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Altius Reports 2024 Attributable Royalty Revenue of $64.0M and Adjusted Earnings(1) of $12.7M

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Altius Minerals (OTCQX: ATUSF) reported full year 2024 attributable royalty revenue of $64.0 million ($1.37 per share), down from $69.4 million in 2023. The company's Q4 2024 attributable royalty revenue was $13.5 million ($0.29 per share) compared to $14.7 million in Q4 2023.

Key developments include: completion of ARR's arrangement with Northampton resulting in an $87.1 million gain, Champion Iron's Kami project advancing environmental review, Silvercorp's acquisition of Adventus Mining's Curipamba project, and AngloGold Ashanti's updated Silicon Project resource of 12.91 Moz.

Financial highlights:

  • Adjusted EBITDA: $44.1 million ($0.95/share) in 2024 vs $53.7 million in 2023
  • Net earnings: $101.8 million ($2.16/share) in 2024 vs $10.1 million in 2023
  • Cash position: $15.9 million as of December 31, 2024

The company declared a quarterly dividend of $0.09 per share, payable on April 02, 2025.

Altius Minerals (OTCQX: ATUSF) ha riportato un fatturato da royalty attribuibile per l'intero anno 2024 di 64,0 milioni di dollari (1,37 dollari per azione), in calo rispetto ai 69,4 milioni di dollari del 2023. Il fatturato da royalty attribuibile per il Q4 2024 dell'azienda è stato di 13,5 milioni di dollari (0,29 dollari per azione) rispetto ai 14,7 milioni di dollari del Q4 2023.

Sviluppi chiave includono: completamento dell'accordo di ARR con Northampton che ha portato a un guadagno di 87,1 milioni di dollari, avanzamento della revisione ambientale del progetto Kami di Champion Iron, acquisizione da parte di Silvercorp del progetto Curipamba di Adventus Mining e aggiornamento delle risorse del progetto Silicon di AngloGold Ashanti di 12,91 Moz.

Risultati finanziari:

  • EBITDA rettificato: 44,1 milioni di dollari (0,95 dollari/azione) nel 2024 rispetto a 53,7 milioni di dollari nel 2023
  • Utile netto: 101,8 milioni di dollari (2,16 dollari/azione) nel 2024 rispetto a 10,1 milioni di dollari nel 2023
  • Posizione di cassa: 15,9 milioni di dollari al 31 dicembre 2024

L'azienda ha dichiarato un dividendo trimestrale di 0,09 dollari per azione, pagabile il 2 aprile 2025.

Altius Minerals (OTCQX: ATUSF) reportó un ingreso por regalías atribuible para el año completo 2024 de $64.0 millones ($1.37 por acción), una disminución respecto a los $69.4 millones en 2023. Los ingresos por regalías atribuibles de la compañía en el Q4 2024 fueron de $13.5 millones ($0.29 por acción) en comparación con $14.7 millones en el Q4 2023.

Desarrollos clave incluyen: la finalización del acuerdo de ARR con Northampton que resultó en una ganancia de $87.1 millones, el avance de la revisión ambiental del proyecto Kami de Champion Iron, la adquisición de Silvercorp del proyecto Curipamba de Adventus Mining y la actualización de los recursos del Proyecto Silicon de AngloGold Ashanti de 12.91 Moz.

Aspectos financieros destacados:

  • EBITDA ajustado: $44.1 millones ($0.95/acción) en 2024 frente a $53.7 millones en 2023
  • Ganancias netas: $101.8 millones ($2.16/acción) en 2024 frente a $10.1 millones en 2023
  • Posición de efectivo: $15.9 millones al 31 de diciembre de 2024

La compañía declaró un dividendo trimestral de $0.09 por acción, pagadero el 02 de abril de 2025.

Altius Minerals (OTCQX: ATUSF)는 2024년 전체 연도에 대한 귀속 로열티 수익이 6,400만 달러 (주당 1.37 달러)로, 2023년의 6,940만 달러에서 감소했다고 보고했습니다. 회사의 2024년 4분기 귀속 로열티 수익은 1,350만 달러 (주당 0.29 달러)로, 2023년 4분기의 1,470만 달러와 비교됩니다.

