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

On July 30, 2026, Northampton Capital Partners acquired Apollo's 50% direct interest in Great Bay Renewables (GBR) for US$390 million. This valuation implies a total enterprise value for GBR of approximately US$780 million (US$390 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 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 million as of August 2026, ie including the purchase of Northampton's interest.

The Apollo valuation of US$390 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.