All table references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated
ST. JOHNâ tmS, Newfoundland and Labrador--(BUSINESS WIRE)--August 10, 2026--
Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ("Altius" or the "Corporation") reports its second quarter revenue of $23.2 million compared to $9.8 million in Q2 2025. Net earnings of $8.6 million ($0.16 per share) compared to net earnings of $5.5 million ($0.12 per share) in Q2 2025.
Q2 2026 attributable royalty revenue(1) of $30.0 million ($0.53 per share(1) ) compares to $12.7 million ($0.27 per share) reported in Q2 2025. Royalty revenue reflects higher realized prices, timing of copper stream deliveries, the addition of four operating lithium royalties, as well as higher electricity royalty revenue.
Operating Royalty Portfolio Performance
Summary of attributable royalty revenue Q2 2026 Q1 2026 Q2 2025 --------------------------------------- --------- --------- --------- Base metals $ 9,425 $ 9,103 $ 4,633 Potash 5,036 4,507 4,115 Electricity(#) 6,066 3,594 2,100 Lithium 6,433 5,429 61 Iron ore(##) 1,562 1,562 1,122 Interest and investment 1,475 2,573 638 --------------------------------------- -------- -------- -------- Attributable royalty revenue $ 29,997 $ 26,768 $ 12,669 --------------------------------------- -------- -------- -------- (#) ARR and GBR amounts presented at their effective ownership percentages of 57% and 29%, respectively (##) Labrador Iron Ore Royalty Corporation dividends
Adjusted EBITDA(1) of $23.3 million ($0.42 per share) compares to $7.5 million ($0.16 per share) in Q2 2025.
Adjusted operating cash flow(1) for the second quarter of 2026 was $14.0 million ($0.26 per share) compared to adjusted operating cash flow of $4.7 million ($0.10 per share) in Q2 2025 reflecting higher royalty receipts and interest income offset by higher tax payments and working capital changes.
Net earnings reflect higher revenues and higher expenses including costs of sales, general and administrative, share based compensation and amortization. In Q2 2025 tax recoveries from recognition of certain tax losses positively impacted net earnings.
Adjusted net earnings per share(1) of $0.14 is higher than $0.03 per share reported in Q2 2025. The main adjusting items are summarized in the table below:
Adjusted Net Earnings Three months ended
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June 30, 2026 June 30, 2025
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Net earnings attributable to common
shareholders $ 8,408 $ 5,347
Addback (deduct):
Unrealized loss (gain) on fair value
adjustment of derivatives 357 (802)
Foreign exchange gain (1,969) (1,754)
Exploration and evaluation assets
abandoned or impaired -- 12
Non-recurring severance costs 375 --
Tax impact 437 (1,215)
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Adjusted net earnings $ 7,608 $ 1,588
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Stock based compensation expense of $4.4 million has not been adjusted in the table above however the expense is higher in the current quarter due to the performance of the Corporation's share price.
Quarterly Highlights
-- Altius Renewable Royalties Corp. ("ARR") and Great Bay Renewables LLC
("GBR") continue to note an increased level of market activity both in
terms of acquisition interest in the development stage projects being
advanced by its various royalty-based investee companies and the demand
for its royalty capital as part of construction and operating stage
project finance initiatives. In June GBR closed a US$73 million royalty
investment with Apex Clean Energy ("Apex") relating to the construction
stage 311 MW Coles Wind project in Illinois. The investment represents
GBR's largest single asset royalty acquisition to date. Coles Wind is
expected to reach commercial operations in H2 2027. During the quarter
ended June 30, 2026 the Corporation invested US$12.4 million ($17.3
million) to fund its share of a GBR capital call for the Coles Wind
project.
-- The Corporation continued its integration of Lithium Royalty Corp.
