Altius Minerals Q3 2026 Earnings Results & Report

Altius Minerals EPS Results

• Actual EPS: C$0.18
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A
• EPS Beat Rate: 1 of last 8 quarters

Altius Minerals Revenue Results

• Actual Revenue: C$19.57 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

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 global growth trends including increasing electricity-based market share within energy usage, global infrastructure build and refurbishment growth, increased EAF based steelmaking, steadily increasing agricultural fertilizer requirements and the enhanced appetite for financial asset diversification through precious metals ownership. These macro-trends each hold the potential to cause higher demand for many of Altius's commodity exposures including potash, high purity iron ore, renewable energy, base metals, and gold.

Altius Minerals Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record royalty revenue and higher EBITDA: Q3 royalty revenue reached a record $33.3 million and Adjusted EBITDA was $27.1 million, supported by higher realized prices, copper delivery timing, new lithium royalties and stronger electricity royalties. Management said operating royalties are tracking in line with or slightly ahead of its five-year growth outlook.
• Positive Sentiment: TNR Gold acquisition adds copper and lithium exposure: Altius agreed to acquire TNR Gold, adding a royalty on the advanced-stage Los Azules copper project and consolidating its interest in the producing Mariana lithium project. Management expects Mariana royalties to begin flowing soon; Los Azules royalty revenue would likely start around 2031 if the project proceeds on its stated timeline.
• Neutral Sentiment: Renewables pipeline is active, but financing revenue may be lumpy: GBR and ARR made their largest portfolio contribution to Altius to date, and 15 royalty projects are under construction. Interconnection-deposit financing is generating revenue and may lead to royalty opportunities, but management said its long-term sustainability is uncertain amid grid bottlenecks and changing project financing needs.
• Negative Sentiment: Lithium remains exposed to price and operating uncertainty: Lithium prices retreated from earlier gains to what management described as low incentivization levels, while Sigma temporarily halted production over permitting issues before restarting. Management pointed to continued demand growth and ramp-ups at Mariana, Tres Quebradas and Goulamina, but those factors do not eliminate price and execution risks.
• Positive Sentiment: Liquidity supports continued investment: Altius reported approximately C$500 million of available liquidity after its share offering and credit-facility expansion, and the board approved a C$0.11-per-share quarterly dividend. The expanded facility also extends maturity to July 2030 and requires no scheduled principal payments.

Presentation

[Operator]

Good day, ladies and gentlemen, and welcome to the Altius Q3 2026 financial results conference and webcast call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, November 11, 2026. I would now like to turn the conference over to Flora Wood. Please go ahead.

[Flora Wood, VP of Investor Relations, Sustainability, and Corporate Secretary at Altius Minerals]

Thank you, Vincent. Good morning, everyone, and welcome to our Q3 2026 conference call. Our press release and interim filings came out yesterday after the close and are available on our website along with this conference call presentation. This event is being broadcast live, and you will be able to access or replay the call along with the presentation slides. You would also seen at 7:30 A.M. our definitive agreement to acquire TNR Gold, and we can answer questions on that as well. With me in the room, I have Ernie Ortiz, VP Corporate Development, and online I have Brian Dalton, CEO, and Stephanie Hussey, CFO. Brian and Stephanie will be our main speakers, and Ernie is also here for questions in the Q&A. The forward-looking statement on slide two of the deck applies to everything we say, both in our formal remarks and during the Q&A.

[Flora Wood, VP of Investor Relations, Sustainability, and Corporate Secretary at Altius Minerals]

With that, Stephanie is up first to take us through the numbers.

[Stephanie Hussey, CFO at Altius Minerals]

Thank you, Flora, and good morning, everybody. Yesterday, we reported Q3 net earnings of $10.1 million, or $0.17 per share, reflecting higher revenues and higher expenses, including cost of sales, share-based compensation, and amortization when compared to last year. Earnings in the third quarter of 2025 reflected a gain on our partial sale of the Arthur royalty. Royalty revenue of $33.3 million, a record, and Adjusted EBITDA of $27.1 million for the third quarter reflect higher realized prices, timing of copper stream deliveries, the addition of four operating lithium royalties, as well as higher electricity royalty revenue. Operating cash flow of $11.8 million reflect higher royalty receipts and interest income, offset by higher tax payments, interest paid, and working capital changes. Adjusted net earnings of $0.18 per share for the quarter was higher than Q3 2025, with the main adjusting items being foreign exchange and revaluation of derivatives.

