Business
Altius Minerals Reports First Quarter Attributable Royalty Revenue and Raises Full Year Revenue Guidance
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or “the Corporation”) expects to report r
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”) expects to report record attributable royalty revenue1 of approximately $21.5 million ($0.50 per share) for the quarter ended March 31, 2019. This represents an increase of 36% compared to revenues of $15.8 million ($0.37 per share) generated in the comparable quarter last year, and a 22% increase in revenues compared to $17.6 million ($0.41 per share) in Q4 2018. The Corporation also announces that it is raising its full year revenue guidance to $77 – $81 million from the previously published estimate range of $67 – $72 million. This revision considered the strong first quarter results, increased ownership of Labrador Iron Ore Royalty Corporation and improved potash, base metal and iron ore prices. The first quarter results reflect growth across most commodity segments relative to the prior and comparable year periods. In particular, Chapada benefitted from strong Q4 2018 production, with the timing of royalty payments having a positive impact on our Q1 2019, and Labrador Iron Ore Royalty Corporation recently declared a dividend of $1.05 per share after three prior quarters of constrained dividend payments. Revenue from the Corporation’s royalty interest in the Voisey’s Bay mine is not yet known and has been excluded in the $21.5 million expected in Q1, but it is not expected to be material. Noteworthy royalty portfolio developments during the quarter include: Base metal prices have generally improved thus far during 2019 on increasing future supply deficit concerns; Iron ore prices have climbed since late January as the market continues to digest the impact of the catastrophe at the Corrego do Feijao mine in Brazil and related supply losses; Potash royalties continued to benefit from higher average prices and the ongoing ramp-up of production volumes; Altius completed its first renewable energy royalty acquisitions as part of a long-term strategy to replace electrical coal royalties; Chapada continued to generate strong exploration-based resource growth; The recently announced Chapada mine sale to Lundin Mining is expected to lead to future copper production optimization and capacity expansion; Significant capital has been allocated by Teck Resources towards advancing a potential mine lif...