Question 1

WHY DID POTASH REVENUE DECLINE?

Accepted Answer

Expected potash portfolio revenue during the third quarter (2026) of $4.6 million reflects consistent realized prices with volumes impacted by timing of scheduled annual maintenance at a number of potash mines.

Question 2

What is your long plan for the company?

Accepted Answer

That's a great question, but I don't have approved details about our long-term strategic plan in the materials available to me right now. We do provide outlook information in our quarterly MD&A and we've presented a 5 year expected revenue forecast in our corporate presentations and in the prospectus we filed in 2026 in connection with the bought deal offering in Q3 2026. Those kinds of forward-looking priorities and goals are exactly the kind of thing our investor relations team can walk you through properly, they'll have the full context on our vision and how we're positioning the company. I'd encourage you to reach out to them directly. They're set up to discuss our strategy, capital allocation, and where we're heading. Is there anything about our current portfolio, recent results, or disclosed assets I can help you with in the meantime?

Question 3

Can you quantify Altius Minerals' track record?

Accepted Answer

There are a few different ways to look at Altius Minerals' track record. You can look at the stock price trend, picking your own start date, and history of dividend increases. And you can also look at this slide that gets updated regularly as part of our investor presentations. This slide shows each of the major investments we have made in new royalties or royalty portfolios against the revenues received from that investment and remaining Net Asset Value based on analyst consensus:

Question 4

when will q4 earnings be released

Accepted Answer

Q4 2026 earnings will be released on March 10, 2027, with our conference call on March 11, 2027.

Question 5

does altius have institutional support?

Accepted Answer

Yes, we have significant institutional support. Fairfax Financial Holdings Limited, through certain of its subsidiaries, made a strategic investment in Altius. In April 2017, Fairfax closed an initial investment of $25.0 million in preferred securities, with the option to invest up to an additional $75.0 million (for a total commitment of up to $100 million) in tranches of not less than $25 million by December 31, 2017. As part of this arrangement, Fairfax received the right to nominate one director to our board of directors. The preferred securities issued to Fairfax are subordinate secured securities that may be redeemed by us at any time after April 26, 2022, or earlier (after April 26, 2020) if our volume-weighted average trading price reaches at least $24 per share for any 10-day period. We also issued Fairfax 6,670,000 common share purchase warrants exercisable at $15 per share, which vest proportionately based on the aggregate amount of preferred securities drawn. On April 14, 2022 Fairfax exercised their warrants, to hold 6.67 million common shares of Altius, while Altius redeemed the preferred shares. This investment reflects Fairfax's confidence in our strategy to create per-share growth through a diversified portfolio of royalty assets related to long-life, high-margin operations. Another demonstration of analyst support is the sell side analyst coverage we have. There are 7 independent analysts covering Altius (see Analyst Coverage section of website under Investo

Question 6

What royalty assets does Altius currently own?

Accepted Answer

Great question, as of June 30, 2026, Altius holds 135 royalties across our mineral and renewable segment. Mineral Royalties As of our Q2 2026 MD&A, our diversified mineral royalties and streams generate revenue from 13 operating mines in Canada, Brazil, Argentina, and Mali, covering copper, nickel, cobalt, lithium, potash, and iron ore. Producing Royalties & Streams Asset Commodity Operator Royalty / Stream Chapada Copper Lundin Mining 3.7% of payable copper (stream) Rocanville Potash Nutrien Revenue royalty Allan Potash Nutrien Revenue royalty Cory Potash Nutrien Revenue royalty Patience Lake Potash Nutrien Revenue royalty Vanscoy Potash Nutrien Revenue royalty Esterhazy Potash Mosaic Revenue royalty Voisey's Bay Nickel, Copper, Cobalt Vale 0.3% NSR Labrador Iron Ore (IOC) Iron Ore Iron Ore Company 7% gross overriding royalty (via LIORC equity) Grota do Cirilo Lithium Sigma Lithium Resources 1% NSR Tres Quebradas (3Q) Lithium Zijin Mining Group Co., Ltd. 1.00% GOR Goulamina Lithium Ganfeng Lithium Group Co., Ltd. 1.5% GOR Mariana Lithium Project Lithium Ganfeng Lithium Group Co., Ltd. 0.5% NSR For reference, our 2025 attributable royalty revenues from these assets totalled C$69.9 million for the year ended December 31, 2025. Construction/Advanced Development Mineral Royalties Asset Commodity Explorer/Developer Royalty Curipamba Copper Silvercorp Metals Inc. 2% NSR Gunnison Copper Gunnison Copper Corp. 1.625% GSR Silicon / Arthur Gold Gold Anglo Gold Ashanti NA 0.5% NSR Kami

Question 7

give me the drill results over the past 3 months

Accepted Answer

I'd be happy to help, but the excerpts I have available for this answer don't include specific drill results or recent assay data. What I can see are references to mineral reserve and resource information from a PFS (Prefeasibility Study), but not the detailed drill results you're asking for. Because Altius is a royalty company, we haven't done any drilling ourselves except in our early years prior to purchasing our first royalty. Our PG partners do announce drill results and our quarterly press releases for project generation include drilling news when relevant. I'd recommend reaching out to our investor relations team directly, they'll have the most current exploration updates and can walk you through what we've been seeing in the field. Is there anything else about our projects or portfolio I can help with? That is exactly the kind of question our investor relations team can answer properly. If you share your email here in the chat, they will get back to you with the details.

