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

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 project developers and operators, GBR is building a diversified portfolio of renewable energy royalty interests that currently represent a combined potential nameplate capacity of approximately 9,400 MW of power generation.

Strategic Rationale

Our renewable energy exposure aligns with our broader strategy to create per-share growth through a diversified portfolio of royalty assets related to long-life, high-margin operations. This strategy provides shareholders with exposures aligned with sustainability-related global growth trends, including the electricity generation transition from fossil fuel to renewables.