Business
Altius Minerals Reports Q2 2024 Attributable Royalty Revenue of $21.8M and Adjusted Earnings(1) of $4.0M
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, Newfoundland / Aug 08, 2024 / Business Wire /
About this update from Altius Minerals Corporation
[{"type":"text","content":"All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, Newfoundland / Aug 08, 2024 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports second quarter 2024 revenue of $19.5 million compared to $17.3 million in Q2 2023. Attributable royalty revenue(1) of $21.8 million ($0.47 per share(1)) compares to $17.4 million in Q1 2024 and to $18.7 million ($0.39 per share) reported in Q2 2023. Brian Dalton, CEO commented, \"Revenue in the current quarter reflects higher base metal prices, higher dividends from iron ore, and growth of the renewable royalty portfolio, partially offset by lower potash prices and the closure of the Genesee Mine. The potash market has returned to a level of stability in terms of both price and demand. The growth in the renewables segment continues and is expected to more than replace our prior coal revenue going forward. The Silicon and Kami royalties continue with positive progress, each of which holds the potential to add meaningfully to the value of our royalty portfolio\". Operating Royalty Portfolio Performance Summary of attributable royalty revenue Q2 2024 Q1 2024 Q2 2023 Base and battery metals $ 5,474 $ 5,344 $ 4,834 Potash 4,755 5,130 6,081 Renewable energy 2,100 3,337 1,310 Iron ore# 4,114 1,683 2,431 Thermal (electrical) coal – – 2,626 Interest and other 5,319 1,941 1,416 Attributable royalty revenue $ 21,762 $ 17,435 $ 18,698 (#) Labrador Iron Ore Royalty Corporation dividends Quarterly Highlights On July 31, 2024 Adventus Mining Corporation (\"Adventus\"), owners of the El Domo Curipamba project, closed an all share transaction whereby Silvercorp Metals Inc. (\"Silvercorp\") acquired the common shares of Adventus under a plan of arrangement. Silvercorp, a diversified mining company producing silver, gold, lead, and zinc and with a long history of profitability and growth, notes the Curipamba development project as the key rationale for completing the acquisition while also indicating that it has sufficient cash and liquidity to complete construction of the El Domo Curipamba project. Altius holds a 2% net smelter return (\"NSR\") royalty on the project....