Altius Minerals Corporation

ALS · TSX ATUSF · OTC

altiusminerals

🇨🇦 Canada, St. John's

Country

Royalties & Streaming

Sector

Last updated 14 August 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Altius Minerals Corporation is a diversified mining and renewable-energy royalty company headquartered in St. John's, Newfoundland and Labrador, Canada, operating across Canada, Brazil, Argentina, Mali, the United States and Ecuador. Its cash-flowing mineral interests comprise 12 producing royalties and 1 producing copper stream spanning 13 operating mines that yield copper, nickel, cobalt, potash, iron ore and lithium, complemented by 13 producing renewable-energy royalties representing 2,868 MW held through a 57% interest in Altius Renewable Royalties Corp. Development-stage mineral royalties cover the Kami iron ore project, the Curipamba copper-zinc-precious-metals project, the Gunnison copper project, the Arthur Gold project and two lithium projects, alongside 6 renewable-energy projects under construction totaling 1,723 MW and further development entitlements exceeding 14,000 MW. Exploration-stage royalties and junior equity positions are originated internally through the Project Generation division, which converts prospective exploration lands into royalties and minority holdings. Key assets include the Chapada copper stream, the Rocanville and Esterhazy potash royalties, the Voisey's Bay nickel-copper-cobalt royalty and the Arthur Gold royalty. The business model earns revenue as a percentage of production or net selling price with no exposure to operating or capital costs at the underlying mines, generating high-margin, scalable cash flow managed by a lean team of 16 employees. Base metals and potash are the principal near-term revenue contributors, and the portfolio is deliberately concentrated around long-life, low-cost operations and key trade and sustainability themes. Revenue remains subject to commodity-price cycles, third-party operator performance and the pace at which development-stage interests reach production.

Strategy: Strategic direction centers on creating per-share value growth through a diversified portfolio of royalties tied to long-life, high-margin operations while delivering growing shareholder capital returns. A core objective is counter-cyclical capital deployment, acquiring royalties, streams and equity when commodity prices are depressed and capital is scarce, exemplified by the March 2026 acquisition of Lithium Royalty Corp. undertaken while lithium prices sat well below the levels needed to incentivize new supply. The enterprise pursues growth through its distinctive Project Generation division, which stakes and explores prospective ground and exchanges it for royalties and minority equity, amplifying overall portfolio returns as demonstrated by the Arthur Gold royalty. Capital allocation is prioritized to fund new royalty acquisitions, service and reduce debt, pay a growing dividend and repurchase shares under a normal course issuer bid. The organization deliberately broadens exposure to structural themes including decarbonization, electrification and food security, replacing declining coal royalties with renewable-energy royalties through Altius Renewable Royalties Corp. Forward growth is anchored by development-stage royalties expected to shift the portfolio's weighting materially, notably the Kami iron ore and Arthur Gold projects, the Curipamba copper-zinc mine targeting first production in July 2027 and the newly added lithium royalty pipeline led by the producing Goulamina mine. Financing flexibility is supported by a $225 million credit facility and by monetizing mature equity investments to recycle capital into new interests.

Management: Executive leadership is headed by co-founder and Chief Executive Officer Brian Dalton, a director since the company's 1997 formation, supported by President John Baker, who served as Executive Chairman from 2014 until September 2025, and Chief Financial Officer Stephanie Hussey, appointed in September 2025 after more than a decade in the company's finance function. The Board is led by Independent Chair Frederick Mifflin, Vice Chair of Blair Franklin Capital Partners Inc. and a director of Toromont Industries Ltd. Notable directors include Andre Gaumond, former Senior Vice President and director of Osisko Gold Royalties and former President and CEO of Virginia Gold Mines; Roger Lace, Chairman of Hamblin Watsa Investment Counsel Ltd.; Teresa Conway, a director of Eldorado Gold and Entree Resources and former President and CEO of Powerex Corp.; Jamie Strauss, founder and CEO of mining-sustainability platform Digbee; and Nicole Adshead-Bell, President of Cupel Advisory Corp. The 8-member Board discharges oversight through 3 standing committees: the Audit Committee chaired by Teresa Conway, the Compensation Committee chaired by Jamie Strauss, and the Governance and Sustainability Committee chaired by Anna El-Erian. Governance is conducted under the Business Corporations Act (Alberta), reinforced by a Code of Conduct requiring annual compliance attestation and an independent third-party whistleblower reporting framework. A potential conflict is managed at Altius Renewable Royalties Corp., where Brian Dalton and retired former CFO Ben Lewis sit on the ARR board alongside a Northampton nominee, addressed through codified minority-protection and governance rights.

