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

Altius Minerals (ALS) provided a Q3 Project Generation (PG) update, highlighting an $18M increase in its junior equities portfolio to $98M and $5M of net portfolio investment. The value of the book has grown meaningfully in 2026…

… though YTD PG has delivered net cash outflows, with limited monetization activity compared to prior years. This shouldn’t be a concern for investors, as financial results in the segment are lumpy by design…

… and are largely dependent on the team’s priorities, which vary based on business needs and overall market context (learn more about PG here). That said, with recent equity market strength…

… we expect non-core equity monetization could be on the table, reinforcing PG’s core mandate of low-cost royalty generation while being self-sufficient.

Read our full PG breakdown

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