How much % of Altius Minerals' work is in the exploration, permitting etc? What is Altius Minerals' competitive edge? Why can Altius Minerals do this better than others?

Portfolio Composition by Stage

Our portfolio spans a range of asset maturity stages. As of our most recent disclosures, we hold royalty interests across producing mines, development-stage projects, and exploration-stage properties. The exploration portfolio is substantial, our July 2025 presentation lists over 80 exploration-stage royalties spanning copper, gold, lithium, nickel, zinc, cobalt, uranium, and other commodities across multiple jurisdictions. However, our public materials do not quantify exploration as a percentage of total portfolio value or revenue contribution. You can see all of our exploration royalties each quarter in the table at the back of the MD&A.

Our Competitive Edge

Our strategy centers on creating per-share growth through a diversified portfolio of royalty assets tied to long-life, high-margin operations. This model provides several structural advantages:

1. Exposure to Global Growth Trends Our portfolio is deliberately aligned with secular demand drivers: increasing electricity-based energy usage, global infrastructure build and refurbishment, expanded electric-arc-furnace (EAF) steelmaking, rising agricultural fertilizer demand, and precious metals diversification.

2. Royalty Economics Royalties are inherently high-margin: we receive revenue streams without bearing exploration risk, development capital, or operating costs.

3. Diversification Across Commodities and Geographies We hold interests in copper, gold, lithium, nickel, potash, cobalt, uranium, zinc, iron, and clean energy across Canada, the United States, Australia, Brazil, Argentina, Mexico, Ireland, Sweden, and Spain,. This geographic and commodity spread reduces concentration risk.

4. Long-Life, Producing Asset Focus Our strategy emphasizes royalties on long-life, high-margin operations. Our producing mineral royalties include major assets such as Voisey's Bay (nickel, Vale), Chapada (copper, Lundin Mining), and potash royalties on Nutrien and Mosaic operations.

5. Proven Capital Allocation We have maintained an active share buyback program every year since 2010, returning capital when our intrinsic value exceeds market price, a disciplined approach to per-share value creation.

Why We Execute Better

Our public materials do not explicitly compare our execution to competitors or detail proprietary operational advantages beyond our strategic focus. What we disclose is our track record of portfolio construction, we have built a diversified, global royalty portfolio spanning multiple commodity cycles and geographies, and we actively manage it through market cycles. Our ability to identify, acquire, and hold royalty interests across exploration through production stages, combined with our focus on long-life, high-margin assets aligned with structural demand trends, forms the foundation of our model.

For a deeper discussion of our competitive positioning and operational execution, our investor relations team can provide additional context.