All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated
ST. JOHN’S, Newfoundland and Labrador, January 28, 2025--(BUSINESS WIRE)--Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) ("Altius" or the "Corporation") expects to report Q4 2024 attributable royalty revenue(1) of $13.6 million and annual attributable royalty revenue of $65.7 million.
Royalty Revenue Summary
Summary of attributable royalty revenue(1)
2024
Q4 2024
Q3 2024
Q2 2024
Q1 2024
2023
Base & battery metals
$
19,422
$
3,167
$
5,437
$
5,474
$
5,344
18,354
Potash
18,376
4,907
3,585
4,755
5,129
24,005
Iron ore#
11,220
2,805
2,618
4,114
1,683
9,536
Renewable energy##
6,939
1,786
2,000
1,218
1,935
4,137
Thermal (electrical) coal
–
–
–
–
–
8,853
Interest and other
9,705
935
1,509
5,319
1,942
5,993
$
65,662
$
13,600
$
15,149
$
20,880
$
16,033
$
70,878
(#) Labrador Iron Ore Royalty Corporation dividends received
(##) Effective 29% interest in renewable royalty revenue
Base and battery metals (primarily copper) revenue of $19.4 million for the year reflects higher realized prices offsetting slightly lower volumes. The fourth quarter was impacted by lower than normal copper stream deliveries due to timing of sales relative to production from Chapada, however the Corporation received higher than average deliveries in January 2025.
The Corporation's preliminary cost of sales for the year related to the Chapada copper stream, excluding any depletion, is $5.5 million.
Potash portfolio revenue during the year was $18.4 million on lower prices, offset by higher attributable production. During the fourth quarter the Corporation received positive adjustments of $981,000, which relate to a new unitized area at one of the Nutrien mines.
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 $11.2 million for the year as a result of higher IOC dividends.
Renewable energy royalty revenue of $6.9 million reflects the continuing ramp up of operational stage portfolio projects and includes $1.2 million of investment income.
On December 5, 2024 Altius Renewable Royalties Corp. ("ARR") announced the completion of a statutory plan of arrangement pursuant to which Royal Aggregator LP, an affiliate of Northampton Capital Partners LLC ("Northampton"), acquired, for $12.00 per share, all of the issued and outstanding common shares of ARR with the exception of 17,937,339 common shares or 57% owned by the Corporation. The Corporation has reported renewable royalty revenue (a non-GAAP measure) to reflect its effective 29% interest of Great Bay Renewables, held through ARR.
Non GAAP Financial Measures
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.
Fourth Quarter and Year End 2024 Financial Results Conference Call and Webcast Details
Additional details relating to individual royalty performances and asset level developments will be provided with the release of our annual financial results, which will occur on March 11, 2025 after the close of market, with a conference call to follow on March 12, 2025.
Date: March 12, 2025 Time: 9:00 AM ET Toll Free Dial-In Number: +1-800-717-1738 International Dial-In Number: +1-289-514-5100 Conference Call Title and ID: Altius Minerals Q4 2024 Financial Results, ID 16181 Webcast Link: Q4and Year End 2024 Financial Results
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,290,608 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.
Forward-looking information
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Altius 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 Altius 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. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations.