주요 개발 사항으로는: Northampton과의 ARR 협정 완료로 인한 8,710만 달러의 이익, Champion Iron의 Kami 프로젝트 환경 검토 진행, Silvercorp의 Adventus Mining의 Curipamba 프로젝트 인수, AngloGold Ashanti의 12.91 Moz의 업데이트된 Silicon 프로젝트 자원 등이 있습니다.

재무 하이라이트:

  • 조정 EBITDA: 2024년 4,410만 달러 (주당 0.95 달러) 대 2023년 5,370만 달러
  • 순이익: 2024년 1억 1,800만 달러 (주당 2.16 달러) 대 2023년 1,010만 달러
  • 현금 위치: 2024년 12월 31일 기준 1,590만 달러

회사는 주당 0.09 달러의 분기 배당금을 선언했으며, 2025년 4월 2일에 지급될 예정입니다.

Altius Minerals (OTCQX: ATUSF) a rapporté un revenu de redevance attribuable pour l'année entière 2024 de 64,0 millions de dollars (1,37 dollar par action), en baisse par rapport à 69,4 millions de dollars en 2023. Le revenu de redevance attribuable de la société pour le T4 2024 était de 13,5 millions de dollars (0,29 dollar par action) comparé à 14,7 millions de dollars au T4 2023.

Les développements clés comprennent : l'achèvement de l'accord d'ARR avec Northampton entraînant un gain de 87,1 millions de dollars, l'avancement de l'examen environnemental du projet Kami de Champion Iron, l'acquisition par Silvercorp du projet Curipamba d'Adventus Mining, et la mise à jour des ressources du projet Silicon d'AngloGold Ashanti de 12,91 Moz.

Points financiers clés :

  • EBITDA ajusté : 44,1 millions de dollars (0,95 dollar/action) en 2024 contre 53,7 millions de dollars en 2023
  • Bénéfice net : 101,8 millions de dollars (2,16 dollars/action) en 2024 contre 10,1 millions de dollars en 2023
  • Position de liquidités : 15,9 millions de dollars au 31 décembre 2024

La société a déclaré un dividende trimestriel de 0,09 dollar par action, payable le 2 avril 2025.

Altius Minerals (OTCQX: ATUSF) berichtete über einen im Jahr 2024 erzielten, zurechenbaren Lizenzgebührenumsatz von 64,0 Millionen Dollar (1,37 Dollar pro Aktie), ein Rückgang im Vergleich zu 69,4 Millionen Dollar im Jahr 2023. Der zurechenbare Lizenzgebührenumsatz des Unternehmens im Q4 2024 betrug 13,5 Millionen Dollar (0,29 Dollar pro Aktie) im Vergleich zu 14,7 Millionen Dollar im Q4 2023.

Wichtige Entwicklungen umfassen: den Abschluss der Vereinbarung von ARR mit Northampton, was zu einem Gewinn von 87,1 Millionen Dollar führte, den Fortschritt der Umweltprüfung des Kami-Projekts von Champion Iron, die Übernahme des Curipamba-Projekts von Adventus Mining durch Silvercorp und die aktualisierte Ressource des Silicon-Projekts von AngloGold Ashanti von 12,91 Moz.

Finanzielle Höhepunkte:

  • Bereinigtes EBITDA: 44,1 Millionen Dollar (0,95 Dollar/Aktie) im Jahr 2024 im Vergleich zu 53,7 Millionen Dollar im Jahr 2023
  • Nettoergebnis: 101,8 Millionen Dollar (2,16 Dollar/Aktie) im Jahr 2024 im Vergleich zu 10,1 Millionen Dollar im Jahr 2023
  • Liquide Mittel: 15,9 Millionen Dollar zum 31. Dezember 2024

Das Unternehmen erklärte eine vierteljährliche Dividende von 0,09 Dollar pro Aktie, zahlbar am 2. April 2025.

