Business
Altius Minerals Reports Q1 2019 Royalty Revenue of $21.8M and Adjusted EBITDA of $17.4M
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable royalty revenue(Note 1)
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable royalty revenue(Note 1) of $21.8 million ($0.51 per share) for the quarter ended March 31, 2019, a quarterly record which is up 38% compared to Q1 2018 royalty revenue of $15.8 million and up 24% compared to Q4 2018 revenues of $17.6 million. Total Q1 2019 revenue of $21.9 million includes a small contribution from our Project Generation division. Adjusted EBITDA(Note 1) of $17.4 million ($0.41 per share) for the three months is also a record, and compares to $12.7 million ($0.29 per share) in Q1 2018 and $13.4 million ($0.31 per share) in Q4 2018. General and administrative expenses in the first quarter were $2.8 million compared to $1.9 million in the comparable quarter last year, with most of the increase relating to the new renewable energy royalty subsidiary. Excluding corporate development and one-time structuring expenditures, ongoing G&A expenditures for the new division are expected to be roughly US$1 million annually. Q1 2019 net earnings per share were $0.15 compared to $0.06 in Q1 2018 and a loss of $0.29 per share in Q4 2018, which included non-cash impairment charges of $0.28 per share. Q1 2019 earnings include a foreign exchange loss of $629,000 and a $345,000 loss on revaluation of derivatives (share purchase warrants), along with $1.2 million from the equity accounting for Altius’s share of losses in Adventus Zinc Corporation (“Adventus”) and Alderon Iron Ore Corp. Royalty revenue highlights are as follows: Base metal revenue of $7.6 million in Q1 2019 was up 6% from Q1 2018 revenue of $7.2 million, but with the proportions from Chapada and 777 differing significantly, as Chapada revenue was $5.4 million in the quarter. Despite lower prices year over year, Chapada sales volume more than offset the price decrease, with Chapada’s strong Q4 2018 production impacting royalty revenue in the first quarter this year. While 777 copper volumes were up year over year, lower prices and continuing lower zinc production resulted in lower overall revenues. Voisey’s Bay revenue of $297,000 in Q1 2019 is relatively consistent with the quarterly revenue recorded in Q3 and Q4 last year. Potash royalty revenue of $4.8 million is up 105% from Q1 2018, although the comparison partly reflects a ...