Business
Altius Minerals Reports Q1 2021 Attributable Royalty Revenue of $17.8M And Adjusted Operating Cash Flow of $8.8M
ST. JOHN’S, Newfoundland and Labrador / May 11, 2021 / 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 / May 11, 2021 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $17.8 million ($0.43 per share(1)) for the quarter ended March 31, 2021 which was up 9% from royalty revenue of $16.3 million ($0.39 per share) reported in Q1 2020. Adjusted EBITDA(1) for the quarter was $14.6 million or $0.35 per share, up 15% from Adjusted EBITDA of $12.7 million ($0.30 per share(1)) in Q1 2020. The adjusted EBITDA margin for the quarter was 82%. Adjusted operating cash flow of $8.8 million or $0.21 per share is down by 33% from the comparable quarter last year mainly because of the deferred timing of corporate tax installments during the prior year period. Net earnings in Q1 2021 are $11.8 million, and on an adjusted basis are $6.3 million or $0.14 per share compared to $3.4 million or $0.08 per share of adjusted earnings in Q1 2020. The main adjusting items in the current quarter are a $0.09 gain on fair value of a derivative (due to increases in unrealized value of warrants in the junior equity portfolio) and a reversal of an impairment charge recorded last year related to a secured debt holding in Alderon Iron Ore Corp. (“Alderon”) following the successful sale of its principal asset through a receivership process. The main adjusting items in Q1 2020 were the non-cash impairment charges recorded on the debt and equity of Alderon when it entered receivership. The full table reconciling adjusted net earnings per share to net earnings per share is included below. The project generation business contributed $2.5 million during the quarter from the sale of equity positions (net of cash reinvestments). These net proceeds are not included in the adjusted operating cash flow amount reported above as these are classified under “Investing Activities” within the Corporation’s consolidated statement of cash flows. Capital Allocation Summary The Corporation’s capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long life, high margin operations while providing growing shareholder capital returns. During the quarter, the Corporation made scheduled debt repayments of $5 million and paid cash dividends of $1.9 million and preferred distribution...