Altius Minerals (ALS) Q4 2025 earnings summary

Executive summary

• Net earnings for 2025 were CAD 299 million (CAD 6.45/share), driven by a CAD 375 million gain from the Arthur/AngloGold royalty sale, with Q4 net earnings at CAD 22.5 million (CAD 0.48/share).

• Adjusted net earnings and EPS for 2025 rose to $22.5M ($0.49/share), up from 2024, mainly due to the royalty sale gain and offset by impairment charges.

• Major M&A included the acquisition/combination with Lithium Royalty Corporation, adding 37 new royalties and strengthening the management team.

• Increased interest in Labrador Iron Ore Royalty Corporation, raising the stake to 8.05%.

• Ending cash balance was CAD 294 million, reflecting proceeds from major transactions.

Financial highlights

• Royalty revenue and adjusted EBITDA for Q4 and the year benefited from higher potash and base metal prices, increased copper stream deliveries, and renewable portfolio growth, partially offset by lower iron ore dividends.

• Adjusted net earnings for 2025 were $22.5M or $0.49/share; Q4 adjusted net earnings were $10.8M or $0.24/share.

• Cash on hand at year-end was CAD 294 million; total liquidity post-transaction was approximately CAD 332 million.

• Debt repayments totaled CAD 17 million; cash dividends paid were CAD 16 million.

• Dividend per share increased by 11% in 2025, reaching $0.40.

Outlook and guidance

• Continued growth expected in the renewable royalty business, with increased market activity and new investment opportunities.

• Ongoing deployment of capital into advanced-stage and development-stage royalty investments, including wind, battery energy storage, and lithium projects.

• Potash operators expect global demand to rise to 74-77M tonnes for a third consecutive year, with record production targeted in 2026.

• Internal projections suggest potential for up to 3x royalty revenue growth over five years from the 2025 baseline.

• Construction at Curipamba project is advancing, supporting future royalty streams.