Business
Altius Minerals Reports Q2 2023 Expected Attributable Royalty Revenue(1) of $18.7 million
ST. JOHN’S, Newfoundland and Labrador / Jul 20, 2023 / Business Wire / Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) exp
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador / Jul 20, 2023 / Business Wire / Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) expects to report Q2 2023 attributable royalty revenue of approximately $18.7 million. Royalty Revenue Summary Summary of attributable royalty revenue(in thousands of Canadian dollars) Q2 2023 Q1 2023 Q2 2022 Potash $ 6,080 $ 9,032 $ 11,450 Base & battery metals 4,834 4,869 8,315 Iron ore (1) 2,431 1,870 2,871 Thermal (electrical) coal 2,626 3,002 4,520 Renewable energy 1,323 1,345 763 Other 1,384 1,275 703 Attributable royalty revenue $ 18,678 $ 21,393 $ 28,622 See non-GAAP financial measures section of our MD&A for definition and reconciliation of attributable royalty revenue (1) Labrador Iron Ore Royalty Corporation dividends received Potash portfolio revenue during the quarter was $6.1 million mainly reflecting lower average realized prices relative to the prior quarter and the prior year comparable quarterly period. Base and battery metal (primarily copper) revenue was $4.8 million for the quarter. Differences relative to the prior year comparable quarterly period reflect the scheduled closure of the 777 mine in Q2 of 2022 and lower realized pricing at Chapada. Iron ore revenue in the form of dividends from Labrador Iron Ore Royalty Corp., which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada (IOC), was $2.4 million. Thermal (electrical) coal revenue during the quarter was $2.6 million. The prior year comparable quarter included approximately $1.6 million by way of a retroactive adjustment to royalties received during 2021 and Q1 2022. Renewable energy royalty revenue of $1.3 million relates to consolidation of the Corporation's 58% interest in Altius Renewable Royalties Corp. and reflects continued ramp up of portfolio production, which was partly offset by lower average realized prices. Second Quarter 2023 Financial Results Conference Call and Webcast Details Additional details relating to individual royalty performances and asset level developments will be provided with the release of full financial results, which will occur on August 8, 2023 after the close of market with a c...