Altius Minerals: Solid Diversification but Elevated Valuation Supports Maintain Hold at C$37 Target

Analyst Joel Jackson of BMO Capital maintained a Hold rating on Altius Minerals, with a price target of C$37.00.

Joel Jackson has given his Hold rating due to a combination of factors related to Altius Minerals’ recent financial performance and valuation. While fourth-quarter 2025 attributable royalty revenue came in broadly in line with his expectations, there were notable variations across segments, with softness in key areas such as base and battery metals and potash, partly offset by stronger contributions from electricity and iron ore. He also highlights that certain positive items, particularly within the electricity segment, were boosted by one-time events, which limits their reliability as a driver of sustainable earnings power. In addition, potash royalties were slightly weaker than forecast due to planned maintenance outages affecting production volumes.

Jackson also underscores that Altius has already enjoyed a significant valuation uplift and is now trading above its typical historical multiples and at a premium relative to comparable royalty and streaming peers. This elevated valuation tempers the otherwise attractive qualities of the business, including its diversified commodity exposure and growing power-related revenue streams. Given the mix of in-line overall results, segment-level volatility, some non-recurring earnings benefits, and a share price that already embeds a strong outlook, he concludes that the risk‑reward balance is currently fair rather than compelling. As a result, he maintains a Hold recommendation with a target price of C$37.00, indicating limited upside from current levels.

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALS in relation to earlier this year.