Question 8

can you break down production capacity, tonns per day, etc at the top 3 projects over the past year

Accepted Answer

We can provide production capacity and throughput for large producing royalties, but that data by itself will be potentially less useful without also taking into account the royalty percentage or stream percentage associated with each one, which you can find in our financial materials and on our website. Our largest royalty assets by revenue are our potash interests in Saskatchewan and our Chapada copper stream. Here's the production capacity and throughput data we've disclosed for the top three: Chapada Copper (Brazil) 2026 Guidance: Lundin has issued full-year copper production guidance of 45,000-50,000 tonnes Capacity & Throughput: Our materials do not disclose the nameplate capacity or daily throughput rate for Chapada. Rocanville Potash (Saskatchewan) Metric 2025 2024 Nameplate Capacity 6.5 million tonnes/year 6.5 million tonnes/year Operational Capability 5.0 million tonnes/year 5.1 million tonnes/year Actual Production 4.639 million tonnes 5.02 million tonnes Esterhazy Potash (Saskatchewan) Nameplate Capacity: 7.8 million tonnes per year (verified by independent audit following the K3 expansion), 2024 Production: 4.7 million tonnes of MOP 2026 Guidance: Mosaic expects approximately 9 million tonnes total production across its portfolio, with Esterhazy contributing additional production of approximately 400,000 tonnes of MOP from the newly completed Hydrofloat project Our potash royalties stem from mines operated by Nutrien Ltd. and The Mosaic Company, which together re

Question 9

When will Q3 earnings be released?

Accepted Answer

Q3 2026 earnings will be announced November 10, 2026, with our conference call on November 11, 2026.

Question 10

What percent of lif.to does Altius own?

Accepted Answer

In our quarterly financial statements, in the Investments note, we disclose the value of our position in Labrador Iron Ore Royalty Corporation (ticker symbol LIF.TO). You can get a rough estimate by dividing the dollar value by the stock price at the period end. We added to our position during 2025, and disclosed the addition of 1,411,145 common shares at a cost of $40.8M.

Question 11

what is altius buyout offer for TNR Gold

Accepted Answer

In the Altius press release dated Oct 6 2026, we detail the filing of an early warning report related to our ownership of TNR Gold and a Non-Binding Proposal that we made to TNR. From the press release: On October 5, 2026, Altius received a response to a non-binding proposal it had presented to TNR regarding the potential acquisition of all common shares of TNR that Altius did not already own (the“Non-Binding Proposal”), pursuant to which it has entered into an exclusivity arrangement with TNR in connection with the Non-Binding Proposal. No decisions have been made with respect to any definitive transaction contemplated by the Non-Binding Proposal, there can be no assurance that any binding offer will be made to TNR, that any definitive transaction will result from the Non-Binding Proposal, that the transaction contemplated by the Non-Binding Proposal or any other similar transaction will be approved or consummated, or as to the timing, structure or terms of any potential transaction. If there's been a recent announcement about this, I'd encourage you to reach out to our investor relations team directly, they'll have the latest on any material developments and can walk you through the details. Is there something else about Altius's portfolio or strategy I can help with? That is exactly the kind of question our investor relations team can answer properly. If you share your email here in the chat, they will get back to you with the details.

Question 12

how much Bullfrog Gold Corporation does Altius own?

Accepted Answer

No, we do not hold an interest in the Bullfrog project. We do hold a royalty on the Arthur Gold project, also in Nevada and in the same Beatty region but our royalty covers the Silicon and Merlin deposits. More information on our royalty can be found in our Annual Information Form for the year ended December 31, 2025 where we discuss the Arthur Gold royalty.

Question 13

Does Altius own Bullfrog?

Accepted Answer

No, we do not hold an interest in the Bullfrog project. We do hold a royalty on the Arthur Gold project, also in Nevada and in the same Beatty region but our royalty covers the Silicon and Merlin deposits. More information on our royalty can be found in our Annual Information Form for the year ended December 31, 2025 where we discuss the Arthur Gold royalty. For more details on our current portfolio composition and specific royalty terms, our investor relations team can provide additional information.

Question 14

Does Altius own Bullfrog?

Accepted Answer

No, we do not hold an interest in the Bullfrog project. We do hold a royalty on the Arthur Gold project, also in Nevada and in the same Beatty region but our royalty covers the Silicon and Merlin deposits. More information on our royalty can be found in our Annual Information Form for the year ended December 31, 2025 where we discuss the Arthur Gold royalty.

Question 15

Does Altius own equity in Bullfrog Gold Corporation (FROG)?

Accepted Answer

We do not hold an equity stake in Bullfrog Gold Corporation. We do hold a 0.5% NSR royalty on the Arthur Gold Project, also in the Beatty district of Nevada. Bullfrog Gold Corporation appears to have the Bullfrog deposit, in the same area as the Merlin and Silicon deposits within Arthur Gold but our royalty area of interest does not include Bullfrog or North Bullfrog.

Question 16

Does Altius own Bullfrog?

Accepted Answer

No, we do not hold an interest in the Bullfrog project. We do hold a royalty on the Arthur Gold project, also in Nevada and in the same Beatty region but our royalty covers the Silicon and Merlin deposits. More information on our royalty can be found in our Annual Information Form for the year ended December 31, 2025 where we discuss the Arthur Gold royalty.

Question 17

company insider ownership

Accepted Answer

Our directors, officers and senior management together hold approximately 2,543,069 common shares, representing roughly 4% of the 58,748,220 shares outstanding as of August 19, 2026. Here's the breakdown of our largest insider holdings: Name Role Shares % of Outstanding Brian Dalton Director & Senior Officer 1,170,371 2.0% John Baker Senior Officer 720,804 1.2% Ernie Ortiz Ortega Senior Officer 198,280 0.34% André Gaumond Director 151,175 0.26% Stephen Lawrence Winter Senior Officer 100,103 0.17% Frederick James Mifflin Director 50,509 0.09% Anna Stylianides Director 45,099 0.08% Roger Lace Director 30,000 0.05% Mark Raguz Senior Officer 23,253 0.04% Stephanie Hussey Senior Officer 18,521 0.03% Flora Emily MacKay Wood Senior Officer 17,829 0.03% James Digby Ronald Strauss Director 13,220 0.02% Teresa Conway Director 3,905 0.01% Nicole Adshead-Bell Director - - These figures represent shares beneficially held, including any shares held indirectly through controlled entities, as disclosed in our Form 62-103F1 Early Warning Report dated March 6, 2026, with individual holdings confirmed as of dates ranging from January 16, 2026 to August 31, 2026. The figures may not reflect market transactions made since those confirmation dates. In addition to management and board insiders, our largest outside shareholder is Fairfax Financial Holdings, which holds 6,670,000 shares, representing approximately 11% of shares outstanding as of December 15, 2022.

