Good morning, ladies and gentlemen, and welcome to the Altius Q1 2026 financial results conference call and webcast. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question- and- answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 13th, 2026. I would now like to turn the conference over to Flora Wood. Please go ahead.
Thank you, Joanna. Good morning, everyone, and welcome to our Q1 2026 conference call. Our press release and interim filings were released yesterday after the close and are available on our website. This event is being webcast live, and you'll be able to access or replay the call along with the presentation slides that are on the homepage of our website and also in the investor section. We will also hold our AGM today at 11:30 A.M. Eastern Time after this call and have a more detailed presentation on the website or going on the website after this call for the AGM. You can also access the AGM virtually with an open Q and A session. Brian Dalton, CEO, and Stephanie Hussey, CFO, will speak on the call. With us in the room is Ernie Ortiz, VP Corp Dev and Head of Lithium.
Ernie's here to answer questions on lithium in the Q and A. The forward-looking statement on slide two applies to everything we say both in our remarks and during the Q and A session. With that, Stephanie is up first.
Thanks, Flora. Good morning, everybody. Yesterday, we reported Q1 net earnings of CAD 2.6 million or CAD 0.05 per share, reflecting higher revenues offset by higher expenses, which included one-time post-closing fees associated with our LRC acquisition. Royalty revenue of CAD 27 million and Adjusted EBITDA of CAD 20 million for the first quarter reflect higher realized prices, timing of copper stream deliveries, increased electricity royalty revenue, and the addition of four operating lithium royalties. These increases were partially offset by lower dividends from iron ore. Operating cash flow was impacted by higher tax payments and working capital changes, as well as the payment of post-closing LRC expenses. Q1 adjusted net earnings of CAD 0.11 per share was higher than Q1 2025, with the main adjusting item being non-recurring costs following the LRC close.
On March 6, we completed a plan of arrangement in which Altius acquired all the outstanding shares of Lithium Royalty Corp. For share consideration of 9.6 million Altius shares and cash of CAD 140 million. The corporation had previously advanced a loan of $14 million to LRC following the announcement in December. Current total liquidity available to the corporation is approximately CAD 350 million, which includes cash on hand, CAD 125 million available under the revolver, as well as CAD 62.5 million potentially available as an accordion feature subject to certain criteria under the terms of our credit facility. In April, the corporation received $30.5 million as a cash distribution from the Royalty Capital Funds relating to investments made by Altius during the founding and early development of LRC.
In the quarter, we made scheduled debt repayments of CAD 2 million on the term credit facility. We paid total cash dividends of CAD 5.2 million and issued approximately 8,000 common shares under the dividend reinvestment plan. The corporation, under its NCIB, repurchased and canceled approximately 227,000 common shares for a total cost of CAD 9.9 million. Yesterday, our board of directors approved a quarterly dividend of CAD 0.10 per share to be paid to shareholders of record on May 29th with a payment date of June 15th. With that, I'll turn it over to Brian.
Thank you, Stephanie. Good morning, everyone. Today, rather than try to walk you through developments across the broader portfolio, as we would typically attempt here, we plan to instead focus in on two particularly quickly evolving areas of the business, n amely the electricity and lithium components. These, of course, have some intertwining macro-level drivers. Soon after this call, we will be starting our AGM. There a broader overview presentation is planned. You are of course more than welcome to ask about any of our exposure areas in the Q and A following these remarks. The first area we want to cover is the electricity royalties business, as represented by our shareholding in Altius Renewable Royalties or ARR. In turn, our effective 29% interest in the underlying operating entity, Great Bay Royalties or GBR.
Several of you have been asking us to dive a bit deeper on this part of our business, as quarterly revenue from it has begun to accelerate and take on greater relative significance within our diversified portfolio. One key deliverable that is intended to help us meet this ask is included in our accompanying quarterly presentation. There you will find a new five year forward-looking revenue illustration that is broken down by category of royalty origination. What should stand out clearly is that the recently establishing trend of increasing period-over-period revenue still has plenty of runway ahead. Later today during the AGM business update presentation that will also be made available on our website, you will find new supporting materials that outline current market conditions within the U.S. electricity generation sector. As well as the investment opportunity set that GBR is pursuing to further build out this growth profile.
