Altius Reports Q2 2024 Expected Attributable Royalty Revenue(1)

Rhea-AI Summary

Altius Minerals (TSX: ALS) (OTCQX: ATUSF) expects to report Q2 2024 attributable royalty revenue of $21.8 million, up from $17.4 million in Q1 2024 and $18.7 million in Q2 2023. Key highlights include:

- Base and battery metals revenue: $5.5 million, driven by higher copper prices and stream deliveries
- Potash revenue: $4.8 million, slightly lower due to decreased production volumes and prices
- Iron ore revenue: $4.1 million, increased from higher IOC dividend
- Renewable energy royalty: $2.1 million, reflecting operational portfolio growth
- Interest and other revenues: $5.3 million, including $3.7 million from loan settlement

The company will release full Q2 2024 financial results on August 8, 2024, followed by a conference call on August 9, 2024.

Positive

• Q2 2024 attributable royalty revenue increased to $21.8 million, up 25% from Q1 2024 and 16.4% from Q2 2023
• Base and battery metals revenue rose to $5.5 million due to higher copper prices and increased stream deliveries
• Iron ore royalty revenue increased to $4.1 million from a higher IOC dividend
• Renewable energy royalty revenue grew to $2.1 million, reflecting portfolio expansion
• Interest and other revenues surged to $5.3 million, including $3.7 million from a loan settlement

Negative

• Potash revenue decreased to $4.8 million due to lower production volumes and prices
• Thermal (electrical) coal revenue dropped to zero from $2.6 million in Q2 2023

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

ST. JOHN’S, Newfoundland and Labrador--(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

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.

Second Quarter 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 interim financial results, which will occur on August 08, 2024 after the close of market with a conference call to follow on August 09, 2024.

Date: August 09, 2024
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 Q2 2024 Financial Results, ID 48323
Webcast Link: Q2 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 46,467,476 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240718662388/en/

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 was Altius Minerals' (ATUSF) expected attributable royalty revenue for Q2 2024?

Altius Minerals expects to report attributable royalty revenue of $21.8 million for Q2 2024.

How did Altius' (ATUSF) base and battery metals revenue perform in Q2 2024?

Base and battery metals revenue for Q2 2024 was $5.5 million, reflecting higher realized prices and increased copper stream deliveries from Chapada.

What was the potash revenue for Altius (ATUSF) in Q2 2024?

Altius reported potash portfolio revenue of $4.8 million for Q2 2024, slightly lower due to decreased production volumes and prices.

How much renewable energy royalty revenue did Altius (ATUSF) generate in Q2 2024?

Altius generated $2.1 million in renewable energy royalty revenue for Q2 2024, reflecting the continuing ramp-up of operational stage portfolio projects.

When will Altius Minerals (ATUSF) release its full Q2 2024 financial results?

Altius Minerals will release its full Q2 2024 financial results on August 8, 2024, after the market close.