Business
Altius Minerals Reports Q1 2022 Attributable Royalty Revenue of $25.5M and Adjusted Earnings (1,2) of $8.8M
ST. JOHN’S, Newfoundland and Labrador / May 10, 2022 / 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 10, 2022 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports first quarter revenue of $27.1 million compared to $17.5 million for the same period in 2021. Q1 2022 attributable royalty revenue(1,2) of $25.5 million ($0.62 per share(1,2)) was 44% higher than the $17.8 million ($0.43 per share) reported for the comparable quarter in 2021. These figures represent quarterly revenue records for the Corporation, mainly based upon higher realized commodity prices. Adjusted EBITDA(1,2) of $23.6 million or $0.57 per share(1,2) during Q1 2022 increased by 62% compared to $14.6 million or $0.35 per share during the prior year quarter. The adjusted EBITDA margin in the first quarter was 83% versus 80% in last year’s comparable quarter. The increase in adjusted EBITDA follows the increase in attributable revenue but was partially offset by an increase in public company related expenses within the Renewable Royalties segment, in which Altius Renewable Royalties Inc. completed its initial public offering in March 2021. The Mineral Royalties segment had an EBITDA margin of 86% for the current and prior year quarters. Q1 2022 adjusted operating cash flow(1,2) of $14.2 million or $0.35 per share(1,2) compares to $8.8 million or $0.21 per share in last year’s comparable quarter. Adjusted operating cash flow benefitted from increased revenues offset by timing of cash income taxes paid. Adjusted operating cash flow does not include net cash proceeds or acquisition costs (sales minus new investments) related to the Corporation’s Project Generation junior mining equities portfolio. During the quarter new Project Generation investments exceeded equity sales for a net cost of $1.4 million. In the same period in 2021, equity sales exceeded investments by $2.5 million. The Project Generation business also recognized investment and other revenue of $3.0 million during the current quarter compared to $0.4 million for the same period last year, and recognized gains on disposal of mineral properties of $1.0 million from the sale of four mineral properties (2021 - $nil). Net earnings of $12.5 million or $0.29 per share for Q1 2022 compares to net earnings of $11.8 million or $0.28 per share in Q1 2021. Adjusted net earnings per share(1,2) of $0.21 in the curre...