Altius Minerals (ALS) Corporate presentation summary

Transaction overview

• Acquisition forms a 50/50 joint venture between Altius and Northampton Capital Partners, increasing each party's effective interest in Great Bay Royalties (GBR) to 50%.

• Altius increases its GBR interest from 29% to 50% by acquiring 43% of ARR from Northampton for approximately US$168 million.

• Northampton concurrently acquires a 50% interest in GBR from Apollo for US$390 million, with both transactions expected to close in late July.

• Funding is sourced from existing liquidity, and the current GBR management team will remain in place.

GBR portfolio and growth strategy

• GBR holds a diversified portfolio of solar and wind royalty assets across key US power regions, spanning operating, construction, and development stages.

• Portfolio scale includes 2.9 GW operating, 1.5 GW under construction, and 8.6 GW in development.

• Ancillary revenue streams are generated through financing interconnection deposits and developer project sales.

• Perpetual gross revenue royalty structures provide long-term optionality for asset life extension and expansion.

Revenue outlook and market trends

• GBR revenue is projected to exceed $100 million (CAD) by 2026, with further growth expected from advanced-stage royalty acquisitions and developer fee sharing.

• Royalty financing model has gained acceptance among major US power sector participants since GBR's founding in 2018.

• US electricity demand is forecasted to grow by 60% over the next 20 years, with renewables increasing market share from 9% to 24% since 2000.

• Power Purchase Agreement (PPA) prices have risen ~50% in three years, with 25% of GBR's 2026 portfolio exposed to merchant pricing.