[Stephanie Hussey, CFO at Altius Minerals]

During Q3, we announced a number of significant transactions, which we previously touched on in our Q2 call. On July 21st, we closed a bought deal public offering of 3 million common shares at a price of CAD 60.50 per share and received net proceeds of CAD 174 million. On July 24th, we completed an amendment to our credit facility to upsize to CAD 350 million from CAD 225 million, replacing the previous term and revolving debt with a single revolver with no principal payments required going forward. The debt balance outstanding of CAD 87 million was transferred to the amended credit facility at closing, and maturity was extended from August 2028 to July 2030. The corporation completed a drawdown of CAD 100 million on the revolver at the end of July.

[Stephanie Hussey, CFO at Altius Minerals]

On July 30th, the corporation completed a share purchase agreement with Northampton and certain funds managed by affiliates of Apollo. The purchase consideration paid by Altius was $167 million, and it was funded through existing liquidity consisting of cash on hand and debt. Altius increased its effective interest in Great Bay Renewables from 29% to 50% following the transaction. Current total liquidity available to the corporation is approximately CAD 500 million and includes cash on hand, CAD 163 million available under the revolver, as well as CAD 150 million potentially available as an accordion feature, subject to certain criteria under the terms of our expanded credit facility. During the quarter, we paid total cash dividends of CAD 6.1 million and issued approximately 6,000 shares under the dividend reinvestment plan.

[Stephanie Hussey, CFO at Altius Minerals]

Yesterday, our board of directors approved a quarterly dividend of CAD 0.11 per share to be paid to shareholders of record on November 30th, with a payment date of December 15th. In August, we also renewed our normal course issuer bid, which will end no later than August 21st, 2027. There were no shares repurchased under the NCIB in Q3. With that, I'll turn it over to Brian.

[Brian Dalton, CEO at Altius Minerals]

Thank you, Stephanie. Good morning, everyone. Today, in addition to reviewing the quarter results that we published last night, we also get to talk about a new acquisition. This morning, we announced that we have entered into an arrangement agreement to acquire TNR Gold. The key features of the transaction from our perspective are the addition of a royalty on the advanced stage Los Azules copper development project and the consolidation of the remainder of a royalty interest we already partly held relating to the operating stage Mariana lithium project. The Altius hallmark attribute that these assets have in common is very large resource endowments and all of the life extension and production rate expansion optionality that comes from that. I won't take up too much time describing the transaction details, but do draw your attention to the release that just hit the wires.

[Brian Dalton, CEO at Altius Minerals]

We are very happy to welcome TNR shareholders Altius, and to thank them for recognizing the enhanced strength and value that the combination offers both sides of the deal. Turning now to the quarterly results. During Q3, we continued to integrate around our lithium royalty acquisition and the increased interest we acquired in ARR, while also closing on an equity raise and the restructuring and expansion of our credit facilities, as Steph has described. We also continued to be busy in expanding our PG equity portfolio and the longer-term royalty pipeline. Subsequent to the quarter end, we announced a transaction to acquire a royalty on a development stage potash solution mine in Saskatchewan. The team has been busy. Our operating royalties performed well again in Q3, with revenues continuing to ramp up in line with, or slightly better, than our strong five-year growth outlook.

[Brian Dalton, CEO at Altius Minerals]

We also continue to gain positive signals relating to a number of pre-production stage royalties that are keeping us optimistic that our revenue growth trajectory can extend well beyond our currently published outlook period. In lithium, there were some ups and downs. Sigma experienced a period of production shutdown due to permitting-related challenges. These have since been resolved, and the operation is back up and running and continuing to advance its stage two expansion. Core continued its restart work at Finniss and is expecting first production during the current quarter. Mariana, Tres Quebradas, and Goulamina continued to ramp up production levels and advanced expansion planning and execution efforts. Lithium prices gave up a lot of their sharp earlier increases and are arguably now back to low incentivization levels, while demand growth continues to occur at a remarkably high rate and inventories remain relatively thin.

[Brian Dalton, CEO at Altius Minerals]

In base metals, we note that Chapada had another very strong production quarter, while also breaking ground on construction of the infrastructure required for expanding operations and incorporating higher-grade ore from the new Saúva discoveries. Silvercorp continued on track with construction at Curipamba, while PFS work continued at Gunnison Copper. Vale indicated that it is now exploring expansion options at Voisey's Bay following successful completion of the ramp-up of its two new underground mines. Base metal prices were generally stable during the quarter, in spite of heightened global economic and geopolitical volatility and uncertainty. We saw a particularly strong quarter on the electricity front, with GBR, and in turn ARR, making its largest portfolio contribution to Altius to date.

