Altius Minerals (ALS) AGM 2026 presentation summary

Strategic and financial highlights

• Completed sale of two-thirds of Arthur gold royalty for C$375M, retaining one-third for future growth and diversification exposure.

• Redeployed capital with acquisition of Lithium Royalty Corp. valued at $520M and increased stake in Labrador Iron Ore Royalty Corp. to 8%.

• Increased annual dividend by 400% over ten years and reduced debt by 20% to C$89M, ending the year with strong liquidity.

• Achieved over 20% average compounded share price growth for 29 years and solidified a leading royalty revenue growth trajectory.

Royalty revenue growth and outlook

• Strong incremental royalty revenue growth expected through 2030, driven by ramp-ups, expansions, and new builds in key projects.

• Major development-stage royalties like Kami (iron ore), Arthur (gold), and Adina (lithium) could drive further growth in the early 2030s.

• Electricity, gold, battery metals, iron ore, and potash are key contributors to the revenue pipeline.

Electricity royalties and market conditions

• Holds a 28.5% effective interest in Great Bay Royalties (GBR), which has 8.4 GW under royalty and 3.3 GW operating.

• Royalty financing model widely adopted by major power developers; GBR pipeline is more active than ever.

• US electricity demand is surging, especially from data centers, with renewables as the primary source of new supply.

• GBR expects significant royalty revenue growth, with late-stage acquisitions and ancillary revenue from development fees.

• Contrarian investment window in US renewables due to capital scarcity, resulting in attractive returns for royalty capital.