Altius Minerals Corporation and Lithium Royalty Corp. Complete Plan of Arrangement

The most recent news (March 5-6, 2026) confirms the completion of the Plan of Arrangement between Lithium Royalty Corp. (LRC) and Altius Minerals Corporation. Altius has acquired all outstanding common and convertible shares of LRC. Former LRC shareholders received a combination of C$140 million in cash and 9,630,177 Altius common shares. LRC is now a wholly-owned subsidiary of Altius and will be delisted from the TSX. Concurrently, LRC provided a final portfolio update noting the receipt of a US$2.9 million payment from the Goulamina royalty and significant operational milestones at Sigma Lithium, Ganfeng’s Mariana project, and Core Lithium.

• Material - Game Changer: This is the finality of the company's independent existence. The acquisition by Altius (a long-time strategic backer) validates the LRC business model and portfolio value.
• Valuation Realization: The deal implied an equity value of C$521 million, representing a 29.6% premium to the undisturbed closing price and a 41.4% premium to the 30-day VWAP at the time of the December 2025 announcement.
• Portfolio Maturation: The timing of the merger coincides with the transition of flagship assets (Tres Quebradas, Mariana, Goulamina) from development to cash-flow generation, significantly derisking the underlying assets for the acquirer.
• Shareholder Composition: The Waratah Group remains a major stakeholder in the combined entity, holding approximately 14% of Altius.

LRC was a pure-play battery metals royalty company. Its flagship value was driven by a diversified portfolio of 38 royalties. - Flagship Assets: - Grota do Cirilo (Sigma Lithium): 0.9% NSR; in production. - Tres Quebradas (Zijin Mining): 0.9% GOR; recently commenced production. - Mariana (Ganfeng): 0.45% GOR; inaugurated Feb 2025. - Goulamina (Ganfeng/Leo Lithium): 1.5% royalty; recently acquired for AUD$40M to provide immediate cash flow.