Altius Minerals Corporation ($ALS)

Good morning, ladies and gentlemen, and welcome to the Altius Minerals Annual and Special Meeting 2026 Conference Call. [Operator Instructions] This call is being recorded on Wednesday, May 13, 2026. And I would now like to turn the conference over to Ms. Emily GM. Please go ahead.

Thank you, Gina. Good afternoon, and welcome to our annual and special meeting call and webcast. This is being recorded, and you can ask questions during the Q&A. The slides will start after the opening remarks and business meeting of our Chair Fred. I will inform those on the call [indiscernible] the Q&A is starting. The presentation will be given by Brian Dalton. And with that, I will hand it over to Fred Mifflin, independent Chair. .

I'd like to call the meeting to order. Welcome to our 29th Annual Meeting of Shareholders. My name is not John Baker. I'm Fred Mifflin, Chairman of the corporation in accordance with the corporation's bylaws, I'll act as Chairman of this meeting. Shareholders have been given the option to attend this meeting in person or by conference call or webcast. Let me first address those persons not here in person or joining by webcast or conference call. . The webcast allows participants to hear the meeting, but it's listen only. So if anyone viewing the webcast would like to ask questions either during the formal part of the meeting, or after Brian Dalton's presentation, you should dial in the conference call as all questions are received there. The phone number for this is shown on our website. For those on the webcast or that have dialed in and would like to view Brian's presentation, you can find it on our website. From the home page, go to investor information at the top of the page, click on AGM on the [indiscernible]. This contains the proxy and information circular of documents for this meeting and today's presentation. Before we begin to take this opportunity to introduce Altius' senior management team in attendance today and I'd ask that they stand and be recognized. Brian Dalton, Chief Executive Officer and Director; John Baker, President, Stephanie Hussey, Chief Financial Officer; Mark Ragu, Senior Vice President, Corporate Development; Lawrence Winter, Vice President, Generative and Technical; Flora Wood, Vice President, Investor Relations and Sustainability; and another title that you'll hear about later. And Ernie Ortiz, the latest addition to our team, Vice President, Corporate Development and Head of Lithium. Members of our Board of Directors are also in attendance today as we just concluded our quarterly directors' meeting here in St. John's yesterday, and I'd like to ask the [indiscernible] and be recognized as well. [indiscernible] ads as well, the call [indiscernible]. Teresa Conway, Andre Gomo, Roger Late and Jamie Stress. Our other director, [ ANL Arian ] is unable to attend today due to other commitments. I'd like to note for the record and acknowledge a number of significant changes to the executive ranks since we met at this meeting a year ago. John Baker has moved into the role of President, and we're very fortunate to continue benefit from John's wisdom and wise counsel. Stephanie Hussey. Where are you, Stephanie? Has assumed the role of Chief Financial Officer, having previously served as the Vice President of Finance for the past 12 years. Mark Raguz has assumed the responsibilities of Senior Vice President, Corporate Development; Flora Wood, in addition to her responsibility, her role as Vice President of Investor Relations and Sustainability. [indiscernible] has taken on the additional responsibilities of Corporate Secretary. And most recently, we're pleased to welcome Ernie Ortiz as Vice President, Corporate Development and Head of Lithium on the acquisition of Lithium Royalty Corporation earlier this year. Shareholders will be reassured to know that Brian Dalton has not taken on any new responsibility and continues to lead the corporation as as does Lawrence Winter, as Vice President, Generative and technical. So that is the -- those are the changes to the management ranks over the years. I'd also like to take this opportunity to formally acknowledge and thank 2 former members of our senior management tiers team for their incredible contributions to Altus over the past many years and they're here this afternoon, and I'd like them to be recognized. Ben Lewis, [indiscernible] our former Chief Financial; and Chad Wells, our former VP, Corporate Development Project Generation and Corporate Secretary for over the past [ 20]. And it's also reassuring that they're wearing their [indiscernible] afternoon. So I now formally appoint Flora Wood, our Corporate Secretary as scrutineer for the meeting and also as Secretary for the meeting. The notice calling this meeting and all proxy-related materials were mailed to shareholders on April 10, 2026. A quorum for any meeting of the shareholders is 2 persons present representing at least 25% of the shares entitled to vote at such meeting. I have the scrutineer's preliminary written report on attendance, showing that 40,891,496 shares are represented at this meeting by persons present and represented by proxy being 73.1% of all [indiscernible] shares. This meets the quorum requirement for the meeting. And if anybody has seen voting results recently, they know that 73% turnout is fantastic. So we've got a very engaged shareholder base. Notice of the meeting having been given and a quorum being present, I declare this meeting to be properly called and constituted for the transaction business. Our bylaws permit a shareholder to participate in a meeting by means of telephone or other communications facilities, but do not permit voting to take place other than in person or by proxy. Any registered shareholder or proxy holder present in person or by telephone may demand that a ballot be conducted on any motion put before the meeting. But unless the ballot is demanded on any motion for expediency, I will conduct all votes by a show of hands of those persons present in first. In order for the meeting to flow efficiently, I've asked certain Altia's officers to move and second all resolutions. I now submit and formally received the corporation's financial statements for the year ended December 31, 2025, and the auditor's report on those statements as mailed to shareholders requesting the same on April 10, 2026. The first item of business is the appointment of an auditor for the coming year. As you will see from the information circular, management is nominating the firm of Deloitte LLP as auditors to hold office until the next annual meeting or until their successor is appointed and to authorize the directors to fixed remuneration. Deloitte has been the corporation's auditor since 2026. Do I have a motion for this item of business?

