Altius Minerals Corporation Closes Transaction Increasing Ownership Interest in Great Bay Renewables and Announces Increased Credit Facility

Altius Minerals Corporation has completed a tripartite transaction to increase its effective ownership interest in Great Bay Renewables Holdings (GBR) from 29% to 50%, securing equal joint control with Northampton Capital Partners. The deal structure involves Apollo Global Management selling its 50% GBR interest to Northampton for approximately US$390 million, while Northampton simultaneously sells its minority interest in Altius Renewable Royalties Corp. (ARR) to Altius for US$168 million.

Effective the third quarter of 2026, Altius will report its proportionate share of 50% of GBR revenues and expenses, marking a shift from equity-method accounting to proportionate consolidation. To support the transaction, Altius amended and increased its revolving credit facility from C$225 million to C$350 million, led by BNS and TD. The company drew down C$100 million on the new facility to fund the ARR purchase and associated transaction costs. The facility’s maturity has been extended from August 2028 to July 2030, with no principal repayments required. Pricing remains variable and improves based on the total net debt ratio.

This development follows the March 2026 acquisition of Lithium Royalty Corp. and the July 2026 C$181.5 million bought deal equity raise.

Altius Minerals Corporation (ALS) is executing a transaction that was part of a strategic deal announced on July 10, 2026. The market has already priced in the announcement, with the stock trading in a $56–$66 range since mid-July.

The shift to proportionate consolidation will materially increase reported revenue and EBITDA starting Q3 2026, but also increases reported expenses and leverage. A C$100M draw increases gross debt but extends maturity to 2030 and removes principal repayment pressure. Leverage remains conservative relative to cash and EBITDA.

Given the telegraphed nature and lack of new operational surprises, the market impact is expected to be incremental. The stock's recent consolidation suggests investors are awaiting the August 10 Q2 earnings release for actuals and GBR consolidation details.

Altius Minerals Corporation (ALS) operates as a royalty and streaming company with a focus on long-life, low-cost interests across base and battery metals, potash, iron ore, and electricity generation. The company’s Project Generation division creates junior equity positions and royalty optionality at low cost, funding much of its current portfolio.

Key assets include Arthur Gold, a 0.5% NSR in Nevada; Kami, a 3% GSR in Labrador; Chapada, a copper stream in Brazil; Voisey’s Bay, a nickel and copper operation in Canada; Curipamba, a copper project in Ecuador; and the LRC portfolio, which holds lithium royalties across Canada, Australia, and South America. The company also holds a 50% effective interest in GBR, a US renewables project, and approximately 8% equity in LIORC in Labrador.

Altius Minerals was added to the S&P/TSX Composite Index in June 2026, enhancing liquidity and institutional access.