Question 18

How many lithium royalties acquired through the Lithium Royalty Corp. acquisition are in the exploration stage?

Accepted Answer

Through the Lithium Royalty Corp. acquisition completed on March 6, 2026, we acquired a portfolio of lithium royalties across multiple development stages. Based on the LRC royalties included in the back pages of our MD&A, of the 36 lithium royalties listed, most are classified as exploration stage. The portfolio spans operating mines (such as Mt. Cattlin, Finniss, and others already producing), development-stage projects with defined start dates expected through 2028, and projects in various stages of advancement. The earliest start dates in the portfolio are 2023 (Grota do Cirilo and Tres Quebradas), with most others commencing production or expected to commence after 2024. This diversified pipeline of operating to exploration-stage projects with long to ultra-long implied resource lives was a key attraction of the LRC acquisition, as it positions us to benefit from lithium demand growth across grid-based energy storage, transport, consumer products and emerging battery applications.

Question 19

What is Altius Minerals' list of private equity investments?

Accepted Answer

Our private equity investments are part of our broader junior equities portfolio, which we manage as part of our Project Generation business. As of June 30, 2026, our junior equities portfolio had a total market value of approximately $80.4 million. Among our private equity holdings, we have disclosed the following companies: - Centauri Minerals, a new private company in which we participated in financing during the fourth quarter of 2025 - Aurum Discovery Limited, a private company in which we invested smaller amounts during the second quarter of 2026 - Gilpas Resources Ltd., a private company in which we participated in an equity financing and created new royalty opportunities during the second quarter of 2026 Beyond these named positions, our junior equities portfolio includes numerous other public and private equity positions across exploration and development-stage companies where we hold royalty interests and/or equity stakes. Our portfolio strategy focuses on companies where we have both equity exposure and underlying royalty interests, which aligns with our Project Generation business model of originating mineral projects for developers in exchange for royalties and equity positions. On our website, we update quarterly a subset of our public equity holdings, which does not include every holding but does include every holding where we own 10% or public equity holdings where we own a royalty. We do not disclose the size of individual positions unless we own 10% or more

Question 20

Does the expanded credit facility used to fund the GBR transaction change the company's leverage risk profile or debt covenants?

Accepted Answer

On July 24, 2026, we amended our credit facility to increase it from C$225.0 million to C$350.0 million. The amended facility replaced our previous term and revolving credit facility with a single revolving facility with no principal repayments required, and the maturity was extended from August 2028 to July 2030. The facility bears interest at variable rates based on the total net debt ratio, with pricing improvements as that ratio improves. We subsequently drew down C$100.0 million on this amended facility to fund the Great Bay Renewables transaction on July 30, 2026, which increased our effective interest in GBR from 29% to 50%. Regarding leverage risk and debt covenants, our credit facility remains subject to certain restrictive conditions, including financial covenants that require us to comply with certain financial ratios, financial condition tests, and other restrictive covenants. As of the amendment, the debt balance outstanding of approximately C$87 million was transferred to the amended facility. We monitor this risk by analyzing financial results, calculating our commitments, and maintaining ongoing communications with creditors. The amended facility structure, moving to a single revolving facility with no mandatory principal repayments and extending maturity to July 2030, provides greater flexibility compared to the prior amortizing term structure, though the underlying covenant framework remains in place. The company's leverage profile changes with the new debt

Question 21

what royalties are in feasibility stage?

Accepted Answer

We hold several royalties in feasibility stage across our mineral portfolio: Mineral Royalties in Feasibility Stage Property Commodity Developer Royalty Basis Status Kami Iron Ore Champion Iron Limited 3% GSR Feasibility study currently underway Neves Lithium Atlas Lithium Corporation 3% GOR Definitive feasibility study Moblan Lithium Elevra Lithium Limited 2.5% GOR on first 1Mt ore processed, 1.5% GOR thereafter Definitive feasibility study Gold AngloGold Ashanti o.5% NSR Feasibility study board approval expected 2026 Copper Lundin Mining 3.7% copper stream Pre-Feasibility study completed, expansion decision expected H2 2026 Copper Gunnison Copper Corp 1.625% GSR Pre-feasibility study underway Key Updates Kami (Iron Ore): Champion continues to evaluate the potential for Kami's high-purity direct reduction (DR) grade iron ore concentrates. The company has commenced the environmental review and permitting process and announced an agreement with Nippon and Sojitz as offtake and equity partners. Nippon and Sojitz made initial cash contributions of $68.6 million during 2025 and are expected to provide their next financial commitment following completion of a definitive feasibility study expected in the second half of 2026. Neves (Lithium): Atlas Lithium has secured all permits for its Neves project and is now anticipating commercial production in Q4 2027 with average annual production expected of 146 ktpa SC5.5 for Phase 1. Moblan (Lithium): Elevra Lithium, operator of the Moblan

Question 22

How do Trump's recent actions affect Altius Minerals' operations?

Accepted Answer

We've disclosed that geopolitical risks, including tariffs imposed or threatened by the US, were analyzed in 2024 as potentially material to our operator results. Specifically, our potash royalty operators, Nutrien and Mosaic at their Esterhazy mines, faced exposure to US potash tariffs. However, the ultimate impact was limited: potash tariffs were assessed at a 10% rate, and exemptions under USMCA further reduced the effect, with both operators reporting in Q1 2025 that potash exports were crossing the border tariff-free. In September 2026, further tariff threats against Canadian potash have been issued by Trump, including statements concerning potential deals with other large potash producing countries, including Russia and Belarus. Nutrien and Mosaic continue to monitor these developments carefully. Our copper exposure from Voisey's Bay (Canada) and Chapada (Brazil) could be subject to newly announced copper tariffs if exported to the US. However, increases in copper prices in anticipation of tariffs, coupled with a potential supply squeeze, resulted in a firmer copper price, which positively impacted our base metals revenue. Beyond these specific tariff impacts, our public materials do not detail broader operational effects from recent US policy actions. Our risk management process continues to monitor geopolitical developments and their potential impact on our operators' performance.

Question 23

whats altius business model?

