In This Article:
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Revenue: $21.8 million in Q2 2024, up from $18.7 million in Q2 2023.
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Mineral Royalties EBITDA Margin: 77% in Q2 2024, down from 81% in Q2 2023.
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Adjusted Operating Cash Flow: $9.2 million in Q2 2024, down from $14.1 million in Q2 2023.
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Net Earnings: $8.3 million or $0.18 per share in Q2 2024, up from $3.3 million or $0.06 per share in Q2 2023.
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Adjusted Net Earnings: $0.09 per share in Q2 2024.
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Cash and Liquidity: $19.2 million in cash and $93 million in unused revolver room at the end of Q2 2024.
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Debt Repayments: $2 million during the quarter.
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Cash Dividends Paid: $3.8 million during the quarter.
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Share Repurchase: 119,300 shares repurchased and canceled for $2.5 million.
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Quarterly Dividend: $0.09 per share approved, payable on September 16, 2024.
Release Date: August 09, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Altius Minerals Corp (ATUSF) reported an increase in net earnings to $8.3 million or $0.18 per share, up from $3.3 million or $0.06 per share in Q2 2023.
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Revenue and adjusted EBITDA were positively impacted by higher base metal prices and growth in the renewable royalty portfolio.
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The company has a strong liquidity position with $19.2 million in cash and $93 million in unused revolver room on its credit facility.
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Altius Renewable Royalties reported significant progress, with 12 operating stage wind and solar projects totaling more than 2.5 gigawatts.
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The El Domo Curipamba Project received government approval to begin construction, promising high-grade copper and gold production.
Negative Points
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The mineral royalties segment's EBITDA margin decreased to 77% in Q2 2024 from 81% in Q2 2023, impacted by higher professional fees.
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Adjusted operating cash flow decreased to $9.2 million from $14.1 million in Q2 2023, due to timing of royalty revenue cash receipts and working capital changes.
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Potash prices were lower, affecting revenue despite stable global consumption trends.
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The closure of the Genesee coal mine negatively impacted revenue.
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There is uncertainty regarding the arbitration outcome for the Silicon Royalty in Nevada, which could affect future asset valuations.
Q & A Highlights
Q: Can you provide more details on the potential disposition or retention of the Silicon royalty? A: Brian F Dalton, CEO: We received various proposals, some including asset swaps, but I can't provide more details out of respect for the process. There are opportunities for a blend of cash and assets if we decide to sell.