Altius expects record Q 2 revenue, benefiting from strong royalty growth
Canadian mineral royalty company Altius Minerals released its second quarter 2026 performance forecast on Monday, predicting that the company's revenue attributable to the company in the current quarter will hit a record, mainly due to the substantial growth in royalty income from its core asset portfolio. Altius said in a press release that it expects second-quarter revenue to reach approximately 42 million Canadian dollars, an increase of approximately 35% from 31 million Canadian dollars in the same period last year. The company attributed the strong performance to sustained high prices for commodities such as iron ore, copper and uranium, as well as continued increases in royalties from its portfolio of renewable energy projects. Iron ore prices remained above US$120 per ton on average in the second quarter of this year, up approximately 18% from the same period last year, supporting the company's royalty income from its iron ore project in Labrador, Canada. Copper prices also performed strongly, benefiting from global power infrastructure investment and electric vehicle demand, with the average price of LME copper futures in the second quarter exceeding $10,200 per ton. Altius' renewable energy royalty portfolio also contributed to significant revenue growth. The company holds royalty interests in wind power projects in many places in the United States. With the price adjustment of power purchase agreements and the increase in power generation, the revenue of this segment has increased by more than 40% year-on-year. The company's CEO said in a statement that the record performance in the second quarter validates the resilience of Altius's diversified portfolio, and that underlying resource demand remains solid even against the backdrop of increased economic uncertainty. He also emphasized that the company is actively evaluating new acquisition opportunities, especially in the area of minerals critical to the energy transition. Altius also confirmed that the company's financial position remains healthy, with cash and cash equivalents of approximately CAD 210 million as of the end of the second quarter and no significant debt burden, providing the company with flexibility to further acquire royalty assets in the future. Altius will officially release its complete financial report for the second quarter on July 30, when it will disclose specific revenue details for each business. Boosted by the earnings forecast, Altius shares rose about 4% on the Toronto Stock Exchange on Monday.