ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - March 15, 2017) - Altius Minerals Corporation ("Altius"
or the "Corporation") (TSX:ALS) reports attributable revenue(1) for the three months ended January 31, 2017 of
$14,535,000 or $0.34 per share and adjusted EBITDA(2) of $11,262,000 or $0.26 per share compared to attributable
revenue of $7,301,000 or $0.18 per share and adjusted EBITDA of $6,273,000 or $0.16 per share for the prior year comparable
period. This represents a new quarterly attributable revenue record and is a 46% increase over the second quarter ended
October 31, 2016 and 99% over last year's comparable quarter ended January 31, 2016.
Year to date, the Corporation has recorded attributable revenue of $32,911,000 (2016 - $25,620,000) and adjusted EBITDA of
$24,451,000 (2016 - $18,843,000).
The net loss for the quarter was $67,293,000, or $1.55 per share, compared to a net loss of $16,794,000, or $0.42 per share,
for the comparable prior year quarter. The year to date net loss is $64,046,000 (2016 - $18,479,000).
The increased quarterly and year to date revenue is as a result of higher realized prices for copper, zinc and metallurgical
coal, the first full quarter of revenue from the Chapada copper stream, improved potash royalty production volumes and mine
sequencing based volume increases from its thermal coal royalties. These revenue increases were partially offset by lower
realized potash prices and a nil payment related to the Voisey's Bay royalty.
The higher quarterly and annual net losses result largely from the previously reported recognition of a non-cash impairment
charge of $72,001,000 for the Corporation's Genesee royalty interest during the quarter. This decision was made in response to
policy changes in the province of Alberta that are intended to phase out coal fired electrical generation by 2030.
A summary of the financial results is included in the following table.
| (in Canadian dollars) |
|
For the three months ended January 31, |
|
|
For the nine months ended January 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Attributable revenue (1) |
|
14,535,000 |
|
|
7,301,000 |
|
|
32,911,000 |
|
|
25,620,000 |
|
| Adjusted EBITDA (1) |
|
11,262,000 |
|
|
6,273,000 |
|
|
24,451,000 |
|
|
18,843,000 |
|
| Net earnings (loss) attributable to common shareholders |
|
(67,293,000 |
) |
|
(16,794,000 |
) |
|
(63,903,000 |
) |
|
(18,476,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted per share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Attributable revenue |
|
0.34 |
|
|
0.18 |
|
|
0.76 |
|
|
0.64 |
|
| |
Adjusted EBITDA |
|
0.26 |
|
|
0.16 |
|
|
0.56 |
|
|
0.47 |
|
| |
Net earnings (loss) per share |
|
(1.55 |
) |
|
(0.42 |
) |
|
(1.47 |
) |
|
(0.46 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
403,904,000 |
|
|
422,252,000 |
|
|
403,904,000 |
|
|
422,252,000 |
|
| Total liabilities |
|
106,301,000 |
|
|
93,482,000 |
|
|
106,301,000 |
|
|
91,482,000 |
|
| Cash dividends declared & paid to shareholders |
|
1,300,000 |
|
|
1,198,000 |
|
|
3,904,000 |
|
|
3,594,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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 Corporation's website at www.altiusminerals.com.
The Corporation also confirms that its board of directors has declared a cash dividend on its common shares of three cents per
common share to all shareholders of record at the close of business on April 6, 2017. The dividend is expected to be paid on or
about April 20, 2017.
The declaration, timing and payment of future dividends will largely depend on the Corporation's financial results as well as
other factors. Dividends paid by Altius are eligible dividends for Canadian income tax purposes unless otherwise stated.
A conference call will also be held to discuss the Q3 F2017 financial results as detailed below.
Fiscal 2017 Third Quarter Financials Call Information:
| |
Time: |
|
9:30 a.m. EST on Thursday, March 16, 2017 |
| |
Dial-In Numbers: |
|
+1 (844) 473-0974 (Canada) |
| |
|
|
+1 (480) 696-7316 (International) |
| |
Pass code: |
|
77397391 |
| |
Conference Title: |
|
Altius Q3 - F2017 |
| |
Webcast URL: |
|
http://edge.media-server.com/m/p/tzgaegah
|
The call will be webcast and archived on the Corporation's website for a limited time.
