Earnings call transcript: Altius Minerals misses Q2 2025 expectations

Altius Minerals Corporation reported its Q2 2025 earnings, revealing a significant shortfall compared to market forecasts. The company’s earnings per share (EPS) came in at $0.03, falling short of the projected $0.066, marking a 54.55% negative surprise. The revenue was reported at $9.8 million, below the forecasted $13.33 million, a 26.48% miss. Following the report, Altius Minerals’ stock declined by 1.49% in after-hours trading, reflecting investor disappointment. According to InvestingPro data, three analysts have recently revised their earnings estimates downward for the upcoming period, suggesting continued caution about near-term performance.

Key Takeaways

• Altius Minerals’ Q2 2025 earnings and revenue fell significantly short of expectations.
• The company’s stock dropped 1.49% in after-hours trading following the earnings announcement.
• Decreased potash volumes and reduced iron ore dividends were key factors impacting financial performance.
• The company expanded its renewable energy portfolio, highlighting potential growth areas.
• Altius strengthened its balance sheet with a $360 million net cash position.

Company Performance

Altius Minerals faced a challenging Q2 2025, with revenue and earnings both declining compared to the same period last year. The decrease was primarily driven by lower potash volumes and reduced iron ore dividends, partially offset by higher base metal prices. Despite these challenges, the company continued to diversify its portfolio, particularly in renewable energy and battery metals, which could provide long-term growth opportunities.

Financial Highlights

• Revenue: $9.8 million, down from $20.4 million in Q2 2024
• Earnings per share: $0.03, compared to $0.18 in the previous year
• Adjusted EBITDA: $7.5 million, a decrease from $14.5 million year-over-year

Earnings vs. Forecast

Altius Minerals reported a 54.55% negative EPS surprise, with actual earnings per share at $0.03 versus the forecasted $0.066. Revenue also missed expectations by 26.48%, coming in at $9.8 million against a forecast of $13.33 million. This underperformance contrasts with previous quarters where results were more aligned with market expectations.

Market Reaction

Following the earnings announcement, Altius Minerals’ stock fell by 1.49% in after-hours trading, closing at $29.82. The stock’s movement reflects investor concerns over the company’s ability to meet financial targets. InvestingPro analysis indicates the stock is trading near its 52-week high, with technical indicators suggesting overbought territory. Despite current challenges, the company maintains impressive gross profit margins of 24.59% and boasts a "GREAT" overall financial health score of 3.48 out of 5. Discover 10+ additional exclusive insights and real-time metrics with InvestingPro’s comprehensive analysis tools.

Outlook & Guidance

Looking ahead, Altius Minerals remains focused on capital allocation options, including share repurchases and mergers and acquisitions. The company anticipates meeting or exceeding annual production guidance in the potash sector and continues to invest in renewable energy and mineral royalties. While the phase-out of tax incentives in the renewable sector could pose challenges, InvestingPro data shows the company has delivered strong returns over the past five years, with a revenue CAGR of 9%. For deeper insights into Altius Minerals’ long-term potential and comprehensive financial analysis, access the full Pro Research Report, available exclusively to InvestingPro subscribers.

Executive Commentary

CEO Brian Dalton emphasized the company’s cautious approach to capital allocation, stating, "We won’t be rash. We’re gonna be our typical patient, boring, frustrating selves." He also noted the unprecedented demand environment, saying, "Nobody who’s operating in the industry has seen anything like the current environment in terms of demand for what they produce."

Risks and Challenges

• Supply chain disruptions could impact production and financial performance.
• Market saturation in key sectors may limit growth potential.
• Macroeconomic pressures, including inflation and interest rate changes, could affect profitability.
• Regulatory changes, particularly in the renewable energy sector, could pose challenges.
• Potential competition from emerging players in the battery metals market.

Q&A

During the earnings call, analysts questioned the potential for substantial issuer bids for share buybacks and the company’s exploration of opportunities in base metal-producing assets. CEO Dalton expressed optimism about the fundamentals of the potash market and highlighted strong demand in the renewable energy sector despite market uncertainties.

Full transcript - Altius Minerals Corporation (ALS) Q2 2025:

Sylvie, Conference Operator: morning, ladies and gentlemen, and welcome to the Altius Minerals Q2 twenty twenty five Conference Call and Webcast. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. Also note that this call is being recorded on Tuesday, 08/12/2025. I would now like to turn the conference over to Flora Wood.

Please go ahead.