I believe that most of you will know that Altius was an original co-founder of GBR back in 2019, when we partnered up with Frank Getman and his team in New Hampshire to see if we could bring adoption of the royalty finance model to the renewable electricity generation sector. Some of the initial attraction for us to try to achieve this stemmed from our strong internal belief that long implied resource lives in the natural resource royalty business are the best predictor of future optionality realizations. In this case, the resource lives we were considering were essentially perpetual. The real question for us was around whether or not we could convince the sector to adopt the model in the way that has occurred over time within other natural resource royalty sectors, such as mining and oil and gas.
Now seven years into the initiative, I think it is fully safe to say that this objective has indeed been successfully achieved. The platform is well established, and the team focus today has instead shifted to the adding of additional scale and diversity to the portfolio. The two key approaches that GBR has used to build its royalty platform to date are, number one, through direct royalty level investments into late development and operating stage projects. Secondly, through the backing of the portfolios of earlier stage developer groups in exchange for royalties on the projects that they ultimately plan to vend out to power plant operators. This second path has obvious parallels with the traditional Altius PG approach to mining royalty creation.
Back when GBR began, its focus was almost entirely on these earlier stage developer deals, owing to difficulty in achieving acceptable returns from advanced stage investments because of overly competitive capital availability conditions in that part of the U.S. power market. Today, that is no longer true, as several of the competing sources of capital that were highly active a few years ago have become more subdued. We feel that this is due to the emergence of a relatively more restrictive philosophical government policy approach to the sector, as well as the easing of ESG-focused investment mandates by many large pools of capital, the anti-woke pendulum swing, if you will. The result, irrespective of the reasons, is that GBR is currently identifying more opportunities to make investments in late stage and operating assets at more attractive implied returns than it could a few years ago.
Based on the strength of its deal pipeline, it is expecting 2026 to be one of its most significant from a new royalty investment deployment perspective, with almost all of its current activity focused on late stage investment opportunities. What is perhaps most remarkable about the current competitive dynamic and the counter-cyclical opportunity field this market has about it is that it exists at all. I say this because the underlying sector fundamentals are so contrastingly bullish, with an explosion in demand for new power generation being experienced across most parts of the U.S., which is a trend that was establishing itself even before the hefty additional pressure from new data center build expectations added into the momentum.
This increase in demand, combined with new build timeline and other constraints that are impacting other types of generation more particularly, is resulting in big increases in the prices that end users are willing to accept under term power purchase contracts with renewable power developers. It is strange times indeed to have a sector boom of this strength underway, while at the same time seeing constrained capital conditions and down cycle-like return generation opportunities. Strange, but wonderful. The current GBR focus is certainly more directed towards late-stage project investments, but this does not mean it has let up on continuing to support and benefit from its portfolio of earlier-stage development company investments.
These were always seen as longer lead time endeavors to reach royalty generation or royalty revenue generation. Enough time has passed now for GBR to begin to see a big uptick in the number of these projects approaching commissioning and first royalty revenues. In fact, there are five projects within the portfolio today that are under construction. Notable amongst these are a series of projects that originated within our first investee company, Tri Global Energy or TGE, before it was subsequently acquired by Enbridge, who has now taken on that portfolio of projects and is aggressively building it out. It is also worth here describing some other innovations developed by GBR as its business has matured. One example has been the addition of ancillary deal components to its developer royalty investment structures.
These included adding hybrid equity exposure into developers alongside royalty rights, again not dissimilar to the way Altius often structures hybrid royalty equity deals with its minerals PG business. In other cases, GBR now gains entitlements to a share of the sales proceeds, typically milestone-based, that developers receive upon vending their highly in-demand projects out to end builders and operators. As GBR looks forward, it sees the potential for meaningful cash generation from these ancillary innovations that is over and above its royalty flows. In fact, in the case of sharing of project sales proceeds, GBR's share of milestone payments could bring in as much as CAD 100 million over the next three or four years as the developers successfully execute their business plans. Another innovation that GBR has brought to market over the past couple of years is its Interconnection Deposit Financing Program.
