How much did we invest in GBR during 2024 and 2025?
Here's a breakdown of what ARR invested into GBR in 2024 and 2025, based on our disclosed figures.
2024 Investments into GBR
For the year ended December 31, 2024, ARR invested a total of $65.9 million into GBR prior to the Northampton transaction on December 5, 2024, and a further $11.7 million following that transaction. The funds were deployed by GBR (on a 100% basis) across several investments:
| Investment | Amount / Terms | Key Detail |
|---|---|---|
| Angelo Solar (Apex Clean Energy) | US$30.0 million royalty investment | Closed February 29, 2024; 195 MWac project in Texas; commercial operations June 2024; royalty revenue commenced Q4 2024 |
| Nokomis Energy | US$30.0 million royalty investment (US$8.9 million drawn in 2024) | Signed June 27, 2024; portfolio of solar development projects |
| Hexagon Energy | US$10.1 million interconnection support facility | Signed March 28, 2024; six solar development projects totaling ~1,950 MWac; GBR received US$6.7 million in cash proceeds from project sales during 2024, recognizing US$2.2 million as revenue and US$4.5 million as return of capital |
| Hodson Energy | US$5.1 million invested | Investments and loans in support of development projects during 2024 |
| Nova Clean Energy (Bluestar) | US$24.0 million drawn under a US$40.0 million secured term loan facility | Follow-on transaction executed July 24, 2024 |
2025 Investments into GBR
Our disclosures report 2025 GBR investments on a period-by-period basis rather than as a single annual total. Here is what is disclosed for each period:
| Period | ARR Investment into GBR | Key GBR Deployments (100% basis) |
|---|---|---|
| Q1 2025 (three months ended March 31, 2025) | US$6.8 million | US$12.0 million Nova loan draw (January 2025); US$3.0 million into Nokomis; US$50.0 million letter of credit facility drawn (first US$50.0 million tranche) |
| Q2 2025 (no additional ARR-to-GBR investment in the quarter) | US$nil in Q2; US$6.8 million cumulative for six months ended June 30, 2025 | US$6.1 million into Nokomis for six months ended June 30, 2025; US$50.0 million remaining interconnection facility drawn in July 2025 |
| Q3 2025 (no additional ARR-to-GBR investment in the quarter) | US$nil in Q3; US$6.8 million cumulative for nine months ended September 30, 2025 | US$3.0 million into Nokomis for three months ended September 30, 2025; US$4.5 million into Hexagon for three months ended September 30, 2025 |
| Full year ended December 31, 2025 | US$36.3 million total invested by ARR into GBR | Includes Granite Source Power (GSP) commitment up to US$50 million entered December 13, 2025; US$42.5 million Lotus Wind investment with Apex (December 19, 2025); US$9.1 million into Nokomis for the year; US$4.5 million into Hexagon for nine months ended September 30, 2025 |
The full-year 2025 figure of US$36.3 million invested by ARR into GBR is disclosed in our year-ended December 31, 2025 MD&A. Individual GBR deployments on a 100% basis were larger, as GBR also draws on Apollo's co-investment in the JV and cash on the balance sheet of GBR. After March 2026, the investment into GBR comes from Altius (50%) and Northampton (50%) along with cash flow generated by GBR.
For further detail on specific royalty investments within GBR's portfolio, our IR team is happy to help.
Published by Altius Minerals’ investor relations team, from the company's approved public materials. Last updated September 29, 2026.