Altius Minerals : 2026 Q2 MD&A

About this update from Altius Minerals Corporation

Altius Minerals Corporation Management's Discussion and Analysis of Financial Conditions and Results of Operations For the three and six months ended June 30, 2026 This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the Corporation's condensed consolidated financial statements for the three and six months ended June 30, 2026 and related notes. This MD&A has been prepared as of August 10, 2026. Tabular amounts expressed in Canadian dollars to the nearest thousand, except per share amounts. Management's discussion and analysis of financial condition and results of operations contains forward-looking statements. By their nature, these statements involve risks and uncertainties, many of which are beyond the Corporation's control, which could cause actual results to differ materially from those expressed in such forward-looking statements. Readers are cautioned not to place undue reliance on these statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information regarding the Corporation, including the Corporation's continuous disclosure materials, is available on the Corporation's website at https://www.altiusminerals.com or through the SEDAR+ website at https://www.sedarplus.ca . Description of Business The Corporation manages its business under three operating segments, consisting of (i) the acquisition and management of producing and development stage royalty and streaming interests ("Mineral Royalties"), (ii) the acquisition and early stage exploration of mineral resource properties with a goal of converting these to royalty interests and minority equity or project holdings ("Project Generation") and (iii) a 50% interest in Great Bay Renewables LLC ("GBR"), held by Altius Renewable Royalties Corp. ("ARR"), a private company focused on the acquisition and management of renewable energy investments and royalties ("Renewable Royalties"). The Corporation's diversified mineral royalties and streams generate revenue from 13 operating mines located in Canada (8), Brazil (2), Argentina (2) and Mali (1) that produce copper, nickel, cobalt, lithium, potash and iron ore (see Appendix 1: Summary of Producing Royalties and Streaming Interests). It also holds a royalty interest in an under-construction copper-gold-zinc-silver mine in Ecuador. The Corporation further holds a diversified portfolio of pre-production stage royalties, including a 3% gross sales royalty interest on the Kami iron ore project and a 0.5% net smelter return royalty on the Arthur Gold project (formerly the Expanded Silicon Project), both described further below (see Appendix 2: Summary of Exploration and Pre-Development Stage Royalties). The Corporation, through ARR, holds a portfolio of royalties related to electricity generation projects located throughout the United States that includes 16 operating stage assets representing 3,477 Megawatts (MW) of cumulative power capacity, 16 projects under construction totaling 2,338 MW and several royalties and royalty entitlements on additional development stage projects totaling 6,200 MW, totalling more than 12,000 MW for all assets. See Appendix 3: Summary of Operational, Construction and Development Renewable Energy Royalties. The Corporation owns 100% of the common shares in ARR, which in turn owns 50% of GBR with the remaining 50% owned by Northampton Capital Partners ("Northampton") following a share purchase transaction that closed July 30, 2026 (see Outlook section below). GBR directly holds a portfolio of renewable royalties and investments. Strategy The Corporation's broader strategy is to grow a diversified portfolio of long-life royalties related to assets and commodities that support established, macro-scale structural trends that include as our pillars: increasing agricultural yield requirements; base and battery metals demand growth and increasing supply constraints; electricity demand acceleration; market share growth for high-purity iron ore; and the increasing weighting of gold as a component of many global central bank's monetary reserve holdings. This is described in further detail in the Outlook section below. The Corporation particularly seeks royalty interests in projects with long resource lives in order to maximize the potential for future option value realization. Extensive resource lives are considered by the Corporation as excellent predictors of project life extensions and production rate expansions. Such occurrences typically require capital investments by the operators, but as a royalty holder Altius pays little or no share of the costs incurred to gain these potential incremental or step-change benefits. In addition, long life assets provide exposure to multiple commodity cycles and to compounding general and industry specific inflationary impacts on production and development costs over time, to which the Corporation is not exposed but that naturally result in higher nominal commodity prices. The long resource lives that remain for most of our royalty portfolio is a key strategic differentiator for Altius within the broader natural resource royalty sector that we believe will lead to higher long-term investment returns and asset value growth. Altius also grows its portfolio of Mineral Royalties by originating and adding value to mineral projects through scientific research, exploration and environmental/social licensing initiatives and then retaining royalties upon their sale or transfer to mining/development companies. This is the core function of our Project Generation ("PG") business, which has a strong track record of creating long-term pipeline royalties as well as earning substantial profits from the eventual monetization of ancillary corporate equity interests that are often received. The Corporation believes that the royalties advanced through its PG business, such as Arthur Gold and Kami, can provide higher long-term investment rates of return and complement those gained through external acquisition related activity. This represents another unique strategic differentiator for Altius. Whether considering its organic PG business or M&A based mineral royalty acquisitions, Altius exercises counter-cyclical discipline. Commodity markets are cyclical and volatile and individual asset valuations can change dramatically in accordance with commodity price and sentiment fluctuations. Our mining royalty and mineral property acquisitions have been most active during periods of low cyclical valuations, while operator-funded organic growth investments and equity gains/liquidity events typically become more pronounced during periods of higher cyclical prices and better industry sentiment. Altius, through its 50% GBR joint venture interest, provides tailored financing solutions to electricity generation developers and operators in return for a royalty on gross revenues. For development stage opportunities, GBR typically structures its investments using a portfolio approach, mitigating the development and construction risk of any one specific project, while ensuring the agreements are structured to meet minimum return thresholds. GBR also makes investments in operating stage projects which are tailored to meet the specific needs of the project owners, while again maintaining a minimum target return threshold. Through investments in US-based utility-scale wind and solar project developers and operators, GBR is building a diversified portfolio of renewable energy royalty interests that currently represent a combined potential nameplate capacity of approximately 12,000 MW (see Appendix 3 of this MD&A) of power generation. Outlook Although commodity prices relevant to our royalty holdings have generally increased over the last year, most still remain below levels that are required to meaningfully incentivize investment in global production growth - for a now unprecedented 13 year duration. As a result the mining sector has still not meaningfully begun the sanctioning of sufficient capital investments in new and replacement capacity to offset compounding demand growth and mine depletion/ disruption. We believe that these capital investment deferrals continue as a bullish driver of medium to longer term large-scale supply deficits, and potentially much higher prices, in coming periods for several of our key commodity exposures. Moreover, given ongoing and growing challenges in gaining technical and regulatory approvals, relentless capital and operating cost inflation and various and compounding logistic and supply chain constraints, we believe that actual supply responses, even once financial incentivization hesitancy is overcome, will be slower in materializing than most observers anticipate. This in turn leads to our belief that the trend of more extended commodity cycle wavelengths, that has characterized the first quarter of this century, will continue. The Corporation has positioned itself in response to this circumstance through its construction of a portfolio of royalty assets that hold a combination of strong near-term mine expansion potential as well as new development opportunities with competitively favorable attributes. Also, our exposures are predominantly revenue based and therefore benefit from inflationary environments since our royalties, unlike mine operating interests, bear no offsetting burden of increasing industry-wide operating or capital costs, which ultimately lead to higher product prices and gross royalty revenues. The current global geopolitical backdrop and deglobalization trends are widely anticipated to cause inflation pressures to persist, representing a potential tailwind for our business. The current heavy constraint on oil supply security is also likely to stimulate a further global acceleration in both consumer and state level investment in electricity based energy and therefore drive demand for not only quickly deployable renewable based electricity but also linked commodities such as copper and lithium. However, this is offset to some degree by concerns that global growth rate impacts and supply chain issues could impair overall industrial raw material demand. Increased ownership interest in Great Bay Renewables On July 30, 2026 the Corporation completed a share purchase agreement with Northampton and certain funds managed by affiliates of Apollo (NYSE: APO) (the "Apollo Funds"). Prior to the closing of the transaction GBR was held equally by Apollo Funds and ARR, with ARR in turn being owned by Altius (57%) and Northampton (43%). Under the tripartite transaction Altius increased its effective interest in GBR from 29% to 50% while Northampton increased its effective GBR interest from 22% to 50%. The transaction structure involved the acquisition by Northampton of Apollo Funds' direct 50% interest in GBR for total consideration of US$390,000,000 while Altius concurrently acquired Northampton's minority interest in ARR for consideration of US$167,400,000. The purchase by Altius was funded through existing liquidity of cash and debt. The increased ownership by Altius and Northampton will allow their participation in the growth of GBR, a business that Altius helped to conceptualize and found 8 years ago. GBR will continue to be led by Frank Getman and his team, who have successfully innovated and driven adoption of the royalty financing model within the US electricity generation sector and firmly established the business as its leading provider of royalty capital. With almost 12,000 MW of generation under royalty GBR has reached an inflection point in terms of its growth and royalty revenue trajectory and is now focused on continuing to add scale and diversity to its portfolio as the US enters a period of electricity demand growth that is stronger than has been experienced in more than a generation. GBR portfolio growth continues GBR continues to note an increased level of market activity both in terms of acquisition interest in the development stage projects being advanced by its various royalty based investee