Altius Minerals Corporation · TSX:ALS
Altius Minerals — Investor Day (May 2022)
87 slides from Altius Minerals's investor day presentation, May 25, 2022
Slide 1: Investor Day May 2022
Altius Sustainable Royalties Investor Day
Slide 2: Forward Looking Statements
Forward Looking Statements This document includes certain statements that constitute “forward- Forward-looking statements speak only as of the date those statements looking statements” and “forward-looking information” within the are made. Except as required by applicable law, Altius does not assume
Slide 3: Cyclical Positioning and Track Record
Cyclical Positioning and Track Record 3
Slide 4: Altius's Long-Term, Counter-Cyclical Royalty Growth Focus
Altius’s Long-Term, Counter-Cyclical Royalty Growth Focus Disciplined Royalty Acquisition History Cycle I Cycle II (Super-Cycle) – 15 years Cycle III 6 Years Into This Cycle Royalty Acquisition Interpreted Cyclical Position Potash, Thermal (Electrical) Coal Potash Renewable Copper, Zinc Energy Nicke
Slide 5: Revenue to Date and NAV Relative to Purchase Price
Revenue to Date and NAV Relative to Purchase Price Realized Realized & NAV Acquisition Purchase Realized Net Curent NAV Historic Acquisition Revenue to Purchase Date Price (Note 1) Revenue (Note 2) (Analyst Average) (Note 3) & NAV Price Multiple Voisey's Bay 2003 $13.6 million $38.3 million $17 mill
Slide 6: Royalty Revenue Growth
Royalty Revenue Growth Inflation Beneficiary Renewables & Other 1% Power generation Structural demand accelerating for most of our commodity exposures while industry capital and (coal dominant) 17% operating costs and other challenges are mounting Base & Q1 2021 Battery Royalty Metals Royalties capt
Slide 7: Project Generation Business
Project Generation Business Royalty Pipeline Growth and Strong Cash Returns PG Junior Equities Portfolio Performance Exploration & Development Pipeline ($16M Net Sales in 2021) $44 Net Monetization Objecti Starting Equities $67 Current Equities ve Value ($MM) $22 Value ($MM) Apr 2016 March 2022 PG J
Slide 8: Balance Sheet and Public Investments
Balance Sheet and Public Investments Debt PG Investments Cash ARR Equity $204M $190M $34M $62M $37M $28M $22M $133M $22M $115M $109M $117M $114M $35M $79M $66M $16M $66M $67M $54M $54M $52M $56M $44M $33M $22M $0M F 2016 F 2017 2017 2018 2019 2020 2021 Q1 2022 Net Debt: $28M $11M -$40M $33M $33M -$1
Slide 9: Returns of Capital
Returns of Capital Dividends Share Buyback $13M $9M $6M $5M $2M $2M $8M $8M $9M $7M $7M $5M 2016 2017 2018 2019 2020 2021 Percentage of OpCF: 45% 34% 35% 39% 30% 45% |9
Slide 10: Cyclical Status Viewpoint
Cyclical Status Viewpoint 10
Slide 11: Copper – Supply Gap Looming Assuming Normal Demand Growth
Copper – Supply Gap Looming Assuming “Normal” Demand Growth Much of the gap is as a result of a decline in supply as a series of “Non-electrification scenario requires same amount of copper in major mines reach end of life next 22 years as world has produced to date” Significant investment ($100B+)
Slide 12: Copper – Electrification Scenarios Could Lead to Dramatic Demand Acceleration
Copper – Electrification Scenarios Could Lead to Dramatic Demand Acceleration Source: Robert Friedland Future Minerals Forum Keynote Address, S&P Global Market intelligence, Woodmac, Goldman Sachs Research |12
Slide 13: Copper Supply Challenge
Copper Supply Challenge Grade Decline Adds Geological Inflation to Broader Incentivization Pressures 0.75% Decreasing average industry grade (and increasing Porphyry Copper Head Grades 0.70% mining depth) means increased mining intensity per unit of output 0.65% “Probable” pipeline projects data sig
Slide 14: Copper Supply – Incentivization Bar Moving Higher
$7.00 $7.00 Copper Supply – Incentivization Bar Moving Higher $6.00 $6.00 $5.00 $5.00 We model a hypothetical copper growth investment ? incentive price using average annual capex and opex Incentive Price costs to derive a 15% IRR $4.00 $4.00 Over the past 20 years inflationary forces (normal + “geo
Slide 15: Copper Supply – Growth Investment Still Absent
$21B/year Copper Supply – Growth Investment Still Absent Electrification Scenario $14B/year $12 Bn 2.5 Bn Lbs Global Copper Growth Capex (LHS) Implied Added Copper Copper Capacity Impact Production (RHS) $10 Bn at Average Annual Capex/lb 2.0 Bn Lbs $8 Bn 1.5 Bn Lbs Historic Demand Growth Rate $6 Bn
Slide 16: Goldman Sachs Copper Price Forecast
Goldman Sachs Copper Price Forecast ~$6/lb Source: Goldman Sachs Research |16
Slide 17: Our Cyclical Long View - Something Like This?