Mr. Chairman, it's been pleasure to move that Deloitte LLP be appointed Corporation's auditor to hold office until the next Annual General Meeting and at the corporation's directors be authorized to fix the remuneration being paid to the auditor.

Ernie?

[indiscernible] Taken.

Thank you both. Is there any discussion? If not, I ask for a vote on the motion by a show of hands. I will remind you that you cannot vote against the resolution, your choice is to vote in favor of the motion or to withhold all those in favor, Anybody opposed? I declare the motion carried. The next item of business is the election of directors for the coming year. The Board has fixed the number of directors be elected at the meeting at 8. May I have nominations for directors?

Mr. Chairman, I'm pleased note following for election for next year. [indiscernible], Theresa [indiscernible], Brian Dalton, Anna Alerian, [indiscernible], [indiscernible], Fred Mifflin and Jamie Struts.

Chairman, I second the motion.

Thank you. As was stated in the information circular, these 8 persons are management's nominees for election to the Board. Our advanced notice bylaw requires that any person proposing to nominate a director for election must provide the company with advanced notice and prescribe details concerning any proposed nominees. As no advance notice has been given in accordance with this bylaw, we may now proceed directly to the election of directors. The Board has adopted a policy stipulating that any nominee proposed for election as a director who received based on the shares voted at the meeting, in person or by proxy, A greater number of shares withheld and then voted in favor must tender his or her resignation to the Chairman of the Board to take effect on acceptance by the Board. Eight persons have been nominated to fill the directors' positions. Do I have a motion for this item of business?

Mr. Chairman, I move that the 8 persons who are nominated for election as a director. We elected to Corporation's Director for the next year [indiscernible] until the next Annual General Meeting and that helps shareholders authorize the election of the [indiscernible] by general resolution.

Mr. Chairman, I second the motion.

Thank you. Is there any discussion? All those in favor? Anyone opposed? I declare the motion carried. The next item of business is to consider, and if acceptable, past and advisory resolution on the corporation's approach to executive compensation known as say-on-pay resolution, the details of which are set out in the management information circular. As noted in the circular, the corporation believes that its compensation objectives and approach to executive compensation appropriately align the interest of management with long-term interest of shareholders. Under our say-on-pay policy, we provide shareholders the opportunity to cast an advisory vote on the corporation's approach to executive compensation at each annual meeting. This policy reflects our ongoing efforts to meet the highest governance standards and to ensure a high level of shareholder engagement. The Board, with Mr. Dalton abstaining unanimously recommends that shareholders vote in favor of the advisory resolution as set forth in the management information circular. Do I have a motion to this effect?