Positive
  • Net earnings increased significantly to $101.8M in 2024 from $10.1M in 2023
  • Gained $87.1M from ARR arrangement with Northampton
  • Silicon Project resource increased to 12.91 Moz gold
  • Multiple royalty projects advancing: Kami iron ore, Curipamba copper-gold, Silicon gold
Negative
  • Annual attributable royalty revenue declined 7.8% to $64.0M from $69.4M in 2023
  • Adjusted EBITDA decreased to $44.1M from $53.7M in 2023
  • Cash position reduced to $15.9M from $25.6M at end of 2023
  • Total debt of $108.8M ($99.8M term debt plus $9.0M revolving credit)

All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated

ST. JOHN’S, Newfoundland--(BUSINESS WIRE)-- Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports full year revenue of $58.2 million compared to $69.0 million in 2023 and $11.7 million for the fourth quarter compared to $13.8 million in the same period in 2023.

Full year attributable royalty revenue(1) of $64.0 million ($1.37 per share(1)) compares to $69.4 million ($1.46 per share) reported in 2023. Fourth quarter attributable royalty revenue of $13.5 million ($0.29 per share) compares to $14.7 million ($0.31 per share) in Q4 2023.

Brian Dalton, CEO commented, "Revenue in the current year reflects higher base metal prices, higher dividends from iron ore and growth of the renewable royalty portfolio offset by lower potash revenue and lower coal revenue due to the closure of the Genesee Mine. The potash operators reported increased sales for 2024 with strong demand expected into 2025. Our renewables business continued its growth with the commencement of several royalties reaching commercial operations in 2024. At Chapada we saw the benefits of increasing copper prices while at Voisey's Bay the construction and commissioning of the Eastern Deeps mine was completed. Several other pre-production royalty projects are seeing positive progress that indicate strong portfolio value growth potential, specifically for Silicon (gold) and Kami (DR quality iron ore) as well as for the Curipamba copper-gold project in Ecuador and Tres Quebradas and Mariana lithium projects in Argentina."

Operating Royalty Portfolio Performance

Summary of attributable royalty revenue

YE 2024

Q4 2024

Q3 2024

Q2 2024

Q1 2024

YE 2023

 

 

 

 

 

 

 

Base and battery metals

$

19,422

$

3,167

$

5,437

$

5,474

$

5,344

$

18,354

Potash

 

18,404

 

4,934

 

3,585

 

4,755

 

5,130

 

24,005

Renewable energy (1)

 

6,959

 

1,807

 

1,998

 

1,219

 

1,935

 

4,137

Iron ore (2)

 

11,220

 

2,805

 

2,618

 

4,114

 

1,683

 

9,536

Thermal (electrical) coal

 

 

 

 

 

 

8,853

Interest and investment (1)

 

7,980

 

809

 

1,038

 

4,806

 

1,327

 

4,480

Attributable royalty revenue

$

63,985

$

13,522

$

14,676

$

20,368

$

15,419

$

69,365

(1) ARR and GBR amounts are presented at their effective ownership percentages of 57% and 29%, respectively

