Business
Altius Minerals Reports Q3 2021 Attributable Royalty Revenue of $20.8M
ST. JOHN’S, Newfoundland and Labrador / Nov 10, 2021 / 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 / Nov 10, 2021 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1,2) of $20.8 million ($0.50 per share(1,2)) for the quarter ended September 30, 2021. This is a 28% increase from Q3 2020 royalty revenue of $16.2 million. On a year-to-date basis, attributable royalty revenue of $60.5 million is higher by 33% compared to the $45.5 million reported for the nine months ended September 30, 2020. Adjusted EBITDA(1,2) for the quarter was $16.9 million or $0.41 per share(1,2), which compares to adjusted EBITDA of $12.4 million or $0.30 per share (1,2) in Q3 2020. The adjusted EBITDA margin for the third quarter was 81%. On a year-to-date basis, adjusted EBITDA of $49.2 million is up 40% from the year-over-year comparable adjusted EBITDA of $35.2 million. Adjusted operating cash flow (1,2) of $18.9 million or $0.46 per share(1,2) compares to $7.3 million ($0.18 per share) in Q3 2020, and is up significantly year over year as adjusted operating cash flow was impacted by higher royalty revenues and timing of working capital changes. On a year-to-date basis, adjusted operating cash flow (1,2) of $33.5 million compares to $33.9 million for the nine month period ended September 30 2020, which benefitted from lower cash tax installments as a result of flexibility granted by tax authorities due to Covid-19 related economic concerns. Net earnings in Q3 2021 are $9.76 million or $0.24 per share, and on an adjusted basis(1,2) are $0.20 per share(1,2) compared to adjusted earnings of $3.6 million in Q3 2020 or $0.09 per share(1,2). The main adjusting items in the current quarter on a pre-tax basis are realized gains of $3.4 million and a $2.2 million gain on disposal of mineral property. Offsetting adjustment items included a $2.3 million fair value of derivatives charge, foreign exchange loss of $0.7 million and expensed debt costs on refinancing of credit facilities of $0.7 million. Net earnings for the nine month period ended September 30, 2021 is $36.1 million or $0.90 per share compared to net loss of $38.9 million or $0.94 per share in 2020. The full table reconciling adjusted net earnings per share to net earnings per share is included below in Note 2. In addition, Project Generation equity portfolio net cash proce...