Flora Wood, Corporate Representative, Altius Minerals: Thank you, Sylvie. Good morning, everyone, and welcome to our Q2 conference call. Our press release and quarterly filings came out yesterday after the close and are available on our website. This event is being webcast live, and you’ll be able to access a replay of the call along with the presentation slides that have been added to our website at altiasminerals.com. Brian Dalton, CEO, and Ben Lewis, CFO are both speakers on the call.

The forward looking statement on slide two applies to everything we say both in our formal remarks and during the Q and A session. And with that Ben is up first to take us through the efforts.

Ben Lewis, CFO, Altius Minerals: Thank you, Flora, and good morning, everyone. Royalty revenue for Q2 twenty twenty five was $12,700,000 compared to $20,400,000 in Q2 twenty twenty four. Adjusted EBITDA for the three months ended 06/30/2025 was $7,500,000 compared to $14,500,000 for the prior year quarter. In the current quarter, the decrease in both revenue and adjusted EBITDA reflect lower attributable potash volumes and lower dividends from iron ore, partially offset by higher base metal prices. Potash attributable royalty volumes have now had been low relative to Nutrien and Mosaic recorded volumes, partially from the split between units at Rokenville and from maintenance turnarounds that occurred during the first half of the year.

Both Nutrien and Mosaic have increased their production guidance for the year. Revenue in the prior year quarter also included non recurring investment income of $3,600,000 related to the settlement of a loan receivable. Q2 twenty twenty five adjusted operating cash flow of $4,700,000 compares to $8,300,000 in Q2 last year. The decrease is largely reflective of lower royalty revenue receipts. Net earnings for the second quarter of $5,500,000 or $0.12 per share compares to net earnings of 8,300,000.0 or $0.18 per share in Q2 twenty twenty four.

Net earnings reflects lower revenues, partially offset by lower costs and expenses, amortization and interest. Q2 twenty twenty five adjusted net earnings of $03 per share is lower than the 2024, with the main adjustment items being foreign exchange and a $1,800,000 income tax recovery relating to the recognition of certain tax losses. I’ll now turn to capital allocation and liquidity. During the quarter, we made scheduled debt repayments of 2,000,000, paid total cash dividends of $3,800,000 and issued a little over 14,000 common shares valued at approximately $381,000 under the Corporation’s dividend reinvestment plan. There were no shares repurchased in Q2 as the Corporation had imposed an internal trading blackout on its shares, while its sales process involving the Silicom royalty is ongoing.

The Board of Directors also declared a quarterly dividend of $0.10 per share, which represents an increase of 11% over recent quarterly amounts, and will be paid to shareholders of record on 08/29/2025, with the payment date of 09/15/2025. At June 30, our current liquidity consisted of $11,000,000 in cash as well as 116,000,000 in unused revolver available. Following the sale of the 1% Silicon Realty and the closing of the Triple Flag acquisition of Origin, the corporation has considerably strengthened its balance sheet and liquidity profile. Cash after taxes and fees payable to financial and legal advisors is approximately $360,000,000 with total liquidity increasing to $540,000,000 This includes $116,000,000 available under the revolving credit facility noted above, as well as $62,500,000 potentially available as an accordion feature under our debt, subject to certain criteria. Our renewable royalty business also remains well funded through its partnership with Northampton and also through cash on hand held at both the ARR and GBR levels.

At June 30, ARR had cash of approximately US32 million dollars and the GBR joint venture had cash of approximately $35,000,000 along with available liquidity of approximately US85 million dollars under its credit facilities. And with that, I’ll turn it over to Brian to discuss the quarter’s significant highlights.

Brian Dalton, CEO, Altius Minerals: Thank you, Ben and Flora and thanks everyone for being here today. Most significant highlights since we came together last was certainly our announced sale of two thirds or 1% portion of our original 1.5% NSR royalty related to the silicon or as it is now known the Arthur Gold Project, Franco Nevada. With this transaction, we believe that we struck an appropriate balance between crystallizing material value for our shareholders from this exciting discovery while retaining long term exposure to its continuing upside potential. The decision to retain part of the royalty also marked the addition of a component of gold exposure to our diversified portfolio. Combined with the slightly earlier sale of our major shareholding in Origin Royalties, who owned a 1% royalty over Silicon, We now have a radically transformed balance sheet as well as a confirmed new top tier royalty within our long term portfolio.

