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Disclosure: Bullpen receives compensation from Altius Minerals for research coverage.
Altius Minerals
TSX: ALS
YTD: 56% 3Y: 202% 5Y: 301%
Last updated: 07/28/2026
$3.4B
Market Cap.
$82M
TTM Attributable Revenue
69%
EBITDA Margin
$56M
TTM EBITDA
1.2x
P/NAV
0.7%
Dividend Yield
A large and diversified royalty platform…
Altius Minerals is a diversified mineral and renewable energy royalty platform focused on long life assets with exposure to global growth trends. The company’s portfolio is tied to the following themes:
Food Security
Altius owns six main royalty interests on producing potash mines in Saskatchewan, representing 13% of our NAV.
Industrialization
Through two distinct investments made in the Labrador Trough including the Kami project - which could be Altius’ largest royalty once online ($40M+) - iron ore accounts for 17% of our NAV.
Electrification
60% of our NAV is tied to electrification via the company’s copper, lithium, and renewable energy investments.
… with a strong track record, ample cash…
Over its near-30-year history, Altius has developed a track record of successful organic royalty creation and a disciplined approach to new investments:
Project Generation
Arthur Gold (2/3 of 1.5% royalty sold for US$275M) and Kami (>70x MOIC) projects highlight the low cost, high return potential of PG.
Investment Criteria
Altius employs a counter-cyclical strategy, acquiring royalties when sentiment is weak and structuring them to preserve upside.
Balance Sheet Capacity
Following the company’s ~$182M bought deal, Altius should have over $300M of available liquidity to fund new investments - with more capacity coming from an increase to the credit facility.
… and a revenue inflection underway.
Altius is beginning a multi-year revenue inflection supported by new lithium, renewable energy, and copper royalties as well as expansion projects. We estimate a 31% CAGR in adj. cash flow per share from 2026 to 2030, which can be redeployed into new royalty investments (a sustainable feedback loop).
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