Business
Altius Minerals Reports Q2 2021 Attributable Royalty Revenue of $21.9M and Announces Dividend Increase
ST. JOHN’S, Newfoundland and Labrador / Aug 09, 2021 / 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 / Aug 09, 2021 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $21.9 million ($0.53 per share(1)) for the quarter ended June 30, 2021. This represents an increase of 23% from Q1 2021 royalty revenue of $17.8 million ($0.43 per share) and 68% from its year over year comparable quarter, when $13.0 million was reported. Adjusted EBITDA(1) for the quarter was $17.7 million or $0.43 per share, up 21% from Adjusted EBITDA of $14.6 million ($0.35 per share) in Q1 2021, and up 76% from the Q2 2020 comparable quarter, when $10 million ($0.24 per share) was reported. The adjusted EBITDA margin for the second quarter was 81%. Adjusted operating cash flow of $5.8 million ($0.14 per share) compares to $8.8 million ($0.21 per share) in Q1 2020 and $13.4 million ($0.32 per share) in Q2 2020. The main factor in the lower adjusted operating cash flow during Q2 2021 is due to the timing of corporate tax installments as well as working capital changes. Net earnings in Q2 2021 are $14.6 million, and on an adjusted basis are $10.5 million or $0.25 per share, compared to adjusted earnings of $6.1 million or $0.14 per share in Q1 2021 and to adjusted earnings of $1.4 million or $0.04 per share in Q2 2021. The main adjusting item in the current quarter is a $0.16 gain on the derecognition of Adventus Mining Corporation (“Adventus”) as an associate and its reclassification to mining and other Investments. Adventus had been equity accounted up until Q2 this year, when Altius elected to forego its board nomination rights. Additional gains of $0.04 per share include foreign exchange gains and gains on disposal of mineral properties that were offset by non-cash impairment charges of ($0.05) per share related to the Corporation’s Manitoba diamond exploration properties and a charge of ($0.02) per share related to the fair value adjustment of a derivative. The full table reconciling adjusted net earnings per share to net earnings per share is included below. Portfolio Performance Base metals (copper, nickel, zinc and cobalt) revenue of $9.4 million accounted for 43% of total attributable royalty revenue (43% Q1 2021). Performance in the quarter was positively impacted by stronger metal prices but was partially offset by the m...