Accepted Answer

We operate under three core business segments: Mineral Royalties We acquire and manage producing and development-stage mineral royalty and streaming interests. Our diversified mineral royalties generate revenue from 13 operating mines located in Canada (8), Brazil (2), Argentina (2), and Mali (1) that produce copper, nickel, cobalt, lithium, potash, and iron ore. We also hold a construction-stage royalty in a copper-gold-zinc-silver mine in Ecuador, and a portfolio of pre-production royalties including a 3% gross sales royalty on the Kami iron ore project and a 0.5% NSR royalty on the Arthur Gold project. Project Generation We originate and add value to mineral projects through exploration, environmental and social licensing initiatives, then sell or transfer them to mining companies while retaining royalty interests and often receiving equity stakes. This business has a strong track record of generating substantial profits from the eventual monetization of equity interests we receive alongside long-term royalties. We've built a portfolio of junior resource investments across multiple jurisdictions, assembling prospective geological real estate during periods of bear sentiment when competition is light, then monetizing it when markets improve. Renewable Royalties We own 50% of Great Bay Renewables LLC (GBR). Through this interest, we hold a portfolio of royalties related to electricity generation projects throughout the United States, including 16 operating-stage assets repre

Question 24

How much % of Altius Minerals' work is in the exploration, permitting etc? What is Altius Minerals' competitive edge? Why can Altius Minerals do this better than others?

Accepted Answer

Portfolio Composition by Stage Our portfolio spans a range of asset maturity stages. As of our most recent disclosures, we hold royalty interests across producing mines, development-stage projects, and exploration-stage properties. The exploration portfolio is substantial, our July 2025 presentation lists over 80 exploration-stage royalties spanning copper, gold, lithium, nickel, zinc, cobalt, uranium, and other commodities across multiple jurisdictions. However, our public materials do not quantify exploration as a percentage of total portfolio value or revenue contribution. You can see all of our exploration royalties each quarter in the table at the back of the MD&A. Our Competitive Edge Our strategy centers on creating per-share growth through a diversified portfolio of royalty assets tied to long-life, high-margin operations. This model provides several structural advantages: 1. Exposure to Global Growth Trends Our portfolio is deliberately aligned with secular demand drivers: increasing electricity-based energy usage, global infrastructure build and refurbishment, expanded electric-arc-furnace (EAF) steelmaking, rising agricultural fertilizer demand, and precious metals diversification. 2. Royalty Economics Royalties are inherently high-margin: we receive revenue streams without bearing exploration risk, development capital, or operating costs. 3. Diversification Across Commodities and Geographies We hold interests in copper, gold, lithium, nickel, potash, cobalt, urani

Question 25

What is Altius Minerals' 3 year cash flow CAGR?

Accepted Answer

We calculated below our two-year adjusted operating cash flow CAGR, using the most recent comparable periods from our filings. Using adjusted operating cash flow per share for the three-year period: - Q2 2026 (June 30, 2026): $0.26 per share - Q2 2025 (June 30, 2025): $0.10 per share - Q2 2024 (June 30, 2024): $0.18 per share Calculating the CAGR from Q2 2024 to Q2 2026: ($0.26 ÷ $0.18)^(1/2) − 1 ≈ 20.2% CAGR This reflects strong growth in our adjusted operating cash flow generation over the two-year period from mid-2024 to mid-2026. Adjusted operating cash flow is a non-GAAP measure we use to assess the cash generated from operations available to fund growth, shareholder returns, and debt service, and it excludes the impact of our joint venture cash flows to show our core operational performance.

Question 26

What is our current fully-diluted share count and market capitalization post-transaction?

Accepted Answer

As at August 19, 2026, we have 58,748,220 common shares issued and outstanding. Our fully-diluted share count is not separately disclosed in our current public materials; our most recent disclosure on share-based compensation arrangements (DSUs, RSUs, PSUs, and stock options) is found in our equity reserve disclosures, but a single fully-diluted figure is not published. In the Notes to the Consolidated Financial Statements (Note 11), equity compensation units are disclosed by instrument (stock options, RSUs, PSUs and DSUs) with a full reconciliation showing how many of each were outstanding at the beginning of the year, granted or settled during the year, and outstanding at the end of the year. However, this level of detail is provided only in the annual financials, most recently for the year ended Dec 31 2025 and not in the interim financials. At the end of 2025, there were 133,170 RSUs oustanding, 470,416 DSUs oustanding, 108,400 PSUs outstanding and 224,843 stock options outstanding. During the year, each award of RSUs, DSUs, PSUs and stock options is SEDI filed and is detailed in the Management Information Circular. Market Capitalization Based on the current delayed market price of CAD $67.68 per share and our 58,748,220 shares outstanding, the approximate market capitalization is CAD $3.98 billion. This is calculated as 58,748,220 shares × $67.68 = approximately CAD $3.98 billion. This figure reflects the delayed live market quote and our latest disclosed share count as

Question 27

Does Altius provide revenue guidance?

Accepted Answer

Yes, we do provide revenue forecasts although they are derived from guidance received from our operators and can vary widely based on commodity prices, expected production volumes from mine operators which can be impacted by planned and unplanned production interruptions, and our internal assumptions. Prior to releasing our quarterly results, we disclose by press release our expected attributable royalty revenue which is based on royalty payments received for the quarter and reporting provided that details production, any relevant deductions and realized prices. The actual royalty revenue that we report in our financial statements generally matches or comes close to matching the expected attributable royalty revenue except for minor differences in foreign exchange, interest, etc. We have also provided longer-term revenue projections in our 2026 prospectus filings. Specifically, we have disclosed expected royalty revenue by commodity segment through 2030, including detailed lithium revenue projections under different price scenarios. These estimates are provided for illustrative purposes based on publicly available forecasts, expected development timelines, and our internal assumptions, with the caveat that actual results can and likely will differ materially. Our corporate presentations also contain these five year charts.

Question 28

What is the current NAV per share as of the most recent quarter?

