Business
Altius Minerals Reports Q3 2023 Attributable Royalty Revenue of $17.8M and Adjusted Earnings(1) of $2.6M
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN’S, Newfoundland and Labrador / Nov 08, 2023 / Bus
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 and Labrador / Nov 08, 2023 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports third quarter revenue of $15.2 million compared to $25.9 million for the same period in 2022, while attributable royalty revenue(1) of $17.8 million ($0.38 per share(1)) compares to $26.2 million ($0.55 per share) reported in Q3 2022. Brian Dalton, CEO commented, “Third quarter revenue primarily reflects substantially lower realized potash prices relative to the record levels of last year as well as the scheduled closure of the 777 mine in 2022. We continue to believe that most prices remain below those required to incentivize growth investment and to offset projected market supply-demand deficits over coming periods. Despite the continued weakness in prices, positive progress at several potential development and expansion based assets continued during the quarter, as noted in the quarterly highlights below.” Quarterly Highlights AngloGold Ashanti (“AGA”) provided an update on August 4th on the rebranded ‘Expanded Silicon Project’, which now includes both the Silicon and Merlin gold deposits. AGA has stated an exploration target for Merlin of 6 to 8 million ounces that is in addition to the more than 4 million ounce inferred resource estimate that it has published for Silicon. An initial Inferred Mineral Resource estimate for Merlin and a pre-feasibility study for the Expanded Silicon Project that considers ‘synergies from the increased economy of scale and integrated infrastructure, with potential for large scale mining’ are expected to be completed by year end. Altius holds a 1.5% NSR royalty related to the project. The Corporation recognized its first ever royalty revenue related to lithium production from its ownership interest in Grota do Cirilo. ARR Q3 royalty revenue of $2.6 million was up 27% from the same quarter last year, as a result of continued renewable royalty portfolio growth and stronger power prices experienced due to warmer summer weather and increased power demand. Included in ARR's financial results is a $2.9 million loss in joint venture associated with Great Bay Renewables equity investment in an early-stage renewable energy development entity. ...