A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.
nsrfinancial
NSR, or Net Service Revenue, is the total income a company earns from its core services after subtracting any discounts, refunds, or allowances. It reflects the actual money coming in from the main operations, similar to how a store’s sales revenue shows what it gains from selling products, minus returns or discounts. For investors, NSR provides a clearer picture of a company's true earning power from its primary business activities.
royalty buybackfinancial
A royalty buyback is when a company repurchases the right to future royalty payments that it previously granted to outside investors or partners, effectively taking back a slice of future revenue. For investors this matters because it changes the company’s future cash flow profile and profit share—similar to paying off a long-term fee or mortgage so more future income stays with the owner—which can boost earnings per share and reduce ongoing obligations.
vwapfinancial
VWAP, or Volume-Weighted Average Price, is a way to find the average price of a stock throughout the trading day, giving more importance to times when more shares are traded. It helps traders see the typical price and decide whether a stock is expensive or cheap compared to its average, similar to finding the average speed during a trip by giving more weight to times when you traveled faster or slower.
letter of intentregulatory
A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.
qualified personregulatory
A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.
national instrument 43-101regulatory
National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.
ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--
Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius”) is pleased to update its Project Generation (“PG”) business activities and its junior equities portfolio.
The market value of equities in the portfolio at March 31, 2026 was approximately $70.0 million, compared to $49.3 million at December 31, 2025. Net portfolio investment of approximately $0.6 million was completed during the quarter.
During the quarter Altius participated in equity financings closed by three of its existing portfolio companies, namely High Tide Resources (CSE: HTRC), Perseverance Metals Inc. (TSXV: PMI) and private company Sun Valley Minerals.
Altius's PG business entered into a subscription agreement for a $4.2 million equity investment in TNR Gold Corp. (TSXV: TNR) ("TNR"), which agreement remains subject to TSXV approval. The private placement agreement is for 23,500,000 common shares of TNR, which represents approximately 9.9% of TNR’s issued and outstanding common shares on a post-issuance basis, at a price of $0.1775 per TNR share (equals the 30-day VWAP of the TNR shares prior to the agreement date). TNR holds a 1.5% NSR on the Mariana Lithium project (of which 1% is subject to a royalty buyback by operator Ganfeng Lithium Co. Ltd.) and a 0.35% NSR on McEwen Copper Inc.'s Los Azules copper project, both of which are in Argentina. The investment by Altius will provide a right of first offer on these two existing royalties.
Blue Moon Metals Inc. (TSXV: MOON) ("Blue Moon") announced the acquisition of the past producing germanium, gallium and copper Apex Mine located in Utah from a subsidiary of Teck Resources Limited. Subsequent to the announcement of that acquisition Blue Moon also announced an agreement to acquire the Gage Project in Southern Utah, adding to the land position around the Apex mine.
Orogen Royalties Inc. (TSXV: OGN) ("Orogen") reported record total revenue of $13.1 million in 2025, up 32% year over year, mainly from increased Ermitaño royalty revenue, along with $3.0 million in project generation revenue. Orogen announced on April 9, 2026 an update to the Mineral Reserve and Resource estimates on the Ermitaño concession in Mexico, which hosts First Majestic Silver Corp.'s producing Santa Elena gold-silver mine.
Furthermore, on March 2 Orogen announced, under its 50/50 alliance with Altius, the signing of a binding Letter of Intent Agreement with Toogood Gold (TSXV:TGC) (“Toogood”) to option the Table Mountain gold project in Nevada. To acquire Table Mountain, Toogood must issue 16,683,430 Toogood shares to the alliance over a period of two years. Altius and Orogen collectively retain a 3% net smelter return royalty subject to certain partial buydown provisions.
As part of its PG investment mandate Altius continues to evaluate potential exploration alliances and junior equity investment opportunities that support royalty creation across multiple jurisdictions.
Qualified Person
Lawrence Winter, Ph.D., P.Geo., Vice President, Generative and Technical for Altius, a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed, prepared and approved this release.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 55,733,461 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