In basin battery metals, we continue to see organic growth developments across several assets. Voisey’s Bay continues to ramp up nickel, copper and cobalt production following the recent completion of construction at the Reed Brook and Eastern Deeps deposits. In lithium, Grotto De Surillo Stage two expansion is underway, Mariana has begun to ramp up and Tre Cabrata is scheduled for construction completion later this year. The Curipampa Gold Silver zinc mine is under construction with first production expected late next year. On that front, it is worth noting that around half and perhaps more than half at current prices of the NSR value for this mine is expected to stem from precious metals.

Finally, in base metals, we were very pleased this quarter to learn of the preliminary plans that have been outlined for the expansion of production at Chapada. Lundin Mining has noted that a PFS and permitting is underway to incorporate higher grade ores from the recently discovered and nearby Suva deposit into the broader Chapada District mining plan with the potential to result in an overall increase in copper production by approximately 50%. In potash, we heard quite bullish second quarter reporting from both of our royalty mine operators. Each of these have indicated very strong market fundamentals and expectations for a new record in global potash demand this year. This is occurring against the backdrop of supply constraints in several competing production regions and this combination has led to firmer pricing through the first half of the year.

While volumes from our royalty mines were impacted by scheduled maintenance downtime in the second quarter, boat operators continue to expect to meet or exceed production and sales guidance on a full year basis while also completing incremental capacity additions. We’ll also remind here that we typically experience an embedded approximately one quarter lag in pricing realization across these royalties. We also noted an announcement related to BHP’s Jansen project this quarter, which reported upon a delay in first production and higher capital cost for its Phase one minutee together with indications of further expected delays and cost increases for its Phase two expansion plan. This has potential material implications for near to medium term supply demand balances and also provides longer term benchmarking support for incentive pricing calculations. A steadily compounding market growth drives an approaching need for major global production capacity additions, particularly from the end of this decade onwards.

Turning to ARR, the increase in royalty revenue this quarter reflects organic growth in the portfolio. A certain development stage royalties ramped up operations over the last year, with these including Canyon Wind, Jayhawk, El Soaz and Yonge Wind. The Angelo Solar royalty has also begun contributing revenue now as well. Existing development partners including Enbridge, Hexagon, Nova and Nokomis continue to advance multiple projects in their portfolios and these should allow us to remain on track along our expected growth trajectory. The GBR portfolio now represents total potential electricity generating capacity in excess of 18,500 megawatts including 13 operational royalties totaling approximately 2,900 megawatts and five additional projects under construction totaling 1,500 megawatts that are currently projected to reach commercial operations by the end of next year.

Looking to deployment in new royalties in ARR, during the 2025 the renewable industry was in a state of great uncertainty as a result of pending policy changes, specifically as it relates to the phase out of tax incentives regarding renewable energy development. As a result, most operators and renewable investors took a wait and see approach with very few transactions of any type closing in the industry during the first six months of 2025. In early July, the new legislation in The US did provide clarity around timelines for the phase out of tax incentives such that market participants can now better make investment decisions. Despite the accelerated phase out of tax credits built into the new bill, there remains a robust demand for renewable power in The US. The demand for energy sources will continue to drive demand for renewable energy in the near term and power pricing is quickly adjusting to fill the gap left from the tax credit phase out.

The renewables industry has already seen strong PPA price escalations largely due to increased demand from technology companies accelerating the build out of data centres for AI. GBR also continues to leverage the grid interconnection bottlenecks within certain regions of The US by financing refundable interconnection deposits on late stage development projects. For this, it is using a dedicated GBR level debt facility that allows it to generate a positive margin and develop further relationships within the sector that it believes will result in additional royalty investment opportunities as projects advance through interconnection approval processes. It is currently in the process of deploying meaningful amounts of capital into this initiative and we will expect to be in a position to report further in this next quarter. In iron ore, we have seen some production improvement begins to take hold at IOC as its capital reinvestment initiatives over the past few years begin to deliver results.

Dividends remain somewhat subdued as this increased capital investment program continues. However, are encouraged by the longer term benefit potential. Champion and its new Japanese partners Nippon Steel and Sojuts announced the completion of their partnership agreement concerning the development of the CAMI project in July. The partners also continued to advance the project along several lines including detailed engineering in support of the ongoing feasibility study, environmental permitting, Aboriginal and other stakeholder agreements and discussions around potential government supports related to the designation of CAMI’s expected high purity product under critical minerals frameworks. We believe it is also noteworthy that NIFA announced in late May the sanctioning of US6 billion dollars investment to convert more of its traditional blast furnace steelmaking units in Japan to electric arc furnace base plants.