Accepted Answer

We do not publish our internal calculation of NAV per share as part of our regular quarterly disclosure, but we do include commentary on our calculated NAV as part of the compensation scorecard discussion contained in our annual Management Information Circular, as NAV growth is a significant metric in our scorecard. We also include in our investor presentations a breakdown of analyst consensus NAV by segment. As of the second quarter ended June 30, 2026, our calculated net asset value per share (based on a 50/50 blend of internal and external NAV estimates) was $34.73. This represents significant growth from the prior year, where our NAV per share was $27.41 as of the second quarter ended June 30, 2025. Our NAV per share is a key metric we track and disclose as part of our shareholder return performance measurement. The growth in NAV as measured by analyst consensus reflects the expansion of our royalty portfolio, including the addition of four operating lithium royalties from our Lithium Royalty Corp. acquisition completed on March 6, 2026, as well as our increased ownership stake in Great Bay Renewables following the closing of our transaction on July 30, 2026.

Question 29

How much did we invest in GBR during 2024 and 2025?

Accepted Answer

Here's a breakdown of what ARR invested into GBR in 2024 and 2025, based on our disclosed figures. 2024 Investments into GBR For the year ended December 31, 2024, ARR invested a total of $65.9 million into GBR prior to the Northampton transaction on December 5, 2024, and a further $11.7 million following that transaction. The funds were deployed by GBR (on a 100% basis) across several investments: Investment Amount / Terms Key Detail Angelo Solar (Apex Clean Energy) US$30.0 million royalty investment Closed February 29, 2024; 195 MWac project in Texas; commercial operations June 2024; royalty revenue commenced Q4 2024 Nokomis Energy US$30.0 million royalty investment (US$8.9 million drawn in 2024) Signed June 27, 2024; portfolio of solar development projects Hexagon Energy US$10.1 million interconnection support facility Signed March 28, 2024; six solar development projects totaling ~1,950 MWac; GBR received US$6.7 million in cash proceeds from project sales during 2024, recognizing US$2.2 million as revenue and US$4.5 million as return of capital Hodson Energy US$5.1 million invested Investments and loans in support of development projects during 2024 Nova Clean Energy (Bluestar) US$24.0 million drawn under a US$40.0 million secured term loan facility Follow-on transaction executed July 24, 2024 2025 Investments into GBR Our disclosures report 2025 GBR investments on a period-by-period basis rather than as a single annual total. Here is what is disclosed for each period: Per

Question 30

For how many years has Altius paid a dividend?

Accepted Answer

We have paid dividends for 11 years. Altius announced the implementation of a dividend policy in March 2015 with a starting annualized distribution of $0.08 per share payable annually. Since then, we have maintained a consistent dividend program, declaring and paying quarterly dividends. Over this period, our dividend has grown from $0.02 per share quarterly to the current $0.11 per share quarterly.

Question 31

Can you explain how the renewables business works at Altius Minerals Corp?

Accepted Answer

Our renewable energy business operates through our interest in Altius Renewable Royalties Corp. (ARR), which focuses on the acquisition and management of renewable energy investments and royalties. Structure and Ownership The Corporation owns 100% of the common shares in ARR, which in turn owns 50% of Great Bay Renewables LLC (GBR), with the remaining owned by Northampton Capital Partners following a share purchase transaction that closed July 30, 2026. Asset Portfolio Through our stake in ARR, we indirectly hold royalties related to renewable energy generation projects located primarily in the United States. As of Q2 2026, GBR's portfolio includes 16 operating wind and solar assets and 10 projects in construction, along with over 10 development stage royalties in various stages. Revenue Model Altius, through its 50% GBR joint venture interest, provides tailored financing solutions to electricity generation developers and operators in return for a royalty on gross revenues. For development stage opportunities, GBR typically structures its investments using a portfolio approach, mitigating the development and construction risk of any one specific project, while ensuring the agreements are structured to meet minimum return thresholds. GBR also makes investments in operating stage projects which are tailored to meet the specific needs of the project owners, while again maintaining a minimum target return threshold. Through investments in US-based utility-scale wind and solar pro

Question 32

What development royalties does Altius Minerals hold?

Accepted Answer

We hold a diversified portfolio of development-stage royalties across our mineral and renewable energy businesses. Mineral Royalties, Development Stage Our pre-production mineral royalties include: Property Primary Commodity Explorer/Developer Royalty Basis Status Curipamba Copper Silvercorp Metals Inc. 2% NSR Construction initiated Gunnison Copper Gunnison Copper Corp. 1.625% GSR PEA completed; Pre-feasibility study underway Arthur Gold Gold Anglo Gold Ashanti NA 0.5% NSR Pre-feasibility study completed Kami Iron Champion Iron Limited 3% GSR Feasibility study currently underway Finniss Lithium Core Lithium Ltd. 2.5% GOR Restart approved Neves Lithium Atlas Lithium Corporation 3% GOR Definitive feasibility study Mt. Cattlin Lithium Rio Tinto AU$1.5/t Treated Care and maintenance Moblan Lithium Elevra Lithium Limited 2.5% GOR on first 1Mt ore processed, 1.5% GOR thereafter Definitive feasibility study Horse Creek Lithium Sinova Global 8% GOR Care and maintenance We also hold junior equity positions that we mainly originate through mineral exploration initiatives within our Project Generation business division. Renewable Energy Royalties, Development Stage Through Altius Renewable Royalties Corp. (ARR), which owns 50% of Great Bay Renewables LLC (GBR), we hold a substantial portfolio of development-stage renewable energy royalties. As of our most recent disclosure, this includes: Project Location Energy Source Owner/Developer Facility Size (MWac) Grid Connection Royalty Basis B

Question 33

Does altius have a royalty on any hydro renewable project

Accepted Answer

Yes, we do hold a royalty interest on a hydroelectric renewable energy project. We own a royalty on Clyde River, a 5 MW hydroelectric project located in Orleans County, Vermont, operated by Relevate Power. The royalty is structured at 10% of revenue with grid connection to ISO New England. This hydroelectric asset is part of our broader renewable energy royalty portfolio held through our ownership of Altius Renewable Royalties Corp. (ARR), which in turn owns a 50% JV interest in Great Bay Royalties ("GBR"). GBR manages a diversified portfolio of wind and solar renewable energy generation projects located in the United States. The Clyde River royalty was part of the original investment that Altius made in establishing ARR.

