Mr. Ben Lewis reports

ALTIUS RENEWABLE ROYALTIES REPORTS Q1 2023 FINANCIAL RESULTS

Altius Renewable Royalties Corp. has released its financial results for the first quarter 2023 with a conference call to follow May 8, 2023, at 9 a.m. ET.

The corporation's 50-per-cent-owned Great Bay Renewables (GBR) joint venture recorded $2.0-million in royalty revenue for the quarter ended March 31, 2023. ARR reported proportionate revenue of $1.6-million and a net loss of $100,000. This compares with proportionate revenue of $600,000 and a net loss of $200,000 in Q1 2022. Total proportionate revenue in Q1 2023 comprised $1.0-million in royalty revenue and $600,000 in interest income. Operating cash flows at GBR were $1.0-million in the first quarter of 2023 as compared with $600,000 in Q1, 2022.

GBR's royalty portfolio increased relative to the comparable period in 2022 from the additions of each of the Titan Solar, Young Wind, Appaloosa Run and Hansford County wind projects, which were either acquired or reached operational status in the second half of 2022. Offsetting some of the production volume-based growth were impacts from lower merchant pricing during the quarter that are largely a function of lower natural gas prices as compared with the prior-year comparable period and mild winter weather.

The GBR joint venture continues to progress several new royalty investment opportunities spanning the full spectrum of development to production stage assets while several of its existing development stage royalty assets continue to advance toward construction and operations.

As of March 31, 2023, the corporation held cash of $48.5-million and has 2023 expected commitments toward existing GBR investment agreements of approximately $10.0-million.

Commenting on the quarter, Frank Getman, chief executive officer of GBR, said: "Our royalty portfolio revenue and cash flow profile is benefitting from the addition of operational stage royalties while we are experiencing an increase in the number of potential investment opportunities we are seeing. This reflects strong industry tailwinds in the U.S. that are related to supportive policies while at the same time competing equity and debt capital sources have tightened recently."

Brian Dalton, CEO of ARR, added that: "The GBR joint venture continues to outpace our portfolio and production growth expectations as adoption of the royalty based funding model gains traction and appeal within the U.S. renewable energy sector. We look forward to playing an increased role in supporting the energy transition and to adding further diversity and scale to the portfolio on behalf of shareholders."

Conference call details

A conference call and webcast will be held on Monday, May 8, 2023, at 9 a.m. ET to provide an update and to offer an open Q&A (question and answer) session for analysts and investors. Access details are as follows:

Date:  Monday, May 8, 2023, at 9 a.m. ET

Event:  Altius Q1 2023 financial results, ID 10413570

Dial-in:  1-888-396-8049 or 1-416-764-8646

About Altius Renewable Royalties Corp.

Altius is a renewable energy royalty company, the business of which is to provide long-term, royalty-level investment capital to renewable power developers, operators and originators. Altius currently has 10 renewable energy royalties representing 2,068 MW of renewable power on operating projects, and an additional approximately 6.0 GW on projects in the construction and development phases, across several regional power pools in the United States. The corporation also expects future royalties from GBR's investments in Bluestar Energy Capital and Hodson Energy. The corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

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