Sustainability: The organization's sustainability posture is shaped by its royalty model, which carries no direct mine operating footprint and instead builds portfolio exposure to decarbonization, electrification and food-security themes, most visibly by replacing wound-down coal royalties with renewable-energy royalties through Altius Renewable Royalties Corp. and its Great Bay Renewables joint venture. A formal Health and Safety program has been maintained since 2005 and is treated as a continuously evolving living standard, extended in 2022 by an employee wellness policy supporting physical and mental health and general wellbeing. Business conduct is governed by a Code of Conduct for directors, officers and employees requiring annual attestation of compliance, together with an anonymous, independent third-party whistleblower reporting framework for grievances and concerns. Oversight of environmental, social and governance matters is assigned to a dedicated Governance and Sustainability Committee of the Board chaired by Anna El-Erian, while investor-relations and sustainability responsibilities are led by Vice President Flora Wood. Counterparty stewardship is embedded in acquisition due diligence, reflecting reliance on the responsible operating practices of the third-party mine and renewable-project operators underlying the interests, and the portfolio is intentionally built around exposure to key trade and sustainability themes.

Structure: The corporate structure is anchored by wholly-owned subsidiary Altius Royalty Corporation, which holds the mineral royalty interests, and by a 57% interest in Altius Renewable Royalties Corp., a jointly controlled vehicle that owns 50% of Great Bay Renewables LLC with the remaining 50% held by funds managed by affiliates of Apollo Global Management, Inc. The most material recent transaction was the March 6, 2026 plan-of-arrangement acquisition of Lithium Royalty Corp. for aggregate consideration of 9,630,177 Altius common shares and $140,039,989 in cash, adding a large lithium royalty portfolio including the producing Goulamina mine in Mali. In July 2025 the company, through Altius Royalty Corporation, sold a 1.0% net smelter return royalty over the Arthur Gold project in Nevada to a subsidiary of Franco-Nevada Corporation for US$275,000,000, retaining a 0.5% NSR interest. Also in July 2025, Orogen Royalties Inc., in which the company was a large shareholder, completed a plan of arrangement with Triple Flag Precious Metals Corp. that yielded the company approximately $81,400,000 in cash, Triple Flag shares and a 16.7% interest in a spun-out Orogen Royalties. In December 2024, Northampton Capital Partners, LLC acquired the public minority of Altius Renewable Royalties Corp. at $12.00 per share, delisting ARR from the TSX and converting it to a jointly controlled joint venture in which the company holds 17,937,339 shares and 3,093,835 share purchase warrants. Earlier, the July 2024 acquisition of Adventus Mining Corporation by Silvercorp Metals Inc. transferred the 2% NSR Curipamba royalty to Silvercorp while the company settled a US$4,000,000 convertible loan for $9,562,000 and retained the royalty. The capital structure is supported by a $225,000,000 credit facility comprising a $50,000,000 term facility, a US$36,000,000 term facility and a $125,000,000 revolving facility extended to August 2028, with 46,285,577 common shares outstanding at year-end rising to 55,915,754 after the Lithium Royalty Corp. closing.

Hedge: Consistent with its royalty and streaming model, the company maintains an effectively unhedged posture toward commodity-price, foreign-exchange and interest-rate risk, managing exposure through portfolio diversification, targeting of long-life low-cost operations and active price monitoring rather than a financial-derivative hedging program. No commodity, foreign-exchange or interest-rate hedges were disclosed as outstanding, leaving direct spot-price exposure to its principal revenue commodities of copper, potash and premium iron ore, as well as to nickel, cobalt and lithium. Revenue from the renewable-energy royalty portfolio is comparatively insulated from power-price volatility because the majority of underlying generation is contracted under fixed-price Power Purchase Agreements at the operator level. The cyclicality of this unhedged exposure is illustrated by lithium falling more than 50% from its 2022 highs before recovering more than 150% between June 2025 and January 2026, and by a comparable decline and modest recovery in potash across 2023 to 2025.

