Business
Altius Minerals Reports Q1 2023 Expected Attributable Royalty Revenue(1) of $21.4 million
ST. JOHN’S, Newfoundland and Labrador / Apr 19, 2023 / Business Wire / Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) exp
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador / Apr 19, 2023 / Business Wire / Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) expects to report Q1 2023 attributable royalty revenue of $21.4 million, detailed as follows: Royalty Revenue Summary Summary of attributable royalty revenue(in thousands of Canadian dollars) Q1 2023 Q4 2022 Q1 2022 Potash $ 9,032 $ 9,816 $ 9,903 Base & battery metals 4,869 4,702 9,960 Iron ore (1) 1,870 2,618 1,437 Thermal (electrical) coal 3,002 3,774 3,113 Renewable energy 1,345 1,171 772 Other 1,275 1,041 307 Attributable royalty revenue $ 21,393 $ 23,122 $ 25,492 See non-GAAP financial measures section of our MD&A for definition and reconciliation of attributable royalty revenue (1) Labrador Iron Ore Royalty Corporation dividends received Potash portfolio revenue during the quarter was $9.0 million, which compares to $9.9 million in the first quarter of 2022, reflecting lower average realized prices and similar attributable portfolio production volumes. Base and battery metal (primarily copper) revenue of $4.9 million was similar to the prior quarter but lower than the year ago comparable quarter based mainly upon the scheduled closure of the 777 mine in Q2 of 2022 and lower revenue from Chapada, which was enhanced by the timing of sales in the comparable prior year quarterly period. Iron ore revenue in the form of dividends from Labrador Iron Ore Royalty Corp., which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada (IOC), was $1.9 million, as compared with Q1 2022 iron ore revenue of $1.4 million. The increase related to a higher share ownership level while both the current and comparable period quarters were impacted by increased levels of sustaining and growth capital investments that limited IOC equity dividends. Thermal (electrical) coal revenue of $3.0 million during the current quarter compared to $3.1 million during the first quarter of last year on lower attributable production volumes at the Genesee Mine that were offset by a higher inflation-linked royalty rate. Renewable energy proportionate royalty revenue of $1.3 million compares to $772,0...