Mr. Chairman, [indiscernible] an advisory basis and not to diminish the role in the [indiscernible] as the shareholders testing approach to effective [indiscernible] close the management in [indiscernible] .

Mr. Chairman, I second the motion.

Thank you. Is there any discussion? All those in favor, Anyone opposed? I declare the motion carried. The next item of business is to consider, and if thought appropriate, to pass with or without variation an ordinary resolution known as the LTIP resolution in the form set out on Page 22 of the management information circular for this meeting, approving the renewal of the corporation's Omnibus long-term incentive plan and specifically, the approval of all unallocated options, rights and other entitlements under the plan and all other ancillary matters set forth in the LTIP resolution. The Board unanimously recommends that shareholders approve the LTIP resolution. Do I have a motion to approve the resolution?

Chairman, I [indiscernible] that the LTIP resolution be approved by adopting the full text of the resolution set forth on Page 22 of the management information circular for this meeting.

Chairman, I second the motion.

Thank you. Is there any discussion? All those in favor? Anyone opposed? I declare the motion carried. We've now concluded the formal business of the meeting. Is there any other matter a shareholder wishes to raise. For these purposes, I would ask the conference operator to open the phone lines. .

[Operator Instructions].

I think that, that is the part of the meeting that will receive questions after Brian's presentation. Is that right, Flora? .

Yes. Yes.

So we'll do that again. I guess is there any question on the form part of the meeting. Okay. I will entertain a motion that the meeting be terminated.

Mr. Chairman, I know [indiscernible] the meeting is terminated.

Mr. Chairman, I second the motion.

All those in favor? Anyone opposed? I declare the motion carried and the formal part of the meeting terminated. Now I'm going to pass the floor over to Brian for what is the exciting part of the meeting for his annual presentation. And we will then have a question period at the end. And I would just say anybody on the phone or on the website, you will see Brian, and you can follow Brian's presentation by going to the website, as I mentioned at the beginning of the meeting. Brian.

