Business
Altius Minerals Reports 2018 Royalty Revenue of $67M and Adjusted EBITDA of $53M
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributabl
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $67.0 million ($1.55 per share) for the year ended December 31, 2018. The prior financial year was an abbreviated eight month period related to a change of the Corporation’s fiscal year end designed to better align its reporting with its royalty counterparties. Attributable royalty revenue for the quarter ended December 31, 2018 was $17.6 million ($0.41 per share), compared to $17.1 million ($0.40 per share) in Q3 2018. Adjusted EBITDA(1) of $53.0 million ($1.23 per share) for the year represents a margin of approximately 80%. Q4 2018 EBITDA of $13.4 million ($0.31 per share) compares to $13.9 million ($0.32 per share) in Q3 2018. Net earnings for the year were $1.9 million ($0.03 per share). A Q4 2018 loss of $12.4 million ($0.29 per share) includes non-cash impairment charges of $14.3 million on a pre tax basis ($0.28 per share after tax) relating primarily to the write-down of a pre-production stage royalty interest, goodwill and $3.5 million relating to the Genesee Royalty Limited Partnership’s amended royalty calculation. Fourth quarter earnings also include a $4.1 million unrealized loss on fair value of derivatives and a $1.4 million share of loss in associates reflecting equity accounting for the Adventus Zinc Corporation (“Adventus”) and Alderon Iron Ore Corp. (“Alderon”) holdings. General and administrative costs in the quarter and year were adversely impacted by professional and advisory fees associated with acquisitions and increased corporate development activity. Operational Overview and Outlook Attributable royalty revenue per share increased for the 5th consecutive year, and has grown by seven times over that period. The value of the commodity and asset level diversity that has developed in the portfolio was also evident during the year. Commodity prices were mixed with lower base metal prices, particularly in the second half of the year, offset by stronger potash prices and higher iron ore quality differentials. Production volumes from most of our mine royalty exposures were higher, but with exceptions related to a labor disruption that lowered IOC production levels and continued production declines at 777 as it approaches ore exha...