Source: Altius Minerals Corporation - Annual Information Form - 2025

Portfolio Aggregate · 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

Altius Minerals Total Royalty Portfolio

Portfolio · Royalty · Operating

Canada

Open project page

Project information

As at 31 December 2025

Type: Royalty

Aggregation level: Company portfolio

Status: Operating

Report standard: -

Ownership %: 100

Operator: No

Country: Canada

Interest conditions: Consolidated attributable royalty portfolio spanning 13 paying mineral royalties (copper, potash, iron ore, nickel-copper-cobalt and lithium) and 13 producing US renewable-energy royalties held through a 57% interest in Altius Renewable Royalties Corp.

Description

As at 31 December 2025

Consolidated attributable royalty portfolio: 13 paying mineral royalties across copper, potash, iron ore, nickel-copper-cobalt and lithium plus 13 producing US renewable-energy royalties. Total attributable royalty revenue was C$69.9 million in 2025 (C$64.0 million in 2024).

Portfolio Aggregate

Multiple effective dates

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Stream Operating · 1 project

Chapada

Asset · Stream · Operating

Brazil, Goias

Open project page

Project information

As at 31 December 2024

Type: Stream

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Lundin Mining Corporation

Country: Brazil

Region: Goias

Interest conditions: 3.7% copper stream (Copper Purchase Agreement) on payable copper from the Chapada mine, purchased at 30% of market price; base rate reduces to 1.5% for remaining life of mine after 75 Mlb copper delivered (approx. 37 Mlb delivered to Dec 31, 2025); an expansion incentive reduces the base rate to 2.65% upon a mill expansion; acquired May 3, 2016 from a subsidiary of Yamana Gold; guaranteed by Lundin Mining.

Description

As at 31 December 2024

Altius 3.7% copper stream over the Chapada open-pit copper-gold mine in Goias state, Brazil, operated by Lundin Mining. A 24 Mtpa truck-and-shovel mill in continuous operation since 2007, with a life-of-mine plan to approximately 2050 and a near-mine Sauva copper-gold expansion under study. 2025 attributable royalty revenue C$21.5 million.

Stream interests

Multiple effective dates · inclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2024

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalty Operating · 11 projects

Rocanville

Asset · Royalty · Operating

Canada, Saskatchewan

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Nutrien Ltd.

Country: Canada

Region: Saskatchewan

Interest conditions: Production royalty structured as a lease of subsurface mineral rights to Nutrien for a percentage of the net selling price of potash at a variable Crown rate per Saskatchewan Subsurface Mineral Regulations; Altius effective unitized interest Rocanville (U1) 26.23%, (U2) 14.31%; operated by Nutrien Ltd.

Description

Altius production royalty over Nutrien's Rocanville potash mine in southeastern Saskatchewan, Canada, about 15 km north-east of Rocanville. Conventional room-and-pillar mine operating continuously since 1970; nameplate capacity 6.5 Mtpa finished potash with 5.0 Mtpa operational capability in 2025 and an estimated mine life of about 20 years. 2025 attributable royalty revenue C$8.9 million.

Royalty interests

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

Multiple effective dates

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Esterhazy

Asset · Royalty · Operating

Canada, Saskatchewan

Open project page

Project information

As at 31 December 2025

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Sec S K 1300

Ownership %: 100

Operator: No

Operator name: The Mosaic Company

Country: Canada

Region: Saskatchewan

Interest conditions: Production royalty structured as a lease of subsurface mineral rights to Mosaic for a percentage of the net selling price of potash at a variable Crown rate per Saskatchewan Subsurface Mineral Regulations; Altius effective unitized interest Esterhazy (U3) 9.64%; operated by The Mosaic Company.

Description

As at 31 December 2025

Altius production royalty over Mosaic's Esterhazy potash facility (K3 shaft plus K1/K2 plants) about 90 km south-east of Yorkton, Saskatchewan, Canada. K3 supplies full capacity following the 2021 closure of the K1 and K2 shafts; audited nameplate capacity 7.8 Mtpa and a life-of-mine plan averaging 6.1 Mtpa to 2078. 2025 attributable royalty revenue C$4.8 million.

