Business
Altius Minerals Reports 2022 Attributable Royalty Revenue of $103.5M and Adjusted Earnings (1,2) of $33.9M
ST. JOHN’S, Newfoundland and Labrador / Mar 07, 2023 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) repo
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador / Mar 07, 2023 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports full year revenue of $102.0 million compared to $81.7 million for 2021, and $21.7 million for the fourth quarter compared to $22.6 million for the same period in 2021. Full year 2022 attributable royalty revenue(1,2), adjusted for joint venture revenue, of $103.5 million ($2.27 per share(1,2)) was 23% higher than the $83.9 million ($2.03 per share) reported for 2021. Fourth quarter 2022 attributable royalty revenue(1,2) of $23.1 million ($0.49 per share) compares to $23.5 million ($0.57 per share) during Q4 2021. Attributable royalty revenue for 2022 represents an annual record for the Corporation, mainly based upon higher realized commodity prices and the ongoing ramp-up of renewable royalty-based revenue. Commenting on the record year and outlook, Brian Dalton, CEO said: “2022 was the 25th anniversary year for Altius as a public company and the first year that royalty revenues reached the $100 million milestone. Of far more importance, however, practically all of our long-term exposures are gaining growth signals in the form of one or more of new build intentions, production rate expansions, or resource increase-based life extensions. These developments underpin our confidence that the value of our portfolio will continue along its trajectory of long-term organic growth realization – growth that largely does not require us to make any further investment. We are also particularly gratified to note the continuing acceleration of portfolio growth and long-term revenue build up that is occurring within Altius Renewable Royalties, which is coinciding closely with the elimination of coal from our business.” Adjusted EBITDA(1,2) of $89.7 million or $1.97 per share(1,2) during 2022 increased by 34% as compared to $67.0 million or $1.62 per share during the prior year. Adjusted EBITDA for the fourth quarter was $18.0 million or $0.38 per share, which compares to adjusted EBITDA of $17.7 million or $0.43 per share in Q4 2021. The adjusted EBITDA margin in 2022 was 82% versus 80% last year. The increase in adjusted EBITDA for the year ended December 31, 2022 is consistent with the increase in attributable revenue but was partially offset by an increase in consolidated expenses...