[Brian Dalton, CEO at Altius Minerals]

This was partly due to our increased ownership, but also reflected the continued commissioning of royalty projects that were developed both through our longer lead time developer investments, as well as directly into late-stage to operating stage projects. There continues to be a lot of growth activity occurring within the electricity generation portfolio, with 15 royalty projects currently under construction and expected to commission over the next couple of years. Significant share of GBR's revenue this past quarter has come through the financing of fully refundable interconnection deposits. Pardon me. These deposit amounts are becoming increasingly burdensome for project proponents as grid authorities seek to winnow out connection request congestion. By providing this capital on behalf of proponents, GBR allows them to instead focus their direct capital resources on project advancement.

[Brian Dalton, CEO at Altius Minerals]

While GBR makes a spread over its own financing facilities costs when providing these deposits and maintains control over the refundability mechanics, its main objective with this business line is to drive royalty corporate development initiatives. The hope here is that as projects advance through interconnection queues and refundable deposits require replacement with non-refundable deposits, that we will be able to continue to support our partners with royalty-based capital into projects which at that point will have been de-risked from the key interconnection progress perspective. In potash, we heard continued favorable commentary from our operators, who are expecting record global demand this year and then again next, as well as constrained production and shipping abilities for major global competitors. Prices continued to edge up in most regions.

[Brian Dalton, CEO at Altius Minerals]

Each of Nutrien and Mosaic continued to describe the potential for low-cost production growth that could allow them to hold or grow market share as total demand steadily increases. This ability to grow capacity incrementally remains solid for the next few years before more meaningful brownfields-type expansions will be required if market share is to be maintained. Subsequent to the quarter, we acquired royalty interests in a new potash mine project being advanced by Buffalo Potash. This project employs new patented solution mine technologies that are intended to improve efficiencies relative to conventional solution mining. Buffalo has since commenced the introduction of solution to the targeted potash horizon in what is referred to as its initial production module. Benchmark quality iron ore prices were down during the quarter. However, this was offset by increases in premiums for higher purity concentrates and pellets.

[Brian Dalton, CEO at Altius Minerals]

IOC production also improved quarter-over-quarter, but continued to be relatively low as a percentage of nameplate capacity. While significant investments in improving ore accessibility and equipment and plant performance are made across the operation, these investments have continued to result in IOC not paying equity dividends to shareholders, and hence, LIORC shareholder dividend being derived entirely from royalty revenue lately. Kami Partners Champion and Nippon and Sojitz continue to advance feasibility work and discussions with stakeholders. We also heard good news concerning potential major hydroelectric agreements and development in the region that offered a potential to solve for that particular project design bottleneck. In Project Generation, the team was busy identifying equity-level deployment opportunities that mostly included royalty creation components as well.

[Brian Dalton, CEO at Altius Minerals]

This work is serving to continue to grow our longer-term royalty pipeline and builds upon strong progress last year that was highlighted by the rapid advancement of the Arthur Gold Project and our underlying royalty interest there. At Arthur, AngloGold Ashanti continued to advance its feasibility study. They stated that they are targeting decades of sustained production at approximately 500,000 ounces per year, while also noting that current exploration targets have the potential to substantially expand the district's annual production capacity. For those interested, I would here highlight a property tour presentation that AGA has recently published to its website. The potential for additional growth and scale outlined within that presentation is the stuff of geologist dreams. Let me turn it over to questions. First, let me once again thank my fellow team members for their incredible efforts.

[Brian Dalton, CEO at Altius Minerals]

You're the smartest, hardest-working team in the business, and it's an absolute privilege to work with you. Thank you.

[Operator]

Ladies and gentlemen, we will now begin the question-and-answer session. If you would like to ask a question over the phone lines, you'll need to press star then the number one on your telephone keypad. If you would like to withdraw your question, just press the star then the number two. Again, that'll be star one for phone questions. If you want to submit your question over the webcast, you may do so by clicking on that question-and-answer panel and enter your question and submit to view. We will be taking phone questions now. First question comes from Orest Wowkodaw from Scotiabank.

