Business
Altius Minerals Reports Q3 2020 Attributable Royalty Revenue of $16.2M and Adjusted Operating Cash Flow of $7.3M
ST. JOHN’S, Newfoundland / Nov 11, 2020 / Business Wire / Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) reports attributa
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland / Nov 11, 2020 / Business Wire / Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $16.2 million or $0.39 per share(1) for the third quarter ended September 30, 2020 compared to $19.2 million or $0.45 per share in the comparable quarter last year and $13.0 million or $0.31 per share in Q2 2020. Adjusted EBITDA of $12.4 million or $0.30 per share compares to $15.2 million or $0.36 per share in Q3 2019 and to $10.0 million or $0.24 per share in Q2 2020. Adjusted operating cash flow(1) of $7.3 million or $0.18 per share is lower than both its year over year comparable period of $14.4 million or $0.36 per share and last quarter’s $13.4 million or $0.32 per share due to timing of royalty receipts and corporate income tax payments. On a year-to-date basis, adjusted operating cash flow of $33.9 million is lower than its comparable period last year of $34.6 million trending with lower revenue as well as timing of corporate tax instalments paid. The Adjusted EBITDA margin in the third quarter was 77%. Adjusted net earnings of $3.6 million or $0.09 per share compares to $4.3 million or $0.10 per share in Q3 2019 (see table) and to $1.4 million or $0.04 per share in Q2 2020. The adjusted earnings per share follows the trend of lower revenue and excludes non-cash impairment charges of $45.6 million or $1.10 per share versus no comparable amounts in prior year period or Q2 2020. Also impacting adjusted earnings were dilution gains of $2.6 million or $0.05 per share, loss on fair value adjustments of $0.9 million or $0.02 per share offsetting foreign exchange gains of $0.9 million or $0.02 per share. The impairment charges of $45.6 million in the quarter are further explained under “Thermal Coal”. Portfolio Performance Base metals (copper, nickel, zinc and cobalt) (53% of total revenue in Q3 2020) Base metal revenue contributed $8.7 million in the third quarter compared to $8.0 million in the year ago comparable quarter and $4.8 million in the second quarter, reflecting improvements in copper and nickel pricing and the recommencement of operations at Voisey’s Bay. Chapada and 777 provided $4.1 million and $4.2 million respectively while Voisey’s Bay contributed approximately $0.4 million, as the mine resumed operations in July after being pl...