Altius Provides 3rd Quarter 2026 Project Generation Update

Altius Minerals Corporation (ALS) released its quarterly Project Generation update for the period ended September 30, 2026, detailing activities within its portfolio of equity and royalty holdings. The company’s junior equities portfolio reached a market value of approximately $97.6 million at September 30, 2026, up from $80.4 million at June 30, 2026, representing a 21.4% quarter-over-quarter increase. Net portfolio investment during the quarter totaled approximately $5.0 million.

Key investments included a $1.7 million follow-on in TNR Gold Corp., participation in Centauri Minerals’ seed financing prior to its IPO, and an increased holding of approximately 5% in private explorer Gilpas Resources Ltd. Altius’s largest holding remains Orogen Royalties, with an interest of approximately 17%. Orogen reported working capital exceeding $33 million and first-half 2026 revenue of more than $6 million.

At Canstar Resources (TSXV: ROX) and VMS Mining Corporation’s Mary March VMS project in central Newfoundland, drilling resumed for the first time since 2019 with a four-hole, 2,756-meter program. Hole MM-26-42 returned 15.6 meters grading 0.73% Cu, 0.73% Pb, 2.10% Zn, 0.71 g/t Au, and 19.0 g/t Ag from 467.4 to 483.0 meters. This interval included 9.75 meters grading 1.13% Cu, 1.14% Pb, 3.27% Zn, 0.89 g/t Au, and 25.5 g/t Ag from 473.25 to 483.0 meters, described as the widest massive sulphide intercept in the project’s drilling record. Phase 2 is scheduled to commence in the fall. Altius holds a 2.75% GSR in the project.

High Tide Resources (CSE: HTRC) advanced its Labrador West Iron Project to the pilot plant stage. The company reported 91.4 meters grading 28.7% Fe and 112.6 meters grading 27.2% Fe, extending oxide mineralization outside the current pit shell. Metallurgical flotation concentrates averaged 67.7% Fe. Altius holds a 2.75% GSR in High Tide.

Perseverance Metals (TSXV: PMI) identified a near-surface, magmatic Ni-Cu sulphide-bearing mafic-ultramafic intrusion at the Osprey target in its inaugural program at the Voyageur project in Michigan’s Upper Peninsula. The host rocks were compared to those at the Eagle (MI) and Tamarack (MN) deposits. Perseverance closed an $11.8 million private placement. Altius holds a 2% NSR in the company.

Centauri Minerals (TSXV: CENT), a spin-out from Aldebaran, listed on the TSXV and secured C$25 million in financing in July. Its Rio Grande project in Argentina hosts an Indicated resource of 1.45 moz Au, 384 kt Cu, and 12.7 moz Ag, and an Inferred resource of 1.55 moz Au, 420 kt Cu, and 17.8 moz Ag. A Phase 1 drill program of 12,000 meters is set to begin.

Buffalo Potash (TSXV: BUFF) reported initial production module results at its Disley, Saskatchewan site. Well 15-10 intersected 20.5 meters of net sylvinite grading 39.4% sylvite (KCl). First production is targeted for the first quarter of 2027. Altius holds equity and a 0.16% GSR on the Odessa property.

Other portfolio updates included Toogood Gold advancing its Table Mountain project toward a maiden program under a 1.5% NSR, and Altitude Minerals (ASX: ATT) preparing a 2,100-meter RC program at Firenze, also under a 1.5% NSR. Sun Valley Minerals filed a preliminary prospectus and an NI 43-101 report on its Taramán project in Uruguay. Silver Range granted Resilience Minerals an option for 80% of Alamo. Additionally, the Altius-Orogen alliance staked the Serpent project in Nevada, which is currently at an early stage involving only alteration and geochemistry.

The scientific and technical data in this update was reviewed and approved by Lawrence Winter, Ph.D., P.Geo., VP Generative and Technical.

