What development royalties does Altius Minerals hold?

We hold a diversified portfolio of development-stage royalties across our mineral and renewable energy businesses.

Mineral Royalties, Development Stage

Our pre-production mineral royalties include:

Property	Primary Commodity	Explorer/Developer	Royalty Basis	Status
Curipamba	Copper	Silvercorp Metals Inc.	2% NSR	Construction initiated
Gunnison	Copper	Gunnison Copper Corp.	1.625% GSR	PEA completed; Pre-feasibility study underway
Arthur Gold	Gold	Anglo Gold Ashanti NA	0.5% NSR	Pre-feasibility study completed
Kami	Iron	Champion Iron Limited	3% GSR	Feasibility study currently underway
Finniss	Lithium	Core Lithium Ltd.	2.5% GOR	Restart approved
Neves	Lithium	Atlas Lithium Corporation	3% GOR	Definitive feasibility study
Mt. Cattlin	Lithium	Rio Tinto	AU$1.5/t Treated	Care and maintenance
Moblan	Lithium	Elevra Lithium Limited	2.5% GOR on first 1Mt ore processed, 1.5% GOR thereafter	Definitive feasibility study
Horse Creek	Lithium	Sinova Global	8% GOR	Care and maintenance

We also hold junior equity positions that we mainly originate through mineral exploration initiatives within our Project Generation business division.

Renewable Energy Royalties, Development Stage

Through Altius Renewable Royalties Corp. (ARR), which owns 50% of Great Bay Renewables LLC (GBR), we hold a substantial portfolio of development-stage renewable energy royalties. As of our most recent disclosure, this includes:

Project	Location	Energy Source	Owner/Developer	Facility Size (MWac)	Grid Connection	Royalty Basis
Blackford Wind	Indiana	Wind	Leeward	200	PJM	3% of revenue
Blackford Solar	Indiana	Solar	Leeward	150	PJM	1.5% of revenue
Sequoia II	Texas	Solar	Enbridge	350	ERCOT	1.5% of revenue
Panther Grove I	Illinois	Wind	CIP	423	PJM	3% of revenue
Coles Wind	Illinois	Wind	Apex	311	MISO	Variable
Easter I & II	Texas	Wind	Enbridge	152	SPP	3% of revenue
Woodridge Solar	Virginia	Solar	Hanwha	138	PJM	2.5% of revenue
Laurel Wind	Texas	Wind	TotalEnergies	312	ERCOT	1% of revenue
Crossroads Wind	Texas	Wind	Zelestra	281	ERCOT	1% of revenue
DG Solar Projects (7)	Minnesota/Connecticut	Solar	BEV/Onyx	21	MISO/ISONE	3% of revenue

These development-stage projects total approximately 3.6 GW of capacity across wind and solar assets located throughout the United States. In addition, our renewable portfolio includes several royalties and royalty entitlements on additional development-stage projects totaling more than 9.4 GW across all asset stages (operating, construction, and development combined).

Our strategy is to seek royalty interests in projects with long resource lives to maximize potential for future option value realization, including through project life extensions and production rate expansions.