Altius Minerals (ALS) Q1 2026 earnings summary

Executive summary

• Q1 2026 royalty revenue reached $26.8M, up from $15M in Q1 2025, driven by higher realized prices, new lithium royalties from the LRC acquisition, and increased electricity royalty revenue.

• Net earnings were $2.6M (or $0.05/share), down from $6.3M in Q1 2025, as higher revenues were offset by increased expenses, including one-time post-closing costs from the LRC acquisition.

• The LRC acquisition closed in March 2026 for $140M cash and 9.6M shares, significantly expanding the lithium royalty portfolio.

• Liquidity stands at $350M, including cash, revolver, and accordion credit facility.

• Board approved a quarterly dividend of $0.10/share, payable June 15, 2026.

Financial highlights

• Q1 2026 royalty revenue: $26.8M (includes $2.6M interest income), up 79% year-over-year.

• Adjusted EBITDA was $19.8M, more than double the $9.5M in Q1 2025.

• Adjusted net earnings per share rose to $0.11 from $0.05 year-over-year, mainly due to non-recurring LRC closing costs.

• Operating cash flow was impacted by higher tax payments, working capital changes, and LRC-related expenses.

• Cash at March 31, 2026: $128M; PG public equities: $70M; LIORC equity: $153M.

Outlook and guidance

• Strong royalty revenue growth projected through 2030, with further upside from new project sanctioning and higher commodity prices.

• Electricity royalty revenue is accelerating, with a strong five-year forward-looking growth profile and significant new investment opportunities in late-stage projects.

• Lithium prices have doubled since the LRC acquisition announcement, with further positive impacts expected from operating royalties and a robust pipeline of development projects.

• Voisey's Bay Mine Expansion expected to reach full ramp-up in H2 2026, increasing nickel production.

• Curipamba copper-gold project in Ecuador is on track for production start in mid-2027.