M&A / Property
Lithium Royalty to acquire 1.5% royalty on Goulamina
Altius Minerals Consolidates Control with C$9.50 Buyout Offer as Portfolio Finally Hits Production Inflection Point
Executive Summary
- On December 22, 2025, Lithium Royalty Corp. (LRC) announced a definitive arrangement agreement to be acquired by Altius Minerals Corporation for C$9.50 per share.
- The offer provides shareholders a 29.6% premium to the December 19, 2025, closing price and a 41.4% premium to the 30-day VWAP.
- Major shareholders representing 84.7% of the company, including Waratah and Riverstone, have signed support agreements to vote in favor of the deal.
- Simultaneously, LRC entered an agreement to acquire a 1.5% trailing product sales fee (TPSF) royalty on the Goulamina Lithium Project in Mali from Leo Lithium for AUD $40 million.
- The Goulamina royalty is expected to generate approximately USD $8.9 million in annual cash flow at spot prices of $1,300/t.
- To fund the Goulamina acquisition, Altius is providing a USD $20 million bridge loan to LRC.
Material Impact
- The Altius acquisition is a defining event that provides a liquidity exit for minority shareholders at a substantial premium during a period of volatile lithium prices.
- The Goulamina acquisition is the first major producing-asset royalty added to the portfolio in 2025, providing immediate cash flow. This project is operated by Ganfeng Lithium, a world-class operator, which reduces operational risk, though it introduces Mali jurisdictional risk.
- These combined announcements suggest Altius is moving to capture the full upside of LRC's maturing portfolio just as several flagship royalties (Tres Quebradas, Mariana, and Horse Creek) have reached production in late 2025.
- The 84.7% support from major insiders makes the acquisition highly likely to close, effectively capping the stock price near the C$9.50 level.
LIRC · Price
Company Overview
- Lithium Royalty Corp. is a pure-play battery metal royalty company with a portfolio of 37 royalties across 7 countries.
- Flagship projects include:
- Grota do Cirilo (Sigma Lithium, Brazil): Producing; Phase II expansion commissioning 4Q25.
- Tres Quebradas (Zijin Mining, Argentina): Commenced production 3Q25.
- Mariana (Ganfeng Lithium, Argentina): Inaugurated 1Q25; first revenue expected 2H25.
- Thacker Pass (Lithium Americas, USA): Development stage; large-scale future potential.
- Adina (Winsome Resources, Canada): Significant GOR (4.0%) on a major Quebec project now undergoing consolidation.
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Mar 06, 2026 · 09:38