Altius Reports Q3 2026 Expected Record Attributable Revenue(1)

Altius Minerals Corporation (ALS) has issued a preliminary, revenue-only release pre-announcing its third-quarter 2026 attributable royalty revenue ahead of its full financial results on November 10, 2026, and a subsequent conference call on November 11, 2026. The company expects to report record attributable royalty revenue of approximately $33.2 million for the quarter, compared to $21.4 million in Q3 2025 and $30.0 million in Q2 2026.

Segment details for Q3 2026 show base metals revenue at $8,450k, down from $9,425k in Q2 and up from $7,646k in Q3 2025. Potash revenue was $4,566k, compared to $5,036k in Q2 and $5,525k in Q3 2025. Lithium revenue stood at $4,244k, a significant increase from $18k in Q3 2025 but down from $6,434k in Q2. Iron ore revenue was $1,563k, nearly flat against $1,562k in Q2 and slightly up from $1,496k in Q3 2025. Electricity revenue reached $13,238k, up from $6,066k in Q2 and $3,327k in Q3 2025. Interest and other revenue was $1,141k, down from $1,474k in Q2 and $3,394k in Q3 2025.

A key component of the reported figures is that the $13.2 million in "Electricity" revenue includes $9.0 million in interest and investment income, which management states is mostly related to the financing of interconnection deposits. This represents a rise from $3.3 million in the comparable Q2 period. Management has elected to present this financing income within the electricity royalty revenue line rather than as a separate item.

The Chapada copper stream preliminary cost of sales was $2.3 million for the quarter, compared to $2.6 million in Q2 and $2.5 million in Q1, remaining roughly stable. Revenue growth was attributed to increased ownership for the last two months of the quarter following the acquisition of Northampton's interest in Altius Renewable Royalties, which resulted in a 29% interest effective per the release footnote, though management had previously described a 50% economic GBR interest. This was combined with project commissioning and ramp-up activities.

Stripping the $9.0 million in interconnection and financing income from Q3 and the $3.3 million from Q2 reveals that core royalty revenue declined sequentially. Core royalty revenue was approximately $24.2 million in Q3, compared to $26.7 million in Q2, representing a decline of roughly 9%.

Altius Minerals Corporation (ALS) reported preliminary revenue of $33.2 million, a 55.1% increase year-over-year and a 10.7% rise sequentially. The figure includes $9.0 million in interconnection-deposit financing income. Excluding this item, the company saw sequential declines in three of its four commodity royalty lines.

Management’s recent guidance indicated higher expectations for lithium and potash, which did not materialize in this period. The stock has declined approximately 11% since the last full earnings release.

The company noted that a full quarter of GBR revenue at the higher ownership level will not begin until Q4 2026. This was pre-announced in July 2026.

Altius Minerals Corporation (ALS) operates as a diversified royalty-and-streaming company, having expanded its portfolio beyond traditional mining into renewable electricity royalties and an in-house project-generation business that incubates mineral projects and vends them for royalties and equity.

The company’s base metals holdings include a copper stream from Chapada in Brazil and nickel royalty exposure at Voisey's Bay in Labrador. In potash, Altius holds Saskatchewan royalties tied to BHP's Jansen Phases 1–2, as well as brownfield expansions by Nutrien and Mosaic. Its iron ore interests consist of an approximately 8% holding in Labrador Iron Ore Royalty Corp (LIORC), which serves as a pass-through to the Iron Ore Company of Canada, alongside a 3% gross sales royalty on the Kami project operated by Champion Iron (51%), Nippon Steel, and Sojitz.

Altius also maintains a lithium portfolio comprising the LRC assets: Sigma, Finniss, Goulamina, Tres Quebradas, Mariana, and Neves. In the renewable energy sector, the company holds gross-revenue royalties on wind and solar projects through Great Bay Renewables, with over 9 GW under royalty and effective ownership increased to 50%. Precious metal interests include a retained 0.5% NSR on the Arthur gold project in Nevada, operated by AngloGold Ashanti, along with other precious-metal NSRs via the project-generation portfolio, such as a 2% NSR on Curipamba.

The company’s junior-equity portfolio, part of its project-generation segment, had a market value of approximately $97.6 million as of September 30, 2026, up from $80.4 million at June 30, 2026. This portfolio includes an approximately 17% stake in Orogen Royalties.