Our Cyclical Long View - Something Like This? $8.00 $7.00 $6.00 15 years $5.00 $4.00 $3.00 $2.00 18 - 20 years? $1.00 $0.00 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 2036 2039 2042 |17
Slide 18: Altius's Sustainability Focus and the Decarbonization Macro-Opportunity
Altius’s Sustainability Focus and the Decarbonization Macro-Opportunity 18
Slide 19: ESG Scoring Reflects a Confusing Environment with Multiple Competing Frameworks
ESG Scoring Reflects a Confusing Environment with Multiple Competing Frameworks According to ratings agencies, Altius is either really good or really bad from an ESG perspective! The difference relates to a) Core vs Comprehensive rating methodology from Sustainalytics and b) classification within th
Slide 20: Sustainable Natural Resource Royalty Leader
Sustainable Natural Resource Royalty Leader Enabling Change While Delivering Strong Returns For Shareholders Invested in Key Sustainability Based Macro Growth Trends Specializing in long-life royalties on natural resources that are Renewable Energy Projects support the decarbonization of Power Gener
Slide 21: Altius and the Decarbonization Opportunity
Altius and the Decarbonization Opportunity The mining industry produces CO2 during mining, processing and transporting of its products to end users. In the past there was little to no direct cash cost assigned to the production of this CO2 but this is changing rapidly due to direct carbon taxes and
Slide 22: Lithium Pricing and the Formation of LRC
Lithium Pricing and the Formation of LRC |22
Slide 23: Decarbonizing Steel: Altius & the Labrador Trough Iron Ore District
Decarbonizing Steel Altius & the Labrador Trough Iron Ore District 23
Slide 24: Decarbonizing Steel – Current Iron Ore Supply Complex is Facing a Dramatic Reset
Decarbonizing Steel – Current Iron Ore Supply Complex is Facing a Dramatic Reset Average Iron ore grades During the last cycle of investment in the iron ore and steel making sector, CO2 production implications were essentially a non-factor in investment decision making because they were not assigned
Slide 25: Iron Ore and Steelmaking Decarbonization Incentives Are Growing
Iron Ore and Steelmaking Decarbonization Incentives Are Growing Price Spread Between High and Low Quality YE2019 YE2020 YE2021 28% 38% 56% (% price differential between 58% and 66% grade iron ore) Iron Ore Price vs Quality $200 20% $175 15% $150 10% $125 5% $100 0% 58 62 66 Price Impurities Content
Slide 26: Kamistiatusset Iron Ore Royalty Project
Kamistiatusset Iron Ore Royalty Project Champion Iron, owner of the Kami project, is strategically focused on increasing its product quality and ultimately to serving a key role in supplying the growing DR pellet / EA steelmaking process – in recent days it has acquired a past producing pellet plant
Slide 27: IOC and Other Labrador Trough Interests
IOC and Other Labrador Trough Interests We hold an equity interest in Labrador Iron Ore Royalty Corporation, which is a pass- through vehicle for royalty and equity interests in the operations of IOC. IOC has recently begun to increase capital spending to target an extended mining life, increased pr
Slide 28: Potash Royalty Volume Growth Now Being Strongly Incentivized
Potash Royalty Volume Growth Now Being Strongly Incentivized 28
Slide 29: Our Potash Royalty Mines – Increasingly Critical to the World
Our Potash Royalty Mines – Increasingly Critical to the World Portfolio Mines as Percentage of Global Shipments Global potash demand has grown to ~70Mt, an increase of 30Mt (+70%), over the past 20 years on increasing population and agricultural yield requirements. 28.00% Compounded growth rate proj
Slide 30: Potash Prices Driving Recent Royalty Revenue Increases
Potash Prices Driving Recent Royalty Revenue Increases US Midwest Avg. Annual Price: US$249/ST US Midwest Avg. Annual Price: US$504/ST US Midwest Avg. Quarterly Price: US$750/ST 2020 Royalty Revenue: C$14.6 million 2021 Royalty Revenue: C$19.3 million Q1 Royalty Revenue: C$9.9 million $900 $800 $800
Slide 31: Production Volume Increases Being Signaled by Operators
Production Volume Increases Being Signaled by Operators Nutrien: Considering ramping portfolio production to 18MT/a over a 1-3 year period by utilizing existing infrastructure (speaking at Goldman Sachs Industrials and Materials Conference - May 12, 2022) Mosaic: Studying near-term debottlenecking i
Slide 32: Attributable Potash Volumes
Attributable Potash Volumes 2,500,000 Attributable Tonnes KCl 2,000,000 1,500,000 1,000,000 500,000 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Signalled Growth Note: Assumes constant 2021 unitization ownership percentages and estimates of production growth per asset (see disclaimer on prior
Slide 33: Remaining Capacity Utilization - Future Capacity Growth?