Under this initiative, GBR posts fully refundable deposits on behalf of developers to allow them to hold positions and queues for grid interconnection, allowing the developers to not tie up their own capital and to direct more of it instead towards actual project development activity. GBR funds these deposits through a dedicated underlying credit facility and then generates a positive margin through the fees provided back to it by the developers. While these net revenue amounts are indeed becoming collectively meaningful, and as shown as a separate category on the new revenue chart we are providing, the main intended function of this business line is to support royalty business development. This comes through the positive relationships with several new project sponsors that have and are being created.
In certain cases, GBR is directly supporting its existing developer investee companies with this program and allowing them to more rapidly advance projects towards sales and operations, with GBR royalties attached, of course. I 'll wrap up here on GBR and Altius' electricity royalty exposure by saying that it is a business that we have established a lot of belief in. It has now reached an exciting stage of its development with a business platform and offering that has been embraced by some of the largest and most sophisticated players in the power generation industry, and a market conditions backdrop that is highly conducive towards meeting its objective of further building out scale and portfolio diversity. The other business area I want to focus on here today, albeit more briefly, is with respect to our recently acquired Lithium Royalty portfolio.
In some ways, it is hard to believe how much has transpired here in the short time that has elapsed since the acquisition was announced in mid-December. The most obvious development has been with respect to the commodity price, which has now doubled since the announcement and confirmed a cyclical upwards turn from the deep lows of 2025. These higher prices are driving obvious positive impacts for us from the four currently operating Lithium Royalties that we hold. There are other developments that are occurring that we believe will be even more impactful in the bigger picture. Lithium demand has been compounding at incredible rates for the past five years or so now. Rather than beginning to succumb to the law of large numbers, as many have been calling for, demand appears actually to be instead accelerating.
Importantly, the sources of the demand growth are also becoming more diversified beyond electric vehicle-based dominance, with the most notable new driver being the increasing addition of battery storage pairings to the rapidly expanding global fleet of renewable electricity plants. Recall my earlier comment about intertwining macro drivers. The result, in any event, has been a growing recognition that market deficits for lithium have reemerged much more quickly than expected, and that a significant volume of new supply will be required to suit in order to keep pace. Some credible estimates, in fact, peg the amount of new supply required at 3 times current production levels 10 years from now, which is a very short time to try to build that much production, productive capacity in mining. Lithium mines are responding because they can.
We have heard each of the operators of Tres Quebradas , Mariana, Goulamina, and Grota do Cirilo all either initiate or confirm intentions to proceed to phase II expansions. The Finniss project has recently closed financing and confirmed plans to restart operations later this year, while the Neves project has begun awarding contracts to kick off its construction. Looking beyond these projects, one of the key attractions of the LRC acquisition for us was the deep pipeline of exploration through feasibility stage projects that it had assembled. We conducted extensive technical diligence on this part of the portfolio at the time and remain convinced that several of these projects represent leading candidates to emerge as part of the solution to the industry supply challenge ahead. In our accompanying presentation slides, we have also included an updated five year Lithium Royalty revenue illustration.
This has seen meaningful upward shifts from the one used in our acquisition explainer investor deck in response to the price and volume growth signals that have come in subsequently. During today's AGM presentation, we will also provide some additional supporting materials to reinforce our views on the lithium market developments that have been discussed here today. Exciting times. Thank you. With that, let's turn it over to questions.
Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. First question comes from Orest Wowkodaw with Scotiabank. Please go ahead.
Hi, good morning. Obviously, Brian, you and the team have been very active in the last two years reshaping the portfolio. Just curious where you think you go from here with respect to commodity exposure. I mean, obviously the Lithium acquisition was really well timed before pricing took off. Do you see certain commodities where there could be opportunities in this environment?