These will require high purity iron ore inputs of the type that CAMI is being designed to produce. In June, Alpeus’ PG team submitted a detailed proposal as part of the Julian Lake mineral land bid process being undertaken by the province of Newfoundland and Labrador. The Julian Lake deposit is a large undeveloped high grade iron ore deposit located approximately 25 kilometers northeast of the town of Labrador City. Altius holds claims that are contiguous with the EML and that cover extensions of the deposit. Moreover, Altius recently completed preliminary metallurgical test work in order to test the ability of the deposit to yield direct reduction grade iron ore concentrate which yielded positive results.

Elsewhere in PG, several new initiatives across select jurisdictions continued to advance as we seek to add new projects both directly and through partnerships. More on these efforts in quarters to come as the team looks to continue to execute on its long term strategies and replicate the recent successes that has demonstrated at Silicon and CAMI. Lastly, a few preemptory words on capital allocation before we turn to your questions. This was an important and fun discussion topic at our board meeting yesterday. The gross cash consideration of $375,000,000 from our partial sale of the Silicon Royalty combined with proceeds of $67,000,000 from the sale of our interest in Origin Royalty to Triple Flag has increased our total net cash position to more than 360,000,000 and our total available liquidity to more than half of a billion dollars.

This provides us with considerable capital allocation flexibility and opportunity, and the team is now happily tasked with evaluating and ranking our various options ranging across the spectrum of dividends, debt repayment, share count reduction and external acquisition opportunities. Amongst these, we are currently primarily focused on comparing the merits of share repurchases or as we like to call it internal M and A as well as external M and A possibilities. In evaluating the latter, we will continue to exercise discipline and will remind or perhaps caution shareholders of the fact that we have within our history a track record of patiently sitting on large cash positions for extended periods until the right opportunities emerge. It is worth noting however, that our ability to now compete cash based acquisitions without requiring new share issuances provides us with a somewhat broader purview of possibilities than we have had in quite some time. This is a function of the ability to avoid the factoring in of dilution to embedded portfolio option values as part of our analysis process.

Our corporate development team is obviously happy about gaining this broader lens and are expecting a very busy autumn and beyond in completing evaluation and analysis of potential opportunities. We can also guide that at this time there is little current emphasis or consideration being placed on issuing a special dividend or on becoming more aggressive with debt repayment. That said, as Ben noted, we did increase our regular dividend last night and we will likely eliminate the modest amount outstanding under our revolving component of our credit facilities. I’ll end by saying that this was certainly one of the most momentous quarters in our now almost twenty nine year history as a public company. I’m very proud to work within our team and I’m very much looking forward to the times ahead as we continue to work hard to build on this momentum and special base of assets on behalf of our shareholders.

Thank you. And with that, I will open up to questions please.

Sylvie, Conference Operator: Thank you. Go ahead, Mr. Wood.

Flora Wood, Corporate Representative, Altius Minerals: Thank you, Sylvia. I know you opened my line. We’re having problems with people trying to dial in, and I know they’ve been unable to. So if we can just delay for a minute. And in the meantime, Brian, I do have a question that got emailed to us from Tyler, a shareholder.

So I’ll just start with that, which is around the time remaining until the NCIB expires August 21. He’s wondering, given the daily purchase limits under the TSX rules based on daily trading volume, would the company ever consider a substantial issuer bid as a way to deploy more capital into buybacks more quickly?

Brian Dalton, CEO, Altius Minerals: Would we ever consider a substantial issuer bid? The answer is most certainly yes. The time remaining before our next NCIB renewal, which is this month, no.

Flora Wood, Corporate Representative, Altius Minerals: Okay, I got one more. Sorry, we’re just trying to resolve our line problem here. So Tyler’s also noticing that GBR had drawn and deployed a significant amount from the interconnection credit facility subsequent to the quarter. And he’s wondering, is that connected to the OBBB and the developers trying to secure favorable positions in the queue? And also, is there a royalty angle with these loans?

Brian Dalton, CEO, Altius Minerals: Yes, thanks for the question. I believe I largely addressed that in the prepared remarks, but I would say no, not particularly related to new legislation. This would be interconnection deposit schedules that would have certainly predated that the new legislation. So these would be just queue positions that have to be funded in order to hold against a lot of these discussions have been ongoing for for some time. And so what was the second part of the question?