[Orest Wowkodaw, Analyst at Scotiabank]

Hi, good morning. Wondering if you could give us a bit more color on the acquisition from this morning. The press release mentions, I guess, an NPI on the Josemaria project, which I assume is part of the Vicuña district with Lundin BHP. Can you give us some details on what the royalty is and what, say, percentage of Josemaria it may cover? I'm just not sure if it's just a sliver of it or if it covers the whole deposit. Thanks.

[Brian Dalton, CEO at Altius Minerals]

Hey, Orest. Yeah, it covers two claim units, I guess, within the overall land package. It doesn't actually cover any of the known mineralization, but the southeast corner of the Josemaria deposit basically touches right at that corner. Yeah, I would look at it as sort of longer-term optionality within the district rather than it being something related to any of the known mineralization to date. Yes, it's a net profits interest royalty.

[Orest Wowkodaw, Analyst at Scotiabank]

Oh, I see. Okay, it's not-

[Brian Dalton, CEO at Altius Minerals]

I would definitely call it lower priority than the other two assets we described in the-

[Orest Wowkodaw, Analyst at Scotiabank]

Okay, so it's not-

[Brian Dalton, CEO at Altius Minerals]

-in the press release. But, you know, good long-term optionality.

[Orest Wowkodaw, Analyst at Scotiabank]

I see. Okay, so it is not part of the current reserves, resources, or mine plan?

[Brian Dalton, CEO at Altius Minerals]

Maybe catches a corner of it.

[Orest Wowkodaw, Analyst at Scotiabank]

Okay, got it. I like the fact that you are adding some more copper exposure here into the portfolio. I am just wondering also if you are seeing more opportunities out there that could be similar to this that I guess could advance that copper exposure.

[Brian Dalton, CEO at Altius Minerals]

Some. I mean, we have got our own list of the projects that we think have a shot at coming into this market and solving for that deficit that we all see looming. Some of those, particularly as they mount up for project finance, the indications we are getting are that there will be some cracks at some things there. Now, it is a question always as to whether or not those operators will try to stream byproducts versus the copper that we would be interested in. But yeah, there is some stuff brewing. Obviously, there is lots of people dusting off studies and trying to get to the point that they are targeting investment decision dates and that sort of thing. Obviously, the first time we have seen that in more than a decade.

[Orest Wowkodaw, Analyst at Scotiabank]

Yeah, fair enough. I mean, Altius has been very active on the transaction front in the last year or so. Should we anticipate that could continue through 2027?

[Brian Dalton, CEO at Altius Minerals]

Maybe. It is not really like something that. Other than when we closed the Arthur transaction, we did feel, I would not call it pressure, but an opportunity to redeploy that capital into even more assets and things that are more probably along our more traditional commodity interest lines. But this one was more of an opportunistic thing rather than any kind of big concerted effort. I just like right now the growth optionality that is already embedded in the portfolio across current operating assets or things that are under construction or that we think can get sanctioned. If something really attractive comes along, sure, we will be there, but it is not an imperative by any means. We are in really good shape for this market and what is coming.

[Orest Wowkodaw, Analyst at Scotiabank]

Okay. Thanks for the color.

[Brian Dalton, CEO at Altius Minerals]

Thank you.

[Operator]

Your next question comes from Craig Hutchison from TD Cowen. Please go ahead.

[Craig Hutchison, Analyst at TD Cowen]

Hi, guys. Couple questions just on the renewables royalty business. Just with the change in political fortunes in the U.S. here, do you guys see that as an opportunity for you guys? Obviously, Democrats were pretty pro-renewables. That's the first question. And just, you mentioned in your opening remarks around these interconnection deposits, obviously very lumpy kind of quarter-to-quarter, but how should we think about it maybe going into Q4, and is there any kind of expectations around that into 2027? Thanks.

[Brian Dalton, CEO at Altius Minerals]

It's a good question. Is this the change in the Congress that's coming, if it's going to be a tailwind or headwind? I mean, some would argue that sort of the restraint that the data center industry is going to face might represent a longer-term decline in demand. I don't really buy that because quite frankly, there was never any way to ever provide enough electricity for what was being touted anyway. And I guess more broadly, for sure, the Democrats are certainly leaning more towards. At least it's not a full-on assault on the industry like it has been, right? Now again, despite that, despite a full-on assault on the industry, in a really ironic way, this recent administration has probably done more for growth of the industry than any of the prior recent Democrat governments. So, who knows?

