Altius Minerals (ALS) Q2 2026 earnings summary

Executive summary

• Q2 2026 achieved record royalty revenue of CAD 30 million (USD 30M), driven by higher realized prices for copper, potash, lithium, and increased renewables revenue, with adjusted EBITDA of CAD 23 million.

• Integration of Lithium Royalty Corporation contributed $6.4M in lithium royalty revenue, with first revenue from Finniss mine restart and further contributions expected from Mariana and Neves projects in H2 2026.

• Major transactions included the acquisition of Lithium Royalty Corporation, increased interest in Great Bay Renewables (ARR/GBR) to 50%, and significant equity raise and credit facility expansion to bolster liquidity.

• Portfolio benefited from strong royalty performance, with advancements in pre-production stage royalties and positive signals from lithium operators regarding expansions and new builds.

• Major royalty investments and project developments in wind, lithium, copper, and gold advanced during the quarter.

Financial highlights

• Net earnings for Q2 were CAD 8.6 million ($0.16/share), with adjusted net earnings of $0.14/share, both higher year-over-year.

• Adjusted net earnings for Q2 2026 were $7.6M or $0.14 per share after tax.

• Operating cash flow reached CAD 14 million, reflecting higher royalty receipts and interest income, offset by higher tax payments and working capital changes.

• Cash and cash equivalents at June 30, 2026 were $143M, with public equities valued at $80M (excluding LIORC at $145M).

• Dividend increased by 10% to $0.11 per share, payable September 2026.

Outlook and guidance

• Revenue estimates for the lithium segment have been revised upwards for the coming years due to robust demand and project expansions.

• Multiple lithium projects ramping up production, with significant expansions and new shipments expected through 2027.

• ARR revenue to benefit from 15 additional projects under construction; commercial operations for Coles Wind project anticipated in H2 2027.

• Management anticipates a busy fall with ongoing deal flow in both renewables and mining royalties.

• Potash shipments expected to reach record levels in 2026, with strong Q2 sales/production.