Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) reports on a decision issued on April 4, 2024, by the Alberta Court of Appeal regarding the earlier dismissal of its Statement of Claim against the governments of Alberta and Canada for the constructive taking or de facto expropriation by regulation of its Genesee mine “interest in land” royalty asset.
In its decision, the Court of Appeal upheld the earlier decision to summarily dismiss Altius’s claim on the grounds that it did not believe that the legal test for constructive taking or de facto expropriation was met. Altius’s mineral royalty rights to Genesee were fully economically defeated by the government’s actions. In contrast with Altius, compensation was previously paid to the operator of the Genesee power plant.
Given the impact of the Court’s decision, Altius, with the input of legal counsel, will take time to study and carefully assess the judgment and to determine if any further legal steps are warranted. Altius is disappointed with the conclusion and reasons of the Court, but respects the legal process, including the Court’s decision.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,539,326 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.
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