Flora Wood, Corporate Representative, Altius Minerals: He was just asking if there was a royalty angle.

Brian Dalton, CEO, Altius Minerals: In some case, generally speaking, think one of the things that we’re excited about with this new interconnection funding processes that it is working very well in terms of building new relationships. So, obviously, as a project, if somebody is willing to proceed and to fund interconnection deposits, you know, their their future steps, which include, obviously, construction and building of the project. So we we do have these relationships. I think the team is doing a really good job of demonstrating their innovation and ability to, you know, support the industry more broadly. So it’s not that so we’re not trying to make it that direct, at least not at this point, but we do believe a lot of goodwill is being built up and we are seeing a lot more opportunity just because, yeah, the team is building relationships and earning a place in the industry as a trusted partner.

So I’d say that’s certainly one of the goals of the whole initiative.

Sylvie, Conference Operator: Thank you. And your next question will be from Craig Hutchison at TD. Please go ahead, Craig.

Craig Hutchison, Analyst, TD: Hi, good morning, guys. Hey, Craig.

Ben Lewis, CFO, Altius Minerals: Just in terms of the

Craig Hutchison, Analyst, TD: use of proceeds, are you guys seeing opportunities to acquire producing assets in the base metal world? Are you seeing more opportunity in terms of kind of development stage assets?

Brian Dalton, CEO, Altius Minerals: All of the above, and I’m probably not gonna get much more specific than that, Craig. Sorry. Okay. As you can imagine, limited it’s a limited landscape out there, and so we’re not going to be tipping our hands on anything we might be doing or not doing. But I guarantee you this much.

We won’t we won’t be a rash. We’re gonna be our typical patient, boring, frustrating selves. Okay.

Craig Hutchison, Analyst, TD: Maybe in terms of potash volumes, it was a bit lower this quarter because of some maintenance work. But are you seeing a pickup in terms of volumes here heading into Q3 based on what you know from the existing royalty counterparties? Thanks.

Brian Dalton, CEO, Altius Minerals: Our reporting is typically more after the fact that those groups are really we can only, at this point, lean on the public statements, but, yeah, both of the operators were really bullish sounding in their own quarterly reporting. Nutrien opted guidance. Order books are full, beyond full. You know, there’s commentary around the market actually probably going to have unmet demand this year. So it seems like they’re certainly doing everything they possibly can to to build up production.

Mosaic talked a bit fair bit about a new project that they have up on the on topside that the mine around processing. They think that that can give them an extra 400,000 tons incrementally. But, look, I I can only read what everyone else can read and listen to what everyone else can listen to, but it it feels like these guys are sensing an opportunity, probably sensing it even greater now that BHP seems to be falling out of bed a little bit with Janssen. And I would be very surprised if they’re not in in the near term and probably more broadly in the medium term if they’re not going to flex their muscles and do what they’ve always done. And then and that’s, like, earn market share when the opportunity presents because they’ve got the best assets in the business.

Craig Hutchison, Analyst, TD: Okay. Thanks. Maybe just one last one for me. Just in terms of the renewables business, I mean, are you able to provide sort of any kind of goalposts in terms of the growth rate we should expect here in the in the sort of back half this year and heading into next year?

Brian Dalton, CEO, Altius Minerals: Or you might wanna help me with that in terms of what we’ve got published. We do have we have in the past, I know, put out sort of projected, you know, revenue growth, and that’s based on really just the development pipeline that so these are already funded investments and information we’ve gotten from operators around construction timelines and whatnot. I know don’t know what the growth rate would be before. Maybe you can help me out with that either here or in subsequent follow-up. But, yeah, everything seems largely on track.

Look. The key here is that if you’re actually at the point where you’ve got interconnection and, obviously, the projects that we’re talking about over the next one or two years, I mean, do have that. There’s literally insatiable demand for the power on the other end, and you can pretty much name your price in terms of contracted and prices and durations right now. But they’re the interconnection problem in The US is not just in getting tied to the grid. I think an even bigger problem is emerging from large load customers who are trying to tie on to the grid.

Now they’re getting refused because there just isn’t enough power. So it’s both sides. There’s there’s a backlog of projects trying to link to the grid and an even backlog a bigger backlog of of customers trying to get access to power. So it’s it’s pretty wild and crazy. I mean, if you read if you look at the broader renewable landscape, particularly the equity valuations in public markets, you think the sky was falling.