companies and the demand for its royalty capital as part of construction and operating stage project finance initiatives. In June GBR closed a US$73,000,000 royalty investment with Apex Clean Energy ("Apex") relating to the construction stage 311 MW Coles Wind project in Illinois. The investment represents GBR's largest single asset royalty acquisition to date. Coles Wind is expected to reach commercial operations in H2 2027. There remains robust demand growth for power in the US and power pricing, particularly on a medium to long term contracted basis, continues to adjust upwards due to market participants stepping in to smoothly fill the gap left by the phase out of certain tax credits by the federal government. GBR continued to finance refundable interconnection deposits on late stage development projects using external capital with the goal of generating positive margin and developing further relationships within the sector. This business is expected to result in additional royalty investment opportunities as projects advance through interconnection approval processes. Annual generation capacity that applied for interconnection to US power grids is estimated to have reached 375 Gigawatts (GW) in 2025 as compared to 240 GW in 2020. Currently GBR has deployed US$271,000,000 relating to refundable interconnection deposits which has its own dedicated credit facilities. In addition, existing development partners, including Enbridge Inc,, Hexagon Energy, Nova Clean Energy, LLC., Granite Source Power and Nokomis Energy, continue to advance multiple projects in their portfolios including the Sequoia I solar project in Texas which achieved commercial operations in May. Hexagon Energy also has its first royalty entitlement expected within the next year, the 138 MW Woodridge Solar project in construction in Virginia. Apex Energy's Lotus wind project in Illinois also entered commercial operations during Q2 and is expected to contribute first royalty revenue in H2. The GBR portfolio now represents total potential electricity generating capacity in excess of 12,000 MW, including operating royalties totaling 3,477 MW and 16 additional projects under construction totaling 2,338 MW that are currently projected to reach commercial operations by the end of 2026 and early 2027. Acquisition of Lithium Royalty Corp. ("LRC") On March 6, 2026 the Corporation completed a plan of arrangement under the Canada Business Corporations Act (the "Arrangement") whereby Altius acquired all of the outstanding common shares and convertible common shares of LRC for aggregate share consideration of 9,630,177 common shares of Altius (the "Consideration Shares") and aggregate cash consideration of $140,040,000. The Corporation had also previously advanced a loan to LRC of US$14,000,000 ($19,383,000) at the end of 2025 following the announcement of the Arrangement. LRC brings a large portfolio of royalties relating to a rapidly progressing pipeline of operating to exploration stage projects with the majority featuring long to ultra-long implied resource lives. Altius was an early strategic investor and partner of LRC and participated in many of its asset selections and royalty structuring efforts. Since then the lithium market has matured and grown considerably and is now emerging as a mainstream scale mined commodity. Q2 2026 lithium revenue of $6,433,000 demonstrates the potential contribution from this business while throughput expansions underway at three of the four producing mines are expected to positively impact volumes over the next several years. The acquisition represents a counter-cyclical, long-term investment and the Corporation expects market supply deficits in the near-term as supply growth had been limited in prior years as prices fell below incentivization levels. Future demand growth is also now becoming more diversified across grid-based energy storage, transport, consumer products and other emerging battery market applications. Advancement of the Arthur Gold Project and crystallizing value for Altius's NSR royalty In 2025 the Corporation sold 1% of its 1.5% net smelter return ("NSR") royalty covering the Arthur Gold project in Nevada ("1% Arthur Royalty") to a wholly owned subsidiary of Franco-Nevada Corporation ("Franco-Nevada") (TSX & NYSE: FNV), and continues to hold the remaining 0.5% NSR royalty interest in Arthur Gold as a long-term component of its diversified portfolio. Also during 2025 Orogen Royalties Inc. ("Orogen"), of which Altius was a large shareholder, completed a plan of arrangement with Triple Flag Precious Metals Corp. ("Triple Flag") resulting in Triple Flag's acquisition of Orogen's 1.0% NSR royalty on the Arthur Gold project. These transactions crystallized significant value for the Corporation's shareholders while further demonstrating the ability of the PG business to amplify the return profile of its overall royalty investment portfolio. The decision to retain a third of the Arthur Gold royalty interest provides continuing growth exposure to this emerging gold district as well as the addition of precious metals as a long-term, well-balanced component of our shareholder's diversified royalty portfolio. The cash received from these transactions has allowed the Corporation to explore a wider set of capital allocation and deployment opportunities, including the acquisitions of LRC and ARR referred to above. The Orogen spin out company continues to operate as Orogen Royalties Inc. and remains as a publicly listed company in which Altius is a significant shareholder. Altius also continues to conduct exploration work in Nevada in alliance with Orogen. AngloGold Ashanti plc ("AGA") recently published a Technical Report Summary following the completion of a Pre-feasibility Study ("PFS") on the Arthur Gold Project and declared a first-time Probable Mineral Reserve of 4.9Moz gold (88Mt at 1.75g/t) and 7.8Moz silver (88Mt at 2.76g/t). The PFS also outlined support for average annual production of approximately 500,000 oz and a highly attractive cost profile, with AISC estimated at US$954/oz, underpinned by predominantly oxide mineralization (>95%) and planned conventional processing flowsheets. AGA estimates capital expenditures of US$3.6 billion, and plans to present the PFS finding to the AGA Board in H2 2026 for approval to advance to a definitive feasibility study. AGA has projected 2026 non-sustaining capital expenditures of US$111,000,000 related to the definitive feasibility study. In AGA's H1 Exploration Report dated July 31, 2026 AGA reported that 49km of drilling was completed at the Nevada projects at a total exploration cost of US$41,000,000, principally at the Merlin deposit. Potash market supported by favourable consumption trends - longer term volume growth signaled for Altius royalty portfolio mines Our potash royalties stem from most of the Saskatchewan, Canada based mines of both Nutrien Ltd. ("Nutrien") and The Mosaic Company ("Mosaic"), which represent more than a quarter of global potash production. These mines are generally underpinned by very large resource endowments that allow for competitive production expansion investments as steadily compounding global demand growth trends continue in accordance with population growth and increased agricultural yield requirements. Initial industry expectations suggest that global potash shipments could reach record levels in 2026 within a largely balanced market. The price of potash has generally been stable over the last year. However, current potash prices are not sufficient to incentivize new supply growth beyond the remaining pre-built surplus capacity, which we estimate will require full activation before the end of this decade in order to keep pace with normal demand growth. The lack of current incentivization pricing therefore has the potential to lead to significant structural supply deficits as currently available production capacity is exhausted. This potential circumstance is exacerbated by the particularly long technical lead times from investment commencement to new production that inherently characterize the potash mining sector. Moreover, a recent announcement by BHP relating to cost overruns and construction delays at its Jansen project highlights the future supply deficit risk as well as confirming that the potash incentive price continues to widen beyond current market prices. Saúva resource estimate adds life extension and production rate increase potential to Chapada stream Lundin Mining Corporation ("Lundin") continues to delineate its Saúva copper-gold deposit discovery, located 15 kilometers north of the Chapada Mine on lands encompassed by our copper stream interest. It is anticipated that results of a Technical Report for Chapada, incorporating the Pre-feasibility Study at Saúva as well as an updated Mineral Resource estimate, will be released in Q4 2026. Lundin also reported preliminary plans to incorporate the higher grade Saúva ore into its current mining and milling operations at Chapada, while indicating that this could result in the potential to add approximately 15,000 tonnes of copper per year over a four-year period, representing production increases of approximately 30% at Chapada. Lundin has recently announced that it sanctioned construction of an additional ball mill which is expected to be completed by the end of 2027, with first ore from Saúva anticipated in Q1 2029. Curipamba 2% NSR construction commenced Silvercorp Metals Inc. ("Silvercorp") reported on its construction progress and budget for the development of the Curipamba project, noting that construction is fully funded and has advanced significantly on the project which is on track for completion in July 2027. Altius holds a 2% NSR royalty relating to the project. Kami Project Updated Feasibility Study - rare potential to produce high-purity (DRI grade) iron ore and support the growth of EAF based steelmaking Champion Iron Limited ("Champion") continues with the environmental review and permitting process as well as the definitive feasibility study for the Kami Project, which is expected to be completed by year end. Champion also announced that the Kami Partnership received financial support from Natural Resources Canada, under the First and Last Mile Fund (formerly, the Critical Minerals Infrastructure Fund), to advance feasibility work for the Kami Project's key energy and transportation infrastructure. During 2025 Champion announced a definitive framework agreement (the "Framework Agreement") with Nippon Steel Corporation ("Nippon") and Sojitz Corporation ("Sojitz"), pursuant to which the two parties agreed to initially contribute $245,000,000 for an aggregate 49% interest in Kami Iron Mine Partnership (the "Partnership"). Nippon has previously announced its sanctioning of a US$6 billion investment to convert more of its traditional blast furnace steelmaking units in Japan to electric arc furnace ("EAF") based plants. These will require high purity iron ore inputs of the type that Kami is being designed to produce. High purity iron ore has also been added to the Canadian critical minerals list with this designation expected to open up more low cost financing opportunities and other benefits related to critical minerals infrastructure. Altius originated the Kami Project within its PG business and retains a 3% gross sales royalty interest. IOC Production Outlook Rio Tinto has reiterated that Iron Ore Company of Canada's ("IOC") 2026 production is expected to be within a range of 15-18 million tonnes, which compares to 2025 production amounts of approximately 16 million tonnes. Altius holds an indirect royalty interest in the IOC mining complex through its shareholding in Labrador Iron Ore Royalty Corporation ("LIORC"). Equity based dividends from IOC are expected to remain subdued in 2026 due to the continuation of the heightened capital investment program that is intended to improve operational stability and asset longevity. Project Generation ("PG") Business Continues to Build Long-Term Option Value