Altius Reports Q1 2024 Expected Attributable Royalty Revenue(1) - Seite 2

 

$

15,974

 

$

21,393

(#) Labrador Iron Ore Royalty Corporation dividends received

 

 

Base and battery metals (primarily copper) revenue of $5.3 million for the quarter reflects higher 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's preliminary cost of sales related to the Chapada copper stream, excluding any depletion for the quarter, is $1.5 million.

Potash portfolio revenue during the first quarter was $5.1 million, which is similar to the prior quarter but lower than the first quarter in 2023, the latter of which included non-recurring price adjustments of $2.2 million and higher average realized potash prices.

Iron ore royalty revenue in the form of dividends from Labrador Iron Ore Royalty Corp., which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada, was $1.7 million.

Renewable energy royalty revenue at Altius Renewable Royalties Corp. ("ARR") of $3.3 million continues its growth trajectory. This current quarter included the commissioning of the Canyon wind project to bring the total number of revenue generating project royalties to 11. In addition the GBR joint venture recognized revenue from renewable project sales proceeds and an escrow release from the Titan Solar project. The Corporation owns 58% of ARR.

Thermal (electrical) coal royalty revenues are $nil in the current quarter as the Genesee Mine ceased operations at the end of 2023.

Non GAAP Financial Measures

1. Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

First Quarter 2024 Financial Results Conference Call and Webcast Details