Hello, everyone. Thanks for coming out, some familiar faces, some we haven't seen in a couple of years back with us, pretty exciting. But it's nice to be here. And in our 29th year, so I'm not going to pass up an opportunity as it has been to honor the fact that in this past year, can drive and passed away, and this is our 29th year. So I think Fred handed out some really important honors earlier, but we've got a kind of complete delays. I also made it a mandate. So we got -- we have some more turnover coming up in the business in the next year because I decided that -- you have to be had [indiscernible] Okay. Well, it was a pretty good year. Not too bad at all. It's really how we describe it. When we were here last year, there was a lot of talk about silicon project and the new gold discovery that AngloGold Ashanti had made, and we were talking about how transformational this could be for the business. I mean while we were here talking, I think we were all -- we as a management team and the Board already knew what our plan was going to be, and that was to test the market and to see what kind of interest we might muster up from [indiscernible] particularly from the precious metals royalty companies. . Well, that effort continued on the prospect generation team, PG team did an incredible job of showing the market just how important and how much potential that royalty represented. And the culmination of that was transactions that happened through the course of the year, and it generated almost $500 million in proceeds [indiscernible] while we still maintain a 1/3 interest in the long-term upside of the asset. And that long-term upside actually got another boost flat over the course of last year and that we included quite a arduous arbitration process, that confirm the extent of that royalty to almost 200 square kilometer area around the initial discovery area. So very early days for that district and it's nice to have a huge plan position attached to the royalty that we retained an interest in. So that was -- that kept us busy well into, I would say, August. But now, of course, that brings us to looking at ourselves and saying, we got an [indiscernible] money in this company, what are we going to do with it? And so we switch gears pretty quickly. And by the end of the year, we announced 2 different transactions that deploy some of that capital and then converted into longer-term streams of revenue and cash flow. So the most meaningful of that would have been the acquisition that was announced in December of Lithium Royalty Corporation. [indiscernible] when Ernie came aboard with us earning was the CEO of the company at the time. So that was an important -- really important definitely directly follow on really from the divestiture of the partial interest in silicon. And then also during the year, we did increase our interest in Labrador Iron Ore Royalty Corporation to gain more exposure to royalties at the IoT mine [indiscernible] were. A couple of other highlights. I suppose that I'd like to highlight here. But for the tenth year in a row, we were able to increase our dividend. So that totally increase now, it's about 400% over that period of time, and it stands today at about $0.40 a share. we reduced our debt with some of the cash proceeds to reduce that by 20%. Something I'm particularly proud of and I know the whole team is proud of is that we extended the track record of maintaining greater than 20% annual compounded share price growth per year out to 29 years now. So that's a record. We're obviously really, really proud of again, [indiscernible] derided. And yes, going in now for the rest of the presentation, the other thing that was achieved last year that I think we solidified a go forward [indiscernible] Near-term royalty revenue growth outlook that I think is probably the leading trajectory of any of the major royalty companies in the space right now. I ran through the slide up for the Board in the Board meeting yesterday and jokes I think this is all we to do, just put this off drop the mic and get off stage [indiscernible] I don't have enough sense for that, though, so I'm going to keep going on. But what this shows you is that over the next 5 years, there's considerable revenue growth that's vended into our business. And this has been building steadily and steadily. Some of it is obviously been helped along by prices that have improved over the past couple of years. But really, what's more important is how those prices and the cash flows of operators and sentiment in the market are now driving decisions by operators of projects that we hold royalties on to make those investments to commission expansions of their operations and to basically to grow out our royalty revenue. So again, that's part really -- the part that we're seeing right here, this revenue deals with ramp-ups of existing mines, expansion and commissioning of new builds. It is obviously a very healthy growth record. That's more than 3x revenue over the next 5 years. that we're anticipating. But what I really want to say here is that, that's the advertiser. In my mind, the main advantage is what comes behind that. That's what some really heavy royalties in our business that we've been working on, in some cases, as much as 20 years, we expect those to start to come on and make contribution, obviously, not much visibility on timing and scale. But if you just look at the far right side of this slide here, you'll see that why we can be pretty optimistic about how not just the next 5 years but how the next decade and decades ahead or shaping up for this business now. One of the areas I wanted to spend a little bit more time on today, and we did this with our conference call this morning as well is just to bring people a little better off to speed on what's going on with the electricity royalties part of our business. Many of you will know that we founded this business back in 2019 when we partnered off with Frank [indiscernible] his team in New Hampshire. And the whole idea was a bold one. It was to try to see if we could bring the royalty model to a whole new natural resource sector, a sector -- at that point in time didn't really have an established royalty component. I won't go through the reasons in the back story, but that's an [indiscernible] one in and of itself. I think really the point I just want to make is that 7 years on now, if you look at the bottom of the pie charter, you just look at the amount of electricity generation that is subject to royalties within this business right now, that the objective has been successful. We had no idea if the royalty finance model will be adopted by the players. Main operating players within that space. That was the real challenge. We knew we were drawn to the idea of putting royalties perpetual natural resources, that made a lot of sense to us and really goes to our PMO we've established as a business over the years and trying