The main highlights from the PG segment relate to the promising results from the Kami and Arthur Gold royalty projects as well as positive developments at a number of portfolio companies in which the Corporation holds equity interests (see Segment Performance section for additional details). Altius recently acquired an equity interest in TNR Gold Corp., which holds two royalties relating to an operating stage lithium brine operation and a large scale copper development project. In addition the Corporation participated in an equity financing in Buffalo Potash Corp. and private company Gilpas Resources Ltd. and created new royalty opportunities with each. Quarterly Highlights Investments During the quarter ended June 30, 2026 the Corporation invested US$12,400,000 ($17,250,000) into ARR to fund its share of a GBR capital call for the Coles Wind project. The Corporation also acquired other investments for $15,306,000 and received proceeds from disposition of investments of $42,705,000. Capital Allocation During the quarter ended June 30, 2026 the Corporation made $2,000,000 in scheduled payments on its credit facilities, paid cash dividends of $5,186,000 or $0.10 per common share and issued 6,742 common shares valued at $379,000 under the Corporation's dividend reinvestment plan. The Corporation renewed its Normal Course Issuer Bid ("NCIB") which commenced August 22, 2025 and will end no later than August 21, 2026. There were no shares repurchased under its Normal Course Issuer Bid ("NCIB") during the quarter. Integration of LRC The Corporation continued its integration of LRC following the acquisition on March 6, 2026 and recognized lithium royalty revenue contributions of $6,433,000 and $11,862,000 during the three and six months ended June 30, 2026. During Q2 the Corporation received proceeds of US$30,500,000 ($42,207,000) stemming from the Corporation's original investment in Royalty Capital Funds, being funds controlled by Waratah Capital. These investments were made by Altius at the time of founding and early development of LRC and as these funds were wound up proceeds, in either cash or Altius shares, were distributed to investment unit holders. Subsequent Events Bought Deal Public Offering On July 21, 2026 the Corporation completed a bought deal public offering of 3,000,000 common shares of the Corporation (the "Common Shares") at a price of $60.50 per Common Share (the "Issue Price"), for aggregate gross proceeds of $181,500,000 (the "Offering") from which it received net proceeds of $174,100,000. The Offering was conducted by a syndicate of underwriters, with National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc. acting as co- bookrunners, together with ATB Capital Markets Corp., Canaccord Genuity Corp., Raymond James Ltd. and BMO Capital Markets. Amended Credit Facility On July 24, 2026 the Corporation completed an amendment to increase its credit facility ("Credit Facility") to $350,000,000 from $225,000,000, the lenders being jointly led by Bank of Nova Scotia and Toronto-Dominion Bank, with participation from National Bank of Canada, ATB Financial, Desjardins Financial Security Life Assurance Company and Export Development Canada. Bank of Nova Scotia is the Administrative Agent for the Credit Facility. The previous term and revolving credit facility is now replaced with a single revolving facility with no principal repayments required. The debt balance currently outstanding of approximately $87,000,000 was transferred to the amended Credit Facility with maturity being extended from August 2028 to July 2030. The Credit Facility is available for qualifying royalty acquisitions, streaming acquisitions and other qualifying investments and will bear interest at variable rates based on the total net debt ratio. Subsequent to the closing of this amendment the Corporation completed a draw down on the Credit Facility of $100,000,000 in relation to the closing and funding of the ARR transaction on July 30, 2026. Increased ownership interest in Great Bay Renewables On July 30, 2026 the Corporation completed a share purchase agreement with Northampton and certain funds managed by affiliates of Apollo. The purchase consideration paid by Altius was US$167,400,000 and was funded through existing liquidity consisting of cash on hand and debt. Altius increased its effective interest in GBR from 29% to 50% following the transaction (see Outlook section for additional discussion). Non-GAAP Financial Measures Management uses the following non-GAAP financial measures in this MD&A and other documents: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section starting on page 24. Financial Performance and Results of Operations Three months ended Six months ended /une 30, 2026 /une 30, 2025 Variance /une 30, 2026 /une 30, 2025 Variance Revenue per condensed consolidated financial statements Attributable revenue Attributable royalty Project generation $ 23,154 $ 29,997 123 $ 9,824 $ 13,330 $ 12,669 $ 17,328 32 91 $ 45,328 $ 56,765 164 $ 22,445 $ 22,883 $ 27,624 $ 29,141 61 103 Attributable revenue (1) $ 30,120 $ 12,701 $ 17,419 $ 56,929 $ 27,685 $ 29,244 Total assets $ 1,472,369 $ 716,679 $ 755,690 $ 1,472,369 $ 716,679 $ 755,690 Total liabilities 127,185 136,130 (8,945) 127,185 136,130 (8,945) Dividends declared & paid to common shareholders 5,565 4,167 1,398 11,157 8,333 2,824 Adjusted EBITDA (1) 23,325 7,546 15,779 43,093 17,014 26,079 Adjusted operating cash flow (1) 14,022 4,730 9,292 10,402 8,813 1,589 Net earnings 8,585 5,516 3,069 11,221 11,860 (639) Attributable royalty revenue per share (1) $ 0.53 $ 0.27 $ 0.26 $ 1.08 $ 0.60 $ 0.48 Adjusted EBITDA per share (1) 0.42 0.16 0.26 0.82 0.37 0.45 Adjusted operating cash flow per share (1) 0.26 0.10 0.16 0.19 0.19 - Net earnings per share, basic 0.16 0.12 0.04 0.21 0.25 (0.04) Net earnings per share, diluted 0.15 0.11 0.04 0.20 0.24 (0.04) (1) See non-GAAP financial measures section for definition and reconciliation Total revenue in the condensed consolidated statements of earnings for the three and six months ended June 30, 2026 was $23,154,000 and $45,328,000 compared to $9,824,000 and $22,445,000 in the respective 2025 periods as a result of higher realized prices, timing of copper stream deliveries and the addition of four operating lithium royalties. Attributable royalty revenue (see non-GAAP financial measures) was $29,997,000 ($0.53 per share) for the quarter ended June 30, 2026 compared to $12,669,000 ($0.27 per share) recorded in the three months ended June 30, 2025. On a year to date basis, attributable royalty revenue of $56,765,000 is 105% higher than the comparable year of $27,624,000. Both the quarter and year to date periods follow the trend of revenue noted above as well as higher electricity royalty revenue. Adjusted EBITDA for the three and six months ended June 30, 2026 was $23,325,000 ($0.42 per share) and $43,093,000 ($0.82 per share) which compares to $7,546,000 ($0.16 per share) and $17,014,000 ($0.37 per share) for the prior year periods. Both the quarter and year to date periods follow the trend of revenue noted above. Adjusted operating cash flow for the second quarter of 2026 of $14,022,000 ($0.26 per share) is higher than the $4,730,000 ($0.10 per share) generated in the comparable quarter in 2025. On a year to date basis, adjusted operating cash flow of $10,402,000 ($0.19 per share) compares to $8,813,000 ($0.19 per share) for the six months ended June 30, 2025. The increase for both the quarter and year to date is largely reflective of higher royalty receipts and interest income offset by higher tax payments and working capital changes. The six months ended June 30, 2026 also reflects the payment of post LRC closing expenses of $6,207,000. Net earnings in the three months ended June 30, 2026 of $8,585,000 ($0.16 per share) compared to $5,516,000 ($0.12 per share) in the comparable period of 2025. Net earnings for the six months ended June 30, 2026 of $11,221,000 ($0.21 per share) compared to $11,860,000 ($0.25 per share) for 2025. Net earnings for the current year periods reflect higher revenues and higher expenses including costs of sales, general and administrative (which include the post closing LRC expenses noted above), share based compensation and amortization. In the prior year periods tax recoveries from recognition of certain tax losses positively impacted net earnings. Changes in total assets reflect the acquisition of LRC and the addition of its portfolio of lithium royalties, growth of the renewable royalty segment as well as the impact from new investments and revaluations. The decrease in total liabilities is primarily a result of repayment of long term debt. Costs and Expenses Three months ended Six months ended Costs and Expenses /une 30, 2026 /une 30, 2025 Variance /une 30, 2026 /une 30, 2025 Variance General and administrative (1) $ 2,739 $ 2,492 $ 247 $ 5,951 $ 4,938 $ 1,013 Severance and termination benefits (1) 375 - 375 6,207 - 6,207 Cost of sales 2,606 1,304 1,302 5,126 3,200 1,926 Share-based compensation 4,373 1,138 3,235 10,681 2,348 8,333 Generative exploration 159 211 (52) 208 252 (44) Exploration and evaluation assets abandoned or impaired - 12 (12) - 12 (12) Mineral rights and leases 242 242 - 242 242 - Amortization and depletion 2,679 1,337 1,342 5,261 2,455 2,806 $ 13,173 $ 6,736 $ 6,437 $ 33,676 $ 13,447 $ 20,229 (1) Total combined general and administrative expenses of $3,114,000 and $12,158,000 for the three and six months ended June 30, 2026, respectively. Refer to note 10 in the financial statements for additional details General and administrative expenses during the three and six months ended June 30, 2026 were higher relative to the prior year periods primarily from professional fees related to corporate development initiatives including the acquisition of LRC and expenses related to winding up of the LRC office post acquisition. Following the acquisition the Corporation terminated the employees of LRC resulting in severance and termination benefits, including change of control amounts, of $6,207,000, which was recognized and paid by the Corporation. A component of general and administrative expenses of the Corporation relates to the administration and staffing of its PG segment. During the three and six months ended June 30, 2026 this amounted to $752,000 and $1,626,000 respectively as compared to $705,000 and $1,371,000 in the prior year comparable periods. The PG segment creates long-term royalty opportunities and receives equity positions in public companies in exchange for mineral projects and cash investments. Cost of sales related primarily to the Chapada copper stream for the three and six months ended June 30, 2026 are generally proportionate to copper stream revenue. Under the streaming agreement the Corporation purchases copper at 30% of the spot copper price. Amortization and depletion were higher for three and six months ended June 30, 2026 in comparison to the prior year periods due to higher attributable royalty production, the addition of of four operating lithium royalties as well as higher Chapada depletion. Share-based compensation costs have increased during the three and six months ended June 30, 2026 compared to the prior year periods reflecting the appreciation of the Corporation's share price on the underlying units outstanding. Other factors which contributed to the change in the Corporation's earnings are: Three months ended Six months ended /une 30, 2026 /une 30, 2025 Variance /une 30, 2026 /une 30, 2025 Variance Earnings (loss) from joint ventures $ 2,329 $ (1,478) $ 3,807 $ 3,278 $ (1,490) $ 4,768 Gain on disposal of mineral property - - - - 19 (19) Interest on long-term debt (1,365) (2,018) 653 (2,738) (4,063) 1,325 Foreign exchange gain 1,969 1,754 215 4,238 1,931 2,307 Unrealized (loss) gain on fair value adjustment of derivatives (357) 802 (1,159) (650) 87 (737) Income tax (expense) recovery (3,972) 3,368 (7,340) (4,559) 6,378 (10,937) The Corporation recognized earnings from joint ventures of $2,329,000 