Altius Reports 2024 Attributable Royalty Revenue of $64.0M and Adjusted Earnings(1) of $12.7M
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
March 11, 2025 | St. John’s, Newfoundland
Altius Reports 2024 Attributable Royalty Revenue of $64.0M and Adjusted
Earnings(1) of $12.7M
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated
Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports full year
revenue of $58.2 million compared to $69.0 million in 2023 and $11.7 million for the fourth quarter compared to
$13.8 million in the same period in 2023.
Full year attributable royalty revenue (1) of $64.0 million ($1.37 per share(1)) compares to $69.4 million ($1.46 per
share) reported in 2023. Fourth quarter attributable royalty revenue of $13.5 million ($0.29 per share) compares to
$14.7 million ($0.31 per share) in Q4 2023.
Brian Dalton, CEO commented, "Revenue in the current year reflects higher base metal prices, higher dividends
from iron ore and growth of the renewable royalty portfolio offset by lower potash revenue and lower coal revenue
due to the closure of the Genese e Mine. The potash operators reported increased sales for 2024 with strong
demand expected into 2025. Our renewables business continued its growth with the commencement of several
royalties reaching commercial operations in 2024. At Chapada we saw the benefits of increasing copper prices
while at Voisey's Bay the construction and commissioning of the Eastern Deeps mine was completed. Several other
pre-production royalty projects are seeing positive progress that indicate strong portfolio value growth potent ial,
specifically for Silicon (gold) and Kami (DR quality iron ore) as well as for the Curipamba copper -gold project in
Ecuador and Tres Quebradas and Mariana lithium projects in Argentina".
Operating Royalty Portfolio Performance
Summary of attributable royalty revenue YE 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 YE 2023
Base and battery metals $ 19,422 $ 3,167 $ 5,437 $ 5,474 $ 5,344 $ 18,354
Potash 18,404 4,934 3,585 4,755 5,130 24,005
Renewable energy (1) 6,959 1,807 1,998 1,219 1,935 4,137
Iron ore (2) 11,220 2,805 2,618 4,114 1,683 9,536
Thermal (electrical) coal – – – – – 8,853
Interest and investment (1) 7,980 809 1,038 4,806 1,327 4,480
Attributable royalty revenue $ 63,985 $ 13,522 $ 14,676 $ 20,368 $ 15,419 $ 69,365
(1) ARR and GBR amounts are presented at their effective ownership percentages of 57% and 29%, respectively
(2) Labrador Iron Ore Royalty Corporation dividends
Quarterly and Annual Highlights
• On December 5, 2024 Altius Renewable Royalties Corp ("ARR") and Royal Aggregator LP, an affiliate of
Northampton Capital Partners, LLC (“Northampton”) completed a statutory plan of arrangement (the
"Arrangement") pursuant to which Northampton purchased all of the issued and outstanding common
shares of ARR, other than those shares owned by the Corporation, for cash consideration of $12.00 per
share. As a result of the transaction the Corporation has recognized a gain of $87,146,000. At December
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
31, 2024 the Corporation held 17,937,339 shares in ARR and 3,093,835 share purchase warrants and
retained a 57% interest in its former subsidiary. ARR delisted from the TSX following the completion of the
Arrangement and as a private company continues to hold its 50% joint venture interest in Great Bay
Renewables, LLC.
• Champion Iron Limited ("Champion") commenced the environmental review and permitting process for the
Kami project during the second quarter of 2024 and expects this to run until early 2026. During the fourth
quarter Champion announced that Nippon Steel Co rporation and Sojitz Corporation have entered into a
binding agreement to acquire a 49% interest in the Kami Project for an initial contribution of $245 million.
In exchange for significant up- front payments to Champion and pro -rata contributions towards project
development costs, the incoming partners will become direct equity partners in the project and gain access
to proportionate shares of Kami’s anticipated 9Mt/year high- purity (direct reduction quality) iron ore
concentrate production. High purity iron ore has been added to the Canadian critical minerals list with this
designation expected to open up more low cost financing opportunities and other benefits related to critical
minerals infrastructure.
• On July 31, 2024 Adventus Mining Corporation ("Adventus"), owners of the El Domo Curipamba project,
closed an all share transaction whereby Silvercorp Metals Inc. ("Silvercorp") acquired the common shares
of Adventus under a plan of arrangement. Altius hol ds a 2% net smelter return royalty on the project. On
August 6, 2024 Silvercorp announced that Curipamba had received its final exploitation permit to enter
construction and on August 21, 2024 announced the initiation of the construction process with a goal of first
production in 2026. Average annual production in the first nine years (see Feasibility Study dated
December 2021) is expected to be approximately 11,000 tonnes of copper and 26,000 ounces of gold,
along with associated zinc, silver and lead.
• AngloGold Ashanti plc (“AGA”) continues to advance its discovery of a potential major new gold district
centered around its Silicon Project near Beatty, Nevada. On February 19, 2025 AGA announced an updated
resource for the Expanded Silicon Project, reporting a total of 12.91 Moz (391.14 Mt at 1.03 g/t gold) in the
Inferred Resources category, due to an increase in the Merlin deposit to 355.1 Mt @ 1.06 g/t gold. This is
in addition to the more than 3.4 million ounce Mineral Resource estimate (121.56 Mt at 0.87 g/t Indicated
Mineral Resource) previously published for the adjacent Silicon deposit. A pre- feasibility study for the
Expanded Silicon Project is currently in progress and is expected to be completed in H2 2025. Altius holds
a 1.5% net smelter return royalty related to the project. In January, the Corporation received a partial award
decision by an Arbitration Tribunal relating to defining the full extent of its royalty interests within the Silicon
gold district and is currently awaiting a final decision following further recent submissions to the Tribunal.
