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

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. (TSX-V: OGN), valued at $36,591,000 as of June 30, 2026. Beyond Orogen and the named positions, the portfolio includes equity stakes in companies such as Blue Moon Metals Inc., Aurum Discovery Limited, Buffalo Potash Corp., and Gilpas Resources Ltd., among others.

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.