and $3,278,000 in the three and six months ended June 30, 2026 respectively compared to losses of $1,478,000 and $1,490,000 in the comparable periods. Increased revenue related to Voisey's Bay production was recognized through the Labrador Nickel Royalty Limited Partnership during the current year periods. In addition the Corporation's proportionate share of ARR results reflects its 50% proportionate share of earnings or loss from the GBR joint venture. GBR's current year results reflect increased revenue including increased investment and interest income, partially offset by increased salaries and wages and interest expense. See Segment Performance section for additional information. During the six months ended June 30, 2025 the Corporation recognized a gain on the disposition of mineral properties attributable to the sale of the Celts gold project to Eminent Gold, which was generated from the Orogen Alliance. Interest on long term debt for the three and six months ended June 30, 2026 is lower than the prior year periods due to a lower overall debt balance and lower interest rates. Foreign exchange revaluations recorded in the three and six months ended June 30, 2026 and 2025 were driven by a fluctuating Canadian dollar relative to the US dollar, primarily associated with the revaluation of the Corporation's US dollar denominated debt as well as US dollar denominated cash balances. The Corporation recognized unrealized losses on fair value adjustment of derivatives of $357,000 and $650,000 during the three and six months ended June 30, 2026 respectively. This compared to unrealized gains of $802,000 and $87,000 during the the same periods in 2025. Income taxes of $3,972,000 and $4,559,000 were recognized for the three and six months ended June 30, 2026 compared to recoveries of $3,368,000 and $6,378,000 in the comparable periods of 2025. The prior year periods were positively impacted by the recognition of certain tax losses. Segment Performance The Corporation manages its business under three operating segments as described under Description of Business above, being Mineral Royalties, Project Generation and Renewable Royalties. A summary of the Corporation's attributable royalty revenue and key highlights are as follows: Three months ended Six months ended Summary of attributable royalty /une 30, /une 30, /une 30, /une 30, revenue 2026 2025 Variance 2026 2025 Variance Revenue Base metals Chapada - copper $ 8,554 $ 4,195 $ 4,359 $ 16,825 $ 10,625 $ 6,200 Voisey's Bay - nickel / copper / cobalt 871 438 433 1,703 797 906 Potash Cory 790 401 389 1,223 1,051 172 Rocanville 2,611 2,369 242 4,710 4,179 531 Allan 509 144 365 719 241 478 Patience Lake - 85 (85) 189 295 (106) Esterhazy 1,053 1,069 (16) 2,552 2,154 398 Vanscoy 48 30 18 106 60 46 Lanigan 25 17 8 44 29 15 Lithium Goulamina 3,954 - 3,954 7,992 - 7,992 Grota do Cirilo (1) 708 61 647 1,242 112 1,130 Tres Quebradas (1) 1,378 - 1,378 2,235 - 2,235 Finniss 393 - 393 393 - 393 Iron ore (2) 1,562 1,122 440 3,124 2,992 132 ARR (Electricity) 6,066 2,100 3,966 9,660 3,748 5,912 Interest and investment (3) 1,475 638 837 4,048 1,341 2,707 Attributable royalty revenue $ 29,997 $ 12,669 $ 17,328 $ 56,765 $ 27,624 $ 29,141 See non-GAAP financial measures section of this MD&A for definition and reconciliation of attributable revenue (1) 10% interest held in this royalty prior to acquisition of LRC (2) LIORC dividends received (3) Includes ARR interest and investment income of $29,000 and $238,000 for the three and six months ended June 30, 2026 (June 30, 2025 - $278,000 and $583,000 ) Three months ended Six months ended Summary of attributable royalty volumes and /une 30, 2026 /une 30, 2025 /une 30, 2026 /une 30, 2025 average prices Tonnes Average price (1) Tonnes Average price (1) Tonnes Average price Tonnes Average price Chapada copper (1) 474 $5.96 US / lb 312 $4.34 US / lb 947 $5.86 US / lb 830 $4.09 US / lb Potash (2) (3) 414,453 $539 / tonne 343,808 $507 / tonne 778,649 $521 / tonne 723,382 $485 / tonne Lithium (4) 1,923 2,420 / US tonne - N/A 4,278 $2,011 / US tonne - N/A (1) Copper stream; quantity represents actual physical copper received (2) Average prices are in CAD (3) Various production royalties; quantities represent tonnes subject to the royalties at each respective mine (royalty tonnes only) (4) Lithium carbonate (kg) of 1,000; Lithium in oxide conversion of 464; Concentrate grade of 6%; Li2O of 60; Spodumene tonnes for 1 LCR conversion factor of 7.7 Mineral Royalties Base Metal Royalties Base and battery metal (primarily copper) revenue of $9,425,000 and $18,528,000 for the quarter and six months ended June 30, 2026 was higher than $4,633,000 and $11,422,000 in the comparable periods of 2025 due to higher realized copper and nickel prices at Chapada and Voisey's Bay as well as timing of copper stream deliveries from Chapada. At Chapada, Lundin reported production of 11,985 tonnes of copper for the second quarter with production benefiting from consistent grades and strong throughput and average copper grades expected to increase in H2. For 2026 Lundin has reported copper production guidance at Chapada of 45,000 to 50,000 tonnes. At Voisey's Bay, the operator Vale Base Metals previously completed construction and commissioning of the Voisey's Bay Mine Expansion Project and announced it is expecting an increase of production of nickel in concentrate to 45,000 tonnes per year, with full ramp-up of the project expected to be completed by the second half of 2026. Vale reported nickel production increased quarter over quarter due to strong ore output at the underground mines combined with solid performance from the Long Harbour Refinery which delivered record Q2 production with maintenance scheduled both for the mine and the refinery in H2. Mine construction continued to progress during the quarter at the Curipamba copper-gold project in Ecuador with commencement of production expected mid 2027. Altius holds a 2% NSR royalty relating to the project. Additional information concerning ongoing initiatives at various of the Corporation's operating and development stage base metal holdings can be found in the Outlook section of this report. Saskatchewan Potash Royalties Potash revenue for the three and six months ended June 30, 2026 of $5,036,000 and $9,543,000 increased over the comparable periods in 2025 reflecting higher realized prices and attributable portfolio production volumes even as certain mines commenced scheduled maintenance during the quarter. Both operators of Altius's potash royalty mines have reported strong sales/production for Q2 2026 and indicated expectations for record global potash demand in 2026, while noting several competitor operators reported production constraints and significant development project delays . Nutrien's 2026 sales guidance increased to 14.2-14.8 million tonnes due to strong demand and compares to 14.3 and 13.9 million tonnes sold in 2025 and 2024 respectively. Mosaic also reiterated total production guidance for 2026 of approximately 9 million tonnes, up slightly from total 2025 production of 8.8 million tonnes. Production volumes are expected to be weighted toward the second half of the year, supported by expected record production at Esterhazy following the annual scheduled maintenance in Q2. The Esterhazy Hydrofloat project was completed in mid 2025 producing the first potash product tonnes and will enable additional production of approximately 400,000 tonnes of MOP from Esterhazy. In 2024, Mosaic announced that an independent audit of the K3 mine and K2 mill expansion was completed which verified a total nameplate capacity of 7.8 million tonnes at Esterhazy. Additional information concerning ongoing developments and initiatives at various of the Corporation's potash royalty holdings can be found in the Outlook section of this report. Lithium Royalties During the three and six months ended June 30, 2026 the Corporation recognized $6,433,000 and $11,862,000 in lithium royalty revenue from four operating royalties in the portfolio. Prior to the acquisition of LRC the Corporation held a 10% interest (LRC 90%) in the Grota do Cirilo, Tres Quebradas and Mariana royalties. The Goulamina royalty asset was acquired by LRC at the end of 2025. Production at Goulamina remains consistent with the first quarter, and operator Ganfeng Lithium Group Co. Limited ("Ganfeng") expects to achieve its nameplate capacity of 500,000 tpa in 2026. During the six months ended June 30, 2026, Sigma Lithium Corporation ("Sigma") announced the restart of operations at its Grota do Cirilo project. The company also reported continued progress on its Phase 2 expansion project, which is designed to increase capacity from 270,000 tonnes to 520,000 tonnes of lithium spodumene concentrates. Sigma expects to commission the Phase 2 expansion in 2027 and signed a US$100,000,000 collateralized bank guarantee in April 2026 to support the build out. Subsequent to the quarter Sigma announced that production is temporarily interrupted pending the negotiation of an agreement with the Brazil environmental regulator. The operator of Tres Quebradras, Zijin Mining Group Ltd. ("Zijin"), reported first production and ramp up from Phase 1 in the third quarter of 2025 noting initial Phase 1 production capacity of 20,000 tonnes of lithium carbonate per year. The Corporation recognized first revenue from this royalty asset in 2026. Subsequent to quarter end the Tres Quebradas project secured RIGI approval for its Phase 2 expansion which is expected to receive US$709,000,000 of investment. The Phase 2 plant would add an additional 40,000 tpa of lithium carbonate equivalent. Ganfeng announced the commissioning of the Mariana project during 2025 with expectations of 20,000 tonnes of lithium chloride and first cash flows expected in 2026. During 2026 Mariana made its first product shipments while publicly outlining plans to consider a stage 2 DLE based expansion. The Corporation expects first revenue from the Mariana royalty later this year. Both Zijin and Ganfeng have outlined plans to further expand output at their respective operations in Argentina and expansion applications are expected to be progressed in the near term. Core Lithium Limited ("Core"), operator of the Finniss Lithium Project, is currently in the process of restarting the project. Core recently sold 5,100t of spodumene concentrate from stockpiles, resulting in royalty revenues recognized in Q2. Following the Final Investment Decision approval in Q1 2026, Core expects its first concentrate shipment from restarted operations during Q4. Concurrently, Atlas Lithium has secured an expansion permit for its Neves project and is now anticipating commercial production during Q4. Iron Ore Iron ore revenue in the form of dividends received from Labrador Iron Ore Royalty Corp. ("LIORC"), which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of IOC, was $1,562,000 and $3,124,000 during the three and six months ended June 30, 2026 as compared to $1,122,000 and $2,992,000 for the same periods in 2025. Both periods were impacted by lower equity based dividends from IOC as it continues to make significant sustaining and capital investments in the business to improve operational performance. The Corporation acquired 56,500 additional common shares of LIORC during the six months ended June 30, 2026 and owns approximately 8% of LIORC. Champion continues to evaluate the potential for Kami's high-purity (DR grade) iron ore concentrates. Champion has previously announced the results of an updated project study for the Kami Project, commenced the environmental review and permitting process, and as well announced an agreement with Nippon and Sojitz as offtake and equity partners in the project. Nippon and Sojitz made initial cash contributions of $68,600,000 during 2025 and are expected to provide their next financial commitment following completion of a definitive feasibility study that is expected in the second half of 2026. Additional information concerning ongoing