Altius Minerals Corporation

Good morning, ladies and gentlemen, and welcome to the Altius Q4 and year-end 2025 financial results conference call and webcast. At this time, all lines are in the listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Wednesday, March 11, 2026. I would now like to turn the conference over to Flora Wood, VP Investor Relations and Sustainability. Please go ahead.

Thank you, Sylvie. Good morning, everyone, and welcome to our Q4 and year-end 2025 conference call. Our press release and filings were released yesterday after the close and are available on our website. We also filed our AIF last night. This event is being webcast live, and you'll be able to access a replay of the call along with the presentation slides that have been added to altiusminerals.com. Brian Dalton, CEO, and Stephanie Hussey, CFO, will be speakers on the call. The forward-looking statement on slide two applies to everything we say, both in our formal remarks and during the Q&A session. And with that, Stephanie is up first to take us through the numbers.

Thank you, Flora, and good morning, everyone. Yesterday, we reported Q4 net earnings of $22.5 million, or $0.48 per share, and full-year net earnings of $299 million, or $6.45 per share. Net earnings were mainly impacted by the $375 million gain on the sale of the Arthur Gold royalty interest. We had lower amortization, interest, and other costs, partially offset by an increased loss from joint venture. The corporation also recognized a $64 million gain during the year in other comprehensive earnings following the Origin Triple Flag Plan of Arrangement. Royalty and revenue and adjusted EBITDA for Q4 and the year reflect higher potash and base metal prices, an increase in copper stream deliveries, as well as growth in the ARR portfolio, including interconnection financing agreements. These increases were partially offset by lower dividends from iron ore. Operating cash flow followed the trend of revenue, which were offset by higher taxes paid. Adjusted net earnings for both the quarter and year are higher than 2024, with the main adjusting item being the gain on the sale of the Arthur Gold Royalty, impairment charges at GBR on the Hudson Development Portfolio, and any related tax impacts. At the end of 2025, we had cash on hand of $294 million. Last week, we closed the previously announced plan of arrangement with LRC for Altia's share consideration of approximately 9.6 million common shares and cash consideration of 140 million. Following the close and factoring in transaction costs, total liquidity available is approximately 332 million, and that includes cash on hand, 125 million available under the revolver, as well as $62.5 million potentially available as an accordion feature, which is subject to certain criteria under the terms of our credit facility. We also expect future proceeds equivalent in value to approximately 960,000 Altius shares that stem from LP-based investments we made in funds controlled by Waratah Capital at the time of the founding and early development of LRC. It's expected these funds will wind up and distribute cash or share proceeds to unit holders in the coming months. During the year, we made debt repayments of $17 million, which included a $9 million voluntary repayment on the revolving facility and $8 million of scheduled principal repayments on our term debt, paid total cash dividends of $16 million, and issued approximately 49,000 common shares under the dividend reinvestment plan. In August, the corporation renewed its normal course issuer bid for another year and repurchased and canceled 54,000 common shares for a total cost of 1.6 million. Yesterday, our board approved a quarterly dividend of 10 cents per share to be paid to shareholders of record on March the 19th with a payment date of April the 2nd. Our renewable royalty business has seen increased market activity and new opportunities arising from development, construction, and operating level investments. In late 25 and early 26, GBR deployed or committed approximately 96 million U.S. in new royalty investments, including the reorganization of an existing portfolio investment. This deployment includes 42.5 million U.S. royalty investment with Apex Clean Energy, and up to $50 million U.S. investment with Granite Source Power. We can expect to see continued growth in this business.