Definitely. I think that obviously, there's a much better sentiment around right now, and there's more readily available capital from, you know, competing sources. Not everything looks exciting to us, but, you know, it feels to me like it's pretty segmented. There's some areas, some commodity exposure areas that, you know, you're hearing lots about, but there's others, if you're hearing about them at all, it's usually with, you know, with disdain. It's, it's, you know, it's not across the board that we feel like, you know, all of the growth from here has to come from operator type investments from their increasing cash flows across the portfolio. I mean, I definitely believe that that's the most important part of our growth going forward, but I'm definitely not telling the team, like, you know, "Pens down, there's nothing to do here.
Just from a portfolio perspective, I mean, in our valuation, lithium is pretty dominant from a now perspective. Is there a certain target that you'd like to get that to? Are you happy with it, just such a dominant part of the overall valuation?
It's probably a little out of balance right now, but there's two ways for that to sort itself, right? The one I prefer is to just make sure that we continue to see good, steady growth across the rest. Obviously, prices have been a big driver there in the very recent term, and the point at which the portfolio was acquired was, you know, was right at that inflection point for a lot of assets to come on board. When I look at, you know, the electricity side, for one, the deployment opportunity there is really strong. Like, that's gonna easily hold its own and maintain weight within that broader portfolio. Potash will do it in a non-splashy, typical potash-like way, but it'll just get bigger and bigger and bigger over time.
There's good growth coming on the base metal side. We heard Vale talking about expansion potential now at Voisey's Bay . We're all watching for what Lundin says about the sanction decision at Saúva. Curipamba is on stream later this year. You know, you're never gonna get that pie chart of, you know, wedges of exposure areas when you're trying to manage what we're trying to manage exactly where you want it at any one point in time. I'm not concerned at all about how it's all evolving. Like, I think all of our business areas right now have got really good growth drivers. You know, if something looks more permanently out of whack after the dust settles a little bit, you know, we can always adjust something downwards.
That's easy, but it's certainly not the approach we're taking to it right now.
Thanks very much.
Thank you, Orest.
Thank you. The next question comes from Carey MacRury with Canaccord Genuity. Please go ahead.
Hey, good morning, Brian. First of all, thank you for those revenue charts. Those are super helpful, so appreciate that.
You were in my mind when we were putting them together, I'm not gonna lie.
Yeah. Maybe a follow-up question to Orest. You know, obviously, you have a lot of cash on the balance sheet, almost CAD 130 million. Are you seeing opportunities where you can deploy some of that cash in the near term? Or just given, you know, CAD 6 copper and pretty healthy lithium prices, we should be waiting for a while?
Again, no pressure to do that. I mean, the LRC transaction, to me was sort of the first, you know, go back a bit, right? If you think about all the divestiture work in the middle part of last year around Silicon and when the cash balance was really pretty heavy. LRC, you know, that transaction, you know, sorted us through a lot of that. Again, not everything is rip-roaring right now. I'm feeling, you know, contrarian enthusiasm about some commodity areas right now. I know for sure that, you know, there's a steady opportunity to continue to deploy on the electricity side. You know, we'll be patient if we have to.
As I said to Orest here, you know, the team's still got lots of, lots of targets in mind that, you know, don't feel like they're, you know, we're being too procyclical in pursuing them. You know, it's not as good as it was in 2016, that's for sure. If we have to sit on cash for a while, well, we've done that before too. Again, there's lots of growth to come here just because everyone's making more money and markets are back and capital is available, and we know our assets are gonna see more than their share of that, and that it's coming. No, I wouldn't, I wouldn't count us out for being, showing up with more, you know, more external M&A from here.
I don't know if it'll be giant splashy stuff, but I can see ways we can, we can tweak and build on our portfolio, particularly if we start thinking, you know, out into the, you know, next decade and the one after that and the one after that. There's always something to do.
All right. Appreciate that. On the GBR side, the revenue is really starting to ramp up here. Is GBR distributing cash to its partners, or is the cash being held in the business to deploy in that business?
