Business
Altius Minerals Reports Q1 2024 Attributable Royalty Revenue of $17.4M and Adjusted Earnings(1) of $3.5M
Annual Dividend Increased to $0.36 per share All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, N
About this update from Altius Minerals Corporation
[{"type":"text","content":"Annual Dividend Increased to $0.36 per share All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, Newfoundland and Labrador / May 08, 2024 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports first quarter 2024 revenue of $13.9 million compared to $22.7 million in Q1 2023. Attributable royalty revenue(1) of $17.4 million ($0.37 per share(1)) compares to $16.0 million in the prior quarter and to $21.4 million ($0.45 per share) reported in Q1 2023. Brian Dalton, CEO commented, \"The decline in revenue on a year over year basis primarily reflects the closure of the Genesee Mine at the end of 2023, and the moderation of realized potash prices following a prior period of very strong prices. We are pleased to see that renewable energy revenue, originally designed to replace coal royalty revenue when the renewable segment was founded, has grown 148% year over year. We are also excited to note positive progress relating to our Kami and Silicon royalties during the quarter, each of which holds the potential to add meaningfully to the value of our portfolio.\" Our potash operators have both reported a return to higher volumes in 2024 while prices have been stable since Q2 2023. We continue to believe that prices remain below what is required to incentivize growth investment and to offset projected medium and longer term market supply deficits as demand growth continues to compound. The most significant highlights for our royalty portfolio came from our Project Generation business with the release of the Kami project study and the announcement of increased resources and expected production levels at the Silicon royalty project. These two development stage royalties each hold the potential to meaningfully drive our growth profile for decades to come\". Operating Royalty Portfolio Performance Summary of attributable royalty revenue Q1 2024 Q4 2023 Q1 2023 Base and battery metals $ 5,344 $ 4,420 $ 4,869 Potash 5,130 5,023 9,032 Renewable energy 3,337 1,829 1,345 Iron ore# 1,683 1,682 1,870 Thermal (electrical) coal – 1,225 3,002 Interest and other 1,941 ...