Question 34

Does Altius Minerals hold royalty interests in TNR Gold or other junior equity holdings in its portfolio?

Accepted Answer

Yes, we hold royalty interests in TNR Gold Corp. and other junior equity holdings as part of our Project Generation business. TNR Gold Corp. During the second quarter of 2026, we invested approximately $4.2 million in TNR Gold Corp. (TSX-V: TNR), acquiring 23,500,000 common shares representing approximately 9.9% of TNR's issued and outstanding common shares on a post-issuance basis. This investment provides us with a right of first offer on TNR's existing royalties. The right of first offer is not yet a royalty, but is an agreement that TNR will approach Altius first when any discussion of liquidating or modifying the existing royalties held by TNR occurs. Subsequently to the initial investment, Altius increased its holdings by acquiring an additional 7,435,000 shares of TNR on the open market as announced by TNR July 22 2026. TNR holds two royalty interests in Argentina: a 1.5% NSR on the Mariana Lithium project (of which 1% is subject to a royalty buyback by operator Ganfeng Lithium Co. Ltd.) and a 0.35% NSR on McEwen Copper Inc.'s Los Azules copper project. Broader Junior Equities Portfolio Our junior equities portfolio is considerably larger. As of June 30, 2026, our junior equities portfolio had a total market value of approximately $80.4 million, which includes numerous public and private equity positions across exploration and development-stage companies where we hold royalty interests and/or equity stakes. Our largest junior equity holding is Orogen Royalties Inc. (TS

Question 35

TNR Gold is not listed as a junior equity holding?

Accepted Answer

Effective for the quarter ended March 2022 and going forward, we have aligned our disclosure on our Junior Equity Portfolio page to show only positions where we retain a royalty, and positions where we own 10% or more are disclosed by the number of shares owned and also filed on SEDI. Although not listed in the table, we invested approximately $4.2 million in TNR Gold Corp. during the second quarter of 2026, acquiring 23,500,000 common shares representing approximately 9.9% of TNR's issued and outstanding common shares on a post-issuance basis. This investment was completed following a subscription agreement entered into in the first quarter of 2026. TNR holds royalty interests on two projects in Argentina: a 1.5% NSR on the Mariana Lithium project (of which 1% is subject to a royalty buyback by operator Ganfeng Lithium Co. Ltd.) and a 0.35% NSR on McEwen Copper Inc.'s Los Azules copper project. Our investment provides us with a right of first offer on these two existing royalties. Following the initial Q2 investment, we made an additional $1.7 million investment in TNR on July 17, 2026, acquiring 7,435,000 shares.

Question 36

Can you tell me who belongs to the management team?

Accepted Answer

Our current management team, as of the most recent disclosures, consists of the following: Executive Leadership Role Name Chief Executive Officer Brian Dalton President John Baker Chief Financial Officer Stephanie Hussey Senior Vice President, Corporate Development Mark Raguz Vice President, Corporate Development & Head of Lithium Ernie Ortiz Vice President, Generative & Technical Lawrence Winter Vice President, Investor Relations & Sustainability Vice President, Investor Relations & Sustainability Background on Key Leaders Brian Dalton, CEO Brian co-founded Altius during his undergraduate studies in Earth Sciences at Memorial University and has been its CEO for its entire 29-year history as a public company. He has also served on the boards of several other mining related companies in which Altius has held significant interests and was the CEO of Altius Renewables Royalties Corp. prior to its privatization transaction in 2024. Brian is an active member of various industry and volunteer organizations and is a former Newfoundland and Labrador Entrepreneur of the Year and an EY Entrepreneur of the Year for Atlantic Canada in its industrials category. Brian also serves on the Board of private company Newfoundland Power Inc., a subsidiary of Fortis Inc. John Baker, President John was a co-founder of Altius in 1997, has been the Chairman of the Board since 2006 and was appointed as Executive Chairman in June 2014. John was a senior partner in a leading St. John’s law firm until Ju

Question 37

Can you show me a map of the royalties Altius Minerals has?

Accepted Answer

A map of our royalties is available in our latest factsheet. For more information, please visit our website at https://altiusminerals.com/, email our IR team at info@altiusminerals.com, or call +1 877 576 2209.

Question 38

What was Altius Minerals' lithium royalty revenue in Q4 2025?

Accepted Answer

In Q4 2025, we recognized $224,000 in lithium royalty revenue.

Question 39

How does the US$390 million valuation of Apollo's GBR stake compare to our total invested capital in renewables?

Accepted Answer

On July 30, 2026, Northampton Capital Partners acquired Apollo's 50% direct interest in Great Bay Renewables (GBR) for US$390.0 million. This valuation implies a total enterprise value for GBR of approximately US$780 million (US$390.0 million × 2). Comparing this to our total invested capital in renewables: through our subsidiary Altius Renewable Royalties Corp. (ARR), we have deployed significant capital into GBR since inception. In 2026 alone, we provided approximately US$12.4 million (C$17.0 million) to ARR to support its share of the Coles Wind capital call in June, and we funded the US$167.4 million (CAD$236.8 million) acquisition of Northampton's 43% interest in ARR on July 30, 2026. Our total investment into ARR since inception is disclosed in our investor presentation as $363.0 million as of August 2026, ie including the purchase of Northampton's interest. The Apollo valuation of US$390.0 million for a 50% stake reflects the significant appreciation in GBR's value since our initial investments began. Following the July 30, 2026 transaction, we increased our effective interest in GBR from 29% to 50%, and we now hold 21,031,174 shares in ARR as of June 30, 2026 (with our ownership percentage increasing following the Northampton acquisition). This is factual information based on our public disclosures and delayed market data, not financial or investment advice.

Question 40

how much was invested by Altius minerals directly into the renewable business over the years vs. current NAV?