to tag royalties to ultra-long life resources. And of course, these are these are perpetual. But the question was, would it take hold? Would it be adopted and would it get off the ground? So there's a few ways I think you can establish [indiscernible] establish credibility in saying that, yes, this business is now a real one and that royalties are a real thing in the renewable energy sector. And so this slide basically shows the counterparty. So these are the people that are paying us now royalties through this business. and they include some of the biggest, most established names in power, energy and infrastructure really in North America, including NextEra Energy Enbridge. So these are the people who would not have heard of royalties within their capital structures 67 years ago who now write a check every quarter [indiscernible] all of you. And yes, so a lot happens over that period of time. There's 2 ways these royalty business has been built up. One has been through backing early-stage developers and attaching royalties to projects before they sell them on to end operators. So that's been a lot of how we've done that. But then also been able to put royalties on more advanced stage projects by putting capital right to the operators and developers and earning royalties that way. But the sum total, and so it's categorized here, what you see now is that after 5 or 6 years pretty intensive development work that things are really starting to happen. And a lot of those early-stage royalties in particular, are coming out the back end of pipeline commissioning as operating projects, producing electricity and paying those royalties. . Yes, very -- I think this is a very impressive outlook. But I will also say here that the business is now established, has been adopted within the broader renewable sector. The challenge right now is to really bring on and add scale and add further diversity. And I think that's actually got -- it's just at that point that it can really start to achieve on that objective now going forward with the base build and credibility and relationships all established. So yes, that really goes to then what's ahead for this business. And I do think that it's at a launch point, quite frankly. The backdrop for its opportunity set going forward is really, really bullish power demand in the U.S. That's the key. There is a level of demand that's emerged for electricity in that market. that hasn't been seen really in probably a generation since close to the end of the second world [indiscernible] since we've seen this kind of broad-based demand for power and electricity coming forward. So that's a great starting point. There's a clamoring for new projects to come on. And obviously, [indiscernible] not capital that's going to have to be raised those projects will create really good starting point conditions. What I find really interesting, almost any [indiscernible] about the conditions that we're seeing right now. You've got that incredibly [indiscernible] would normally associate conditions like contact with very competitive capital conditions, competing with lots of other forms of capital that are all trying to get on board. This is [indiscernible] single market. But it's actually pretty [indiscernible] the competing forms of capital being in the market are real subdued. There's some interesting reasons for that. I think they're almost more political than they are economic in a lot [indiscernible] ways and is probably no small secret that there's been a fairly adversarial relationship between the renewable energy sector and the U.S. administration, the more recent U.S. administration. And generally speaking as well, I think the pendulum has swung back a bit around investment mandate, ESG-focused investment mandates in the more in the broader global capital markets. So those combination of things has meant that despite the bullish fundamentals, it's not wild and crazy out there on the ground if you're trying to put capital put capital to work. And the GBR team accordingly is finding really, really good returns for advanced stage relatively low-risk projects. And when I say little risk, one of the things that features there is the price you can achieve right now on a long-term contracted basis if you've got a renewable energy project that's ready to build. You can walk into just about anybody and get really strong pricing on a long-term basis. So I mean that's the kind of project that we're bringing our capital into. These are projects that have basically prices locked down at great terms. So anyway, I'm really optimistic of what this business can achieve over the next next number of years this set of conditions and then to really build on that revenue profile that we just showed, switch over now to base [indiscernible]. Good steady growth coming here as well, and that's more of the kind of stuff I talked about at the outset in terms of operators doing better and wanting to invest in their assets. So there's 2 legs that we think will come within the sort of early 4- to 5-year time frame. One is well along with the [indiscernible] project expected to start production next year. So that's going to bring a lot of copper and actually some gold exposure into the business. We're expecting Lundin to sanction the expansion of operations at Chapada by introducing new or from a high-grade discovery they've made called [indiscernible]. That should give us a nice boost, and then looking a little further out, there are some other opportunities as well. We're hearing rumblings from Vale now for the first time in a long time around potential expansion potential at Voisey's Bay, and then a project that you would have heard about previously, but this is a new incarnation of [indiscernible] where we hold a royalty published some early study results not too long ago, that actually look pretty attractive. And in this iteration, it's a fairly traditional looking operational plan that's being advanced. So we're watching that one fairly optimistically right now as well. . So that basically gives you a sense of how we see in the near-term time frame, revenue coming in from the base metal side of things. When we show our base metal revenue these days, we talk often in terms of both base and battery mail. So now that brings us a little bit into lithium. And I think definitely because it's -- this will be the first AGM that we've come together that we're talking about since we've consolidated the new Lithium Royalty Corporation acquisition into the business. And it is actually mind-blowing to me that this was only in December that we announced and just how much is capped with that portfolio with that sector in that very short period of time. So this is the lithium market. So the first thing you're going to see here is that this is a commodity that price tends to be really, really, really volatile. It's a relatively new to the industry, but it's an industry that's