Disclosure: Bullpen receives compensation from Altius Minerals for research coverage.

Altius Minerals (ALS) signed a royalty deal with Buffalo Potash, paying $8.5M ($3.4M upfront) for a 1% GOR on its Disley West property and a ROFO on its Disley East property. The deal builds on Altius’ producing potash footprint (14% of NAV)…

… and should begin contributing next year, with Buffalo targeting first production in Q1/27 at an annual capacity of 125kt of soluble-grade potash…

… which is tiny relative to its current portfolio (~24% of global supply). That means it won’t make a dent in forecasted supply deficits…

… which should put upward pressure on prices to incentivize new capacity expansion, benefitting Altius - who has no CapEx burden as a royalty owner…

… creating leverage to higher prices in one of the longest duration trades out there (food security and economic growth).

Learn more about Altius

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