Remaining Capacity Utilization - Future Capacity Growth? From 2020 Investor Day: Assuming no further increase of current ~22% market share, the 7.84Mt 25M mt additional tonnes of existing potential production growth (to reach nameplate capacities) from our portfolio mines could be reached in 2034 at
Slide 34: Resources Allows For Multiple Future Expansions
Resources Allows For Multiple Future Expansions Reserves Resources Resources Average Reserves Average Measured Indicated Inferred Proven Probable Mine Total Grade Mine Total Grade (Mt) (Mt) (Mt) (Mt) K2O (Mt) (Mt) (Mt) K2O (%) (%) Rocanville 2,017 1,575 902 4,494 23.1 Rocanville 189 293 483 23.1 Est
Slide 35: Base and Battery Metals - Growth Signals Strengthening
Base and Battery Metals - Growth Signals Strengthening 35
Slide 36: Chapada
Chapada Chapada total copper in resources and reserves (all categories) has grown by 48% since our acquisition in 2016 and has never decreased YoY despite 6 years of steady mine production. Current implied mine life at current production rates is approximately 32 years. A 25% plant throughput expans
Slide 37: Chapada - Saúva Discovery
Chapada - Saúva Discovery On Feb 10th, Lundin reported a new discovery at the Chapada project A B called Saúva and has since commented: FOR-115: 0.61% Cu and 0.70 g/t Au over 65.45m “the potential for significant, shallow and high-grade copper- Including 1.26% Cu and 1.92 g/t Au over 18.41m FOR-135:
Slide 38: Adventus Mining Corporation
Adventus Mining Corporation TSX:ADZN Adventus is focused on building the next copper mine in Ecuador at the high-grade Curipamba Project. Altius holds a 2% NSR royalty covering the district scale project Altius also holds 16,467,727 common shares (~ 9.8%) of Adventus Project recently completed full
Slide 39: Voisey's Bay Upside
Voisey’s Bay Upside West-East Longitudinal Section Mine limit in 2034 Further Exploration Upside Current Depth of Sudbury Operations Source: Wheaton Precious Metals (2018) |39
Slide 40: Altius Has an Emerging Precious Metals Royalty Business
Altius Has an Emerging Precious Metals Royalty Business 40
Slide 41: Silicon NSR
Silicon NSR Altius holds a 1.5% NSR royalty relating to the Silicon Project. Royalty AOI defined to include all “contiguous or Current drilling on south side of Silicon, looking west adjacent” land holdings by operator. |41
Slide 42: Silicon "District"
Silicon “District” Recently published maiden Inferred Resource at Silicon of 3.37M oz gold. Mineralization remains open to the northwest, southeast and at depth, where, notably, high grade veins are present. Silicon Central recently advanced from Concept Study to PFS. Merlin deposit drilling footpri
Slide 43: Silicon Central Upside – Lateral Expansion and High-Grade at Depth
Silicon Central Upside – Lateral Expansion and High-Grade at Depth The current resource is dated as of Dec 31, 2021. Expansion drilling has been going on since that time and current drills observed on a site visit are testing outside the resource envelope. High grade veins are indicated by the cap o
Slide 44: Silicon NSR
Silicon NSR Top: Current drilling on south side of Silicon, looking west; Bottom: High grade breccia ore from Silicon. AngloGold Ashanti stated on May 9th that its new discovery at Silicon and the completion of the Corvus acquisition will “establish the largest new gold district in Nevada in recent
Slide 45: Orogen Royalties Inc.