Altius Minerals Corporation (ALS) did not issue an earnings release, and no new financial results were disclosed. Prior-period context not included in today’s release includes Q2 2026 attributable royalty revenue of $30.0 million, adjusted EBITDA of $23.3 million, net earnings of $8.6 million ($0.16/share), cash of $143.5 million, and the $181.5 million July bought-deal offering and $350 million credit facility.

Altius is a ~C$3.3 billion royalty company. The PG junior equity portfolio is worth $97.6 million — roughly 3% of market capitalisation. The $17.2 million quarter-over-quarter increase is about 0.5% of market capitalisation, and it is a mark-to-market on securities the market can already price independently. It is not new fundamental value.

No new Altius royalty revenue is reported, no resource or reserve attributable to Altius changes, no mine life is extended, and no new royalty is created. The Mary March hit accrues principally to Canstar shareholders; Altius's disclosed exposure to Mary March in this release is an equity interest, with no NSR stated.

The one item with a direct Altius royalty link is High Tide's Labrador West (2.75% GSR) — but there is no reserve, no production decision, no timeline to production, and the head grade is low. Likewise Perseverance (2% NSR) and Buffalo Potash (0.16% GSR) are pre-production and years from cash flow.

The stock is at C$56.56, about 18% below its September 22 high of C$68.70 and near the July placement level ($60.50) and the July 15 gap-down low ($56.05). The equity is not priced for a specific PG outcome; there is no embedded expectation to beat or miss here. This is not a priced disappointment and not an unpriced positive — it is ordinary quarterly flow.

Real geological progress occurred at the portfolio level, but it is immaterial to Altius's NAV, revenue or share count today.

Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) is a royalty and streaming company with a 29-year history, a member of the S&P/TSX Composite, S&P/TSX Global Mining, S&P/TSX Canadian Dividend Aristocrats and FTSE Global Small Cap indices. The second quarter of 2026 marked its first full quarter following the LRC integration. The company’s business model involves acquiring long-life, high-margin royalty and streaming interests across mining commodities and utility-scale electricity generation. It also operates a Project Generation business that originates mineral projects, vends them to developers in exchange for equity and royalties, and monetises the resulting portfolio.

According to a company presentation dated October 13, 2026, the commodity and net asset value (NAV) mix consists of lithium at 32%, electricity/ARR at 22%, potash at 14%, iron ore at 13%, gold at 7%, and other commodities at 10%. The jurisdictional NAV split is 32% in Canada, 26% in South America, and the remainder in the United States, Ecuador, and Brazil.

Principal assets include a 0.5% net smelter return (NSR) on the Arthur Gold project in Nevada, operated by AngloGold Ashanti, following the sale of two-thirds of the original 1.5% NSR to Franco-Nevada for approximately C$375 million in 2025. Other holdings include a 3% gross smelter return (GSR) on Kami iron ore (Champion Iron/Nippon Steel/Sojitz), an approximately 8% equity holding in Labrador Iron Ore Royalty Corp, the Chapada copper stream, the Saúva integration, a 2% NSR on Curipamba (Silvercorp), a 50% effective interest in Great Bay Renewables with approximately 9 GW+ of generation under royalty, and the Lithium Royalty Corp portfolio (Sigma, Finniss, Goulamina, Tres Quebradas, Mariana, Neves).

Regarding capital structure, the release under analysis states there are 58,754,253 common shares issued and outstanding. A discrepancy exists with the investor presentation, which states 98,754,253 shares and a C$3.8 billion market capitalisation. This presentation data is inconsistent with the company's own release and the post-offering share count, and the presentation's share count is treated as an error.

In prior-period context not disclosed in today's release, the company reported cash of $143.5 million, total debt of approximately $86.4 million, total equity of $1.345 billion, and a book value of approximately $24.13 per share as of June 30, 2026. Subsequent to the quarter-end, the company raised $174.1 million net from a bought-deal offering and drew on a $100 million facility. The dividend was raised 10% to $0.11 per share quarterly in Q2 2026.