Royalty interests

As at 31 December 2025 · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Iron Ore Company of Canada (IOC)

Asset · Royalty · Operating

Canada, Newfoundland and Labrador, Labrador Trough

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Iron Ore Company of Canada

Country: Canada

Region: Newfoundland and Labrador

Geological province: Labrador Trough

Interest conditions: 7% gross overriding royalty on iron ore from the Iron Ore Company of Canada operation at Labrador City, held indirectly through Altius's common share investment in Labrador Iron Ore Royalty Corporation (LIORC).

Description

Altius indirect 7% gross overriding royalty exposure to the Iron Ore Company of Canada operation in the Labrador Trough, held through common shares of Labrador Iron Ore Royalty Corporation. 2025 attributable revenue C$6.3 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Voisey's Bay

Asset · Royalty · Operating

Canada, Newfoundland and Labrador

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Vale Base Metals

Country: Canada

Region: Newfoundland and Labrador

Interest conditions: Effective 0.3% net value royalty (a 10% interest in a 3% NVR) on all metals produced from the Voisey's Bay nickel-copper-cobalt mine; operated by Vale Base Metals; a US$2.94 billion underground expansion (Reid Brook and Eastern Deeps) was commissioned in December 2024, targeting 45 ktpy nickel-in-concentrate with full ramp-up in H2 2026.

Description

Altius effective 0.3% net value royalty over Vale's Voisey's Bay nickel-copper-cobalt mine in Labrador, Canada, transitioning from open pit to underground mining following the 2024 expansion. 2025 attributable revenue C$1.7 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Grota do Cirilo

Asset · Royalty · Operating

Brazil, Minas Gerais

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Sigma Lithium Resources

Country: Brazil

Region: Minas Gerais

Interest conditions: 0.1% gross overriding royalty on the Grota do Cirilo hard-rock lithium operation; operated by Sigma Lithium Resources.

Description

Altius 0.1% gross overriding royalty over Sigma Lithium's Grota do Cirilo hard-rock lithium operation in the Jequitinhonha Valley, Minas Gerais, Brazil. 2025 attributable revenue C$0.2 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Tres Quebradas (3Q)

Asset · Royalty · Operating

Argentina, Catamarca, Lithium Triangle

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Zijin Mining Group Co., Ltd.

Country: Argentina

Region: Catamarca

Geological province: Lithium Triangle

Interest conditions: 0.1% gross sales royalty on the Tres Quebradas (3Q) lithium brine project; operated by Zijin Mining Group Co., Ltd.

Description

Altius 0.1% gross sales royalty over Zijin Mining's Tres Quebradas (3Q) lithium brine project in Catamarca, Argentina, within the Lithium Triangle. 2025 attributable revenue C$0.1 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Allan

Asset · Royalty · Operating

Canada, Saskatchewan

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Nutrien Ltd.

Country: Canada

Region: Saskatchewan

Interest conditions: Production royalty structured as a lease of subsurface mineral rights to Nutrien for a percentage of the net selling price of potash at a variable Crown rate per Saskatchewan Subsurface Mineral Regulations; Altius effective unitized interest Allan (U2) 5.01%, (U3) 2.40%, (U4) 15.38%; operated by Nutrien Ltd.

Description

Altius production royalty over Nutrien's Allan potash mine in Saskatchewan, Canada. 2025 attributable royalty revenue C$1.0 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Cory

Asset · Royalty · Operating

Canada, Saskatchewan

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Nutrien Ltd.

Country: Canada

Region: Saskatchewan

Interest conditions: Production royalty structured as a lease of subsurface mineral rights to Nutrien for a percentage of the net selling price of potash at a variable Crown rate per Saskatchewan Subsurface Mineral Regulations; Altius effective unitized interest Cory 8.95%, Cory (U2) 17.77%; operated by Nutrien Ltd.

Description

Altius production royalty over Nutrien's Cory potash mine in Saskatchewan, Canada. 2025 attributable royalty revenue C$3.1 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Patience Lake

Asset · Royalty · Operating

Canada, Saskatchewan

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Nutrien Ltd.

