Business
Altius Minerals Reports Q1 2020 Attributable Royalty Revenue of $16.3M And Adjusted Operating Cash Flow of $13.2M
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 $16.3 million ($0.39 per share(1)) for the first quarter ended March 31, 2020 compared to $21.9 million ($0.51 per share) in the comparable quarter last year and $17.6 million ($0.41 per share) in Q4 2019. Adjusted EBITDA of $12.7 million ($0.30 per share) compares to $17.4 million ($0.41 per share) in Q1 2019 and to $13.6 million ($0.32 per share) in Q4 2019. Adjusted operating cash flow(1) of $13.2 million ($0.32 per share) is higher than both its year over year comparable period of $8.4 million ($0.20 per share) and last quarter’s $9.4 million ($0.22 per share) due to lower general & administration expenditures and lower corporate income taxes paid. Adjusted net earnings of $3.4 million or $0.08 per share compares to $8.1 million or $0.19 per share in Q1 2019 and $5.0 million or $0.12 per share in Q4 2019. A net loss of $3.2 million or ($0.08) per share in the current quarter is due primarily to non-cash impairments related to equity and debt holdings in Alderon Iron Ore Corporation, which has defaulted on payment of its senior secured loan that matured on March 31, 2020. Altius has recorded impairment charges of $1,625,000 for the debt portion of its holding and $1,544,000 related to the equity. COVID-19 Impacts Update The Corporation provided shareholders with an update on March 27, 2020 noting the impacts that it was observing due to the COVID-19 epidemic with respect to both production volumes and prices, while also commenting that in these circumstances uncertainty around its royalty revenue expectations remained high. Since then it has not been informed of any new material impacts to production volumes by the operators of the mines from which it receives royalties. However, risks of further localized curtailments continue and the level of uncertainty surrounding the near-term outlook for commodity prices remains at well beyond traditional levels. As a result, we have elected to withdraw the revenue guidance that we originally provided on January 22, 2020. Altius Renewable Royalties Royalty Investment (“ARR”) On March 10, 2020 ARR entered into a $47 million (US$35 million) royalty investment agreement with Apex Clean Energy (“Apex”) to ...