Altius Provides 1st Quarter 2026 Project Generation Update

• Altius Minerals reported a significant increase in its junior equities portfolio market value, rising to approximately $70.0 million as of March 31, 2026, from $49.3 million at the end of 2025.
• The company entered into a $4.2 million subscription agreement for an equity investment in TNR Gold Corp., securing rights of first offer on key lithium and copper royalties in Argentina.
• Portfolio subsidiary Orogen Royalties reported record 2025 total revenue of $13.1 million, representing a 32% year-over-year increase.
• Altius and Orogen signed a binding Letter of Intent to option the Table Mountain gold project in Nevada with Toogood Gold, retaining a 3% net smelter return (NSR) royalty.
• Other portfolio activity includes participation in equity financings for High Tide Resources, Perseverance Metals Inc., and Sun Valley Minerals.

• The news confirms the successful deployment of excess cash into high-upside junior equities, validating the company's project generation strategy post-LRC acquisition.
• However, the $20 million increase in portfolio value represents less than 1% of the current market capitalization (~$2.9 billion), limiting immediate stock price impact relative to prior M&A catalysts like the LRC deal or Arthur Gold sale.
• The TNR Gold investment adds strategic lithium exposure but is a relatively small capital allocation ($4.2 million) compared to the company's cash reserves ($294M at Dec 31, 2025).
• Orogen Royalties revenue growth (32% YoY) is positive but incremental; it does not offset the one-off nature of the $374.5 million Arthur Gold gain recognized in FY 2025 earnings.
• Given the stock has already doubled from April 2025 lows ($24.01) to current levels (~$51), this update is largely priced in and serves as confirmation rather than a surprise catalyst.

• Altius Minerals Corporation operates as a royalty and streaming company with a diversified portfolio across base metals, battery metals, potash, iron ore, and renewable energy.
• Flagship Project: The Arthur Gold Project (Nevada) remains a critical asset following the sale of 1% NSR to Franco-Nevada for $275 million; Altius retains 0.5% NSR on ~195.6 sq km.
• Recent Strategic Shift: Completion of the Lithium Royalty Corp (LRC) acquisition in March 2026 significantly expanded exposure to lithium assets, including the Goulamina royalty and other advanced-stage projects.
• Project Generation Business: A key differentiator where Altius invests equity in junior miners to secure royalties on future discoveries; this segment saw portfolio value rise to $70 million in Q1 2026.