Yeah. At this point, for sure, like, the goal there is to recycle the capital, the revenues that are coming in into more deployments. There's a really healthy pipeline of opportunities there. For the most part, it is related to, you know, in construction or already operating projects or, you know, immediate impacts. I think all of us as shareholders, whether it's us, Apollo, or Northampton and the Dutch pension fund, wanna You know, we all see that the highest and best use of that capital is not to flow up and out, but instead to get poured into more growth and then to just build scale here now. It's got a really nice window opened up for itself right now.
Maybe just one last one on that, on the same topic. The CAD 74 million in 2030, is that sort of the peak number given all the capital that's been deployed, or is there a peak number that's a few years out from that?
I wouldn't say it's a peak number there, no, because it won't. Like a lot of the development stage royalties, so ones that, you know, developers brought along, sold to an operator who are now moving them along through pipelines, some are coming out as operating. There's still a lot of what we're seeing now will be from TGE, for example, the front end of that, right? That would've been the 1st of those developer deals. There's a bunch more that have happened since, and those are, you know, tailing along a little bit behind. There's lots more to come there.
I would probably also say that it would be disappointing, I think for everyone involved, if there's not meaningful bolstering of that profile, both within the period we're showing and beyond, that stems from the kinds of deployment potential we're seeing right now into, you know, and fairly chunky kinds of investments as well, into near-term revenue generating, you know, sort of more advanced stage royalty investments. No, I don't see any sign of plateauing in that business at this point. It's quite the opposite. It just really feels like it's getting its legs now.
Maybe just one last one actually, if I can. You know, the end game for GBR, is this meant to be private forever, or are the partners thinking about sort of, you know, taking this public in the future, just given how much growth that has been built up in the portfolio?
There actually hasn't been a lot of discussion about, you know, exits or anything else. It's all about, you know, really starting to take hold now, and it's like, how much can we scale this to? That's really the focus. It's one of those kind of Kenny Rogers early time enough for count when the dealing's done situations, you know?
Yeah. All right, that's it for me. Thanks, Brian.
Cheers, buddy.
Thank you. The next question comes from Ernad Sijercic with TD Securities. Please go ahead.
Thank you. Hi, everybody. Thanks for taking my questions. On lithium, are you seeing any early signs of narrowing discounts to spot pricing?
Ernie, you're up.
Yes. We are starting to see a narrowing of the discounts. You're also seeing prices starting to continue to move up and also the lag. There's normally like a one quarter lag as we've seen with both majors and our own production. You'll start to see probably better pricing in the second and third quarter given for just the momentum and then just the catch up from some of those quotational pricing adjustments. Given the tightness in the market, we are also seeing discounts lessen given just the need for product out there right now.
That's great. Thanks, Ernie. Just one more from me. Do you think the recent strength in your share price will change your shareholder return strategy, or will you keep it the same?
I mean, I'd characterize our, you know, returns of capital, however you wanna look at that, dividends and the buybacks probably more particularly as always opportunistic. When you default to that, there's really never a reason to change, right? It's just keep an eye on things. As far as like the dividend side of things go, you know, I think that the business continues to strengthen its platform and its cash generation abilities continue to move up. I think we're running a 10-year track record right now of increasing dividends. You know, it wasn't something that came up for discussion in this quarter, but it'll come up pretty soon again. It typically does in the third quarter.
Yeah, again, we're feeling pretty constructive about the long-term health and strength of the business, but I'm not gonna prejudge a board decision on that either.
Great. Thanks so much.
Thank you.
Thank you. The next question comes from Brian MacArthur with Raymond James. Please go ahead.
Good morning. Can I just go back to slide five with the electricity royalty ramp up? There's all sorts of caveats on there, which I get, but you also talk about CAD 100 million in ancillary revenue from development-
Yep
Fee sharing. Is there a lot of that in those numbers, or is that? Just as I think of this going forward, is this such a big part of that business now that I could view it as I mean, a royalty goes forever, effectively, but these sound to me a little more like one-off development payments, so they might be more chunky, if you see what I'm saying. Maybe they're sustainable.
Yeah
In a big way. Can you just comment a little bit on that, Brian? Thanks.
