Business
Altius Minerals Reports Q2 2022 Attributable Royalty Revenue of $28.6M and Adjusted Earnings (1,2) of $10.6M
ST. JOHN’S, Newfoundland and Labrador / Aug 08, 2022 / 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 08, 2022 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports second quarter revenue of $27.4 million compared to $21.2 million for the same period in 2021. Q2 2022 attributable royalty revenue(1,2) of $28.6 million ($0.61 per share(1,2)) was 31% higher than the $21.9 million ($0.53 per share) reported for the comparable quarter in 2021. On a year-to-date basis, attributable royalty revenue of $54.1 million is higher by 36% compared to the $39.7 million reported for the six months ended June 30, 2021. These figures represent quarterly and six-month period revenue records for the Corporation, mainly based upon higher realized commodity prices. Adjusted EBITDA(1,2) of $24.4 million or $0.52 per share(1,2) during Q2 2022 increased by 38% compared to $17.7 million or $0.43 per share during the prior year quarter. The adjusted EBITDA margin in the second quarter was 85% versus 81% in last year’s comparable quarter. The Mineral Royalties segment had an EBITDA margin of 91% and 89% for the current and prior year quarters respectively. On a year-to-date basis, adjusted EBITDA of $48.0 million is up 49% from the year-over-year comparable adjusted EBITDA of $32.3 million. The increase in adjusted EBITDA follows the increase in attributable revenue but was partially offset by an increase in public company related expenses within the Renewable Royalties segment, as Altius Renewable Royalties Inc. completed its initial public offering in March 2021. Q2 2022 adjusted operating cash flow(1,2) of $16.6 million or $0.35 per share(1,2) compares to $5.8 million or $0.14 per share in last year’s comparable quarter. On a year-to-date basis, adjusted operating cash flow (1,2) of $30.8 million compares to $14.6 million for the six-month period ended June 30, 2021. Adjusted operating cash flow benefitted from increased revenues. Adjusted operating cash flow does not include net cash proceeds or acquisition costs (sales minus new investments) related to the Corporation’s Project Generation junior mining equities portfolio. During the quarter and year-to-date periods new Project Generation investments exceeded equity sales for a net cost of $1.2 million and $2.6 million respectively. In the same period in 2021, equity sales exceeded investments by $1.1 m...