(2) Labrador Iron Ore Royalty Corporation dividends

Quarterly and Annual Highlights

  • On December 5, 2024 Altius Renewable Royalties Corp ("ARR") and Royal Aggregator LP, an affiliate of Northampton Capital Partners, LLC (“Northampton”) completed a statutory plan of arrangement (the "Arrangement") pursuant to which Northampton purchased all of the issued and outstanding common shares of ARR, other than those shares owned by the Corporation, for cash consideration of $12.00 per share. As a result of the transaction the Corporation has recognized a gain of $87,146,000. At December 31, 2024 the Corporation held 17,937,339 shares in ARR and 3,093,835 share purchase warrants and retained a 57% interest in its former subsidiary. ARR delisted from the TSX following the completion of the Arrangement and as a private company continues to hold its 50% joint venture interest in Great Bay Renewables, LLC.
  • Champion Iron Limited ("Champion") commenced the environmental review and permitting process for the Kami project during the second quarter of 2024 and expects this to run until early 2026. During the fourth quarter Champion announced that Nippon Steel Corporation and Sojitz Corporation have entered into a binding agreement to acquire a 49% interest in the Kami Project for an initial contribution of $245 million. In exchange for significant up-front payments to Champion and pro-rata contributions towards project development costs, the incoming partners will become direct equity partners in the project and gain access to proportionate shares of Kami’s anticipated 9Mt/year high-purity (direct reduction quality) iron ore concentrate production. High purity iron ore has been added to the Canadian critical minerals list with this designation expected to open up more low cost financing opportunities and other benefits related to critical minerals infrastructure.
  • On July 31, 2024 Adventus Mining Corporation ("Adventus"), owners of the El Domo Curipamba project, closed an all share transaction whereby Silvercorp Metals Inc. ("Silvercorp") acquired the common shares of Adventus under a plan of arrangement. Altius holds a 2% net smelter return royalty on the project. On August 6, 2024 Silvercorp announced that Curipamba had received its final exploitation permit to enter construction and on August 21, 2024 announced the initiation of the construction process with a goal of first production in 2026. Average annual production in the first nine years (see Feasibility Study dated December 2021) is expected to be approximately 11,000 tonnes of copper and 26,000 ounces of gold, along with associated zinc, silver and lead.
  • AngloGold Ashanti plc (“AGA”) continues to advance its discovery of a potential major new gold district centered around its Silicon Project near Beatty, Nevada. On February 19, 2025 AGA announced an updated resource for the Expanded Silicon Project, reporting a total of 12.91 Moz (391.14 Mt at 1.03 g/t gold) in the Inferred Resources category, due to an increase in the Merlin deposit to 355.1 Mt @ 1.06 g/t gold. This is in addition to the more than 3.4 million ounce Mineral Resource estimate (121.56 Mt at 0.87 g/t Indicated Mineral Resource) previously published for the adjacent Silicon deposit. A pre-feasibility study for the Expanded Silicon Project is currently in progress and is expected to be completed in H2 2025. Altius holds a 1.5% net smelter return royalty related to the project. In January, the Corporation received a partial award decision by an Arbitration Tribunal relating to defining the full extent of its royalty interests within the Silicon gold district and is currently awaiting a final decision following further recent submissions to the Tribunal.

Adjusted EBITDA(1) of $44.1 million ($0.95 per share(1)) during 2024 compares to $53.7 million ($1.13 per share) during the prior year. Adjusted EBITDA for the fourth quarter was $9.3 million or $0.20 per share, which compares to $10.3 million or $0.22 per share in Q4 2023. Adjusted EBITDA for both periods follows the trend of revenue.

Full year 2024 adjusted operating cash flow(1) of $24.8 million ($0.53 per share(1)) compares to $34.8 million ($0.73 per share) in 2023. Adjusted operating cash flow for the quarter was $2.3 million or $0.05 per share compared to $7.0 million or $0.15 per share in Q4 2023. Adjusted operating cash flow was impacted by lower royalty revenue receipts as well as working capital changes.

Net earnings of $101.8 million ($2.16 per share) for 2024 compares to net earnings of $10.1 million ($0.20 per share) in 2023. Net earnings of $85.5 million ($1.82 per share) during the fourth quarter compares to a net loss of $(2.2) million ($(0.05) per share) during Q4 2023. Results for the quarter and year ended 2024 reflect the gain recognized on deconsolidation of ARR as well as lower revenues and amortization. Adjusted net earnings per share(1) of $0.06 and $0.27 in the fourth quarter and year ended December 31, 2024 is comparable to the same periods in 2023. The main adjusting items are summarized in the below table.