Country: Canada

Region: Saskatchewan

Description

Altius production royalty over Nutrien's Patience Lake potash mine in Saskatchewan, Canada. 2025 attributable royalty revenue C$0.6 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Vanscoy

Asset · Royalty · Operating

Canada, Saskatchewan

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Operating

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Nutrien Ltd.

Country: Canada

Region: Saskatchewan

Description

Altius production royalty over Nutrien's Vanscoy potash mine in Saskatchewan, Canada. 2025 attributable royalty revenue C$0.1 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Altius Renewable Royalties Portfolio

Segment · Royalty · Operating

United States

Open project page

Project information

As at 31 December 2025

Type: Royalty

Aggregation level: Reporting segment

Status: Operating

Report standard: -

Ownership %: 100

Operator: No

Country: United States

Interest conditions: Renewable-energy royalties and royalty entitlements over US wind and solar projects held through a 57% interest in Altius Renewable Royalties Corp. (ARR), which owns 50% of Great Bay Renewables LLC (funds managed by affiliates of Apollo Global Management hold the other 50%); many agreements are structured to achieve minimum return thresholds, with underlying generation largely contracted under fixed-price Power Purchase Agreements.

Description

As at 31 December 2025

Altius's renewable-energy royalty segment, held via a 57% interest in Altius Renewable Royalties Corp. and Great Bay Renewables, over US wind and solar projects: 13 operating royalties (2,868 MW), 6 projects under construction (1,723 MW) and development entitlements exceeding 14,000 MW. 2025 attributable revenue C$13.4 million.

Royalty interests

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalty Construction · 1 project

Curipamba

Asset · Royalty · Construction

Ecuador

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Construction

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Operator name: Silvercorp Metals Inc.

Country: Ecuador

Interest conditions: 2% net smelter return royalty over the Curipamba (El Domo) copper-zinc-precious-metals project; permitted in Ecuador with construction underway and first production targeted July 2027; operated by Silvercorp Metals Inc. following its 2024 acquisition of Adventus Mining.

Description

Altius 2% NSR royalty over Silvercorp's Curipamba (El Domo) copper-zinc-gold-silver project in Ecuador, permitted and under construction in 2026 with first production targeted for July 2027.

Royalty interests

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalty Development · 3 projects

Kami

Asset · Royalty · Development

Canada, Newfoundland and Labrador, Labrador Trough

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Ni 43 101

Ownership %: 100

Operator: No

Country: Canada

Region: Newfoundland and Labrador

Geological province: Labrador Trough

Interest conditions: 3% gross sales royalty over the pre-development Kami iron ore project in the Labrador Trough; development-stage interest.

Description

Altius 3% gross sales royalty over the pre-development Kami iron ore project in the Labrador Trough, western Labrador, Canada. One of two large development-stage royalties (with Arthur Gold) that would materially shift the portfolio's commodity weighting once in production.

Royalty interests

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Arthur Gold

Asset · Royalty · Pre-feasibility

United States, Nevada, Walker Lane

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Sec S K 1300

Ownership %: 100

Operator: No

Operator name: AngloGold Ashanti plc

Country: United States

Region: Nevada

Geological province: Walker Lane

Interest conditions: 0.5% net smelter return royalty over claims within the Arthur Gold project (Silicon and Merlin deposits) near Beatty, Nevada, under a royalty agreement dated Feb 20, 2015; Altius previously held 1.5% and sold a 1.0% NSR to a subsidiary of Franco-Nevada in 2025 for US$275 million; the royalty extent was confirmed by a binding arbitration award on Aug 14, 2025; operated by AngloGold Ashanti.

Description

Altius 0.5% NSR royalty over AngloGold Ashanti's Arthur Gold project (Silicon and Merlin oxide gold deposits) in the Walker Lane belt near Beatty, Nevada. A February 2026 pre-feasibility study declared a maiden Probable reserve at Merlin; mineralization is predominantly oxide (over 95%) with a conventional heap-leach/CIL flowsheet, AISC estimated at about US$954/oz and initial capital of about US$3.6 billion.

Royalty interests

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

Multiple effective dates

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Gunnison

Asset · Royalty · Development

United States, Arizona

Open project page

Project information

Type: Royalty

Aggregation level: Asset

Status: Development

Report standard: Sec S K 1300

Ownership %: 100

Operator: No

Country: United States

Region: Arizona

Interest conditions: Development-stage copper royalty over the Gunnison copper project in Arizona; specific royalty terms not detailed in this filing.