But at its fundamental hearse, these are power producers. They no. Nobody who’s operating in the industry has seen anything like the current environment in terms of demand for what they produce. The challenge is what sits in the middle and just making us all connect and and happen. So I I don’t know if I’ve ever seen anything disconnected in terms of market apathy.

And in fact, I mean, downright, like, hostility towards a sector, fear amongst investors and political backlash of being invested in the sector. I mean, these are the kinds of backdrop situations that you’re out there. And, yes, name your price if you can bring the power to the market. It’s it’s pretty wild and crazy. It’s like it’s hard to call it contrarian when the supply demand situation is so robust.

But as far as sentiment goes, like, wow. Like, more like, polar opposite. It’s it’s really fun. Sorry. I might have got off on a tangent there today.

Yeah.

Craig Hutchison, Analyst, TD: That’s fine. Thanks. Thanks for the color. Cheers.

Sylvie, Conference Operator: Thank you. Once again, ladies and gentlemen, if you do have any questions on the phone, please press star followed by 1.

Flora Wood, Corporate Representative, Altius Minerals: Sylvie, can you hear me? I’ll read a couple more that we’ve got. Craig, Craig, I’ll also give you a call just on both deployment and your question around ballpark expectations. So there’s a question from Carrie McGrory at Canaccord. This is sort of a follow on to what Craig asked.

Knowing you don’t want to get into detail on development stage versus operating, what about preferred commodities for new deployment?

Brian Dalton, CEO, Altius Minerals: No, I’m going to pass on that one too.

Flora Wood, Corporate Representative, Altius Minerals: Okay, luckily for you there’s more. So Adrian Day Adrian Day Asset Management has a couple of questions around Silicon. So first one, any expectations on when to expect the final award on the arbitration?

Brian Dalton, CEO, Altius Minerals: I hesitate to guess any guess I’ve ever made up to this point is usually pretty wrong. Although I think it may be close. We have been asked to submit payments to the arbitrators quite recently and it was I think the quote from the arbitration center was final payments, so I don’t know, I assume that means that the award is very close here. It presumes, I guess, that they’ve wrapped up their work and their and their billings anyway, or at least they’ve predicted the remaining amount. Who knows?

But some signals anyway that it may be close.

Flora Wood, Corporate Representative, Altius Minerals: Excellent. The comment that you made around retaining the point 5% NSR on silicon, you noted the addition of precious metals as a component to the portfolio. Adrian asked, are you implying you might decide to keep precious metal royalties from your future discoveries or might you even seek out new precious metal royalties?

Brian Dalton, CEO, Altius Minerals: I think all of the above that we used to be we used to look at ourselves as sort of having four different pillars or verticals or whatever to term people like is precious metals with the addition of silicon. And and quite frankly, as Curry Pompa comes on right now, that’s basically a gold mine of copper credits versus what we thought we were buying, which was a copper mine of gold credit. So we’re gonna continue to explore in our PG business for gold as well as everything else. That that’s always been the case because, you know, the competitive dynamics of buying precious metals royalties don’t exist there and in fact, they tend to be really attractive targets for the PG team just because such a wide customer base available for them. Yes.

Open minded to acquiring. I think something would have to be you know, we’d have to probably find something that we feel like we have some kind of a technical edge on to be successful if it came down to acquiring more precious metals royalties because we’re not going to compete on top of capital relative to the more precious metals focused peers. But look, it’s a it’s a it’s a new pillar. So, you know, for sure, it’s we’re we’re we’re more open minded to it than than we would have been. I mean, again, we we’ve never been anti precious metals.

We’ve always just said that it can’t really be a serious focus for us because we’re not, you know, we’re not going to be competitive on a cost of capital basis. That that’s really, you know, what it’s been about. It’s not like we don’t wanna be gold have gold in our system. And we don’t have the same issue that, say, a precious metals royalty company had in in worrying about losing their multiple because they’ve got too much nonprecious metals components. I guess the inverse isn’t true where you know?

Yeah, it’s just so so yes, but, you know, let’s be realistic as well. That would be my answer.

Sylvie, Conference Operator: Thank you, sir. And at this time, Ms. Wood, we have no other questions from the phone lines. Please proceed.

Flora Wood, Corporate Representative, Altius Minerals: Thank you, Sylvie, and thank you to everybody on the call for your questions. And we’ll look forward to talking to you for Q3. Thank

Brian Dalton, CEO, Altius Minerals: you everyone.

Sylvie, Conference Operator: You. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, you for attending. And at this time, we do ask that you please disconnect your lines.

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