Non-IFRS Measures
Attributable revenue and adjusted EBITDA is intended to provide additional information only and do 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 calculate 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 and 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
administrative costs and mining tax, are not reported gross in 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). |
| |
|
|
|
| |
(2) |
|
Adjusted EBITDA is defined by the Corporation as net earnings (loss) before taxes, amortization, interest,
non-recurring items, non-cash amounts such as impairments, losses and gains, and share based compensation. The Corporation
also adjusts earnings in joint ventures to reflect EBITDA on those assets which exclude amortization of royalty interests
as well as adjusting for any one time items. Adjusted EBITDA is a useful measure of the performance of our business,
especially for demonstrating the impact that EBITDA in joint ventures have on the overall business. Adjusted EBITDA
identifies the cash generated in a given period that will be available to fund the Corporation's future operations, growth
opportunities, shareholder dividends and to service debt obligations. |
Reconciliations to IFRS measures
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands of Canadian dollars) |
|
Three months ended January 31, |
|
|
Nine months ended January 31, |
|
| Attributable revenue |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Attributable revenue |
|
14,535 |
|
|
7,301 |
|
|
32,911 |
|
|
25,620 |
|
| Adjust: joint venture revenue |
|
(7,032 |
) |
|
(4,891 |
) |
|
(15,357 |
) |
|
(16,772 |
) |
| IFRS revenue per consolidated financial statements |
|
7,503 |
|
|
2,410 |
|
|
17,554 |
|
|
8,848 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) before income taxes |
|
(65,969 |
) |
|
(17,644 |
) |
|
(62,049 |
) |
|
(19,420 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Addback(deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Amortization and depletion |
|
3,169 |
|
|
2,494 |
|
|
8,709 |
|
|
6,068 |
|
| |
Exploration and evaluation assets abandoned or impaired |
|
2,000 |
|
|
2 |
|
|
2,000 |
|
|
661 |
|
| |
Share based compensation (share settled) |
|
239 |
|
|
228 |
|
|
862 |
|
|
393 |
|
| |
Interest on long-term debt |
|
1,422 |
|
|
1,328 |
|
|
6,351 |
|
|
4,180 |
|
| |
Unrealized (gain) loss on fair value adjustment of derivatives |
|
- |
|
|
(129 |
) |
|
- |
|
|
(348 |
) |
| |
(Gain) loss on disposal of investments & impairment recognition |
|
(232 |
) |
|
5,763 |
|
|
(5,773 |
) |
|
5,219 |
|
| |
Dilution (gain) |
|
(566 |
) |
|
- |
|
|
(566 |
) |
|
- |
|
| |
Share of loss and impairment in associates |
|
95 |
|
|
3,780 |
|
|
95 |
|
|
7,067 |
|
| |
Earnings from joint ventures |
|
67,226 |
|
|
5,785 |
|
|
61,471 |
|
|
(1,119 |
) |
| |
LNRLP EBITDA |
|
- |
|
|
265 |
|
|
- |
|
|
1,086 |
|
| |
Prairie Royalties EBITDA |
|
6,852 |
|
|
4,401 |
|
|
14,955 |
|
|
15,056 |
|
| |
Foreign currency loss |
|
(317 |
) |
|
- |
|
|
1,053 |
|
|
- |
|
| |
Gain on disposal of mineral property |
|
(2,657 |
) |
|
- |
|
|
(2,657 |
) |
|
- |
|
| Adjusted EBITDA |
|
11,262 |
|
|
6,273 |
|
|
24,451 |
|
|
18,843 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LNRLP EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
- |
|
|
381 |
|
|
- |
|
|
1,430 |
|
| Less: mining taxes |
|
- |
|
|
(116 |
) |
|
- |
|
|
(344 |
) |
| Less: administrative charges |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| LNRLP Adjusted EBITDA |
|
- |
|
|
265 |
|
|
- |
|
|
1,086 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Prairie Royalties EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
7,032 |
|
|
4,511 |
|
|
15,357 |
|
|
15,342 |
|
| Operating expenses |
|
(180 |
) |
|
(110 |
) |
|
(402 |
) |
|
(286 |
) |
| Prairie Royalties Adjusted EBITDA |
|
6,852 |
|
|
4,401 |
|
|
14,955 |
|
|
15,056 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
About Altius
Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines.
These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash and thermal (electrical) and
metallurgical coal. The portfolio also includes numerous pre‐development stage royalties covering a wide spectrum of mineral
commodities and jurisdictions. In addition, Altius holds a large portfolio of exploration stage projects which it has generated
for deal making with industry partners that results in newly created royalties and equity and minority interests.
Altius has 43,335,654 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.