Business
Altius Minerals Reports 2023 Attributable Royalty Revenue of $73.9M and Adjusted Earnings(1) of $11.2M
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, Newfoundland and Labrador / Mar 11, 2024 / Bus
About this update from Altius Minerals Corporation
[{"type":"text","content":"All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, Newfoundland and Labrador / Mar 11, 2024 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports full year revenue of $69.0 million compared to $102.0 million in 2022 and $13.8 million for the fourth quarter compared to $21.7 million in the same period in 2022. Full year attributable royalty revenue(1) of $73.9 million ($1.56 per share(1)) compares to $103.5 million ($2.27 per share) reported in 2022. Fourth quarter attributable royalty revenue of $16.0 million ($0.34 per share) compares to $23.1 million ($0.49 per share) in Q4 2022. Brian Dalton, CEO commented, “The decline in revenue for the year primarily reflects lower realized potash prices relative to the record levels recorded last year, the scheduled closure of the 777 mine in 2022 and fading thermal coal royalties as the Genesee power plant continued its conversion to natural gas based fueling. Our potash operators have both reported a return to higher volumes in 2024 that, if realized, will approximate requirements predicted by historic demand growth trends and is reflective of price moderation-based affordability for farmers as well as soil nutrient depletion factors. While prices now appear to have stabilized, we continue to believe that prices remain below what is required to incentivize growth investment and to offset projected medium and longer term market supply deficits as demand growth continues to compound. The most significant highlights for our royalty portfolio came after year end, with release of the Kami project study and the announcement of increased resources and expected production levels at Silicon Merlin. These two development stage royalties each hold the potential to meaningfully drive our growth profile for decades to come.\" Operating Royalty Portfolio Performance Summary of attributable royalty revenue YE 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 YE 2022 Base and battery metals $ 18,354 $ 4,420 $ 4,231 $ 4,834 $ 4,869 $ 28,512 Potash 24,005 5,023 3,869 6,081 9,032 41,445 Iron Ore# 9,536 1,682...