In This Article:
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated
ST. JOHN’S, Newfoundland and Labrador, July 18, 2024--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) ("Altius" or the "Corporation") expects to report Q2 2024 attributable royalty revenue(1) of $21.8 million.
Royalty Revenue Summary
| Summary of attributable royalty revenue(1) | Q2 2024 | Q1 2024 | Q2 2023 | |||
| Base & battery metals | $ | 5,474 | $ | 5,344 | $ | 4,834 |
| Potash |
| 4,756 |
| 5,129 |
| 6,081 |
| Iron ore# |
| 4,114 |
| 1,683 |
| 2,431 |
| Renewable energy |
| 2,102 |
| 3,337 |
| 1,310 |
| Thermal (electrical) coal |
| – |
| – |
| 2,626 |
| Interest and other |
| 5,317 |
| 1,942 |
| 1,416 |
|
| $ | 21,763 | $ | 17,435 | $ | 18,698 |
| (#) Labrador Iron Ore Royalty Corporation dividends received |
| |||||
Base and battery metals (primarily copper) revenue of $5.5 million for the quarter reflects higher realized prices as well as higher copper stream deliveries from Chapada.
The Corporation's preliminary cost of sales related to the Chapada copper stream, excluding any depletion for the quarter, is $1.6 million.
Potash portfolio revenue during the second quarter was $4.8 million on slightly lower production volumes and prices.
Iron ore royalty revenue in the form of dividends from Labrador Iron Ore Royalty Corp., which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada, was $4.1 million, resulting from a higher IOC dividend.
Renewable energy royalty revenue at Altius Renewable Royalties Corp. ("ARR") of $2.1 million reflects the continuing ramp up of operational stage portfolio projects and includes $0.7 million of investment income generated in its joint venture. The Corporation owns 58% of ARR.
Interest and other revenues includes $3.7 million in investment income related to the settlement of a loan receivable with Adventus Mining Corp.
Non GAAP Financial Measures
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Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments 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.