All references in thousands of Canadian dollars, unless consistent with percentage amounts, unless otherwise noted.
STREET. JOHN’S, Newfoundland and Labrador — Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Company”) expects to realize attributable royalty income(1) in the fourth quarter of 2023 of $15. 8 million and attributable annual revenue royalty benefit of $73. 7 million.
Royalty Revenue Summary
Summary of Attributable Royalty Income(1)
2023
Fourth Quarter 2023
Q3 2023
Second quarter of 2023
First quarter of 2023
2022
Base and battery metals
18 273
4 339
4 231
4,834
4 869
28 512
Potash
24 006
5,023
3,870
6 081
9,032
41,445
Iron ore#
9,536
1 682
3 553
2 431
1 870
10 666
Renewable energy
7 132
1 829
2 648
1,310
1,345
4,795
Thermal carbon (electric)
8,853
1 225
2,000
2,626
3 002
15,175
Interest & Other
5. 893
1,696
1 506
1,416
1. 275
2,878
$
73,693
$
15,794
$
17 808
$
18 698
$
21,393
Ps
103 471
(#) Dividends earned from Labrador Iron Ore Royalty Corporation
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Base and battery metals (primarily copper) revenue of $18.3 million for the year compares to $28.5 million reported for 2022 due primarily to the scheduled closure of the 777 mine in Q2 of 2022 and a Q4 lag between mine production and copper stream deliveries from Chapada. At Voisey’s Bay nickel production continued to be impacted by the transitioning to underground mining from prior open pit based production. The Corporation recognized its first lithium royalty revenue during the second half of the year from the ramp up of the Groto do Cirilo mine.
The initial sales charge for the Company’s Chapada copper stream, depleted during the quarter, was $5. 1 million, compared to $5. 6 million a year earlier.
Potash portfolio revenue for the year was $24. 0 million, compared to $41. 4 million in 2022, reflecting that average learned costs are particularly lower than last year’s record levels, which were impacted by increased uncertainty about sources related to key production spaces in Russia and Belarus.
Iron ore royalty income in the form of dividends from Labrador Iron Ore Royalty Corp. , which serves as a conduit for the source of royalty income and inventory dividends similar to the operations of Iron Ore Mining Company of Canada (IOC), were $9. 5 million, compared to $10. 7 million in 2022 due to a wildfire-like production decline, plant maintenance issues and the timing of sales versus production.
Renewable energy royalty revenue continued to increase in 2023 to $7. 1 million, compared to $4. 8 million in 2022, due to the contribution of newly acquired production milestone royalties and the commissioning of new progression projects during the year. Portfolio projects representing more than 1 GW of production capacity are being built lately.
Thermal (electric) coal royalty gain was $8. 9 million, to $15. 2 million last year, reflecting lower production volumes attributable to the Genesee mine, as the adjacent Genesee power plant nears completion of its conversion to natural gas.
Non-GAAP Financial Measures
Conference Call and Webcast Details on Fourth Quarter and Fiscal Year 2023 End of Financial Results
Additional details relating to individual royalty performances and asset level developments will be provided with the release of full financial results, which will occur on March 11, 2024 after the close of market with a conference call to follow on March 12, 2024.
Date: March 12, 2024 Time: 9:00 a. m. m. ET Toll Free: (1) 888 396 8049 International Telephone Number: (1) 416-764-8646 Conference Call Title and Identifier: Altius Minerals Fourth Quarter 2023 Financial Results, ID 46414943 Webcast Link: Financial Results of the fourth quarter and the end of the year of 2023
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 47,080,737 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.
Forward-looking information
This press release includes forward-looking data. Statements are based on management’s moderate assumptions and expectations and Altius makes no assurance that actual events will meet management’s expectations. In some cases, forward-looking data may be known through terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “possibly,” “deserves,” “will,” or “would. “Although Altius believes that the expectations expressed in these forward-looking statements are based on moderate assumptions, these statements are not promises of long-term functionality and actual effects or advances could possibly differ materially from those projected. Readers deserve not to place undue reliance on forward-looking data. Altius assumes no legal responsibility to update the forward-looking data contained herein in accordance with securities regulations.
See the issue on businesswire. com: https://www. businesswire. com/news/home/20240123277947/en/
Contacts
Flora Wood E-mail: Fwood@altiusminerals. com Tel. Direct: 1. 877. 576. 2209 Direct: 1(416)346. 9020
Ben Lewis Email: Blewis@altiusminerals. com Phone: 1. 877. 576. 2209
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