Altius Renewable Royalties Reports Q1 Expected Proportionate Royalty Revenue(1) of US$1.0 million

All $ references in US unless otherwise indicated

Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR”, the “Company”, or the “Corporation”), expects to report Q1 2023 proportionate royalty revenue of $1.0 million, which compares to $0.6 million of proportionate royalty revenue recorded in Q1 2022. This amount reflects ARR’s 50% ownership interest in Great Bay Renewables (“GBR”).

Frank Getman, CEO of GBR, commented, “Our royalty revenue continues to ramp up as additional projects stemming from our developer-based agreements commission and as recent acquisitions of operating stage royalties are incorporated. Most royalties in our diversified portfolio performed well, however a mild winter and low natural gas prices have resulted in lower merchant power prices across regions of the country, and particularly impacted revenues from our royalty on the Old Settler project in West Texas. We anticipated lower revenues in Q1 compared to the remaining quarters in the year and as such maintain our full year revenue guidance of $11.5 million to $13.5 million for GBR. We also continue to see incredibly strong demand for GBR’s flexible, partner-like royalty financing with both developers and operating projects and expect to be able to deploy additional capital throughout the remainder of 2023.”

Q1 2023 Financial Results Conference Call and Webcast Details

Financial results will be announced by press release May 5, 2023 after the close of trading. A conference call and webcast will be held on May 8, 2023 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:

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.

About ARR

ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 33 renewable energy royalties representing approximately 1.9 GW of renewable power on operating projects and an additional approximate 6 GW on projects in development phase, across several regional power pools in the U.S. The Corporation also expects future royalties from GBR's investments in Bluestar Energy Capital and Hodson Energy. The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

Forward-looking information

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

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