Royalty Co. Backs Massive US$73M Illinois Wind Project Investment

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

A subsidiary of Altius Minerals Corp. (ALS:TSX) has invested in Great Bay Royalties to help the company finalize a substantial US$73 million investment with Apex Clean Energy, a leading developer/operator, for the 311-megawatt Coles wind project in Illinois, according to a June 15 release.

The project, which commenced construction in January 2026, is anticipated to begin commercial operations in the second half of 2027. This investment marks the largest single-asset royalty acquisition by GBR to date.

The funding for this investment was sourced from GBR's available cash and new capital contributions from Altius Renewable Royalties Corp., a private subsidiary of Altius, and Apollo. Altius contributed approximately US$12.4 million to ARR to support its portion of the GBR capital call contribution.

Altius Minerals has a 29% effective interest in Great Bay Royalties, according to the company.

"We are pleased to once again provide support to Apex and to mark GBR's second construction stage royalty in MISO, further diversifying its portfolio of 14 operating royalties," Altius Chief Executive Officer Brian Dalton said. "We also note the strong 20-year PPA that anchors Coles Wind and is reflective of the unprecedented level of demand for new, near-term deployable sources of electricity that is characterizing the current market."

The investment structure includes variable royalty rates, with higher rates in the initial ten years to achieve base return objectives before transitioning to a long-term gross revenue royalty rate, aligning with other GBR portfolio investments, the release said. A strategically lower perpetual tail royalty rate has been designed to encourage potential future investments that could extend the project's lifespan or enhance its production profile.

Altius Minerals Corp.'s strategy focuses on generating per-share growth through a diversified portfolio of royalty assets associated with long-life, high-margin operations. This approach offers shareholders exposure to global growth trends such as the increasing share of electricity in energy consumption, global infrastructure development, the rise of EAF-based steelmaking, growing agricultural fertilizer needs, and a heightened interest in precious metals as financial assets.

These macro trends are expected to drive higher demand for Altius's exposures to commodities like potash, high-purity iron ore, renewable energy, base metals, and gold, the company said. Additionally, Altius operates a successful Project Generation business that develops mineral projects for sale to developers in exchange for royalties, consistently delivering significant direct returns from its overall royalty investment portfolio.

Joining the S&P/TSX Composite Index

Altius said it is a member of the S&P/TSX Small Cap and S&P/TSX Global Mining indices and the S&P/TSX Canadian Dividend Aristocrats Index and will be added to the S&P/TSX Composite Index effective prior to the open of trading on June 22.

The S&P/TSX Composite Index is Canada's premier equity benchmark, comprising the largest and most actively traded companies listed on the Toronto Stock Exchange.

"Inclusion in Canada's premier market index, amongst a humbling list of Canada's strongest public companies, represents an honor for the entire team at Altius," Dalton said in the June 8 release. "It is certainly fair to say that this achievement was not on our list of goals when we established Altius 29 years ago as a junior capital pool company. We would like to offer a sincere thank you to our shareholders for their long-term support and encouragement, while also pledging to continue to work hard to find ways to grow enduring value on your behalf. I would also like to personally express my gratitude and congratulations to current and former colleagues for your incredible efforts and camaraderie."

In May, Altius Minerals Corp. reported its first-quarter revenue of CA$22.2 million compared to CA$12.6 million in Q1 2025.

"Attributable royalty revenue of CA$26.8 million (CA$0.55 per share) compares to CA$15 million (CA$0.32 per share) reported in Q1 2025," the company noted. "Royalty revenue reflects higher realized prices, timing of copper stream deliveries, the addition of four operating lithium royalties, and higher electricity royalty revenue, offset by lower dividends from iron ore."

'The Big-League Index'

In his Global Analyst newsletter on June 14, Adrian Day of Adrian Day Asset Management noted that Altius is joining "the big-league index."

"Altius Minerals is to join the S&P/TSX Composite Index on June 22, a move sure to see some additional buying from index-hugging investment firms," Day wrote. "The Index is the premier equity index for Canada, comprising 220 of the largest and most actively traded stocks on the TSX."

Day called Dalton's response "self-effacing" and said, as a longtime Altius shareholder, "Thank you, Brian and the team for building a world-class company from scratch."

"Altius is a core holding for broad, low-risk exposure to the entire commodities complex, with insightful management, willing to take large contrarian bets and who rarely put a foot wrong; a strong, experienced board; a healthy balance sheet; and multiple catalysts for growth in coming years," Day wrote. "Though we would like to see lower prices to add, if you do not own it, then buy."

According to the site MarketBeat, as of June 19 six analysts held ratings on the stock, including two Buys and four Holds, and a consensus price target of CA$56.36 per share. Investing.com noted seven analyst ratings, including four Buys, with a 12-month average of CA$58.64.

The Catalyst: Renewable Energy Market Expanding

The global renewable energy market is experiencing robust growth, with its valuation estimated at US$1.6 trillion in 2025 and projected to soar to US$4.86 trillion by 2033, according to a report by Grand View Research. This growth, representing a compound annual growth rate (CAGR) of 14.7% from 2026 to 2033, is largely fueled by a global shift towards low-carbon energy alternatives and stringent environmental regulations in developed economies.

In terms of regional market dominance, the Asia Pacific led the global renewable energy market in 2025, capturing the largest revenue share of 41.51%. The U.S. renewable energy sector is also expected to see rapid expansion throughout the forecast period. By energy source, the solar segment was the market leader in 2025, holding the largest revenue share of 31.61%. Regarding end-use, the industrial segment accounted for the largest share of market revenue in the same year.

"Over the past few years, the power generation industry has witnessed a steady increase in renewable energy capacity additions, primarily driven by heightened environmental awareness and growing pressure to mitigate the effects of greenhouse gas (GHG) emissions," Grand View wrote. "This has led to a rapid expansion of solar and wind power projects across key markets, solidifying their role as dominant forces in the global energy mix." 

In the United States, the growth of renewable energy is supported by favorable government policies and an abundant supply of renewable resources, especially biomass. The number of renewable power facilities has been increasing, driven by federal and state-level emission mandates, the report said. The U.S. power generation landscape is undergoing a transition, with natural gas and renewable sources gradually replacing coal-fired generation. Additionally, factors such as rising electricity distribution costs, frequent grid disruptions, and government incentives for hydropower are expected to boost the adoption of decentralized renewable systems, further stimulating market demand in the coming years.

According to another report by Global Market Insights in February 2025, the global wind energy market, valued at US$174.5 billion in 2024, is poised for significant growth, with an expected increase of more than 11.1% from 2025 to 2034. This growth is being fueled by major developments across Asia, Europe, and North America, particularly with a surge in investments in offshore wind projects, especially in Europe. According to the World Wind Energy Association's 2024 assessment, wind energy now contributes to over 10 percent of the global power supply.

The market is witnessing a shift towards more cost-efficient and higher energy-producing designs, including the adoption of larger wind turbines, which is enhancing market penetration. Additionally, advancements in materials, aerodynamics, and digitalization are improving turbine performance, further propelling the market forward. Countries like China, Brazil, and Australia are increasingly adopting wind energy, transitioning more towards renewable energy sources, which supports overall market growth, the report said.

Ownership and Share Structure¹

About 5% of Altius Minerals Corp. is held by insiders and management, about 12% by holding companies, and about 28% by institutions. The rest is retail.

Its market cap is CA$3.35 billion with 55.74 million shares outstanding. It trades in a 52-week range of CA$26.59 and CA$62.07.