developments and initiatives at various of the Corporation's iron ore royalty holdings can be found in the Outlook section of this report. ARR (Electricity Royalties) The operating royalties held by GBR have a mix of merchant market-based pricing (~25%) and contracted electricity price exposure. Market-based prices fluctuate with seasons, weather, competing energy fuel prices (particularly natural gas), available generation and other factors. Longer term contracted market prices for renewable energy have been generally increasing in recent periods as demand for electricity increases. The Corporation's electricity royalties are revenue-based and therefore benefit from higher merchant and contracted prices without meaningful exposure to inflationary cost pressures. There are a number of advancing construction stage projects in which GBR holds royalties including Enbridge's Sequoia solar project (1.5% royalty), an 815 MW solar farm located 150 miles west of Dallas with total expected capex of US$1.1 billion. The first phase of the project achieved COD in Q2 2026 with the second phase expected to enter service in late 2026. At the Easter project (3.0% royalty) Enbridge is expected to spend US$400,000,000 on a 152 MW onshore wind project which is fully contracted under a long term offtake agreement. The two-phased Easter project is expected to achieve completion in 2026 and 2027. In March 2025 Apex announced the financing of the 203 MW Lotus Wind project which achieved COD in May and should contribute to royalty revenue starting in H2 2026. In October 2025 Apex announced a US$1.05 billion corporate refinancing to accelerate its 60+ GW development portfolio. Most recently the Corporation announced the investment by GBR into Apex's Cole's Wind project, a 311 MW wind project in Illinois that has an expected COD in H2 2027. For the three and six months ended June 30, 2026 the Corporation's attributable revenue includes ARR's interest and investment income on a 57% basis of $29,000 and $238,000 respectively compared to $278,000 and $583,000 in the prior year periods. ARR revenue in turn includes GBR revenue on a 50% basis, providing an effective 29% interest to the Corporation. On July 30, 2026 the Corporation increased its ownership interest to 50% of GBR following the acquisition of Northampton's 43% of ARR. Going forward the Corporation will report 50% of the results of operations, including revenue, of GBR. See Appendix 4 for summarized condensed financial results of ARR and GBR. Total renewable revenue of $6,066,000 and $9,660,000 for the three and six months ended June 30, 2026 was higher than the $2,100,000 and $3,748,000 in the comparable periods during 2025. The increase reflects the continuing ramp up of operational stage portfolio projects, including first production from Sequoia, as well as investment income related to the financing of interconnection deposits and interest and other income. Operating renewable royalty revenue include amounts of $2,740,000 and $4,010,000 for the three and six months ended June 30, 2026 ($1,591,000 and $2,828,000 for the three and six months ended June 30, 2025) and includes a non-recurring true-up payment of approximate $1,200,000 from Titan Solar in Q2 to achieve predetermined revenue amounts in accordance with the terms of the agreement. Interconnection funding agreements generated investment income of $3,326,000 and $5,653,000 during the three and six months ended June 30, 2026, which compared to $500,000 and $920,000 for the same periods in 2025 as a result of continued growth in this business and larger amounts of capital deployed. G&A expenses in GBR were higher during the quarter and six months ended June 30, 2026 mainly due to increased salaries and wages resulting from a modest expansion of the GBR team during 2025. Interest expense increased during the same periods relating to the financing of refundable interconnection deposits on late stage development projects which uses external capital and also correlates to the increase in interest income described above. Expenses at Bluestar and Nova affect results at GBR as those investments are accounted for using the equity method. Bluestar and Nova are currently engaged in early-stage renewable energy development, resulting in increased levels of expenses and minimal offsetting revenues. GBR records its portion of any losses in those investments to the extent in which equity accounting has not reduced the balances to $nil. Minimal losses were recorded in the current year periods as equity accounting in other periods had reduced the balances in these investments to $nil. Refer to Appendix 4 for additional information. In addition to the Corporation recording its portion of earnings and losses from ARR, including revenue and expenses as noted above, the Corporation also records its portion of fair value adjustments associated with the revaluation of renewable royalty investments and derivative instruments (cash flow swap) in other comprehensive earnings. Effective July 30, 2026 the Corporation will record 50% of earnings and losses from GBR including any revaluation of investments and derivatives. Investments in renewable energy The Corporation funded approximately US$12,400,000 ($17,250,000) to ARR to support its share of a GBR capital call for the Coles Wind acquisition in Q2. During the three and six months ended June 30, 2026, ARR invested US$30,000,000 in GBR and during the same periods GBR deployed or committed approximately US$75,800,000 and US$78,800,000 in new royalty investments in the following (amounts on a 100% basis): Coles Wind GBR closed a US$73,000,000 royalty investment with Apex relating to the 311 MW Coles Wind project in Illinois. Construction of the project began in January 2026 with expected COD in H2 2027. The investment represents GBR's largest single asset royalty acquisition to date and was funded through a balance of cash on hand at GBR and capital contributions from ARR and Apollo. The royalty investment has been structured using royalty rates that vary over time, with higher royalty rates in the initial 10 years in order to meet base return objectives prior to stepping down to a longterm gross revenue royalty rate consistent with other GBR portfolio investments. The lower perpetual tail royalty rate has been purposely structured to minimize the disincentivizing of potential future investments to extend the project life and/ or enhance its production profile. Other GBR also invested US$1,800,000 and US4,400,000 during the three and six months ended June 30, 2026. Interconnection facility GBR continued to finance refundable interconnection deposits on late stage development projects using external capital with the goal of generating positive margin and developing further relationships within the sector. GBR is currently deploying capital with several operators in various markets in the US with new financings in 2026, as well as amounts previously deployed in the second half of 2025, for total capital deployed of US$271,000,000. Terms on these loans generally range from six months to 18 months and as such, the amount deployed can fluctuate significantly between quarters. Refer to Appendix 3 - Summary of ARR's Operational, Construction and Development Renewable Energy Royalties for a detailed listing of royalties. Project Generation Pre-Production Royalties & Junior Equities Portfolio Highlights The Corporation's junior equities portfolio had a market value of $80,400,000 at June 30, 2026 (December 31, 2025 - $49,300,000) following net acquisition of equities during the six months ended June 30, 2026 that totaled $13,193,000 compared to net sales proceeds of $428,000 during 2025. Project Generation revenues of $123,000 and $164,000 for the three and six months ended June 30, 2026 compared to $32,000 and $61,000 for the comparable periods in 2025. During the quarter the Corporation participated in equity financings closed by existing and new portfolio companies, with approximately $4,200,000 invested in TNR Gold Corp. (TSX-V: TNR) ("TNR") (see announcement by TNR dated May 25, 2026), as well as investing amounts into existing investee companies Blue Moon Metals Inc (TSX-V: MOON) ("Blue Moon") and private company Aurum Discovery Limited. Altius also participated in an equity financing in Buffalo Potash Corp (TSX-V: BUFF) and private company Gilpas Resources Ltd. and created new royalty opportunities in each. The Corporation continues to hold its 9,889,490 shares in Orogen, which recently announced a 57% increase in revenue over the prior year quarter as well as an increase in net income of 198% both driven by stronger royalty revenues on higher gold and silver prices. Orogen's project generation business continues to create new royalty interests with many exploration highlights across their portfolio. AbraSilver Resource Corp. (TSX: ABRA) ("AbraSilver") on June 15 reported assay results from the 2026 drill program at the La Coipita copper-gold-molybdenum project ("La Coipita") located in the San Juan Province of Argentina. Hole DDH-LC26-010 returned the strongest drill intercept recorded to date at La Coipita: 747.5 m grading 0.69% Cu, 0.06 g/t Au and 142 ppm Mo, from 396 m to 1,143.5 m down-hole depth, including 108 m at 1.06% Cu, 0.10 g/t Au and 204 ppm Mo, from 396 to 504 m. The project is subject to an earn in by a subsidiary of Teck Resources Limited who have now completed a total of 11,270 m of diamond drilling across 19 holes, representing approximately US$23,000,000 in expenditures to date. It is anticipated by the parties to become a Joint Venture (80% Teck, 20% AbraSilver). Altius retains a buyback option to acquire a 1.1% NSR royalty on La Coipita for US$5,000,000. Earlier this year Blue Moon announced the acquisition of the past producing germanium, gallium and copper Apex Mine as well as the acquisition of the Gage Project, adding to the land position around the Apex mine located in Utah. In April a final investment decision on construction of Blue Moon's Nussir project was received following the recently completed Feasibility Study which highlighted a 13-year mine life with ore production expected in 2027. Concurrently Blue Moon announced a proposed financing of $150,000,000 mainly for construction capital at Nussir as well as general working capital. In early May the Corporation acquired 225,000 common shares at a cost of $2,250,000. The technical information contained in this MD&A has been reviewed and approved by Lawrence Winter, Ph.D., P.Geo., Vice-President, Generative and Technical, a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Additional information concerning ongoing developments and initiatives within Altius's PG business can be found in the Highlights and Outlook sections of this report. Readers are also encouraged to visit our corporate website at https://www.altiusminerals.com to gain added insight into the exploration activities and projects of the Corporation, including the Corporation's PG investments. Cash Flows, Liquidity and Capital Resources Six months ended Summary of Cash Flows /une 30, 2026 /une 30, 2025 Operating activities $ 9,511 $ 8,292 Financing activities (30,046) (14,457) Investing activities (130,137) 1,378 Net increase (decrease) in cash and cash equivalents $ (150,672) $ (4,787) Cash and cash equivalents, beginning of period 294,125 15,908 Cash and cash equivalents, end of period $ 143,453 $ 11,121 Operating Activities Operating cash generated for the six months ended June 30, 2026 is higher than Q2 2025 as a result of higher revenue and lower interest paid on long term debt offset by higher taxes paid, increased expenses and payments following the acquisition of LRC. Financing Activities The Corporation repaid $4,000,000 (June 30, 2025 - $4,000,000) on its credit facility during the six months ended June 30, 2026. The Corporation distributed $468,000 (June 30, 2025 - $434,000) to a non-controlling interest holder in the Potash Royalty Limited Partnership during the six months ended June 30, 