Adjusted EBITDA(1) of $44.1 million ($0.95 per share (1)) during 2024 compares to $53.7 million ($1.13 per share)
during the prior year. Adjusted EBITDA for the fourth quarter was $9.3 million or $0.20 per share, which compares
to $10.3 million or $0.22 per share in Q4 2023. Adjusted EBITDA for both periods follows the trend of revenue.
Full year 2024 adjusted operating cash flow(1) of $24.8 million ($0.53 per share(1)) compares to $34.8 million ($0.73
per share) in 2023. Adjusted operating cash flow for the quarter was $2.3 million or $0.05 per share compared to
$7.0 million or $0.15 per share in Q4 2023. Adjusted operating cash flow was impacted by lower royalty revenue
receipts as well as working capital changes.
Net earnings of $101.8 million ($2.16 per share) for 2024 compares to net earnings of $10.1 million ($0.20 per
share) in 2023. Net earnings of $85.5 million ($1.82 per share) during the fourth quarter compares to a net loss of
$(2.2) million ($(0.05) per share) during Q4 2023. Results for the quarter and year ended 2024 reflect the gain
recognized on deconsolidation of ARR as well as lower revenues and amortization. Adjusted net earnings per
share(1) of $0.06 and $0.27 in t he fourth quarter and year ended D ecember 31, 2024 is comparable to the same
periods in 2023. The main adjusting items are summarized in the below table.
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
Adjusted Net Earnings
Three months ended Year ended
December 31,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Net earnings attributable to common shareholders $ 84,751 $ (2,305) $ 100,765 $ 9,537
Addback (deduct):
Unrealized loss on fair value adjustment of derivatives (23) 195 2,056 (325)
Foreign exchange (gain) loss 2,520 (628) 3,046 (980)
Exploration and evaluation assets abandoned or
impaired – 12 226 602
Gain on deconsolidation of subsidiary (87,146) – (87,146) –
Realized gain on disposal of derivatives (136) 16 (4,186) (349)
Gain on disposal of mineral property (25) (50) (25) (594)
Non-recurring other income – – (4,259) (2,820)
Impairment of royalty interests 1,537 6,338 1,537 6,338
Impairment of associate – – 1,579 –
Tax impact 1,206 (1,291) (892) (211)
Adjusted Net Earnings $ 2,684 $ 2,287 $ 12,701 $ 11,198
Liquidity and Capital Allocation Summary
Cash and cash equivalents at December 31, 2024 were $15.9 million, compared to $25.6 million at the end of 2023
(excluding $84.0 million held by ARR at that time).
At December 31, 2024 the approximate market value of various public equity holdings included:
• $108 million for shares of Labrador Iron Ore Royalty Corp.
• $29 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation
• $60 million for publicly traded shares held within the Project Generation equity portfolio, including $52.6
million in Orogen Royalties Inc.
During the year the Corporation made scheduled debt repayments of $8.0 million, paid cash dividends of $14.8
million and issued 59,269 shares under the dividend reinvestment plan. Under its normal course issuer bid, the
Corporation repurchased and cancelled 761,500 common shares for a total cost of $16.2 million during the year. At
December 31, 2024 the Corporation carried a balance of $99.8 million under its term debt facilities and $9.0 million
under its revolving credit facility. On August 30, 2024, the Corporation amended its credit facility to extend the term
from August 2025 to August 2028 and reallocated the combination of its previously outstanding term and revolver
debt. The total available credit of $225,000,000 and its principal repayments are consistent with its previous credit
facility and the Corporation did not draw any additional amounts during the period. The amended credit facility
consists of a $50,000,000 term credit facility, a US$36,000,000 term credit facility and a $125,000,000 revolvi ng
credit facility.
Dividend Declaration
The Corporation’s board of directors has declared a quarterly dividend of $0.09 per share, payable to all
shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about
April 02, 2025.
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced
by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries
outside the United States.
In order to be eligible to participate in respect of the April 02, 2025 dividend, non- registered shareholders must
provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the
transfer agent by March 12, 2025, five business days prior to record date. Stock market purchases made under the
DRIP for the April 02, 2025 paym ent will be satisfied by issuance from treasury at the 5 day volume weighted
average price ending at the close of trading the day before payment date. Shareholders who have already provided
instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information,
please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will
not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration,
timing and payment of future dividends will largely depend on the Corporation’s financial r esults as well as other
factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes
unless otherwise stated.
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.
Fourth Quarter and Year End Financial Results Conference Call and Webcast Details
Date: March 12, 2025
Time: 8:30 AM EDT
Toll Free Dial-In Number: +1-800-717-1738
International Dial-In Number: +1-289-514-5100
Conference Call Title and ID: Altius Minerals Q4 2024 Financial Results, ID 16181
Webcast Link: Q4 and Year End 2024 Financial Results
Altius Minerals Corporation TSX: ALS | OTCQX: ATUSF
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 potent ial 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 46,288,608 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 news release contains forward-looking information. The statements are based on reasonable assumptions and
expectations of management and Altius provides no assurance that actual events will meet management's
expectations. In certain cases, forward- looking information may be identified by such terms as "anticipates",
"believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations
expressed in such forward- looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those projected.
Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any
forward-looking information contained herein except in accordance with securities regulations.
For further information, please contact:
Flora Wood
Email: [email protected]
Tel: 1.877.576.2209
Direct: +1(416)346.9020
Ben Lewis
Email: [email protected]
Tel: 1.877.576.2209