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

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.