Business
Altius Minerals Reports Q2 2020 Attributable Royalty Revenue of $13.0M and Adjusted Operating Cash Flow of $13.4M
Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $13.0 million or $0.31 per share
About this update from Altius Minerals Corporation
[{"type":"text","content":"Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $13.0 million or $0.31 per share(1) for the second quarter ended June 30, 2020 compared to $19.5 million or $0.46 per share in the comparable quarter last year and $16.3 million or $0.39 per share in Q1 2020. Adjusted EBITDA of $10.0 million or $0.24 per share compares to $16.3 million or $0.38 per share in Q2 2019 and to $12.7 million or $0.30 per share in Q1 2020. Adjusted operating cash flow(1) of $13.4 million or $0.32 per share is higher than both its year over year comparable period of $11.8 million or $0.28 per share and last quarter’s $13.2 million or $0.32 per share due to lower general & administration expenditures and lower corporate income taxes paid. The Adjusted EBITDA margin in the second quarter was 77%. Adjusted net earnings of $1.4 million or $0.04 per share compares to $6.5 million or $0.15 per share in Q2 2019 (see table) and to $3.4 million or $0.08 per share in Q1 2020. The decline in adjusted earnings per share follows the trend of lower revenue and is impacted this quarter by non-cash share based compensation charges in Q2 2020 ($2.6 million compared to $0.7 million in Q2 2019 or $0.5 million in Q1 2020). These charges encompassed both annual incentive compensation grants to executive management and grants of options to Altius Renewable Royalties (“ARR”) management that are convertible to equity in ARR. Portfolio Performance Base metals (copper, nickel, zinc and cobalt) (37% of total revenue in Q2 2020) Base metal revenue contributed $4.8 million in the second quarter compared to $6.4 million in the year ago comparable quarter and $6.6 million in the first quarter, with most of the decline attributable to lower average realized prices. Chapada and 777 provided $2.5 million and $2.2 million respectively while Voisey’s Bay contributed approximately $0.1 million, while the mine was on care and maintenance and processing only stockpiled material. In the second quarter, Vale stated that operations at Voisey’s Bay would resume progressively in July and that this resumption would also include critical path items related to the underground expansion. Potash (31% of total revenue in Q2 2020) Potash royalty revenue of $4.0 million in the second quarter this year compared to $5.2 millio...