St. John’s, Canada - Altius Renewable Royalties Corporation (“ARR”) (TSX:ARR, OTCQX: ATRWF) is pleased to announce that its jointly controlled subsidiary, Great Bay Renewables LLC (“Great Bay”), has entered into a follow-on transaction with its development partner, Nova Clean Energy, LLC (“Nova”) to provide a US$40 million secured term loan facility (“the Loan”). As part of the Loan, Great Bay will receive up to 500 MW of additional royalties on Nova’s pipeline of projects, depending on the amount drawn as projects are commercialized by Nova. This is in addition to the royalties on 1.5 GW of renewable energy projects Great Bay received as part of its initial investment into Nova and its parent company Bluestar Energy Capital in May 2022. Since that time, Nova has built an extensive and impressive pipeline of 25 wind, solar and battery storage projects totaling approximately 6.5 GW.

Frank Getman, CEO of Great Bay commented, “Nova has made tremendous progress since its formation and our original investment a little over two years ago. We are delighted to be able to continue to support Nova in its efforts to create the next great renewables platform and to be able to participate in its continued success.”

Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.

Transaction Terms

Nova can draw up to $40 million under the Loan, with the proceeds to be used for ongoing development activities in the advancement of Nova’s pipeline and interconnection related deposits. Nova can draw upon the Loan immediately with interest accruing from the date of draw and the Loan has a three-year term. The investment is expected to achieve or exceed Great Bay’s previously communicated targeted return threshold. Great Bay has the option at its election to convert outstanding principal and interest under the loan into a next round of financing for Nova at a discount.

Great Bay was advised on this transaction by an advisory team from CCA Capital LLC led by Martin Pasqualini and a legal team at Pierce Atwood LLP led by Kris Eimicke.

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 11 renewable energy royalties representing approximately 2.4 GW of renewable power on operating projects and an additional approximate 5.8 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, Hodson Energy, Hexagon Energy and Nokomis Energy, which are expected to increase the total development project pipeline to approximately 18.7 GW. 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.

For further information, please contact:

Flora Wood, Corporate Secretary

Email:[email protected]

Tel: 1.877.576.2209

Direct: +1(416)346.9020

 Ben Lewis, CFO

Email:[email protected]

Tel: 1.877.576.2209

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.