Altius Minerals Corporation has reached a definitive agreement to acquire all outstanding shares of Lithium Royalty Corp. in a transaction valued at about C$520 million, marking a major expansion of Altius’s footprint in lithium and other battery-metal royalties. The deal, structured as a plan of arrangement, will be paid through a mix of cash and Altius common shares, giving Lithium Royalty shareholders the option to receive C$9.50 per share or 0.240 Altius shares for each Lithium Royalty share they own. The total consideration includes cash capped at roughly one-third of the deal and share issuance limited to 11.5 million Altius shares.

This acquisition brings 37 additional royalties into Altius’s portfolio, including several that are already producing alongside a number of advanced-stage projects with complete economic studies. These assets are located across Canada, Australia, and South America, diversifying Altius’s exposure to lithium — a metal that is central to the global electrification trend and demand for battery technologies. At current market prices, the newly acquired royalties are expected to contribute an estimated C$40 million to C$60 million in annual revenue by the end of the decade, assuming spot prices hold.

The board of Lithium Royalty — supported by a special committee and unanimous recommendation — agreed that the transaction offers compelling value for shareholders, reflecting premiums to recent trading prices. Shareholders have already signaled support, with major holders representing roughly 84.7 per cent of outstanding shares agreeing to vote in favour of the transaction. The deal still requires formal shareholder approval, court sanction, and routine regulatory clearances, and is expected to close in the first quarter of 2026 if all conditions are satisfied.

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Altius’s strategy of acquiring royalties aligns with broader trends in the mining sector where stable cash flows and exposure to critical minerals attract investor interest. Lithium markets have experienced price uncertainty this year, with prices significantly below recent peaks, yet long-term supply-demand fundamentals tied to electric vehicles and energy storage remain supportive. Adding Lithium Royalty’s portfolio enhances Altius’s base and battery metals segment and positions the company for growth as demand for electrification materials expands.

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Following closing of the transaction, Altius intends to delist Lithium Royalty’s shares from the Toronto Stock Exchange and integrate the business into its broader royalty framework. The CEO of Lithium Royalty is expected to join Altius’s corporate development team, further strengthening capabilities and continuity in managing the new asset base.

Overall, this deal represents a strategic push by Altius to deepen its presence in the critical minerals sector and leverage its royalty platform to capture growth tied to the global energy transition.