Orogen Royalties Inc. Altius currently holds 29,315,015 common shares (~ 16.5%) of Orogen Royalties (OGN:TSX-V) and additional warrants to acquire 7,115,546 shares at $0.40. Flagship Assets |45
Slide 46: Curipamba Precious Metals Component
Curipamba Precious Metals Component The El Domo Deposit (Curipamba Project) is polymetallic and contains significant quantities of precious metals that are captured by Altius’s 2% NSR royalty Wheaton Precious Metals recently acquired additional precious metals stream rights for $US180.5 million plus
Slide 47: Moosehead – Sokoman Minerals Corp.
Moosehead – Sokoman Minerals Corp. Altius generated the Moosehead Gold project, which currently is being advanced by Sokoman Minerals (SIC:TSX-V) The project is highlighted by numerous zones of high-grade gold deemed to be similar to the Fosterville Gold Mine in Australia and analogous to NewFound G
Slide 48: Earlier Stage Precious Metals Royalties and Interests
Earlier Stage Precious Metals Royalties and Interests Altius Exposure – 75+kms of Drilling in 2022 Altius has originated and vended 4 precious metals focused projects in Newfoundland since July 2020 creating significant equity and royalty exposures related to each. Other global precious metals royal
Slide 49: Altius Minerals Q&A
Altius Minerals Q&A 49
Slide 50: Altius Investor Day
Altius Investor Day TSX: ARR, OTCQX:ATRWF May 25, 2022
Slide 51: Forward-Looking Statement
Forward-Looking Statement This presentation includes certain statements that constitute “forward‐looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward‐looking statements”). Forward-looking statements include statements regardin
Slide 52: Brian Dalton and Frank Getman
50% 50% Brian Dalton Frank Getman CEO of Altius CEO of Great Bay Renewable Royalties Renewables TSX: ARR, OTCQX:ATRWF 52
Slide 53: Past the Tipping Point – Renewables are Exploding!
Past the Tipping Point – Renewables are Exploding! Wind and solar capacity additions in the U.S. expected to increase by over 280 GW by 2030 Global renewable energy sources (RES) will go from 15% of total energy production in …to 90% in 2050 2019… Source: Goldman Sachs Global Investment Research, DS
Slide 54: A Better Way to Invest in Renewables
A Better Way to Invest in Renewables Renewable IPPs Economic Interest Top-Line Bottom Line P Limited Project Development Risk Mitigated through O portfolio approach No Construction Capital Exposure P O No Sustaining Capital Exposure P O No Operating Cost Exposure P O Upside without Associated Costs
Slide 55: Royalties Capture Significant Free Embedded Optionality
Royalties Capture Significant Free Embedded Optionality Significant Embedded Upside ✓ Project Expansions ✓ Project Life Extensions ✓ Repowering and Technological Upgrades ✓ Co-location and Battery Storage ✓ Potential for Higher Electricity Prices ✓ New Environmental Attributes (e.g., Carbon Credits,
Slide 56: Significant Progress in Building Highly Attractive Diversified Royalty Portfolio
Significant Progress in Building Highly Attractive Diversified Royalty Portfolio Renewable Energy Megawatts Under Royalty • Deployed or committed over $230MM to build: 3,510 MW current portfolio of sixteen royalties with nine top-tier Sponsors across five U.S. states within four regional transmissio
Slide 57: Summary of Operating and Development Stage Royalties
Summary of Operating and Development Stage Royalties Renewable Energy Facility Expected Property Project Originator Location Owner/Developer Status Royalty Basis Source Size COD Clyde River Great Bay Vermont Hydro Gravity Renewables 5 MW Operational N/A 10% of revenue Prospero 2 Longroad Energy Texa
Slide 58: Sharp increase in U.S. merchant curves over the last year
Sharp increase in U.S. merchant curves over the last year Note: pricing derived from average Day Ahead daily around-the-clock price from NYISO, SPP, ERCOT, PJM, and ISO-NE RTOs TSX: ARR, OTCQX:ATRWF Source: S&P Global 58
Slide 59: With 1,500 GW in interconnection queues, process is a major bottleneck
With 1,500 GW of projects in interconnection queues in U.S., the interconnection process has become a major bottleneck that will reward patient and flexible capital Source: Berkeley Lab April 2022, “Queued Up: Characteristics of Power Plants Seeking Transmission …” TSX: ARR, OTCQX:ATRWF 59
