Business
Altius Minerals Reports Q3 2019 Royalty Revenue of $19.2M and Adjusted EBITDA Of $15.2M
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable royalty revenue(Note 1)
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable royalty revenue(Note 1) of $19.2 million or $0.45 per share for the quarter ended September 30, 2019, which compares to Q3 2018 royalty revenue of $17.1 million or $0.40 per share and Q2 2019 royalty revenue of $19.5 million or $0.46 per share. Adjusted EBITDA(Note 1) of $15.2 million or $0.36 per share for the three months represents a margin of 79% of royalty revenue and compares to Adjusted EBITDA of $13.9 million or $0.32 per share in Q3 2018 and $16.3 million or $0.38 per share in Q2 2019. The Q3 2019 adjusted(Note 2) and net earnings per share (“EPS”) of $0.10 compares to adjusted EPS in Q3 2018 of $0.09 and adjusted EPS of $0.15 in Q2 2019. Royalty revenue guidance of $77 – 81 million for the year remains unchanged. Quarterly highlights and outlook comments are as follows: Base metal revenue of $8 million in Q3 2019 was up 25% from Q2 2019 and up 15% relative to the comparable year ago period. The positive change from Q2 2019 is mainly attributable to the timing of sales and a strong production quarter at Chapada. Delivered pounds of copper attributable to Altius are up 11% for the nine months ended September 30, 2019 versus the same period in 2018, on higher throughput and increased recoveries. 777 royalty revenue was lower than Q2 and consistent with Q3 2018 revenue, with the main factor being lower realized zinc prices and head grades. Voisey’s Bay royalty revenue was up from Q2 2019 on higher nickel prices. Indirect iron ore royalty revenue from our 5.9% ownership of Labrador Iron Ore Royalty Corporation (“LIORC”) was $3.8 million, compared to $3.5 million in Q2 2019 and $1.9 million in the third quarter of 2018. The strong year over year increase is a function of higher realized pellet and high-grade concentrate prices at Iron Ore Company of Canada operations while the prior year comparable quarter was also negatively impacted by LIORC’s election to lower its dividend payout ratio in favor of retaining additional cash on its balance sheet. Potash royalty revenue of $3.7 million is down 28% from Q2 2019 and down 11% from Q3 2018, as abnormally poor weather during the North American planting season resulted in lowered demand and inventory build-ups. Nutrien Ltd. and The Mosaic Company...