Altius Minerals Corporation

• Horizon Kinetics 4th Quarter Commentary ↗ Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.8B +4
• Horizon Kinetics 3rd Quarter Commentary ↗ Horizon Kinetics argues that index concentration has created opportunities in securities exchanges, which monetize persistent trading volume with limited incremental capital. It favors royalty and infrastructure businesses tied to gold, potash, natural gas and Permian water, positioning them as asset-light beneficiaries of localized scarcity and data-center power demand. 3rd Quarter 2025 ATUSF $2.8BCME $97BEME $35B +5
• Horizon Kinetics 1st Quarter Commentary ↗ Horizon Kinetics argues that crowd-driven abandonment of commodity and hard-asset sectors has created durable value in asset-light royalty companies, strategic land holdings and securities exchanges. It describes opportunistic income investments in Cheniere, Hawaiian Electric, partnership structures and senior CLO tranches, while positioning TPL-linked relationships as a source of private-market ideas. 1st Quarter 2026 TPL $24BHE $1.5BLNG $56B

All coverage of ATUSF →