Altius Minerals Corporation

Morning, ladies and gentlemen, and welcome to the LTS Minerals Q3 conference call and webcast. At this time, all lines are in lesson-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for an operator. This call is being recorded on Wednesday, November 12, 2025. And I would now like to turn the conference over to Ms. Flora Wood. Thank you. Please go ahead.

Thank you, Ina. Good morning, everyone, and welcome to our Q3 conference call. Our press release and interim filings were released yesterday after the close and are available on our website. This event is being webcast live, and you'll be able to access or replay the call along with the presentation slides that are on our website at altiusminerals.com. Brian Dalton, CEO, and Stephanie Hussey, CFO, are our speakers for the call. You've heard Stephanie before when she substituted for Ben, but this quarter I'm proud to introduce her as CFO. Now on forward-looking statements. The forward-looking statement on slide two applies to everything we say in our formal remarks and during the Q&A. And with that, Stephanie is up first.

Thank you, Flora, and good morning, everybody. Yesterday, we reported Q3 net earnings of $265 million, or $5.72 per share, which reflects the $340 million gain on the sale of the Arthur Gold royalty, as well as reflecting higher royalty revenues. G&A costs are up slightly related to one-time retirement payments, and moving forward, we can expect a reduction in base salary costs of approximately 40%. The corporation also recognized the $64 million gain in other comprehensive earnings following the Origin triple flag plan of arrangement. Altius received cash of $29.5 million, triple flag shares which were sold for proceeds of $37 million, and shares in the new Origin spin co. Increases in royalty revenue and adjusted EBITDA for Q3 reflect higher attributable potash volumes and realized prices, higher copper stream deliveries, and $3.4 million in interest and investment income. These amounts are partially offset by lower incomes from iron ore. Growth in operating cash flow for the quarter was driven by higher royalty revenue and interest receipts, offset by taxes paid and working capital changes. Q3 2025 adjusted net earnings of $0.17 per share is higher than the third quarter of 2024, with the main adjusting items being the gain on the sale of the Arthur Gold royalty, foreign exchange, and related tax impacts. Following our two significant transactions in the quarter, the corporation considerably strengthened its balance sheet and liquidity profile. In Q3, we received $250 million U.S. of the $275 million purchase price of the Arthur Royalty, and in Q4, we can expect the remaining $25 million, net of any withholding taxes. And this will be following the expiry of any challenge and appeal periods associated with our arbitration process. Current total liquidity available is approximately $540 million, and this includes cash on hand, $125 million available under our revolver, as well as $62.5 million potentially available as an accordion feature, subject to certain criteria under the terms of our credit agreement. During the quarter, we made debt repayments of $11 million. This consisted of $9 million voluntary repayment on the revolver and a $2 million principal repayment on our term debt. We paid total cash dividends of $4.2 million and issued approximately 13,000 common shares under the dividend reinvestment plan. In August, the corporation renewed its normal course issuer bid for another year, and we purchased and canceled 52,000 common shares for a total cost of $1.5 million. Yesterday, our board of directors approved a quarterly dividend of $0.10 per share to be paid to shareholders of record on November 28th with a payment date of December the 15th. Our renewable royalty business also remains well-funded with increased market activity and new opportunities arising from development, construction, and operating level investments. We expect to see continued portfolio growth over the coming quarters. Before I hand it over to Brian, I wanted to thank both Ben Lewis and Chad Wells for their guidance and support throughout my career. Ben has been a mentor of mine since 2006 before I joined Altius in 2014. I look forward to working with them both in their advisory roles moving forward. And with that, I'll hand it over to Brian.