Certainly. First off, the revenue numbers we're showing there, you know, that relates just to royalties. There is a subset there that deals with the interconnection work. The ancillary payments, like, you know, attached to project sales. These are developer fees. They sell a project on, they get paid as well, right? They sell a project on, it has our royalty attached. Some of the later deals, developer deals, had that right to basically share in some of those developer fees. Others had equity. You know, that was just learning that came along the way. Like, you know, if we had been equity holders in TGE at the time of the Enbridge acquisition, it would've been a, you know, pretty monumental day for us.
To hear TGE talk about it at the time that the reason that they were able to grow and scale their business to the point that an Enbridge wanted to buy them was because of our capital. You know, we got smarter along the way. The CAD 100 million we're talking about there, that relates to projects that have already, you know, basically had deals done on them coming out of different developers. The schedule of milestone payments has been established as part of those sales agreement, and then we're just doing the math on what our share of those payment amounts might be. There's some risk associated with it. I mean, some of these milestone payments might not get made, and of course, we wouldn't get payments. You know, it's not completely arm waving either.
These are like, you know, credible buyers who've negotiated to buy assets and have agreed to payment schedules. It would be really hard, Brian, to try to extrapolate forward, you know, how much of that type of revenue you could count on going forward. It's gonna be very much more like, you know, that'd be like trying to predict how much revenue Altius Minerals is gonna make in its PG business. Like, you know, it's by definition, it's gonna be episodic to lump. It may be a little more stable once it gets sort of rolling with, on the GBR side of things, just because those developers and their selling of projects, you know, tends to be more of a steady pipeline.
We don't have enough visibility at this point to predict how many projects they're gonna sell and how much revenue might flow back to us as part of that. It's just a little harder to be predictive around. We just know it's, in the near term, it looks like it's gonna be very meaningful, and that beyond that, there is really strong demand out there right now for the projects that developers have in their pipeline. As it stands now, you know, they look to be in really good shape to continue to generate project sales, and to the extent that that proves to be correct, yeah, we will see this ancillary revenue, for want of a better term, continue to become impactful.
You know, it has the potential really to be a big, pretty big source of capital at GBR level to fund future deployments into royalties, which again, you know, really strong parallels here to as to how the Altius Minerals royalty portfolio has been built. A lot of the royalties that sit within Altius Minerals today were ultimately acquired with revenues that came in from, you know, ancillary or equity type, episodic wins over the years. Anyway, long answer, but hopefully one that gives you much more color on that point. I appreciate how it's maybe hard to read from that slide.
I think that's very, very helpful. Just so, but it's interesting to me, as you said, like you're talking about all that's coming in from 2026 to 2028. There's nothing for any of this in here. This table is just the, if I want to think about it, the royalty/other facts that are generated from that. Is that correct?
Yeah, that's royalty revenue and a little bit of contribution from the net proceeds from the interconnection deposits.
Right. Which is you show it there. Okay, great.
Yeah.
Thank you.
No, we haven't tried to plot the other, you know, project sales proceeds in this. We, you know, we look at it as a separate bucket as well. The more recurring type revenue is what you're seeing in the table.
If you get those, will that be counted as revenue or is that more like, if I think about it, an equity sale and it'll go through like cash somewhere else? I mean, you're gonna get the cash, I get it, but just how will that actually be reflected then? It will just be reflected in revenue eventually.
I don't know really. Stephanie, you could jump in on that one. For me, it's cash. That's all I know.
Yeah.
I don't know if it's gonna be classed as revenue. Over to you, Stephanie.
Yeah, that's right, Brian, and both Brians actually. We treat it as a cash inflow for sure. There might be a portion that gets included as revenue, but it's hard to tell until that actually happens and the mechanism from which project it comes from. I think we'll just treat it as cash flow for now.
Perfect. Thank you. Maybe just switching gears to the lithium business. Just on Goulamina, just 'cause it's kind of in there for the first time, obviously a good number, good project. Was there any, just because it's the first quarter reporting, are there any true-ups in volumes or anything that distort those numbers for this quarter? I take your point, Ernie, that the price will probably go on higher later, so you get more than that. Do I need to worry about any volume things that distorted that first quarter number just because you're closing the transaction?
