Brian Dalton, CEO of Altius Minerals Corporation | Rule Symposium 2026: Rick Rule interviews

Altius CEO Brian Dalton expects royalty revenue to roughly triple by 2030 as operators expand potash, base metal, iron ore, lithium, and power assets.

A royalty (a share of mine revenue requiring no capital or operating spending) makes Altius a high-margin, expansion-linked business.

Net present value (what future cash flows are worth today) ignores royalty cash flows after year 12, so long-life royalties keep compounding beyond models.

Altius turned a $400,000 exploration bet on a Nevada gold discovery into just under $500 million Canadian, keeping a third of the royalty.

Management favors buybacks over external acquisitions, saying Altius shares are worth more than the assets it could buy with cash.