Description

Altius development-stage royalty over the Gunnison copper project in Arizona, United States, held as part of the Project Generation-originated royalty pipeline.

Royalty interests

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Create an account

How to read this tab

MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Royalties & streaming

A royalty is a contractual share of value extracted (NSR, GRR, NPI, sliding-scale, …). A stream delivers a fixed % of production at an agreed (often discounted) price in exchange for upfront capital.
Portfolio shows operator reserves restated on royalty/stream economics (volume × rate). Operator classification (NI 43-101, JORC, NI 51-101, SEC) carries through.
Common terms: Cap (maximum payable); Buy-back (operator repurchase right); AOI (area of interest); Sliding-scale (rate vs commodity price).

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
Cost / other — a passive or fair-value holding, excluded from the group total.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Silver

Score

Production

Resource base

Grade

1 / 5

0–1 Moz Ag

0–25 Moz Ag

0–50 g/t Ag

2 / 5

1–3 Moz Ag

25–75 Moz Ag

50–100 g/t Ag

3 / 5

3–7 Moz Ag

75–150 Moz Ag

100–200 g/t Ag

4 / 5

7–12 Moz Ag

150–225 Moz Ag

200–300 g/t Ag

5 / 5

≥ 12 Moz Ag

≥ 225 Moz Ag

≥ 300 g/t Ag

Copper

Score

Production

Resource base

Grade

1 / 5

0–50 kt Cu

0–500 kt Cu

0–0.5 % Cu

2 / 5

50–125 kt Cu

500–2 000 kt Cu

0.5–1 % Cu

3 / 5

125–250 kt Cu

2 000–5 000 kt Cu

1–1.5 % Cu

4 / 5

250–500 kt Cu

5 000–10 000 kt Cu

1.5–2 % Cu

5 / 5

≥ 500 kt Cu

≥ 10 000 kt Cu

≥ 2 % Cu

Nickel

Score

Production

Resource base

Grade

1 / 5

0–10 kt Ni

0–100 kt Ni

0–0.6 % Ni

2 / 5

10–25 kt Ni

100–300 kt Ni

0.6–1.2 % Ni

3 / 5

25–50 kt Ni

300–700 kt Ni

1.2–1.8 % Ni

4 / 5

50–100 kt Ni

700–1 500 kt Ni

1.8–2.5 % Ni

5 / 5

≥ 100 kt Ni

≥ 1 500 kt Ni

≥ 2.5 % Ni

Lithium

Score

Production

Resource base

Grade

1 / 5

0–5 kt LCE

0–100 kt LCE

0–0.6 % Li2O

2 / 5

5–15 kt LCE

100–500 kt LCE

0.6–1 % Li2O

3 / 5

15–30 kt LCE

500–2 000 kt LCE

1–1.3 % Li2O

4 / 5

30–50 kt LCE

2 000–5 000 kt LCE

1.3–1.6 % Li2O

5 / 5

≥ 50 kt LCE

≥ 5 000 kt LCE

≥ 1.6 % Li2O

Iron

Score

Production

Resource base

Grade

1 / 5

0–10 Mt Fe ore

0–100 Mt ore

0–25 % Fe

2 / 5

10–30 Mt Fe ore

100–500 Mt ore

25–40 % Fe

3 / 5

30–75 Mt Fe ore

500–2 000 Mt ore

40–55 % Fe

4 / 5

75–150 Mt Fe ore

2 000–5 000 Mt ore

55–60 % Fe

5 / 5

≥ 150 Mt Fe ore

≥ 5 000 Mt ore

≥ 60 % Fe

Potash

Score

Production

Resource base

Grade

1 / 5

0–0.3 Mtpa KCl

0–25 Mt KCl

0–10 % K2O

2 / 5

0.3–1 Mtpa KCl

25–100 Mt KCl

10–15 % K2O

3 / 5

1–2 Mtpa KCl

100–300 Mt KCl

15–20 % K2O

4 / 5

2–4 Mtpa KCl

300–1 000 Mt KCl

20–25 % K2O

5 / 5

≥ 4 Mtpa KCl

≥ 1 000 Mt KCl

≥ 25 % K2O

Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.