Altius guides record Q2 2026 attributable revenue

All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) expects to report Q2 2026 record attributable royalty revenue (1) of approximately $30.0 million compared to $12.7 million in Q2 2025. Royalty Revenue Summary Base metals (primarily copper) revenue of $9.4 million for the quarter reflects higher realized copper and nickel prices and timing of copper stream deliveries from Chapada. The Corporation's preliminary cost of sales for the Chapada copper stream, excluding any depletion, is $2.6 million for Q2 2026.

Potash portfolio revenue during the second quarter of $5.0 million reflects higher realized prices and volumes. Lithium revenue of $6.4 million reflects our increased ownership following the acquisition of Lithium Royalty Corp. in Q1 2026 as well as price improvements and ongoing operational ramp ups and mining resumptions by several operators. Iron ore royalty revenue in the form of dividends from Labrador Iron Ore Royalty Corp. ("LIORC"), which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada ("IOC"), was $1.6 million for the quarter and comparable to recent periods that have been characterized by limited equity dividends as IOC continues to make investments to improve operational performance.

Electricity royalty revenue of $6.1 million for the quarter reflects the continuing ramp up of operational stage portfolio projects including first production from Sequoia I as well as $3.3 million in interest and investment income related to the financing of interconnection deposits. On July 10, the Corporation announced the signing of a share purchase agreement with Northampton Capital Partners (“Northampton”) and certain funds managed by affiliates of Apollo (NYSE: APO) (the “Apollo Funds”). Under the agreement, the Apollo Funds will sell their membership interests in Great Bay Renewables Holdings, LLC and Great Bay Renewables Holdings II, LLC (collectively, “GBR”) to Northampton for total consideration of approximately US$390 million.

Northampton will simultaneously sell its interest in Altius Renewable Royalties Corp. ("ARR"), through which it currently holds its indirect interest in GBR, to Altius for US$168 million. Under the tripartite transaction, Altius will increase its effective interest in GBR from 29% to 50% while Northampton will increase its effective GBR interest from 22% to 50%. The transaction is subject to customary terms and conditions and is expected to close in late July, following which the Corporation's attributable revenue will reflect its increased ownership of GBR.

Interest and other revenue reflects $1.5 million of interest income during Q2 2026 on the Corporation's cash balances. Non GAAP Financial Measures Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business.