Altius Renewable Royalties Reports Q4 2023 Expected Proportionate Royalty Revenue(1) of US$1.3 million, Full Year of US$5.2 million

Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR”, the “Company”, or the “Corporation”), expects to report Q4 2023 proportionate royalty revenue of $1.3 million (excluding interest income), which compares to $0.9 million of proportionate royalty revenue recorded in Q4 2022. On a full year basis, proportionate royalty revenue increased to $5.2 million from $3.7 million in 2022.

These amounts reflect ARR’s 50% ownership interest in Great Bay Renewables (“GBR”). GBR's royalty revenue of $10.4 million for 2023 compares to guidance of $11.5 million to $13.5 million, with the difference largely relating to an escrow release of $1.25 million from Titan Solar that has been delayed into Q1 2024 pending confirmation of a local transmission line upgrade.

Frank Getman, CEO of GBR, commented, “GBR had a successful 2023, entering into a new $45 million developer transaction with Hexagon and securing a $247 million credit facility that provides new investment liquidity at a particularly opportune time in the renewables market cycle. Merchant pricing in ERCOT rebounded in the summer after very low prices in the first half. GBR is positioned for a strong 2024 with a diversified portfolio of cash flowing royalties, over 1 GW of developer derived royalties currently under construction, and significant dry powder to execute on its current pipeline of potential new royalty deals.”

Q4 and Year End 2023 Financial Results Conference Call and Webcast Details

Financial results will be announced by press release Wednesday March 6, 2024 after the close of trading. A conference call and webcast will be held on Thursday March 7, 2024 at 9:00 am ET to provide a discussion of the business and outlook and to offer an open Q&A session for analysts and investors. Access details are as follows:

Date and time: Thursday March 7, 2024, 9 am ET
Toll Free Dial-In Number: ([phone]
International Dial-In Number: ([phone]
Conference Call Title and ID: Altius Renewable Royalties Q4 2023 Financial Results, ID 82295734
Webcast Link: ARR Q4 2023

Non-GAAP financial measures
⁽¹⁾ Proportionate royalty revenue is a non-GAAP financial measure. Management uses non-GAAP financial measures to monitor the financial performance of the Corporation and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A, which are available at https://www.arr.energy