[Brian Dalton, CEO at Altius Minerals]

I just know that the U.S. needs so much new electricity generation overall, data centers or no data centers. If you can get it on the grid, if you can connect to the grid, there's going to be somebody that wants to buy that power and help you finance your project. There's a busy pipeline there.

[Craig Hutchison, Analyst at TD Cowen]

How the interconnection deposits, any kind of visibility into Q4 on that, or thoughts in terms of what we should kind of factor in?

[Brian Dalton, CEO at Altius Minerals]

Yeah, still lots of demand there. Again, I said it in the prepared remarks, the amount of those deposits has been ratcheting up pretty heavily as really what's going on, the queues are just too congested, so they're forcing deposits on developers. It takes out some of the weaker, more speculative players, but there's real projects are really feeling the strain, I think, of having to put up that much deposit alongside of trying to continue to advance their project. So, yeah, no, the team's got a really good pipeline. I do not know how sustainable that business is in the long haul at this point. It's going to be a function of how this interconnection congestion issue, how persistent that becomes and how much the system operators feel the need to continue to press back with these big deposits.

[Brian Dalton, CEO at Altius Minerals]

I do not see any letup in it in the line of sight, but again, it's sort of a new thing, then we've got a really neat position there, and hopefully it leads to a lot more longer-term recurring cash flows through royalty deployments, but I just cannot promise it right now. But for now, we're seeing plenty.

[Craig Hutchison, Analyst at TD Cowen]

Okay. Thanks, Brian. Appreciate the color.

[Brian Dalton, CEO at Altius Minerals]

Cheers.

[Operator]

Your next question comes from John Tumazos from John Tumazos Very Independent Research. Please go ahead.

[John Tumazos, Analyst at John Tumazos Very Independent Research]

Thank you for taking my question. Could you review the timetable for the TNR assets, or which year you think each one will begin to report revenue?

[Brian Dalton, CEO at Altius Minerals]

Well, Mariana is already in production, so they're in ramp-up right now, so that should begin to flow very, very soon. The Los Azules asset, I can just basically just refer to what McEwen Copper has published. So, they're targeting final investment decision in the middle part of next year, and they've described about a three-year construction window post-FID. So, they're targeting somewhere in 2030, and that'll be a leachable operation. From a revenue perspective, I think we'd be looking more at 2031 probably for royalty revenue if their plan comes to fruition.

[John Tumazos, Analyst at John Tumazos Very Independent Research]

Thank you very much.

[Brian Dalton, CEO at Altius Minerals]

Thank you for the question, John.

[Operator]

Your next question comes from Gabriel Chiu from Bullpen Research. Please go ahead. Gabriel Chiu, your line is open. Please go ahead.

[Gabriel Chiu, Analyst at Bullpen Research]

Oh, sorry. I was on mute. Apologies for that. I just want to go back to the renewable side. Given the demand you are seeing, could you perhaps talk about the bottleneck or where you are seeing bottlenecks that would act as a sort of upper limit for the GBR growth?

[Brian Dalton, CEO at Altius Minerals]

I mean, that is kind of what GBR is designed to do, right, is find bottlenecks in the sector and to find ways to address them. Obviously, we all know the interconnection process is an absolute key bottleneck, and that is really just a function of the state of the grid right now. Another one, though, would relate to, we have seen a lot of the tax credits starting to fade out. So, a lot of what is happening today is people rushing to beat those deadlines. But beyond that leaves a hole in the capital stack overall that is going to impair or certainly probably reduce the amount of tax equity that these projects see. So that gap will need to be filled somewhere. So, we are pretty confident that our offering is going to be able to substitute very well for a chunk of that.

[Brian Dalton, CEO at Altius Minerals]

Beyond that, it's the stuff that we all hear about. It's just difficult to source equipment, everything from transformers to panels, to you name it. There's just tightness and bottlenecks everywhere. It's a generational level increase in demand growth in the system. The system is straining all over, but yeah, it's everything really. There's bottlenecks and challenges everywhere, and that's our job, find solutions for it.

[Gabriel Chiu, Analyst at Bullpen Research]

Okay. Right. I'm just wondering, now given, as you just mentioned, the capital hole, do you think there's more opportunities to allocate additional capital to that side, or is it perhaps like are you thinking maybe-

[Brian Dalton, CEO at Altius Minerals]

I think royalty financing can substitute really well for tax equity here. I guess the flip side of that, if we're being really honest, compared to a few years ago, what we see right now is that if you've got an advanced stage project, you can pretty much name your duration for you can contract with really high-quality counterparties for long durations. That's obviously really supportive of the amount of leverage you can put on one of these projects. Still, I think really our job is to think about the equity side of the equation and the holes that are there and finding ways to substitute for that.

