Northwire Canada EditionTuesday, November 10, 2026
Sign inSubscribe
Northwire
⌕
Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.23 −1.7% Oil 86.04 −0.9% Palladium 1,020.80 −0.1% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% SLG 6.24 −0.9% MSC 0.020 +0.0% MCI 0.140 +0.0% Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.23 −1.7% Oil 86.04 −0.9% Palladium 1,020.80 −0.1% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% SLG 6.24 −0.9% MSC 0.020 +0.0% MCI 0.140 +0.0%
Earnings

Altius Reports Q3 2026 Attributable Royalty Revenue of $33.3M and Adjusted Earnings(1) of $10.6M

Record revenue, weak cash conversion; electricity mix flatters Q3

By The Northwire Desk — AI Analysis Nov 10, 2026 · 17:05 ALS · 53.01 Altius Minerals Corporation
Executive Summary
  • Altius reported Q3 2026 revenue of $19.6 million versus $17.2 million in Q3 2025, up 14.0%.
  • Net earnings were $10.1 million ($0.17 per share) versus $264.9 million ($5.72 per share) in Q3 2025; the prior year included the large Arthur Gold royalty sale gain.
  • Attributable royalty revenue was $33.337 million ($0.56 per share) versus $21.407 million ($0.46 per share) in Q3 2025, up 55.7%; versus Q2 2026’s $29.997 million, up 11.1%.
  • Adjusted EBITDA was $27.1 million ($0.47 per share) versus $13.2 million ($0.29 per share), up 105.3%.
  • Adjusted operating cash flow was $11.8 million ($0.21 per share) versus $15.4 million ($0.33 per share), down 23.4%.
  • Adjusted net earnings were $10.609 million; adjusted EPS was $0.18 versus $0.17 in Q3 2025. Stock-based compensation of $2.2 million was not adjusted out.
  • Segment revenue: base metals $8.450 million; potash $4.566 million; electricity $13.238 million; lithium $4.244 million; iron ore $1.563 million; interest and investment $1.276 million.
  • The release confirms the July 2026 bought deal, $350 million credit facility amendment, and GBR/ARR restructuring. Cash was $181 million; credit facility balance was $187 million; total liquidity was approximately $500 million.
  • The board declared the usual $0.11 quarterly dividend, payable December 15, 2026 to holders of record November 30, 2026.
Material Impact
  • The Q3 revenue was pre-announced on October 20 at approximately $33.2 million; the actual $33.337 million was a 0.4% beat. That is effectively in line.
  • Adjusted EPS of $0.18 versus $0.17 is a modest positive, but there was no prior adjusted EPS guide. The more important new information is adjusted operating cash flow of $11.8 million versus $15.4 million, down 23.4% despite record revenue.
  • The segment mix is less clean than the headline. The October 20 pre-release attributed $9.0 million of the $13.2 million electricity line to interest and investment income related to interconnection deposit financing; the full Q3 release does not break this out in the table. If treated as interest/investment-type income, recurring electricity royalty revenue would be closer to $4.2 million and interest/investment-type income would be roughly $10.3 million, or about 31% of attributable revenue.
  • The market was already de-rating into the print: the stock closed at $62.34 on August 10, 2026, the Q2 earnings release date, and at $52.87 on November 10, down 15.2%; from the October 20 pre-release close of $55.82, it was down 5.3%. The in-line print did not reverse that trend.
  • The release confirms rather than changes the investment case. The rating is Routine - Neutral because the revenue was pre-telegraphed, the adjusted EPS beat was small, and the incremental cash-flow/mix data is modestly negative.
ALS · Price
Company Overview
  • Altius Minerals is a royalty and streaming company, not an operating miner. It owns royalties, streams and equity stakes tied to producing and development-stage mines, plus renewable electricity royalties through GBR.
  • Core mining royalties/streams include Arthur Gold (0.5% NSR), Chapada copper stream, Curipamba (2% NSR), Kami (3% gross sales royalty), Voisey’s Bay exposure, Saskatchewan potash royalties, and the LRC lithium royalty portfolio.
  • The LRC acquisition added 37 lithium royalties, including four operating royalties; the portfolio is now a major growth leg alongside electricity.
  • GBR gives Altius 50% effective exposure to utility-scale wind and solar royalties in the US, with about 9.4 GW under royalty.
  • Altius also holds about 8% of Labrador Iron Ore Royalty Corporation and a $98 million public Project Generation equity portfolio, including a roughly 17% stake in Orogen Royalties.
  • Jurisdictional mix in the investor presentation is Canada 32%, South America 26%, United States, Ecuador and Brazil. Commodity mix is lithium 32%, electricity/ARR 22%, potash 14%, iron ore 13%, gold 7% and other 10% on a NAV basis.
Read the original news release →

More from Altius Minerals Corporation

Oct 22, 2026 · 08:47

Altius secures its first development-stage potash royalty, providing non-dilutive funding to advance the IPM project to Q1 2027.

M&A / Property Oct 20, 2026 · 07:45

Altius reported record revenue driven by $9 million in interest income, while its core royalty revenues declined quarter over quarter.

Earnings Oct 19, 2026 · 07:49

Altius’s Q3 project-generation update highlights a portfolio mark-up with no new revenue contributions from its exploration assets.

Drill Results Oct 06, 2026 · 07:30

Altius quietly builds a 12.7% stake in TNR Gold, signalling a potential full acquisition bid for the junior miner.

M&A / Property Aug 10, 2026 · 17:05

Altius reports a Q2 revenue surge and strategic balance sheet strengthening across its diversified portfolio of copper, lithium, gold, potash, and renewables assets.

Earnings Jul 30, 2026 · 13:10

Altius consolidates GBR to 50%, boosting revenue and extending debt maturity to 2030.

Financings