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Altius Reports announces Q3 2018 royalty revenue

Mining News - Published on Fri, 09 Nov 2018

Image Source: Business Wire
Altius Minerals Corporation reported attributable royalty revenue of USD 17.1 million ($0.40 per share) for the quarter ended September 30, 2018 compared to $16.5 million ($0.38 per share) in the previous quarter and $17.9 million ($0.42 per share) in the comparable prior year quarter ended October 31, 2017. Total Q3 2018 revenue of $17.6 million includes project generation based revenue of approximately $0.5 million. Adjusted EBITDA of $13.9 million ($0.32 per share) for the three months compares to $13.0 million ($0.30 per share) in Q2 2018 and $14.6 million ($0.34 per share) for the three months ended October 31, 2017. Q3 2018 net earnings per share were $0.14 compared to $0.12 in Q2 2018 and $0.16 in the comparable quarter last year. Q3 2018 earnings include a non-cash $2.0 million dilution gain (approximately 4.7 cents per share) related to the Adventus Zinc Corporation private placement financing and another issuance of shares for an exploration alliance.

Royalty revenue highlights are as follows:
Potash royalty revenue is up 148% compared to the prior year quarter, and up 9% over Q2 this year, as prices continued to rise and the Rocanville and Esterhazy mines continued to increase capacity utilization.
Base metal royalty revenue was down 10% from Q2 2018 and down 17% from the comparable quarter in 2017, reflecting lower 777 production compounded by lower copper and zinc prices. Base metal royalty revenue accounted for 40% of royalty revenue this quarter and includes a $0.35 million revenue contribution from Voiseys Bay.
Thermal coal royalty revenue was down 31% from its year-ago comparable quarter, and down 19% from Q2 2018, mainly due to mine sequencing changes at Sheerness that have impacted the last two quarters.
Indirect iron ore revenue related to dividends received from Labrador Iron Ore Royalty Corp. (LIORC), in which Altius now holds approximately 5.46% of the issued and outstanding shares, was down 36% from the comparable quarter last year, but up 144% from Q2 2018. Iron Ore Company of Canada continued to ramp up operations following a labour related work stoppage during Q2 and iron ore quality premiums remained very strong; however, this was offset by the decision by LIORC to withhold a significant amount of its cash flow that it would more typically have paid out as shareholder dividends.

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Posted By : Rabi Wangkhem on Fri, 09 Nov 2018
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