[Brian Dalton, CEO at Altius Minerals]

That is where we're getting a lot of traction right now, is where most of our discussions and term sheets are flowing around, is people that are thinking about ways they can optimize the equity returns on their projects with our capital.

[Gabriel Chiu, Analyst at Bullpen Research]

Okay. I see. All right. I will just leave it there. Appreciate that, then.

[Brian Dalton, CEO at Altius Minerals]

Thank you.

[Operator]

Your next question comes from MacMurray Whale from ATB Cormark. Please go ahead.

[MacMurray Whale, Analyst at ATB Cormark]

Hi. Good morning. Could you remind us on Zijin's Tres Quebradas expansion, now that they have RIGI, what is the timing on that expansion?

[Brian Dalton, CEO at Altius Minerals]

Maybe Ernie might want to step in on that one for me. I don't actually know if there's a timeline that's been published.

[Ernie Ortiz, VP of Corporate Development at Altius Minerals]

Yeah. That's correct, Brian. They haven't published a specific timeline, but recall from acquiring Neo Lithium to first production, it was quite fast, between 2.5 to three years. Based on what they're doing, it could be before the end of the decade that they're in first production for Tres Quebradas. They are seeing efficiencies for phase II, where the chemical plant is very likely going to be on the solar, so it could be reducing costs as well as transportation. As Brian said, there's been no specific timetable, but based on what they did at phase I, we think it could be before the end of the decade. They are fully committed to Argentina and Tres Quebradas.

[MacMurray Whale, Analyst at ATB Cormark]

Okay. You mentioned there was some adverse weather, some rainfall, I guess, in the ponds. Does that have a tendency to get worked through within a year, or is that something that can drag on the production for longer?

[Ernie Ortiz, VP of Corporate Development at Altius Minerals]

Good question. I think what we'll see, given the adverse weather patterns this year with a much stronger El Niño, Rio Tinto and a few others in Argentina called out the adverse weather. We'll see. What is comforting to see that they're still increasing output overall, and they have aims to expand. Overall, they're seeing some improvements. As far as when that gets ameliorated, we'll have to see.

[MacMurray Whale, Analyst at ATB Cormark]

Okay. Thanks. Just while you have the mic, on the Core Lithium, is there an expansion plan after this ramp-up?

[Ernie Ortiz, VP of Corporate Development at Altius Minerals]

I think over time, they do have expansion plans. If you recall, originally, the DMS plant was 1 million tons of ore. They are now specifically calling for 1.2 million tons of ore, and they do have plans for potentially expanding beyond that. From what we gather and what's in the public domain, the ramp-up is going well. Production started in the third quarter, and first shipment is on track for this fourth quarter. The team and I will actually be on site next week. From our discussions, everything's ramping up smoothly. They do have plans to potentially grow as the market continues to expand.

[MacMurray Whale, Analyst at ATB Cormark]

Okay. Great. Thanks. That's my question.

[Operator]

Again, if you would like to ask a question, please press star, then the number one on your telephone keypad. Again, that will be star, then the number one on your telephone keypad. There are no further questions at this time. I'll turn the call back over to Flora Wood.

[Flora Wood, VP of Investor Relations, Sustainability, and Corporate Secretary at Altius Minerals]

Thank you, Vincent, and thank you, everybody, for joining us. Thank you especially for the great questions, and we will look forward to talking to you again when we report our year-end results.

[Brian Dalton, CEO at Altius Minerals]

Thanks, everyone.

[Stephanie Hussey, CFO at Altius Minerals]

Thank you.

[Operator]

Ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

Participants

Executives

• Flora Wood, VP of Investor Relations, Sustainability, and Corporate Secretary
• Stephanie Hussey, CFO
• Brian Dalton, CEO
• Ernie Ortiz, VP of Corporate Development

Analysts

• Orest Wowkodaw, Analyst at Scotiabank
• Craig Hutchison, Analyst at TD Cowen
• John Tumazos, Analyst at John Tumazos Very Independent Research
• Gabriel Chiu, Analyst at Bullpen Research
• MacMurray Whale, Analyst at ATB Cormark