No. Yeah, there were no volume impacts in there. The asset continues to ramp up nicely and sequentially higher slightly, but production is going smoothly and no impacts from the country. As far as pricing adjustments, yeah, we did see a benefit, a positive quotational pricing adjustment in the quarter, probably based on the current spot price, that also likely to occur in the second quarter, but no impact on volume.
Thank you all for answering all my questions. I appreciate it.
Thank you, Brian.
Thank you. The next question comes from Adrian Day with Adrian Day Asset Management. Please go ahead.
Good morning. Hey, I wanted to follow up, if I may, on the very first couple of questions and look at it from the other direction. That is when you look at your portfolio, stand back and look at it, forgetting about current prices, forgetting about current opportunities, where do you think you are underinvested? What is it you look at and say, "Gosh, we love these characteristics. They fit with the Altius model, and we just don't have enough." Then if I may just follow up quickly, specifically uranium, which would seem to fit your characteristics, also what are your thoughts on adding more gold and silver? Again, forgetting about price at the moment, but what are your thoughts on gold and silver, which perhaps don't have the Altius characteristics?
Like there's areas that we'd be interested in. We've always thought about, you know, things like, you know, big, widely traded commodities that we don't have exposure to, like aluminum, but we just haven't found a way in yet on that. It's just a different kind of industry. That's one that I would certainly point to. On a revenue basis, to me, we feel light right now in iron ore just because of the, you know, relative to the weight that that represents in the global mining world. I think that probably takes care of itself just with Kami and, and Champion. Uranium, yeah, we've tried a couple of things there to get involved with advanced stage projects, but it's, it's pretty competitive.
Like, there are a lot of other types of capital that are inclined there. There's lots of hands up to put money into those projects, it becomes a challenge of returns. We also think that there tends to be a bit of an optimism around timelines from vendors when we talk in that area. Definitely fair game, open for us. On the gold side, we're getting it anyway. Like when I look at Curipamba coming on stream. Probably at least half of the NSR from that project, despite it being, you know, really a big base metal mine, but more than half of the NSR right now is coming in from gold and silver. We're already gonna start getting meaningful revenues there coming up pretty soon.
There's still the challenge though of competition around royalties, you know, that are more pure, precious metals. It's obviously a pretty formidable set of competitors you're dealing with there if you're trying to go toe-to-toe on opportunities there. Earlier stage exploration side, like we're really active on the gold front. It's probably still the most active part of our project generation business, so we're definitely not opposed to the idea of creating another Silicon royalty or something along those lines. That wouldn't upset me philosophically or anything. It's just really, it's a matter of, you know, is it a practical opportunity set to be, you know, really pursuing?
I'll be honest, we're still big shareholders of Orogen Royalties, so sometimes when we see those opportunities come across our desk, we'll just deflect them over there because, you know, that's a more pure, precious metals royalty company that we're, you know, we're really closely aligned with, have a really nice partnership with and are a big shareholder of. You know, we're not unexposed. I don't feel like we're dramatically underweight there. The last point I'll make is that, you know, there's never been a problem with us owning gold royalties. It's not, you know, there's no inverse situation where we'll get punished for having too much gold exposure that maybe a pure precious metals royalty company might worry about in the other direction.
It is really just a more practical, you know, competitive call really as to where we direct our energies and efforts and, you know, not be setting ourselves up to waste a bunch of time on things that are almost certain to fail.
Yeah. Okay. Well, thank you very much. No, Brian, we won't be upset if you get another Silicon either.
Good. Excellent. We'll go and do that then.
Thank you.
Cheers.
Thank you, ladies and gentlemen. As a reminder, if you have any questions, please press star one. We have no further question. I'll turn the call back over to Flora Wood for closing comments.
Thank you, Joanna, and thank you everybody who joined, and again for the great questions. Hope some of you, all of you can tune in for the AGM. If not, we'll look forward to speaking with you for Q2.
Thanks, everyone.
Thank you.
Thank you. Thank you, ladies and gentlemen. This concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.