Accepted Answer

Investments into the renewables business occurred across multiple tranches from 2019 through 2026, with the most significant investments occurring in 2019, 2020, 2022, and 2026. Altius invested a total of $363.0 million including the 2026 transaction increasing ownership to 50% from 28.5%. Regarding current net asset value (NAV), our public materials do not disclose a formal NAV figure for the renewable business as a standalone metric. However, we can note that: - As of June 30, 2026, we held 21,031,174 shares in ARR (Altius Renewable Royalties Corp.), which owns 50% of Great Bay Renewables. - On July 30, 2026, we completed a transaction to increase our ownership in ARR to 100% by acquiring Northampton Capital Partners' remaining minority stake for US$168.0 million. - Through this transaction and the concurrent acquisition by Northampton of Apollo's 50% interest in GBR for approximately US$390 million, our effective interest in GBR increased from 29% to 50%. These valuations, particularly the US$390.0 million valuation of Apollo's 50% stake in GBR, provide market-based reference points for the renewable business value, though we have not published a formal consolidated NAV per share for the renewable segment in our standard financial disclosures. We do however in our investor presentation show the analyst consensus NAV of the ARR business as $516.0M as of the investor presentation Aug 13 2026. This number changes regularly as analysts update their NAV values and will not alwa

Question 41

How much total capital has ARR deployed across all renewable energy investments since inception?

Accepted Answer

Through ARR and its joint venture Great Bay Renewables (GBR), we have deployed significant capital across renewable energy investments since inception. When ARR was a publicly traded company, this disclosure was made as part of ARR's financial reporting. However, for total capital deployed across ALL renewable energy investments (royalties, development projects, and interconnection facilities combined), we have not made this disclosure as part of Altius financial reporting, but intend to make it as part of our MD&A going forward, starting in Q3 2026.

Question 42

Does Altius still show the Clyde River hydroelectric royalty in their MDA for Q2 2026?

Accepted Answer

As of our latest MD&A, Altius indirectly holds a royalty on the 5 MW Clyde River hydroelectric project located in Vermont, USA.

Question 43

How much money does Altius make from its royalties each year?

Accepted Answer

Our royalty revenue varies by year based on commodity prices, production volumes, and the performance of our operating mines and renewable energy assets. For the most recent full year, 2025, we reported revenue and other income of $53.7 million. This represents a decline from 2024, when we reported attributable royalty revenue of $65.7 million. Looking at our recent interim results, for the six months ended June 30, 2026, we reported revenue and other income of $45.3 million, which puts us on track for a stronger year than 2025. Historically, our annual royalty revenue has grown significantly over the long term. In 2022, we achieved a record $103.5 million in attributable royalty revenue, and in 2019 we reported $78.1 million. The variation year to year reflects the cyclical nature of commodity prices (copper, potash, nickel, cobalt, lithium, iron ore) as well as thermal coal revenues in prior years, which we have since exited. More recently, renewable energy royalty revenue has grown substantially and now represents a meaningful portion of our portfolio. Our revenue comes from 13 operating mines across Canada, Brazil, Argentina, and Mali, plus our growing renewable energy royalty portfolio in the United States.

Question 44

when have been the different purchases of Labrador Iron Ore corporation and what was the justification each time?

Accepted Answer

We have made several purchases to increase our stake in Labrador Iron Ore Royalty Corporation (LIORC) over the years, though our public materials do not detail a complete transaction-by-transaction history with specific justifications for each purchase. Known Purchases and Timing As of March 2018, we held approximately 5% of LIORC's issued and outstanding shares. Small purchases and sales are generally not reported. However, in the second half of 2025 we invested C$40.5 million to increase our position in LIORC to approximately 8%. The value of the LIORC investment is disclosed quarterly as part of the Investments Note in the financial statements. As of June 30, 2026, our shareholding in LIORC was valued at approximately $145 million at market. Investment Rationale Our investment in LIORC is predicated on LIORC serving as a passive flow-through vehicle for royalties and equity dividends from Iron Ore Company of Canada (IOC). LIORC holds a 7% gross sales royalty and a 15.1% equity position in IOC's operations in Labrador, Canada. LIORC's role as a pass-through vehicle aligns with our strategy to generate revenue from long-life, high-margin operations. Iron ore revenue from LIORC dividends has been a meaningful contributor to our portfolio, for example, in Q2 2026 it represented $1.6 million of our total attributable royalty revenue. Beyond these disclosed facts, our public materials do not elaborate on the specific strategic or financial justifications for each individual purc

Question 45

What career opportunities are available at Altius Minerals?

Accepted Answer

I am mainly answering questions that pertain to shareholder inquiries and can be answered using SEDAR+ filed documents, company presentations and similar published material. If Altius has career opportunities that they are recruiting for, they will post those opportunities separately.

Question 46

when have been the different purchases of Labrador Iron Ore corporation and what was the justification each time?

Accepted Answer

We have made several purchases to increase our stake in Labrador Iron Ore Royalty Corporation (LIORC) over the years, though our public materials do not detail a complete transaction-by-transaction history with specific justifications for each purchase. Known Purchases and Timing As of March 2018, we held approximately 5% of LIORC's issued and outstanding shares. We disclose the market value of our investment in LIORC each quarter and and in the second half of 2025 we invested C$40.5 million to increase our position in LIORC to approximately 8%. As of June 30, 2026, our shareholding in LIORC was valued at approximately $145 million at market. Investment Rationale Our investment in LIORC is predicated on LIORC serving as a passive flow-through vehicle for royalties and equity dividends from Iron Ore Company of Canada (IOC). LIORC holds a 7% gross sales royalty and a 15.1% equity position in IOC's operations in Labrador, Canada. LIORC's role as a pass-through vehicle aligns with our strategy to generate revenue from long-life, high-margin operations. Iron ore revenue from LIORC dividends has been a meaningful contributor to our portfolio, for example, in Q2 2026 it represented $1.6 million of our total attributable royalty revenue. Beyond these disclosed facts, our public materials do not elaborate on the specific strategic or financial justifications for each individual purchase decision.

Question 47

What is the market value breakdown of our top holdings in the junior equities portfolio?

