does altius have institutional support?

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 Investor Information) and one paid research analyst whose initiation report and link to ongoing research is available on our website.