Adjusted Net Earnings

Three months ended

Year ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

 

 

 

 

 

Net earnings attributable to common shareholders

$

84,751

 

$

(2,305

)

$

100,765

 

$

9,537

 

 

 

 

 

 

Addback (deduct):

 

 

 

 

Unrealized loss on fair value adjustment of derivatives

 

(23

)

 

195

 

 

2,056

 

 

(325

)

Foreign exchange (gain) loss

 

2,520

 

 

(628

)

 

3,046

 

 

(980

)

Exploration and evaluation assets abandoned or impaired

 

 

 

12

 

 

226

 

 

602

 

Gain on deconsolidation of subsidiary

 

(87,146

)

 

 

 

(87,146

)

 

 

Realized gain on disposal of derivatives

 

(136

)

 

16

 

 

(4,186

)

 

(349

)

Gain on disposal of mineral property

 

(25

)

 

(50

)

 

(25

)

 

(594

)

Non-recurring other income

 

 

 

 

 

(4,259

)

 

(2,820

)

Impairment of royalty interests

 

1,537

 

 

6,338

 

 

1,537

 

 

6,338

 

Impairment of associate

 

 

 

 

 

1,579

 

 

 

Tax impact

 

1,206

 

 

(1,291

)

 

(892

)

 

(211

)

Adjusted Net Earnings

$

2,684

 

$

2,287

 

$

12,701

 

$

11,198

 

Liquidity and Capital Allocation Summary

Cash and cash equivalents at December 31, 2024 were $15.9 million, compared to $25.6 million at the end of 2023 (excluding $84.0 million held by ARR at that time).

At December 31, 2024 the approximate market value of various public equity holdings included:

  • $108 million for shares of Labrador Iron Ore Royalty Corp.
  • $29 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation
  • $60 million for publicly traded shares held within the Project Generation equity portfolio, including $52.6 million in Orogen Royalties Inc.

During the year the Corporation made scheduled debt repayments of $8.0 million, paid cash dividends of $14.8 million and issued 59,269 shares under the dividend reinvestment plan. Under its normal course issuer bid, the Corporation repurchased and cancelled 761,500 common shares for a total cost of $16.2 million during the year. At December 31, 2024 the Corporation carried a balance of $99.8 million under its term debt facilities and $9.0 million under its revolving credit facility. On August 30, 2024, the Corporation amended its credit facility to extend the term from August 2025 to August 2028 and reallocated the combination of its previously outstanding term and revolver debt. The total available credit of $225,000,000 and its principal repayments are consistent with its previous credit facility and the Corporation did not draw any additional amounts during the period. The amended credit facility consists of a $50,000,000 term credit facility, a US$36,000,000 term credit facility and a $125,000,000 revolving credit facility.

Dividend Declaration

The Corporation’s board of directors has declared a quarterly dividend of $0.09 per share, payable to all shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about April 02, 2025.

This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States.

In order to be eligible to participate in respect of the April 02, 2025 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by March 12, 2025, five business days prior to record date. Stock market purchases made under the DRIP for the April 02, 2025 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information, please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation’s financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated.

Non GAAP Financial Measures

  1. 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 Financial Results Conference Call and Webcast Details

Date: March 12, 2025
Time: 8:30 AM EDT
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: Q4 and 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 46,288,608 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.

For further information, please contact:

Flora Wood

Email: Fwood@altiusminerals.com

Tel: 1.877.576.2209

Direct: +1(416)346.9020

Ben Lewis

Email: Blewis@altiusminerals.com

Tel: 1.877.576.2209

Source: Altius Minerals Corporation

FAQ

What caused Altius (ATUSF) revenue decline in 2024?

Revenue declined due to lower potash revenue and reduced coal revenue from Genesee Mine closure, partially offset by higher base metal prices, iron ore dividends, and renewable royalty portfolio growth.

How much did Altius (ATUSF) earn from royalties in 2024?

Altius earned $64.0 million ($1.37 per share) in attributable royalty revenue for 2024, compared to $69.4 million in 2023.

What is the status of Altius's (ATUSF) Silicon gold project royalty?

AngloGold reported 12.91 Moz inferred resource at Silicon Project. Altius holds 1.5% NSR royalty, with pre-feasibility study expected in H2 2025.

What is Altius's (ATUSF) dividend payment for Q1 2025?

Altius declared a quarterly dividend of $0.09 per share, payable on April 02, 2025 to shareholders of record as of March 19, 2025.
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