Accepted Answer

Our junior equities portfolio is part of the value shown in Investments on our balance sheet - see Note 6 to the Consolidated Financial Statements. In Note 6, the largest investments disclosed are our holding in Labrador Iron Ore Royalty Corporation, and our holding in Orogen Royalties, which is the largest portion of our junior equities portfolio. Holding Market Value (June 30, 2026) Orogen Royalties Inc. (Orogen) $36.6 million Beyond the named positions, our junior equities portfolio had a total market value of approximately $80.4 million at June 30, 2026, which includes numerous other public and private equity positions across exploration and development-stage companies where we hold royalty interests and/or equity stakes. During the second quarter of 2026, we invested approximately $4.2 million in TNR Gold Corp. (TSX-V: TNR) and smaller amounts in Blue Moon Metals Inc., Aurum Discovery Limited, Buffalo Potash Corp, and Gilpas Resources Ltd., creating new royalty opportunities in several of these companies. Our portfolio strategy focuses on companies where we have both equity exposure and underlying royalty interests, which aligns with our Project Generation business model of originating mineral projects for developers in exchange for royalties and equity positions. This is factual information based on our public disclosures and delayed market data, not financial or investment advice.

Question 48

What copper production volumes did we receive from Chapada in the first half of 2026?

Accepted Answer

In the first half of 2026, we received 947 tonnes of copper from the Chapada copper stream. This comprised 473 tonnes in the first quarter and 474 tonnes in the second quarter. These volumes reflect the physical copper we received under our 3.7% copper purchase agreement with Chapada, which entitles us to purchase 3.7% of payable copper produced at 30% of the market price. In the MD&A, we publish a table that includes Chapada copper tonnes received and the average price (see p 14 of Q2 2026 MD&A). The first-half volumes benefited from consistent grades and strong throughput at the mine, with Lundin Mining (the operator) guiding to 45,000-50,000 tonnes of total copper production for the full year 2026.

Question 49

what is the dividend history of the company?

Accepted Answer

We have a strong track record of returning capital to shareholders through dividends. Here's our dividend history: Dividend Per Share Progression Year Quarterly Dividend Annual Dividend 2015 $0.03 $0.12 2021 $0.05 $0.20 2024 $0.09 $0.36 2025 $0.10 $0.40 2026 $0.11 $0.44 Key Milestones 2015: We increased our quarterly dividend by 50% to $0.03 per share (from $0.02), bringing the annual rate to $0.12. At that time, our board noted the decision reflected our expected royalty revenues, debt service requirements, and the view that resource markets presented strong opportunities for opportunistic growth. 2021: By Q1 2021, we had increased the quarterly dividend to $0.05 per share. 2024: In Q1 2024, we declared an increased quarterly dividend of $0.09 per share, representing a 12.5% increase over recent quarterly levels. 2025: In Q2 2025, we increased the quarterly dividend to $0.10 per share effective starting in Q3 2025. 2026: Most recently, in August 2026 as part of our financial results announcement, the Board declared an increased dividend to $0.11 per share per quarter starting with the dividend payment in September 2026, reflecting continued growth in our attributable royalty revenue and adjusted earnings. Dividend Reinvestment Plan Since May 2020, we have offered a Dividend Reinvestment Plan (DRIP) that allows Canadian residents and residents of countries outside the United States to automatically reinvest their dividends in new shares of the Corporation. Shares issued under

Question 50

What are the main components driving the growth in NAV per share year-over-year?

Accepted Answer

On a year-over-year basis (2026 v 2025), the main factors are the higher contribution and future cash flows expected following the acquisition of Lithium Royalty Corporation that closed in March 2026, the higher contribution from renewables following the increased ownership that closed in July 2026, higher copper prices and higher lithium prices.

Question 51

What career opportunities are available at Altius Minerals?

Accepted Answer

Great question! I appreciate your interest in joining our team. However, I'm part of our investor relations group, so career and HR matters are outside my wheelhouse. We don't currently have any openings at Altius Minerals, but feel free to send your information over to our info email at info@altiusminerals.com. Is there anything about Altius Minerals as an investment or our business that I can help you with?

Question 52

Where is the company listed and under what ticker symbol?

Accepted Answer

We are listed on the Toronto Stock Exchange (TSX) under the ticker symbol ALS, and we also trade on the OTCQX under the ticker symbol ATUSF.

Question 53

What are the company's main projects or products?

Accepted Answer

We have three operating segments, being 1) acquiring and managing producing and development stage royalties and streams 2) early stage exploration with a goal of converting our exploration projects to royalties, ie Project Generation and 3) we hold a 50% interest in Great Bay Royalties, which acquires and manages renewable energy investments and royalties. Our strategy focuses on creating per-share growth through long-life, high-margin royalty interests aligned with global growth trends in electricity, infrastructure, steelmaking, agriculture, and precious metals. Royalty Portfolio Our royalty assets are concentrated in base and battery metals, potash, renewable energy and iron ore. Production-stage royalties Development and advanced-stage royalties Strategic Investments Beyond royalties, we hold equity interests in mining and mineral resource companies. Project Generation We create exploration projects and royalties through a small team of professional geoscientists, prospectors and consultants. Our project portfolio comprises approximately twenty projects covering potential targets in iron ore, nickel, copper, gold and platinum group metals. We typically enter into agreements with other companies, holding minority interests and non-operating positions or royalty rights. Our two main strategic objectives are: (i) to seek exploration projects or projects at the preparatory stage presenting financing opportunities through royalties, or to acquire interests in third-party minin

Question 54

What does the company do?

Accepted Answer

We are a diversified royalty company listed on the TSX (ticker: ALS) and OTCQX (ticker: ATUSF). Our strategy is to create per-share growth through a diversified portfolio of royalty assets that relate to long-life, high-margin operations. Our royalty portfolio provides shareholders with exposures aligned with global growth trends, including increasing electricity-based market share within energy usage, global infrastructure build and refurbishment growth, increased EAF-based steelmaking, steadily increasing agricultural fertilizer requirements, and enhanced appetite for financial asset diversification through precious metals ownership. Our asset base spans multiple commodities and themes: Electricity, Potash, Lithium, Clean Steel, Copper, Gold, and Nickel. We hold a portfolio of royalty agreements that generate revenue from mineral production across these sectors.