really taking on scale dollar value of lithium traded in the world has changed dramatically in the past 5 to 7 years as lithium-based batteries have become far more ubiquitous in many elements of our lives. But again, quite volatile sector. We made the acquisition or announced the acquisition of LRC back in December. You see that point on the chart here. And here we are short months later. And in that period of time, we've seen the lithium price double. So we would have shown charts with revenue expectations from the LRC portfolio back in December at the time when we were explaining the transaction. And we've updated those and things have moved considerably upwards in that period of time, which you can see here that there are several mines that are just coming on right now and in the middle of ramping up. So there's a pretty steep trajectory that we're seeing ahead for royalty revenue coming in here. But it's -- I think what really, Mark, there is that the total numbers that we're seeing in this next time frame here, just the scale, what we're talking about, this would be nearly twice what we would have imagined even at the position, which if all that holds together, it's going to have really, really big implications as far as the kind of rate of return we should have shareholders expect on that acquisition overall. Again, that's what you see. This is operations that are currently running that there's been expansion cases that have been announced and all of that. But I think the part that you see here is really the least exciting part of it despite the kind of trajectory that we're talking about here. What really drew us to this portfolio at the time of the acquisition and that really caught our attention [indiscernible] in diligence was not just the mines that we can see currently operating or about start ramping up was the depth of the portfolio overall and how many projects that look like in the next investment cycle for lithium would stand to really look like strong candidate to attract capital and to become next production centers in the lithium space. And that's, I think, important. Right now, with the rate of growth that we're seeing in the lithium market. We've seen incredible projections. I think 1 from Rio Tinto most recently that are predicting that the amount of lithium mine in the world every year in 10 years from now, will be 3x the amount that's being produced today. That's just following along current growth trajectories. And the other thing about that demand that I like this was the story entirely about electric vehicles a few years ago. So as you view the world of electric vehicle adoption, you're really viewing the lithium world. But that's really started to change, become much broader. And where we start to get some intertwining with the with the renewable energy business here because the big driver for lithium right now is not electric vehicles at all. It's -- where the market has been surprised a little bit, there's been big batteries now getting added to renewable energy projects. These are those that were installed over the last 4 or 5 years and certainly anything newly installed. So that's been a big shift in that market and 1 of the big drivers. But again, what we're excited about here is that the market is going to need a lot more lithium. It's starting to put prices in place that will incentivize new production to come on [indiscernible] Mostly what we're doing about is the fact that we're very confident that the portfolio that we now hold is going to represent an outsized share of that new production growth that's to come. So again, we see a lot of runway with this part of our business going forward, getting close to the end [indiscernible] I was told someone on the team the other day told me, when you talk about [indiscernible], we did please stop calling it for. I suppose I guess -- I suppose you're right, but I said it never surprise us. It never causes us any real stress. I mean what do you call that or boring Laurence you said I don't like wonderful I didn't call it boring. I guess my [indiscernible] didn't. Anyway. That's the message here. There's really not much to update and that's what makes it so wonderful. We just continue to see this market evolving just like it's expected to do steadily compounding global demand growth our mines feeding into that demand growth, holding market share, often earning market share. And we're getting closer and closer to a more exciting point probably here in that -- when you think about that global demand growth and steadily compounding and think about how it's going to get mix, we're starting to run out of available supply that can feed into that. . Like that -- that's in sight now. And there are going to have major investments made in the global potash industry, or we're going to run into a situation where there isn't enough available supply to meet demand. We're getting closer to that with every bit of growth that occurs. And it's still our standing belief that the royalty mines that we hold, represent the best place for that new growth to come from. They have the best -- it has the most advantaged operations. They have the ability to expand geopolitical, safety and security. So the market will need more potash and we really do believe that in the fullness of time that our assets are going to represent an outsized year where that goes. So again, common theme from 1 commodity closure. The other [indiscernible] you can see how we try to build assets and in the portfolio. That's the kind of stuff we're looking for. We're looking for assets that are going to feed into that long-term growth. The other thing I think it's probably worth talking about here is the current lithium internally last year as we were marketing the asset. It's going to be a wonderful wonderful one for us in the long term, [indiscernible] near the last of the scale and growth that's going to represent quick touch on [indiscernible] project generation. Last year, that team was very busy trying to sell the silicon projects from their business and doing some other things. So it's definitely a year where we have to cover it a little bit as far as projects and doing work to sell projects and generate new royalty interest. But reverse that is very much underway. And I think right now, we're on track for probably one of the strongest years we've ever had as far as adding new early-stage royalties to the business. So kudos to Laurence and [indiscernible] and Rod team for making sure that, that part of our business despite maybe a little in attention for a year is now rocking and rolling again because as we've always said, that's the engine of Altius right there. That's the good for all the golden eggs come from. So it's really gratifying to me to hear and see that it's rocking roll time again there now. And that's enough for me. Are there any questions? Thank you very much, by the way, for coming out here today.