2026. The Corporation issued 9,630,177 common shares as part of the acquisition of LRC and paid share issuance costs of $288,000. Due to the increased number of common shares outstanding the Corporation paid higher cash dividends of $10,398,000 to common shareholders and issued 14,759 common shares valued at $759,000 under the Corporation's Dividend Reinvestment Plan during the six months ended June 30, 2026 (June 30, 2025 - paid cash dividends of $7,633,000 and issued 26,696 common shares valued at $700,000). The Corporation's board of directors also increased the quarterly dividend to $0.10 per share during Q3 2025. During the six months ended June 30, 2026 cash settled transactions under the Corporation's long-term incentive plan resulted in a net cash outflow of $4,906,000 (June 30, 2025 - $2,254,000). The amounts paid reflect an increase in the value of the common shares of the Corporation. Under its normal course issuer bid, the Corporation repurchased and cancelled 226,900 common shares for a total cost of $9,902,000 during the six months ended June 30, 2026 compared to 2,000 common shares for a total cost of $52,000 in the prior year period. The prior year buyback was impacted by the imposition of corporate trading blackouts as well as other corporate initiatives. Investing Activities Investing activities for the six months ended June 30, 2026 reflect $891,000 received from joint ventures compared to $521,000 in the prior year quarter. During the six months ended June 30, 2026 the Corporation invested US$12,400,000 ($17,250,000) into ARR to fund its share of the GBR capital call contribution for GBR's royalty investment relating to the Coles Wind project. During the quarter the Corporation received US$30,500,000 ($42,207,000) as a cash distribution from Royalty Capital Funds, relating to the investments made by the Corporation during the founding and early development of LRC. Cash proceeds from the sale of PG equity investments were $498,000 during the six months ended June 30, 2026 (June 30, 2025 - $819,000). The Corporation used $1,614,000 in cash to add to its LIORC investment and invested $13,692,000 by adding to the junior equities portfolio during six months ended June 30, 2026 compared to $392,000 during the six months ended June 30, 2025. Cash consideration of $140,040,000 was paid as part of the acquisition of LRC offset by cash assumed following the acquisition at LRC of $2,618,000. The Corporation made an additional tax payment of $2,076,000 to the U.S. Internal Revenue Service during the quarter related to the proceeds generated from the sale of the Arthur Gold royalty interest to Franco-Nevada in the prior year. An additional potash royalty interest of $1,390,000 was acquired during the six months ended June 30, 2026. Liquidity At June 30, 2026 the Corporation had current assets of $162,657,000, consisting of $143,453,000 in cash and cash equivalents, $11,143,000 in accounts receivable and prepaid expenses, $7,100,000 in loans receivable and $961,000 in income taxes receivable. Current liabilities of $12,056,000 include the current portion of long-term debt obligations of $8,000,000, accounts payable and income taxes payable. The Corporation's major sources of free cash flow are from royalty income and streaming revenue, cash receipts from royalty interests, sales of direct and indirect exploration investments and investment income. At June 30, 2026 the Corporation had $125,000,000 of available liquidity under its revolving credit facility, which was amended in July. Subsequent to the quarter the Corporation closed a bought deal public offering and received net proceeds of $174,076,000. The Corporation also increased and amended its credit facility to $350,000,000, transferred the balance of the debt outstanding of approximately $87,000,000 to the revolving facility and completed a draw down of $100,000,000. On July 30 the Corporation increased its ownership in GBR to 50% for a purchase price of US$167,400,000 ($236,800,000) which was funded using a combination of cash on hand and debt. Current total liquidity available is approximately $500,000,000 and includes cash on hand, $163,000,000 available under the amended revolving credit facility as well as $150,000,000 potentially available as an accordion feature, subject to certain criteria under the terms of our credit facility. At June 30, 2026 GBR had cash of US$6,500,000 and available liquidity of US$84,500,000 under its credit facilities, of which US$139,000,000 is outstanding while ARR had cash on hand of US$5,940,000. Summary of Quarterly Financial Information The table below outlines select financial information related to the Corporation's revenue, attributable royalty revenue, adjusted EBITDA, adjusted operating cash flow, adjusted net earnings, net earnings (loss) and per share amounts for the most recent eight quarters. The financial information is extracted from the Corporation's condensed consolidated financial statements and should be read in conjunction with those statements and the annual audited consolidated financial statements. Please refer to the non-GAAP financial measures reconciliation with respect to the below table. /une 30, March 31, December 31, September 30, 2026 2026 2025 2025 Revenue per condensed consolidated financial statements $ 23,154 $ 22,174 $ 14,058 $ 17,244 Attributable royalty revenue (1) 29,997 26,768 20,883 21,407 Adjusted EBITDA (1) 23,325 19,768 15,619 13,200 Adjusted operating cash flow (1) 14,022 (3,620) 3,237 15,428 Net earnings attributable to common shareholders 8,408 2,446 22,355 264,725 Attributable royalty revenue per share (1) $ 0.53 $ 0.55 $ 0.45 $ 0.46 Adjusted EBITDA per share (1) 0.42 0.40 0.34 0.29 Adjusted operating cash flow per share (1) 0.26 (0.07) 0.07 0.33 Net earnings per share - basic 0.16 0.05 0.48 5.72 - diluted 0.15 0.05 0.47 5.63 /une 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Revenue per condensed consolidated financial statements $ 9,824 $ 12,621 $ 11,701 $ 13,043 Attributable royalty revenue (1) 12,669 14,955 13,522 14,676 Adjusted EBITDA (1) 7,546 9,468 9,325 9,372 Adjusted operating cash flow (1) 4,730 4,083 2,256 10,245 Net earnings attributable to common shareholders 5,347 6,201 84,751 2,852 Attributable royalty revenue per share (1) $ 0.27 $ 0.32 $ 0.29 $ 0.32 Adjusted EBITDA per share (1) 0.16 0.20 0.20 0.20 Adjusted operating cash flow per share (1) 0.10 0.09 0.05 0.22 Net earnings per share - basic 0.12 0.13 1.82 0.06 - diluted 0.11 0.13 1.78 0.06 (1) Non-GAAP financial measures are reconciled and described in the Non-GAAP Financial Measures section of this MD&A Net earnings are affected primarily by revenue net of operating expenses as noted above but are also affected by the realization of both cash and non-cash gains or losses on the Corporation's investments, mineral properties and mineral exploration alliances and the equity accounting of some investments, and therefore adjusted net earnings represents the removal of any one time impacts as well as unrealized gains/losses. Net earnings for the periods presented reflect the trends in commodity prices discussed above, as well as the impact of the gain on sale of the Arthur royalty interest in Q3 and Q4 of 2025, any non-cash impairment charges and in the fourth quarter of 2024 the gain associated with the deconsolidation of ARR. See Financial Performance and Results of Operations for further discussion. Adjusted EBITDA is derived primarily from the mineral and renewable royalty businesses. Mineral royalties, which include attributable royalty and streaming revenue from producing mines, as well as electricity royalties are net of general and administrative and any other operating costs. Revenue and attributable royalty revenue is contingent on many factors, including commodity prices, mine production levels, mine sequencing, maintenance schedules and the timing of concentrate shipments, which in some cases are affected by seasonality and outside events. In addition electricity royalties are dependent on power pricing. Electricity based income has grown reflecting the acquisition of operating stage royalties as well as the commencement of commercial operations at a number of development stage projects. Adjusted operating cash flow is derived from cash flow from operations and adjusted to include distributions from joint ventures on the basis that the joint venture cash flows form part of our royalty business. The change in adjusted operating cash flow is generally consistent with the movement in royalty revenue, interest and taxes paid and the timing of royalty receipts. The first quarter of 2026 was negatively impacted by payments relating to the LRC acquisition. Commitments and Contractual Obligations The Corporation has obtained various mineral rights in Canada by staking claims and paying refundable security deposits. On these lands, certain expenditures are required on an annual basis from the date of license issuance in order to maintain the licenses in good standing, and for security deposits thereon. On or before the anniversary date of license issuance, and if the required expenditures are not met, the Corporation has the option of reducing claims on a property, posting a refundable security bond for the deficient amount or electing to allow title of the license to be cancelled. In aggregate, the Corporation is required to spend an additional $307,000 by June 30, 2027. As at June 30, 2026 the principal repayments for the Corporation's credit facilities required over the next three calendar years are shown in the table. However subsequent to the quarter the Corporation amended its credit facilities and transferred the balance of its term debt to a revolving facility with a maturity of July 2030. There are no principal repayments required under the amended facility. Term Revolver Total 2026 $ 4,000 $ - $ 4,000 2027 8,000 - 8,000 2028 75,111 - 75,111 $ 87,111 $ - $ 87,111 The Corporation is committed under leases on office space including operating costs for future minimum lease payments of $192,000 per annum until the lease expires in August 2031. Related Party Transactions Three months ended Six months ended /une 30, 2026 /une 30, 2025 /une 30, 2026 /une 30, 2025 Key management personnel and directors Salaries and benefits Share-based compensation $ 365 4,373 $ 574 1,138 $ 2,092 10,681 $ 2,356 2,348 Total $ 4,738 $ 1,712 $ 12,773 $ 4,704 Three months ended Six months ended /une 30, 2026 /une 30, 2025 /une 30, 2026 /une 30, 2025 General and administrative expenses billed (to) from Joint venture (34) (65) (69) (116) Total $ (34) $ (65) $ (69) $ (116) Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Corporation as a whole. The Corporation has determined that key management personnel consist of members of the Corporation's Board of Directors and five corporate officers, including the Corporation's President, Chief Executive Officer and Chief Financial Officer, as well as two Vice Presidents reporting directly to a corporate officer. These transactions are in the normal course of operations and are measured at fair value, which is the amount of consideration established and based on the prevailing market rates. It is management's estimation that these transactions were undertaken under the same terms and conditions as would apply to transactions with non-related parties. Critical Accounting Estimates The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenues and expenses during the reporting period. Areas requiring the use of management estimates include rates for amortization and depletion of the royalty and streaming interests, deferred income taxes, the carrying value and assessment of impairment of mining and other investments (private entities), investments in joint ventures and royalty interests, the assumptions used in the determination of the fair value of share based compensation and the assumptions used in the determination of the fair value measurement and valuation process for investments in which there is no publicly traded