derivatives -- (136) -- (4,186)
Gain on disposal
of mineral
property (402) (25) (421) (25)
Gain on
deconsolidation
of subsidiary -- (87,146) -- (87,146)
Non-recurring
other income -- -- -- (4,259)
Impairment(1) 13,090 1,537 13,090 3,116
Tax impact 7,025 1,206 88,655 (892)
------------------ ------- ------- -------- -------
Adjusted net
earnings $ 10,845 $ 2,684 $ 22,535 $ 12,701
------------------ ------- ------- -------- -------
(1) Impairment charge in the current year relates to amounts
recorded at GBR
Annual Highlights and Subsequent Event
-- On March 6, 2026 the Corporation completed a previously announced plan
of arrangement under the Canada Business Corporations Act (the
"Arrangement"), whereby Altius acquired all of the outstanding common
shares and convertible common shares of Lithium Royalty Corp. ("LRC"),
for a choice of consideration per share of either (i) 0.240 common shares
of Altius, (ii) C$9.50 in cash or (iii) if no choice was made, 0.160
common shares of Altius and C$3.166666 in cash (the "Consideration").
Pursuant to the Arrangement, the aggregate share consideration paid by
Altius to former LRC shareholders consisted of 9,630,177 common shares of
Altius (the "Consideration Shares") and the aggregate cash consideration
paid by Altius to former LRC shareholders consisted of $140,039,989.
-- LRC brings a large portfolio of royalties relating to a rapidly
progressing pipeline of operating to exploration stage projects with the
majority featuring long to ultra-long implied resource lives. LRC
recorded total royalty revenue in the fourth quarter of approximately
US$3.5 million ($4.8 million) of which US$3.0 million related to the
newly acquired Goulamina royalty.
-- On July 23, 2025 the Corporation announced that Altius Royalty
Corporation ("ARC"), a wholly-owned subsidiary of Altius, completed the
sale of 2/3 of its 1.5% NSR royalty covering the Arthur Gold project in
Nevada (the "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). As a result the Corporation
recognized a gain on the sale of $374.5 million during 2025. Altius
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 Triple 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.
-- On July 21, 2025 Champion Iron Limited ("Champion") announced that it
had entered into a definitive framework agreement with Nippon Steel
Corporation ("Nippon") and Sojitz Corporation ("Sojitz") pursuant to
which Nippon and Sojitz 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. Altius originated the Kami project
within its Project Generation business and retains a 3% gross sales
royalty interest.
-- Silvercorp Metals Inc. provided a construction and procurement update
and budget for the development of the Curipamba project while noting that
construction has advanced significantly on the project during 2025 and is
on track for completion in July 2027. Altius holds a 2% NSR royalty
relating to the project.
-- In late 2025 and early 2026 Great Bay Renewable LLC deployed or
committed approximately US$96 million in new royalty investments and the
reorganization of an existing portfolio investment. This deployment
includes a US$42.5 million royalty investment with Apex Clean Energy and
an up to US$50 million investment with Granite Source Power.
-- During the second half of 2026 the Corporation acquired an additional
1,411,145 common shares of Labrador Iron Ore Royalty Corporation
("LIORC") at a cost of $40.5 million and now holds a total 8.05% interest
in the company.
Liquidity and Capital Allocation Summary
Cash and cash equivalents at December 31, 2025 were $294 million, compared to $16 million at the end of 2024.
At December 31, 2025 the approximate market value of various public equity holdings included:
-- $154 million for shares of LIORC.
-- $49 million for publicly traded shares held within the Project
Generation equity portfolio, including $25.6 million in Orogen Royalties
Inc.
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