The Fly | ATUSF

High Margin Business Model: Altius benefits from a royalty and streaming model that incurs minimal operating costs, leading to high-profit margins and strong free cash flow generation.

Diversified Portfolio of Assets: The company holds royalties across various commodities (base metals, precious metals, bulk) and numerous operating mines globally, significantly reducing single-asset and geographic risk.

Leverage to Commodity Price Upside: Altius provides direct exposure to commodity price increases without the associated operating and capital costs, acting as a natural inflation hedge.

Commodity Price Volatility Risk: Altius's revenue and profitability are highly dependent on the market prices of the various commodities underlying its royalty and streaming interests, such as potash, copper, nickel, and iron ore. Significant declines in these prices can materially impact financial performance.

Reliance on Third-Party Operators Risk: Altius does not operate the mines or projects from which it derives its royalties and streams. Its financial performance is therefore subject to the operational decisions, successes, and failures of third-party operators, including their ability to explore, develop, operate, and maintain mineral properties efficiently and responsibly.

Depletion of Mineral Reserves Risk: The mineral properties underlying Altius's royalties and streams are finite resources. As minerals are extracted, the reserves deplete, and the revenue streams from these specific assets will eventually cease unless new reserves are identified, or new royalty acquisitions are made to replace them.

High Margin Business Model: Altius benefits from a royalty and streaming model that incurs minimal operating costs, leading to high-profit margins and strong free cash flow generation.

Leverage to Commodity Price Upside: Altius provides direct exposure to commodity price increases without the associated operating and capital costs, acting as a natural inflation hedge.