how much was invested by Altius minerals directly into the renewable business over the years vs. current NAV?

Investments into the renewables business occurred across multiple tranches from 2019 through 2026, with the most significant investments occurring in 2019, 2020, 2022, and 2026. Altius invested a total of $363 million including the 2026 transaction increasing ownership to 50% from 28.5%.

Regarding current net asset value (NAV), our public materials do not disclose a formal NAV figure for the renewable business as a standalone metric. However, we can note that:

• As of June 30, 2026, we held 21,031,174 shares in ARR (Altius Renewable Royalties Corp.), which owns 50% of Great Bay Renewables.
• On July 30, 2026, we completed a transaction to increase our ownership in ARR to 100% by acquiring Northampton Capital Partners' remaining minority stake for US$168 million.
• Through this transaction and the concurrent acquisition by Northampton of Apollo's 50% interest in GBR for approximately US$390 million, our effective interest in GBR increased from 29% to 50%.

These valuations, particularly the US$390 million valuation of Apollo's 50% stake in GBR, provide market-based reference points for the renewable business value, though we have not published a formal consolidated NAV per share for the renewable segment in our standard financial disclosures. We do however in our investor presentation show the analyst consensus NAV of the ARR business as $516M as of the investor presentation Aug 13 2026. This number changes regularly as analysts update their NAV values and will not always be up-to-date in our presentations due to lags in reporting.