Altius Minerals Corporation

Q2 net earnings were CAD 8.6 million, or CAD 0.16 per share, versus Q2 2025, with higher revenues but also higher expenses including cost of sales, G&A, share-based comp, and amortization. Royalty revenue reached a record CAD 30 million and adjusted EBITDA was CAD 23 million; operating cash flow was CAD 14 million and adjusted net earnings were CAD 0.14 per share. Management said results were helped by higher realized prices, timing of copper stream deliveries, four additional operating lithium royalties, and higher electricity royalty revenue. Looking ahead, management said lithium revenue estimates for the next several years were revised upward, but no specific next-quarter or full-year revenue/EPS guidance was provided.

Brian Dalton framed the quarter as one of integration, balance sheet strengthening, and reinvestment for growth. He highlighted growing confidence in the portfolio’s longer-term upside, especially in lithium and electricity royalties, and said the business is seeing a broad set of opportunities rather than being concentrated in one area. His tone was constructive but disciplined, repeatedly emphasizing project quality, jurisdiction risk, and the need for investments to compete across asset classes.

Stephanie Hussey focused on the reported numbers and the financing/actions that expanded liquidity. She cited CAD 8.6 million of net earnings, CAD 30 million of royalty revenue, CAD 23 million of adjusted EBITDA, and CAD 14 million of operating cash flow, plus CAD 2 million of scheduled debt repayments and CAD 5.2 million of cash dividends. She also detailed the CAD 174 million net proceeds from the July equity raise, the upsized CAD 350 million revolver with maturity extended to July 2030, and stated total liquidity was approximately CAD 500 million including cash on hand, CAD 163 million available under the revolver, and CAD 150 million of possible accordion capacity.

Analysts asked about accounting for the increased GBR ownership, and management said GBR would be equity accounted as a joint venture rather than proportionately consolidated. Questions also focused on capital deployment, where Brian Dalton said renewables are seeing a lot of deal flow but mining royalty opportunities are also appearing, with a busy fall expected. On lithium, management said sodium-ion is a small part of the market and lithium-ion should remain the dominant chemistry, while on pricing they pointed to very tight inventories and said current prices are still almost 4x last year’s level. Management also pushed back on very aggressive data-center demand forecasts, arguing near-term grid constraints make such projections unrealistic.