Date:
News Release:
Ticker Symbol:
11-Sept-2014 14-10 ALS.TSX
Civic Address:
Altius Minerals Corporation
Suite 202, 66 Kenmount Road St. John’s, NL, A1B 3V7, CANADA
Website: www.altiusminerals.com
Toll Free: 1.877.576.2209
Fax: 709.576.3441 e-mail: [email protected]
Mailing Address:
Altius Minerals Corporation
P.O. Box 8263 Stn “A”
St. John’s, NL, A1B 3N4, CANADA
ALTIUS MINERALS CORPORATION (TSX:ALS) REPORTS FIRST QUARTER NET LOSS OF $8,102,000
St. John’s - Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable revenue(1) of $7,217,000 and net loss attributable to common shareholders of $8,102,000 or ($0.26) per share for the three months ended July 31, 2014 compared to attributable revenue(1) of $959,000 and a net loss of $1,292,000 for the same period last year. The current year results were affected by Prairie Royalties and Voisey’s Bay revenue of $6,032,000 and $579,000 respectively, as well as by various investment losses and adjustments to carrying value tota ling $5,789,000, primarily related to the Corporation’s carrying value of its founding shareholding in Alderon Iron Ore Corp., and interest expenses of $2,892,000 directly related to its debt.
A summary of the financial results is included in the following table.
2014 2013 $ $ Royalty revenue Coal 4,958,000 - Potash 1,074,000 - Voisey's Bay 579,000 703,000 CDP 504,000 - Interest and investment 81,000 245,000 Other 21,000 11,000 Attributable revenue 7,217,000 959,000 Net loss attributable to common shareholders (8,102,000) (1,292,000) Net loss per share - basic and diluted (0.26) (0.05) Net cash flow from operations (10,954,000) (1,196,000) (1 ) See no n-IFRS meas ures fo r reco nciliatio n o f attributable revenue Three months ended July 31,
Additional information on the Corporation’s results of operations is included in the Corporation’s MD&A and Financial Statements, which were filed on SEDAR today and are also available on the Co rporation’s website at www.altiusminerals.com.
Non-IFRS Measures
Attributable royalty revenue is intended to provide additional information only and does not have any standardized meaning prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calc ulate these measures differently. For a reconciliation of these measures to various IFRS measures, please see below.
- (1) Attributable revenue is defined by the Corporation as total revenue from the consolidated financial statements and the Corporation’s proportionate share of gross revenue in the joint ventures. The Corporation’s key decision makers use attributable royalty revenue an d related attributable royalty expenses as a basis to evaluate the business performance. The attributable royalty revenue amounts, together with as amortization of royalty interests, general and
Date:
News Release:
Ticker Symbol:
11-Sept-2014 14-10 ALS.TSX
Civic Address:
Altius Minerals Corporation
Suite 202, 66 Kenmount Road St. John’s, NL, A1B 3V7, CANADA
Website: www.altiusminerals.com
Toll Free: 1.877.576.2209
Fax: 709.576.3441 e-mail: [email protected]
Mailing Address:
Altius Minerals Corporation
P.O. Box 8263 Stn “A”
St. John’s, NL, A1B 3N4, CANADA
administrative costs and mining tax, are not reported gross i n the consolidated statement of earnings (loss) since the royalty revenues are being generated in a joint venture and IFRS 11 Joint Arrangements requires net reporting as an equity pick up. The reconciliation to IFRS reports the elimination of the attributable revenues and reconciles to the revenues recognized in the consolidated statements of earnings (loss).
Reconciliations to IFRS measures
Attributable revenue
2014 2013 $ $ Royalty revenue Coal 4,958,000 - Potash 1,074,000 - Revenue Voisey's Bay 579,000 703,000 CDP 504,000 - Interest and investment 81,000 245,000 Other 21,000 11,000 Attributable revenue 7,217,000 959,000 Adjust: joint venture revenue (6,611,000) (703,000) IFRS financial statement revenue 606,000 256,000 3 months ended July 31
About Altius
Altius is diversified minerals royalty company with royalty interests in 12 producing mines located in Canada . The royalty interests include mining operations that produce thermal (electrical) and metallurgical coal, potash, nickel, copper and cobalt.
Altius holds other significant pre -development stage royalty interests that include a 3% gross sales royalty on the development stage Kami iron ore project of Alderon Iron Ore Corp. (“Alderon”), a 2% gross sales royalty for the advanced exploration stage Central Mineral Belt uranium project of Paladin Energy Limited, and several other resource stage project royalties. Its project generation pipeline contains a diversified portfolio of exploration stage projects and royalties, many of which are being advanced through various partner-funding arrangements.
Altius has also built a portfolio of directly and indirectly held junior re source investments, including a ~25% shareholding in Alderon (ADV:TSX), an ~ 8% sha reholding in Virginia Mines Inc. (VGQ:TSX), and a ~5.9% shareholding in Callinan Royalties Corporation (CAA:TSXV).
Altius has 32,300,265 shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
For further information, please contact Ben Lewis or Chad Wells at 1.877.576.2209.