Altius Reports Q2 2022 Expected Attributable Royalty Revenue(1) of $28.2 million
TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation
July 14, 2022 | St. John’s, Newfoundland and Labrador
Altius Reports Q2 2022 Expected Attributable Royalty
Revenue(1)
of $28.2 million
Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) expects to report
Q2 2022 annual attributable royalty revenue of $28.2 million, which compares to $21.9 million of attributable
royalty revenue recorded in Q2 2021 and represents a new quarterly record for the Corporation.
Royalty Revenue Summary
Summary of attributable royalty revenue
(in thousands of Canadian dollars) Q2 2022 Q1 2022 Q2 2021
Potash 11,450$ 9,903$ 4,516$
Base & battery metals 8,353 9,960 9,394
Iron ore (1) 2,871 1,437 5,029
Thermal (electrical) coal 4,520 3,113 2,140
Renew able energy and other 982 1,079 827
Attributable royalty revenue 28,176$ 25,492$ 21,906$
See non-GAAP financial measures section of our M D&A for definition and reconciliation of attributable royalty revenue
(1) Labrador Iron Ore Royalty Corporation dividends received
Potash portfolio revenue during the quarter was $11. 5 million, which compare s to $4.5 million in the
comparable quarter of 2021, reflecting significantly higher average realized prices as well as price
reconciliation adjustments of $0.9 million related to 2021 sales. On a year-to-date basis, potash revenue of
$21.4 million exceeds the $19.3 million revenue reported for the full year 2021.
During the quarter both operators of the mines comprising the Corporation’s potash royalty portfolio
signalled intentions to incrementally increase production rates over the next few years throu gh
debottlenecking and growth investments in response to projected global supply deficits for the key fertilizer
component.
Base and battery metal (primarily copper) revenue of $8.4 million for the quarter compares to $9.4 million
reported for the second quarter of 2021 due to reduced attributable production volumes.
Mine production at the 777 mine ended during the quarter upon the depletion of reserves, with small royalty
payments expected for the balance of this year related to residual processing and sales . Adventus Mining
and Salazar Resources reported during the quarter that they have received technical approval of their
Environmental and Social Impact Assessment, a Certificate of Technical Feasibility for the construction of
tailings and waste rock facilities, and a preliminary commitment with regard to an Investment Protection
Agreement for the Curipamba - El Domo copper-gold project in Ecuador, which is subject to an Altius NSR
royalty. Lundin Mining reported that it continues to aggressively advance its new high -grade Saúva
discovery, which is located 15 km north of current mining operations at Chapada on lands subject to Altius’s
copper streaming agreement. Vale also announced that it continues to advance development of the
Eastern Deeps nickel-copper cobalt mine at Voisey’s Bay with initial production targeted for later this year.
TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation
Iron ore revenue in the form of dividends from Labrador Iron Ore Royalty Corp. (LIORC) was $2.9 million
compared to $5.0 million in Q2 2021 due to higher sustaining and growth capital spending and lower
declared dividends by the Iron Ore Company of Canada (IOC). LIORC serves as a pass -through vehicle
for IOC production -based royalty revenues and equity dividends . In the second quarter of 2022, Altius
purchased additional shares of LIORC to hold approximately 3.2 million shares at the dividend record date.
Thermal (electrical) coal revenue of $4.5 million during the current quarter compared to $2.1 million during
the second quarter of last year . The current quarter revenue included approximately $1.6 million as an
adjustment to royalties rec eived during 2021 and Q1 2022 that mainly relates to inflation -based rate
escalation provisions of the Genesee royalty agreement.
Renewable energy and other royalty revenue included approximately $0.8 million related to the
Corporation’s 59% interest in Altius Renewable Royalties Corp. (ARR:TSX), compared to $0.06 million in
the same quarter last year.
AngloGold Ashanti continued an aggressive delineation and exploration focussed program at its new Silicon
Project gold discovery in Nevada , while Altius indicated during the quarter that it is considering various
strategic alternatives for its NSR royalty interest in the project.
Second Quarter 2022 Financial Results Conference Call and Webcast Details
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 August 8, 2022 after the close of market with a
conference call to follow on August 9, 2022.
Date: August 9, 2022
Time: 9:00 AM ET
Toll Free Dial-In Number: +1 (888) 440-2151
International Dial-In Number: +1 (438) 803-0555
Conference Call Title and ID: Altius Q2 2022 Results, ID 6430950
Webcast Link: Q2 2022 Financial Results
Non‐GAAP financial measures
1. Attributable royalty revenue is a non ‐GAAP financial measure. Management uses non -GAAP financial
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 performa nce 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 definitio n 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.
which are available at https://www.altiusminerals.com
TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation
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 poten tial 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 47,764,588 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 rel ease 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 a ny forward-looking information
contained herein except in accordance with securities regulation.
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