Slide 60: Barbell Investment Approach
Barbell Investment Approach Originally, GBR focused on renewable energy developers with large, advanced development portfolios In 2021, changes in market conditions opened operating projects up to become part of GBR’s addressable market (hedge restructurings, increased merchant exposure, capital sta
Slide 61: Altius Renewable Royalties - Overview
Altius Renewable Royalties - Overview Capitalization Table Issued Common Shares 26.5 million Basic Market Capitalization C$222 million1 Cash US$69.8 million2 Debt Nil Altius Minerals (TSX:ALS) Ownership 59% Analyst Coverage John Mould Justin Strong Troy Sun Rupert Merer David Quezada Nicholas Boychu
Slide 62: Thank You
Thank You Investor Relations Contact Flora Wood Phone: (416) 346-9020 Email: flora@arr.energy TSX: ARR, OTCQX:ATRWF
Slide 63: The Electrification of Transportation
The Electrification of Transportation
Slide 64: Important Disclaimers
Important Disclaimers PLEASE DO NOT DISTRIBUTE, SHARE OR DISCUSS THIS DOCUMENT OR ITS CONTENTS WITH ANY PERSON OUTSIDE YOUR ORGANIZATION The ideas expressed in this document are highly confidential. If you choose to receive and review this document, you acknowledge and agree that the information her
Slide 65: Team
Team Ernie Ortiz Blair Levinsky Mark Wellings Constantine Karayannopoulos Mark Raguz Robert Tichio President & Managing Director Co-Executive Chairman Co-Executive Chairman Director Director Director • London Metal Exchange • Co-Founder, President, and • Over 30 years of • President and CEO of • Sen
Slide 66: Lithium Market
Lithium Market
Slide 67: Lithium – The Irreplaceable Element
Lithium – The Irreplaceable Element Lithium is an unrivalled charge carrier for electrification = Light weight and high energy density “Lithium will in the near future be one of the most sought-after raw materials on earth.” -Volkswagen 67
Slide 68: Lithium Supply & Demand
Lithium Supply & Demand Atacama lithium project is the largest and oldest lithium production, current production Our original thesis in 2017: 1 mm tons LCE demand approximately 140,000 tons per year 2030 consensus: 3 mm tons LCE demand To meet the 2030 demand estimates for Lithium we would require 2
Slide 69: EV Penetration
EV Penetration 1Q 2022 EVs were ~16% of total sales, a 16-fold increase since reaching 1% in 2Q 20171 EV penetration is set to reach 50% by 2030 and 87% by 2040 from 8% in 20212 Morgan Stanley estimates 2040 EV Battery demand will reach 7,000 GWh (7TWh) This would equate to a 5.6m tonne Lithium mark
Slide 70: Lithium Supply & Demand – Structural Deficits
Lithium Supply & Demand – Structural Deficits Benchmark Minerals, a leader in EV metals consulting, estimates the lithium market will see structural deficits for the next couple of decades starting in 2022 Building a battery cell line can take two years whilst a lithium mine can take 5-8 years The l
Slide 71: Lithium Prices– Tightness Shows
Lithium Prices– Tightness Shows Spot lithium prices are trading at $68,000/t in China vs. the low of approximately $6,000/t in 2020 SQM reported 1Q22 average pricing of $38,000/t Tight market conditions have shifted pricing to incentive prices versus marginal cost Capex intensity for several chemica
Slide 72: Lithium Royalty Corp Proven Execution
Lithium Royalty Corp Proven Execution
Slide 73: Progress to Date
Progress to Date 2018 2019 2021 2022 CURRENT MAY JUNE DECEMBER JUNE JANUARY FEBRUARY MAY JULY OCTOBER NOVEMBER JANUARY MARCH PIPLINE LRC is founded LRC acquires its LRC acquires its LRC acquires its LRC closes on LRC acquires its LRC acquires its LRC acquires LRC acquires LRC acquires LRC acquires L
Slide 74: LRC Overview
LRC Overview ― Top line exposure to once in a hundred-year mega trend ― 19 royalties on top quality projects globally ― Focus on quality (grade, cost, purity, coarse grain, favourable jurisdictions, real property registration and or senior security), no exposure to mining tech ― Diversified portfoli
Slide 75: ESG