market including key inputs, significant unobservable inputs and the relationship and sensitivity of those inputs to fair value. New Accounting Policies The Corporation has not adopted any new accounting policies during the three and six months ended June 30, 2026. Internal Control over Financial Reporting Management is responsible for the establishment and maintenance of a system of internal control over financial reporting. This system has been designed to provide reasonable assurance that assets are safeguarded and that the financial reporting is accurate and reliable. The certifying officers have evaluated the effectiveness of the Corporation's internal control over financial reporting as of June 30, 2026 and have concluded that such controls are adequate and effective to ensure accurate and complete financial reporting in public filings. The condensed consolidated financial statements have been prepared by management in accordance with IFRS and in accordance with accounting policies set out in the notes to the consolidated financial statements for the six months ended June 30, 2026. There has been no change in the Corporation's internal control over financial reporting during the Corporation's quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Corporation's internal control over financial reporting. Evaluation and Effectiveness of Disclosure Controls and Procedures The Corporation has established and maintains disclosure controls and procedures over financial reporting. The certifying officers have evaluated the effectiveness of the issuer's disclosure controls and procedures as of June 30, 2026 and have concluded that such procedures are adequate and effective to ensure accurate and complete disclosures in public filings. There are inherent limitations in all control systems and no disclosure controls and procedures can provide complete assurance that no future errors or fraud will occur. An economically feasible control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Risk Factors and Key Success Factors An investment in securities of the Corporation involves a significant degree of risk that should be considered prior to making an investment decision. In addition to discussions of key success factors and business issues elsewhere in this MD&A, the investor should refer to the Corporation's Annual Information Form for a detailed listing of all risk factors. Outstanding Share Data At August 10, 2026 the Corporation had 58,748,220 common shares outstanding and 140,724 stock options outstanding. ‌Non-GAAP Financial Measures Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. The non-GAAP financial measures are reconciled to the most directly comparable IFRS measure in the sections below. Attributable revenue Attributable revenue is defined by the Corporation as total revenue and other income from the condensed consolidated financial statements plus the Corporation's proportionate share of gross royalty revenue in the joint ventures which include the ARR joint venture (57% ownership), the GBR joint venture (29% effective ownership), Labrador Nickel Royalty Limited Partnership ("LNRLP") (10% ownership), and the LRC LP 1 joint venture (10% ownership for comparative periods). The Corporation consolidates all revenue from LRC LP 1 following the acquisition of LRC. The Corporation has presented attributable revenue for ARR and GBR in all comparative periods, to reflect the economic interest by applying the method described above as at June 30, 2026 prior to the increase in ownership. The Corporation's key decision makers use attributable royalty revenue as a basis to evaluate the business performance. The attributable royalty revenue amounts, together with amortization of royalty interests, general and administrative costs, mining tax and other costs are not reported gross in the condensed consolidated statement of earnings since the royalty revenues are being generated in joint ventures in accordance with IFRS 11 Joint Arrangements which requires net reporting as an equity pick up. Management uses this measure to reflect the Corporation's economic interest in its operations prior to the application of equity accounting to help allocate financial resources and provide investors with information that it believes is useful in understanding the scope of its business, irrespective of the accounting treatment. Attributable royalty revenue per share is calculated using attributable royalty revenue as numerator divided by the basic weighted average number of shares for the period as the denominator. The tables below reconcile attributable revenue to revenue in the condensed consolidated financial statements. Three months ended /une 30, March 31, December 31, September 30, Attributable revenue 2026 2026 2025 2025 Revenue Attributable royalty $ 29,997 $ 26,768 $ 20,883 $ 21,407 Project generation 123 41 29 49 Attributable revenue 30,120 26,809 20,912 21,456 Adjust: joint venture revenue (6,966) (4,635) (6,854) (4,212) IFRS revenue per condensed consolidated financial statements $ 23,154 $ 22,174 $ 14,058 $ 17,244 Attributable royalty revenue per share $ 0.53 $ 0.55 $ 0.45 $ 0.46 Three months ended Attributable revenue /une 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Revenue Attributable royalty $ 12,669 $ 14,955 $ 13,522 $ 14,676 Project generation 32 29 154 166 Attributable revenue 12,701 14,984 13,676 14,842 Adjust: joint venture revenue (2,877) (2,363) (1,975) (1,799) IFRS revenue per condensed consolidated financial statements $ 9,824 $ 12,621 $ 11,701 $ 13,043 Attributable royalty revenue per share $ 0.27 $ 0.32 $ 0.29 $ 0.32 Adjusted operating cash flow Adjusted operating cash flow is defined as cash provided (used in) in operations in the condensed consolidated financial statements adjusted for inclusion of the Corporation's proportionate share of cash flows from operations from joint ventures. Adjusted operating cash flow is used by management, and management believes this information is used by investors, to analyze cash flows generated from operations and assess the ability of its operations to provide cash or its use of cash, after funding cash capital requirements, to service current and future working capital needs and service debt. Adjusted operating cash flow per share is calculated using adjusted operating cash flow as the numerator and the basic weighted average number of shares for the period as the denominator. The tables below reconcile cash provided (used) by for operating activities per the condensed consolidated financial statements to adjusted cash operating cash flow: Three months ended Adjusted operating cash flow /une 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Cash flow from (used in) operations $ 13,367 $ (3,856) $ 2,742 $ 15,082 Adjust: joint venture cash flow 655 236 495 346 Adjusted operating cash flow $ 14,022 $ (3,620) $ 3,237 $ 15,428 Adjusted operating cash flow per share $ 0.26 $ (0.07) $ 0.07 $ 0.33 Three months ended, Adjusted operating cash flow /une 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Cash flow from operations $ 4,449 $ 3,843 $ 3,060 $ 10,724 Adjust: joint venture cash flow 281 240 (804) (479) Adjusted operating cash flow $ 4,730 $ 4,083 $ 2,256 $ 10,245 Adjusted operating cash flow per share $ 0.10 $ 0.09 $ 0.05 $ 0.22 Adjusted EBITDA Adjusted EBITDA is defined by the Corporation as net earnings (loss) before taxes, amortization, interest, non-recurring items, non-cash amounts such as impairment, losses and gains, and share based compensation. The Corporation also adjusts earnings in joint ventures (ARR (57% ownership) and its GBR joint venture (effective 29% ownership), LNRLP (10% ownership) and LRC LP I (10% ownership for comparative periods) to reflect our proportionate share of EBITDA on those joint ventures assets which exclude amortization of royalty interests and certain other costs as well as adjusting for any one time items. The Corporation consolidates the financial results of LRC LP 1 following the acquisition of LRC. The Corporation has presented adjusted EBITDA for ARR and GBR in all comparative periods, to reflect the economic interest by applying the method described above as at June 30, 2026 prior to the increase in ownership. Adjusted EBITDA is a useful measure of the performance of our business, especially for demonstrating the impact that EBITDA in joint ventures have on the overall business. Management uses adjusted EBITDA as a proxy for the cash generated in a given period that will be available to fund the Corporation's future operations, growth opportunities, shareholder dividends and to service debt obligations as well as to provide a level of comparability to similar entities. Management believes adjusted EBITDA provides useful information to investors in evaluating the Corporation's operating results in the same manner as Management and the Board of Directors. Adjusted EBITDA per share is calculated using adjusted EBITDA as the numerator and the basic weighted average number of shares for the period as the denominator. Adjusted EBITDA margin is calculated using adjusted EBITDA as the numerator and attributable revenue as the denominator. The tables below reconciles net earnings (loss) per the condensed consolidated financial statements to adjusted EBITDA: Three months ended Adjusted EBITDA /une 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Earnings before income taxes $ 12,557 $ 3,223 $ 29,098 $ 350,483 Addback (deduct): Amortization and depletion 2,679 2,582 1,512 1,550 Share-based compensation 4,373 6,308 934 1,341 Interest on long-term debt 1,365 1,373 1,655 1,451 Severance and termination benefits 375 5,832 - - Unrealized loss (gain) on fair value adjustment of derivatives 357 293 (89) 412 (Earnings) loss from joint ventures (2,329) (949) 8,710 (535) LNRLP EBITDA (1) 688 671 216 463 ARR & GBR EBITDA (2) 5,229 2,704 5,057 2,628 LRC LP 1 EBITDA (3) - - 62 7 Foreign exchange (gain) loss (1,969) (2,269) 3,778 (4,989) Gain on disposal of mineral property - - (402) - Gain on sale of royalty interest - - (34,912) (339,611) Adjusted EBITDA $ 23,325 $ 19,768 $ 15,619 $ 13,200 Adjusted EBITDA per share $ 0.42 $ 0.40 $ 0.34 $ 0.29 (1) LNRLP EBITDA Revenue $ 871 $ 832 $ 280 $ 593 Mining taxes (174) (166) (56) (119) Admin charges (9) 5 (8) (11) LNRLP Adjusted EBITDA $ 688 $ 671 $ 216 $ 463 (2) ARR & GBR EBITDA Revenue $ 6,094 $ 3,803 $ 6,480 $ 3,601 Operating expenses (865) (1,099) (1,423) (973) ARR & GBR Adjusted EBITDA $ 5,229 $ 2,704 $ 5,057 $ 2,628 (3) LRC LP 1 EBITDA Revenue $ - $ - $ 94 $ 18 Operating expenses - - (32) (11) LRC Adjusted EBITDA $ - $ - $ 62 $ 7 Three months ended Reconciliation to IFRS measures Adjusted EBITDA /une 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Earnings before income taxes $ 2,148 $ 3,334 $ 86,619 $ 3,199 Addback(deduct): Amortization and depletion 1,337 1,118 1,331 1,808 Exploration and evaluation assets abandoned or impaired 12 - - 65 Share based compensation 1,138 1,210 1,171 936 Interest on long-term debt 2,018 2,045 2,344 2,530 Realized (gain) loss on disposal of derivatives - - (136) 206 Unrealized (gain) loss on fair value adjustment of derivatives (802) 715 (23) (198) Gain on deconsolidation of subsidiary - - (87,146) - Loss (earnings) from joint ventures 1,478 12 70 (406) LNRLP EBITDA (1) 342 273 217 167 ARR adjustments - - (507) (74) ARR & GBR EBITDA (2) 1,627 922 1,349 1,593 LRC EBITDA (3) 2 35 4 56 Impairment of royalty interests - - 1,537 - Foreign currency (gain) loss (1,754) (177) 2,520 (510) Gain on disposal of mineral property - (19) (25) - Adjusted EBITDA $ 7,546 $ 9,468 $ 9,325 $ 9,372 Adjusted EBITDA per share $ 0.16 $ 0.20 $ 0.20 $ 0.20 (1) LNRLP EBITDA Revenue $ 438 $ 359 $ 279 $ 218 Mining taxes (88) (72) (55) (43) Admin charges (8) (14) (7) (8) LNRLP Adjusted EBITDA $ 342 $ 273 $ 217 $ 167 (2) ARR & GBR EBITDA Revenue $ 2,378 $ 1,953 $ 2,274 $ 2,655 Operating expenses (751) (1,031) (925) (1,062) ARR & GBR Adjusted EBITDA $ 1,627 $ 922 $ 1,349 $ 1,593 (3) LRC LP1 EBITDA Revenue $ 61 $ 51 $ 16 $ 54 Operating expenses (59) (16) (12) 2 LRC Adjusted EBITDA $ 2 $ 35 $ 4 $ 56 Adjusted net earnings The Corporation defines adjusted net earnings as net earnings per the condensed consolidated financial statements less items not reflective of operational performance. These adjusting items include, but are not limited to, impairment charges, gains and losses on the acquisition or disposal of investments or other assets, foreign exchange gains and losses, gains and losses on derivatives and other one-time adjustments as required. While some adjustments are recurring (such as foreign exchange (gain) loss and revaluation of derivatives), management believes that they do not reflect the Corporation's operational performance or future operational performance. Management uses these measures internally and believes that they provide investors with performance measures with which to assess the Corporation's core operations by adjusting for items or transactions that are not reflective of its core operating activities. Adjusted net earnings per share calculated using adjusted net earnings as the numerator and the basic weighted-average number of shares for the period. The tables below reconcile net earnings per the condensed consolidated financial statements to adjusted net earnings and adjusted net earnings per share. Three months ended Adjusted Net Earnings /une 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net earnings attributable to common $ 8,408 $ 2,446 $ 22,355 $ 264,725 Addback (deduct): Unrealized loss (gain) on fair value adjustment of derivatives 357 293 (89) 412 Foreign exchange (gain) loss (1,969) (2,269) 3,778 (4,989) Gain on sale of royalty interest - - (34,912) (339,611) Gain on disposal of mineral property - - (402) - Severance and termination benefits 375 5,832 - - Impairment charge included in loss from joint venture - - 13,090 - Tax impact (1) 437 (906) 7,025 87,207 Adjusted net earnings $ 7,608 $ 5,396 $ 10,845 $ 7,744 Adjusted net earnings per share $ 0.14 $ 0.11 $ 0.24 $ 0.17 (1) Also includes recognition of non-recurring tax adjustments in September 30, 2025 figures. Three months ended Adjusted Net Earnings /une 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net earnings attributable to common $ 5,347 $ 6,201 $ 84,751 $ 2,852 Addback (deduct): Unrealized (gain) loss on fair value adjustment of derivatives (802) 715 (23) (198) Foreign exchange (gain) loss (1,754) (177) 2,520 (510) Exploration and evaluation assets abandoned or impaired 12 - - 65 Realized (gain) loss on disposal of derivatives - - (136) 206 Gain on disposal of mineral property - (19) (25) - Impairment of royalty interest - - 1,537 - Gain on deconsolidation of subsidiary - - (87,146) - Tax impact (1) (1,215) (4,362) 1,206 138 Adjusted net earnings $ 1,588 $ 2,358 $ 2,684 $ 2,553 Adjusted net earnings per share $ 0.03 $ 0.05 $ 0.06 $ 0.05 (1) Also includes recognition of certain tax losses in June 30, 2025 and March 31, 2025 figures Appendix 1 - Summary of Producing Royalties and Streaming Interests Mine / Project Location Primary Commodity Operator Revenue Basis Chapada Brazil Copper Lundin Mining 3.7% of payable copper stream Rocanville Saskatchewan, Canada Potash Nutrien Revenue Allan Saskatchewan, Canada Potash Nutrien Revenue Cory Saskatchewan, Canada Potash Nutrien Revenue Patience Lake Saskatchewan, Canada Potash Nutrien Revenue Vanscoy Saskatchewan, Canada Potash Nutrien Revenue Esterhazy Saskatchewan, Canada Potash Mosaic Revenue Voisey's Bay Labrador, Canada Nickel, Copper, Cobalt Vale 0.3% Net Value Royalty ("NVR") on all metals produced IOC Labrador, Canada Iron Iron Ore Company of Canada 7% Gross Overriding Royalty ("GOR") (1) Grota do Cirilo Brazil Lithium Sigma Lithium Corporation 1% NSR (2) Mine / Project Location Primary Commodity Operator Revenue Basis Tres Quebradas Argentina Lithium Zijin Mining Group Ltd. 1% GOR Goulamina Mali Lithium Ganfeng Lithium Group Co., 1.5% GOR Limited Mariana Argentina Lithium Ganfeng Lithium Group Co., 0.5% NSR Limited (1) Held indirectly through common shares of Labrador Iron Ore Royalty Corporation (2) Net of mandatory government and social contribution deductions from gross sales Appendix 2 - Summary of Exploration and Pre-Development Stage Royalties PRE-FEASIBILTY/FEASIBILITY/DEVELOPMENT Property Location Primary Commodity Explorer/Developer Royalty Basis Status Curipamba Ecuador Copper Silvercorp Metals Inc. 2% NSR Construction initiated Gunnison Arizona, USA Copper Gunnison Copper Corp. 1.625% GSR PEA completed; Pre-feasibility study underway Arthur Nevada, USA Gold Anglo Gold Ashanti NA 0.5% NSR Pre-feasibility study completed Kami Labrador, Canada Iron Champion Iron Limited 3% GSR Feasibility study currently underway Finniss Australia Lithium Core Lithium 2.5% GOR Restart approved Das Neves Brazil Lithium Atlas Lithium 3% GOR Definitive feasibility study Mt. Cattlin Australia Lithium Rio Tinto AU$1.5/t Treated Care and maintenance Moblan Quebec, Canada Lithium Elvra Lithium 2.5%-1.5% GOR (2) Definitive feasibility study Horse Creek British Columbia, Canada Quartz Sinova Global 8%-4% GOR (1) Care and maintenance (1) Assessed at 8% of annual gross revenues up to US$45,000,000 and 4% on any portion in excess of US$45,000,000 (2) Assessed at 2.5% of gross revenues for the first one million tonnes of ore produced per annum and 2.5% thereafter ADVANCED EXPLORATION Property Location Primary Commodity Explorer/Developer Royalty Basis Status Stellar Alaska, USA Copper PolarX Ltd. 2% NSR on gold, 1% NSR on copper Scoping Study (2024)/ Exploration Pine Bay Manitoba, Canada Copper, zinc, gold and silver Visionary Copper and Gold Mines Inc. Option to acquire 0.5% NSR Resource delineation Labrador West Iron Ore Labrador, Canada Iron Ore High Tide Resources Corp. 2.75% GSR on iron ore; 2.75% NSR on all other minerals Metallurgical testwork and resource delineation Adina Quebec, Canada Lithium Li-FT Power Ltd. 4% GOR & 2% NSR Preliminary Economic Assessment/Resource delineation Telkwa British Columbia, Canada Met Coal Bathurst Resources 3% FOB Limited Definitive feasibility study completed and permitting underway Pickett Mountain Maine, USA Zinc, lead, copper, silver Wolfden Resources Corp 1.35% GSR Preliminary Economic Assessment EXPLORATION Property Location Primary Commodity Explorer or Developer Royalty Basis Michelin Labrador, Canada Base metals Paladin Energy Ltd 2% NSR on all minerals except uranium Kan Quebec, Canada Base Metals, Gold Ressources Tectonic Altius can purchase 0.5% NSR for $750,000 Case Lake Ontario, Canada Caesium Power Metals 2% GOR Falcon West Manitoba, Canada Caesium Grid Metals 1% NSR Llano de Nogal Mexico Copper Orogen Royalties Inc. 1.5% NSR on PM; 1.0% NSR on BM Cuale Mexico Copper Rockstar Mining, S.A. de C.V. 1.5% NSR on PM; 1.0% NSR on BM Metastur Spain Cobalt Technology Metals (Asturmet 1.5% NSR Recursos S.L) Copper Range Michigan, USA Copper N/A Option to acquire 1% NSR held by a third party Adeline Labrador, Canada Copper Sterling Metals Corp. 1.6% GSR Lappvattnet, Rormyrberget Sweden Copper, Cobalt, Nickel, PGE Three Crowns Critical Metals Inc. Option to acquire 2.0% GSR CMB Labrador, Canada Copper, Uranium Atha Energy Corp. 2% GSR La Coipita Argentina Copper, Gold AbraSilver Resource Corp/ Teck Resources Limited Option to acquire 1.1% NSR for US$5M Alamo Arizona, United States Copper, Gold Silver Range Resources Ltd. 1% NSR Knaften Sweden Copper, Gold Three Crowns Critical Metals Inc. Option to acquire 1.0% GSR Mythril Quebec, Canada Copper, Gold, Lithium Midland Exploration Inc 1% NSR EXPLORATION Property Location Primary Commodity Explorer or Developer Royalty Basis Bentonite Alberta, Canada Clay type minerals including Bentonite Western Clay Corp. $1 - $2 per tonne sliding scale royalty Cape Ray (Regional) Newfoundland, Canada Gold AuMEGA Metals Ltd. 2% NSR Celts Nevada, USA Gold Eminent Gold Corp. 1.5% NSR Cuprite Nevada, USA Gold Strikepoint Gold Inc. 1.5% NSR Donaldson Nevada, USA Gold Eminent Gold Corp. 0.75% NSR Elrond, Helm's Deep, Quebec, Canada Gold Midland Exploration Inc 1% NSR Firenze Nevada, USA Gold Altitude Minerals Nevada LLC. 1.5% NSR Gibson British Columbia, Canada Gold Canex Metals Inc Option to acquire a 1.5% NSR Golden Baie Golden Rose Newfoundland, Canada Newfoundland, Canada Gold Gold Canstar Resources Inc./ Churchill Resources Inc. Eldorado Gold Corp./Tru Precious Metals Corp 2% NSR 2% NSR Hermitage Newfoundland, Canada Gold Canstar Resources Inc. 2% NSR Moosehead Newfoundland, Canada Gold Pirate Gold Corporation 2% NSR Table Mountain Nevada, USA Gold TooGood Gold Corp. 1.5% NSR Viking Newfoundland, Canada Gold Magna Terra Minerals Inc. 2% NSR, plus 1-1.5% royalties on surrounding lands White Bay Newfoundland, Canada Gold Churchill Resources Inc. 1.6 % GSR EXPLORATION Property Location Primary Commodity Explorer or Developer Royalty Basis Wilding Lake, Crystal Lake Newfoundland, Canada Gold Canterra Minerals Corporation 2% NSR Iron Horse Labrador, Canada Iron Pirate Gold Corporation 1% GSR; option to acquire additional 1.1% GSR Adina East Quebec, Canada Lithium Pinnacle Minerals 2% GOR Basin E&W/ Wikieup Arizona, USA Lithium Bradda Head 2% GOR Campus Creek Ontario, Canada Lithium Grid Metals 2% GOR Cancet Quebec, Canada Lithium Winsome Resources 4% GOR & 1% NSR (2) Donner Lake Manitoba, Canada Lithium Grid Metals 2% GOR Eyre Australia Lithium Larvotto 1% GOR Galaxy Quebec, Canada Lithium Rio Tinto 1% NSR Kaustinen/Ilmajoki Finland Lithium Arvo Lithium 1.25% GOR Lithium Springs Australia Lithium Lithium Springs (3) 1.5% GOR Mallina Australia Lithium Morella 1.5% GOR Mia Lithium Quebec, Canada Lithium Q2 Metals 1% NSR Mt Edon Australia Lithium Morella 1.25% GOR Root Lake Ontario, Canada Lithium Green Technology 1% GOR EXPLORATION Property Location Primary Commodity Explorer or Developer Royalty Basis Seymour Lake Ontario, Canada Lithium Green Technology 1% GOR Shatford Lake/Cat-Euclid Lake Manitoba, Canada Lithium ACME Lithium 2% GOR Sirmac-Clapier Quebec, Canada Lithium Winsome Resources 4% GOR Tabba Tabba Australia Lithium Morella 1.25% GOR Tansim Quebec, Canada Lithium Elvra Lithium 2% NSR Valjevo Serbia Lithium Palkovsky Group Various (1) Whitebushes/Mt. Elephant Brazil Lithium M4E Lithium 1.5% GOR Wisa Lake Ontario, Canada Lithium Green Technology 1% GOR Yinnetharra Australia Lithium Delta Lithium 1% GOR Zeus Nevada, USA Lithium Noram Lithium 1% GOR Florence Lake Labrador, Canada Nickel Churchill Resources Inc. 1.6% GSR Moria Quebec, Canada Nickel Midland Exploration Inc. / Rio Tinto Exploration 1% NSR Taylor Brook Newfoundland, Canada Nickel Churchill Resources Inc. 1.6% GSR Voyageur Michigan, USA Nickel Perseverance Metals (US) Inc. 2% NSR Odessa Saskatchewan, Canada Potash Buffalo Potash Corp. 0.16% GOR EXPLORATION Property Location Primary Commodity Explorer or Developer Royalty Basis Sail Pond Newfoundland, Canada Silver, Copper Golden Goose Discovery Corp. 2% NSR Fox British Columbia, Canada Tungsten Happy Creek Minerals 1.25% NSR Notakwanon Labrador, Canada Uranium Atha Energy Corp. 2% GSR Gilpas Projects Sweden Copper, Gold, Uranium Gilpas Resources Ltd. 0.5% GSR uranium, 0.5% NSR other (3) Buchans Newfoundland, Canada Zinc Canstar Resources Inc 2% NSR Lismore Ireland Zinc BMEx Ltd 2% NSR Midlands Ireland Zinc BMEx Ltd 1% GSR Shire Quebec, Canada Zinc, Lithium Midland Exploration Inc. / Rio Tinto Exploration Sulieman Australia Zinc Rio Tinto Exploration Pty Limited 1% NSR 1% NSR for first 10 years of production Roebucks Newfoundland, Canada Zinc, Lead, Copper, Silver VMS Mining Corporation 2.5% NSR Based on lithium production level (tonnes per annum) less than 1,500: 2.3% aggregate gross revenue between 1,500-4,999: 2.05% aggregate gross revenue between 5,000-10,000: 1.4% aggregate gross revenue greater than, 10,000: 1.85% gross revenue Certain tenements comprising the property are assessed at 3% of quarterly gross revenues Option to acquire additional 1% NSR on metals and 1% GSR on uranium

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