Business
Altius Minerals Reports Q2 2023 Attributable Royalty Revenue of $18.7M and Adjusted Earnings (1,2) of $2.7M
ST. JOHN’S, Newfoundland and Labrador / Aug 08, 2023 / 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, 2023 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports second quarter revenue of $17.3 million compared to $27.4 million for the same period in 2022, while attributable royalty revenue(1,2) of $18.7 million ($0.39 per share(1,2)) compares to $28.6 million ($0.61 per share) reported in 2022. Brian Dalton, CEO commented, “Second quarter revenues primarily reflect lower realized prices on a year over year basis but also the scheduled closure of the 777 mine during the year. We continue to believe that most prices remain below those required to incentivize growth investment and to offset projected market deficits over coming periods. The highlight from within our royalty portfolio related to the release by AngloGold Ashanti of an exploration target estimate of 6-8 million ounces of gold from the Merlin deposit that is located adjacent to the south of the Silicon Deposit, for which a resource estimate of more than 4 million ounces was published earlier this year.” Quarterly Highlights AngloGold Ashanti (“AGA”) on August 4th provided an update on the rebranded ‘Expanded Silicon Project’, which now includes both the Silicon and Merlin gold deposits. AGA has stated an exploration target for Merlin of 6 to 8 million ounces, with a grade-tonnage range estimate of 230-250 million tonnes of 0.8 to 1.0 grams/tonne gold. An initial Inferred Mineral Resource estimate and Concept Study for the known mineralization is expected in H2 2023. Merlin is located adjacent to the south of the Silicon Deposit for which a more than 4 million ounce inferred resource estimate was published by AGA earlier this year. It also announced that it expects to complete a pre-feasibility study by year end that considers both Silicon and Merlin and that will include ‘synergies from the increased economy of scale and integrated infrastructure, with potential for large scale mining’. Altius holds a 1.5% NSR royalty related to the project. Lithium Royalty Corp. (“LRC”) distributed $8.9 million to the Corporation as a return of capital to its pre-IPO shareholders. ARR Q2 royalty revenue of $1.3 million was up 72% from the same quarter last year, as a result of continued renewable royalty portfolio growth. Nutrien has lowered potash production guidance for this year...