On December 22, 2025, Altius Minerals Corporation and Lithium Royalty Corp. have entered into a definitive agreement whereby Altius will acquire all issued common shares and convertible common shares of LRC through a plan of arrangement for total consideration of approximately C$520 million, representing C$9.50 per LRC equity share. The consideration structure consists of approximately C$173 million in cash and approximately C$347 million in Altius shares. Shareholders may elect to receive C$9.50 in cash or 0.240 of an Altius common share, subject to proration ensuring aggregate cash consideration represents no more than one-third of total consideration and share consideration does not exceed 11,500,000 Altius shares. The agreed price represents a premium of approximately 29.6 percent to the closing price and 41.4 percent to the 30-trading day volume weighted average trading price of LRC common shares on December 19, 2025. The acquisition includes 37 lithium and critical mineral royalties, with four currently producing and 12 at advanced stages with completed economic studies. Altius has agreed to provide LRC with a secured bridge loan facility of up to US$20 million for general working capital and royalty acquisitions.

McCarthy Tétrault LLP serves as legal advisor to Altius, with Scotiabank as financial advisor. LRC engaged Davies Ward Phillips & Vineberg LLP as legal counsel, TD Securities and Cormark Securities as financial advisors, while Blake, Cassels & Graydon LLP advises the Special Committee, with Canaccord Genuity providing independent financial advice. The transaction is expected to close in the first quarter of 2026.