I just want to ask is there questions on the phone?

Oh, sure. Operator, you also open the phone lines. Any questions? .

[Operator Instructions] And we have our first question over the phone from [indiscernible].

It's a great presentation. Can you walk me through, getting back to lithium? How the team thinks about the risk to the lithium price going forward with our as it affected by possibly directly in extraction through -- of oil and gas wastewater stream. Still experimental, but about Yes. So the question is on -- there's talk about the oil companies going in and talking lithium from the oil operations or the wastewater associated with them. And if that could come into the market and not sort of the more established traditional players, better year-to-date gain. And I guess the easiest way for me to answer is that if I had a dollar for every time we heard that the old industry was going to get involved with the mining where turn it upside down. Well, if I had a dollar for every dollar they rolled down doing that, a lot of dollar I think there's a place for DLEs. There's lots of new technologies, not just in lithium, but I mean solution mining is part of potash and shows up in a plate, but I still put wastewater there's lots of new technologies, not just in lithium, but I mean, solution mining is part of potash. It shows up in uranium. I'm sure it has a plate, but I still wouldn't put wastewater from an oil well up against high-grade lithium brines in dedicated sellers in Atacama Desert up against it. So I think it's a plate, but if you're talking about something that completely re the market, not...

And your next question comes from the line of Adrian from Ede Asset Management.

Yes, Brian, the problem is your business is so boring that we don't have any questions. But I had a quick question on the prospect generation. Am I correct in thinking that your primary motive for getting involved in juniors is the possibility that you might have a royalty at the other end, even if you don't negotiate a royalty with an investment? Or are you actually willing to take investments in just good projects where you think there'll be a capital return, but no likelihood, no reasonable likelihood of a royalty?

I think the first part is definitely right that the motivation for us investing with juniors is to be attached to royalties on ideas and projects that they generate. But there are definitely examples in the past where we've been from that a little bit where something was just so compelling enough and we've already done the work technically and saw enough opportunity to maybe speculate a little more on a pure equity basis. That would be usually situations where maybe there's already too much royalty burden or something along those lines that just makes the royalty angle not easy to install. And I guess there's other times where we tend to be -- we've made investments in hopes that the relationship could build and get to the point that there's royalty interest down the road. But -- like are we like trying to become a fund manager to the junior sector like a pure type player? No, but we're not going to be foolish enough to not pick up dollars on the ground if our work finds something that's just so compelling otherwise. The primary focus, no doubt is ultimately to grow out the organic royalty portfolio.

And there are no further questions at this time. I will now hand the call back to Mr. Brian Dalton, CEO, for any closing remarks.

Henry, you should ask if there's -- like what -- how busy Altius is if there's enough time for fishing anymore. Somebody should ask that. There will be time for fishing. Okay. Thank you very much.

Thank you. And this concludes today's call. Thank you for participating. You may all disconnect.