("LRC") during the quarter following the acquisition on March 6, 2026 and
has recognized lithium royalty revenue contributions of $6.4 million in
Q2. The Corporation received proceeds of US$30.5 million ($42.2 million)
stemming from the Corporation's original investment in Royalty Capital
Funds, being funds controlled by Waratah Capital. These investments were
made by Altius at the time of founding and early development of LRC and
as these funds wound up proceeds, in either cash or Altius shares, were
distributed to investment unit holders.
Royalty Growth Updates
-- AngloGold Ashanti plc ("AGA") recently published a Technical Report
Summary following the completion of a Pre-feasibility Study ("PFS") on
the Arthur Gold Project and declared a first-time Probable Mineral
Reserve of 4.9Moz gold (88Mt at 1.75g/t) and 7.8Moz silver (88Mt at
2.76g/t). The PFS also outlined support for average annual production of
approximately 500,000 oz and a highly attractive cost profile, with AISC
estimated at US$954/oz, underpinned by predominantly oxide mineralization
(>95%) and planned conventional processing flowsheets. AGA estimates
capital expenditures of US$3.6 billion, and plans to present the PFS
finding to the AGA Board in H2 2026 for approval to advance to a
definitive feasibility study. AGA has projected 2026 non-sustaining
capital expenditures of US$111 million related to the definitive
feasibility study. In AGA's H1 Exploration Report it reported that 49km
of drilling was completed at the Nevada projects at a total exploration
cost of US$41 million, principally at the Merlin deposit. Altius holds a
0.5% NSR royalty on the project.
-- Lundin Mining Corporation ("Lundin") continues to delineate its
Saúva copper-gold deposit discovery, located 15 kilometers north of
the Chapada Mine on lands encompassed by our copper stream interest. It
is anticipated that results of a Technical Report for Chapada,
incorporating the Pre-feasibility Study at Saúva as well as an
updated Mineral Resource estimate, will be released in Q4 2026. Lundin
also reported preliminary plans to incorporate the higher grade
Saúva ore into its current mining and milling operations at Chapada,
while indicating that this could result in the potential to add
approximately 15,000 tonnes of copper per year over a four-year period,
representing production increases of approximately 30% at Chapada. Lundin
has recently announced it had sanctioned construction of an additional
ball mill which is expected to be completed by the end of 2027 with first
ore from Saúva anticipated in Q1 2029. At Voisey's Bay, the operator
Vale Base Metals ("Vale") previously completed construction and
commissioning of the Voisey's Bay Mine Expansion Project and announced it
is expecting an increase of production of nickel in concentrate to 45,000
tonnes per year, with full ramp-up of the project expected to be
completed by the second half of 2026. Vale reported nickel production
increased quarter over quarter due to strong ore output at the
underground mines combined with solid performance from the Long Harbour
Refinery, which delivered record Q2 production with maintenance scheduled
both for the mine and the refinery in H2.
-- Initial industry expectations suggest that global potash shipments
could reach record levels in 2026 and both operators of Altius's potash
royalty mines have reported strong sales/production for Q2 2026.
-- Silvercorp Metals Inc. ("Silvercorp") reported on its construction
progress and budget for the development of the Curipamba project, noting
that construction is fully funded and has advanced significantly on the
project which is on track for completion in July 2027. Silvercorp has
recently filed an updated independent NI 43-101 Technical Report which
yields a 121% increase in after-tax NPV8% of the project compared to the
October 2021 Feasibility Study. Altius holds a 2% NSR royalty relating to
the project.
-- The Corporation's electricity royalties are revenue-based and therefore
benefit from higher merchant and contracted prices without meaningful
exposure to inflationary cost pressures. There are a number of advancing
construction stage projects in which GBR holds royalties including the
fully permitted 311 MW Coles Wind project in Illinois being developed by
Apex which was acquired during Q2. The asset is in construction with
power purchase agreements at strong price points and is expected to reach
commercial operations in H2 2027. This follows the recent
commercialization of another Apex project, Lotus Wind, in Q2.
-- Core Lithium Limited ("Core"), operator of the Finniss Lithium Project,