Business
Altius Minerals Reports Q1 2023 Attributable Royalty Revenue of $21.4M and Adjusted Earnings (1,2) of $3.4M
ST. JOHN’S, Newfoundland and Labrador / May 08, 2023 / 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 08, 2023 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports first quarter revenue of $22.7 million compared to $27.1 million for the same period in 2022, while attributable royalty revenue(1,2) of $21.4 million ($0.45 per share(1,2)) compares to $25.5 million ($0.62 per share) reported in 2022. In addition, the Project Generation segment recognized revenue of $2.8 million during the current quarter relating to the liquidation of assets of Alderon Iron Ore Corp. Brian Dalton, CEO commented, “First quarter revenues were largely in line with our expectations across the portfolio given the scheduled closure of the 777 mine last year, copper delivery and sales timing variances at Chapada and slightly lower average commodity prices. The first quarter was particularly notable for the number of potential option value realization signals that were delivered from across the broader long-term royalty portfolio.” Quarterly Highlights Capacity expansion investment projects continued at potash royalty mines. Lithium Royalty Corp. (“LRC”) completed a successful IPO that daylights significant value creation for Altius shareholders; asset advancement progress continues to ramp-up. First directly held lithium royalty interest reaches production subsequent to quarter end. Maiden resource published for high-grade Saúva discovery at Chapada with mineralization noted to remain open in most directions – Saúva now being considered as part of district level production expansion studies by Lundin. ARR continues growth of operational asset count and revenue. Higher level of growth and sustainability investment continued at Rio Tinto controlled IOC iron ore mine. Preliminary results from Kami metallurgical studies indicate potential for production of high-purity (DRI pellet feed) iron ore concentrate grades. Resource increases announced from emerging Silicon gold district in Nevada and strong ongoing exploration potential signaled by AngloGold Ashanti. Approximately 300 km of exploration drilling programs expected to be completed across portfolio in 2023. Adjusted EBITDA(1,2) of $19.1 million or $0.40 per share(1,2) during Q1 2023 compares to $23.6 million or $0.57 per share during the prior year quarter. The per share difference includes the impact of t...