ESG Decarbonization through Electrification ➢ WHO attributes local air pollution as the single largest environmental health risk contributing to 3.7 million deaths per year1 ➢ Existing electric car technologies reduce carbon emissions by 54% and will increase as power generation continues to transit
Slide 76: LRC Competitive Advantage
LRC Competitive Advantage 5-Year Head Start • LRC team has been active in lithium since 2014 Team • Assembled top battery materials team globally • Investors, Analysts, Investment Bankers, Geologists and Chemical Engineers with lithium and specialty chemicals experience Pipeline • Expertise from cur
Slide 77: Lithium Royalty Corp
Lithium Royalty Corp Ernie Ortiz, CFA President and Managing Director ernie.ortiz@lithiumroyaltycorp.com Blair Levinsky Co-Chairman and Portfolio Manager LRC President, CEO and Portfolio Manager WARATAH Mark Wellings Co-Chairman LRC
Slide 78: Lithium Royalty Corp
Lithium Royalty Corp At the center of the global EV eco-system Pure play exposure to Emphasis on ultra pure / highest grade irreplaceable battery materials battery grade Lithium projects due to projects globally irreplaceability of Lithium in battery tech chemistries Direct exposure to Electric Vehi
Slide 79: LRC Underwriting Checklist
LRC Underwriting Checklist Economic Metrics Company Considerations • Sub-$400/tonne operating cost • Management execution track record • Sub-$200m Capex & low capital intensity • Resourced appropriately • Assume 60-65% recoveries even if DFS reports higher (ie. 75-85%) • Clean balance sheet • Assume
Slide 80: Proven Execution – LRC Royalty Portfolio
Proven Execution – LRC Royalty Portfolio Geographic Exposure* Argentina United States 11% 12% SAYONA MINING ROYALTY Australia GRID METALS ROYALTY Moblan Project WINSOME RESOURCES ROYALTY Europe 12% Mayville Project Tansim Project 2x Cancet Project 16% Campus Creek Project Brazil Adina Project EURO L
Slide 81: LRC Royalties
LRC Royalties Steady State Royalty Cashflow Mine Year First Royalty Grade Op Cost Operator Asset Stage Royalty Location Royalty Cashflow with Expansion Life Acquired Production Exposure (Li2O% or ppm) ($/tonne) ($mm) ($mm) Allkem Mt. Cattlin Producing A$1.5/t 8+ 2018 Australia 2017 Spodumene 1.28% 3
Slide 82: LRC Royalties
LRC Royalties • A$1.5 per tonne royalty • 1.0% GOR royalty on • 1.0% GOR royalty on • 2.5% GOR royalty on • 8.0% GOR revenue of Ore mined and Tres Quebradas project Grota do Cirilo project in Finniss project in royalty on polysilicon treated from Mt. Cattlin in Argentina Brazil Australia grade quart
Slide 83: LRC Royalties
LRC Royalties • ~2.0% GOR revenue • 4.0% GOR royalty on • 4.0% GOR royalty on • 4.0% GOR royalty on • 2.5% GOR revenue royalty royalty on lithium-borate Cancet project in Adina project in Quebec, Sirmac-Clapier project in on Moblan project in project in Varajlevo, Quebec, Canada Canada Quebec, Canad
Slide 84: LRC Royalties
LRC Royalties • 2.0% NSR royalty on • 1.5% GOR royalty on • 18 month option for • 1.0% NSR royalty on • 2.0% GOR royalty on Tansim project in Malina project in 1.5% GOR royalty over Cancet project in Burro Creek and Quebec, Canada Australia the Lithium Springs Quebec, Canada Wikieup projects in the
Slide 85: LRC Royalties
LRC Royalties • 2.0% GOR royalty on • 2.0% GOR royalty on • 1.0% GOR royalty over • 2.0% GOR royalty over Mayville project in Campus Creek project in the Zeus Lithium Project the Cat-Euclid Lake and southeastern Manitoba, northwestern Ontario, in Clayton Valley, Shatford Lake projects in Canada Cana
Slide 86: LRC After-Tax Cash Flow Growth (existing portfolio)
LRC After-Tax Cash Flow Growth (existing portfolio) $60.0 % YoY 747% 41% 20% 15% 27% 30% 7% 11% 7% Increase $50.0 $45.1 $42.1 $1.5 $1.1 $2.5 $40.0 $38.1 $2.6 $1.5 $1.5 $35.5 $0.7 $1.5 $2.0 $1.5 $1.2 $1.2 $5.1 $0.9 $1.5 $1.3 $5.2 $1.2 $2.4 $3.9 $2.7 $30.0 $1.2 $27.3 $1.0 $0.8 $1.3 $1.7 $1.3 $1.3 $2.7
Slide 87: LRC Highlights
LRC Highlights Irreplaceable portfolio of ultra high grade, low operating cost Li projects globally – Quality counter-party upgrade occurring with consolidation 19 projects globally diversified with key exposures to North America and European Diversification battery material supply chains Top line r