ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - June 21, 2017) - Altius Minerals Corporation (TSX:ALS) ("Altius" or the "Corporation") reports annual attributable revenue(1) of $46,365,000 or $1.07 per share and adjusted EBITDA(2) of $34,711,000 or $0.80 per share compared to attributable revenue of $33,085,000 or $0.83 per share and adjusted EBITDA of $24,199,000 or $0.61 per share for the prior year. Attributable revenue grew 40% or $13,300,000 in 2017 from 2016.
The increased year to date revenue results from higher realized prices for copper, zinc and metallurgical coal, 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 net loss for the year was $65,006,000, or $1.50 per share, compared to a net loss of $38,464,000, or $0.97 per share, in the prior year. The higher annual net loss results largely from the previously reported recognition of a non-cash impairment charge of $72,001,000 for the Corporation's Genesee royalty interest. 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 April 30, | For the twelve months ended April 30, | |||||||
| 2017 | 2016 | 2017 | 2016 | ||||||
| $ | $ | $ | $ | ||||||
| Revenue | |||||||||
| Attributable royalty | 13,378,000 | 7,465,000 | 46,028,000 | 33,083,000 | |||||
| Project generation | 75,000 | - | 337,000 | 2,000 | |||||
| Attributable revenue (1) | 13,453,000 | 7,465,000 | 46,365,000 | 33,085,000 | |||||
| Adjusted EBITDA (1) | 10,260,000 | 5,356,000 | 34,711,000 | 24,199,000 | |||||
| Net earnings (loss) attributable to common shareholders | (963,000 | ) | (19,988,000 | ) | (64,866,000 | ) | (38,464,000 | ) | |
| Basic and diluted per share | |||||||||
| Attributable revenue | 0.31 | 0.19 | 1.07 | 0.83 | |||||
| Adjusted EBITDA | 0.24 | 0.13 | 0.80 | 0.61 | |||||
| Net earnings (loss) per share | (0.02 | ) | (0.50 | ) | (1.50 | ) | (0.97 | ) | |
| Total assets | 420,445,000 | 411,492,000 | 420,445,000 | 411,492,000 | |||||
| Total liabilities | 104,979,000 | 91,277,000 | 104,979,000 | 91,277,000 | |||||
| Cash dividends declared & paid to shareholders | 1,300,000 | 1,195,000 | 5,204,000 | 4,789,000 | |||||
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 July 6, 2017. The dividend is expected to be paid on or about July 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 Q4 F2017 financial results as detailed below.
Fiscal 2017 Fourth Quarter (Year-end) Financials Call Information:
| Time: | 9.30 a.m. EST on Thursday, June 22, 2017 |
| Dial-In Numbers: | +1 (844) 473-0974 (Canada) |
| +1 (480) 696-7316 (International) | |
| Pass code: | 24764259 |
| Conference Title: | Altius Q4- F2017 |
| Webcast URL: | http://edge.media-server.com/m/p/zexmnaeo |
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 April 30, | Twelve months ended April 30, | |||||||
| Attributable revenue | 2017 | 2016 | 2017 | 2016 | |||||
| $ | $ | $ | $ | ||||||
| Attributable revenue | 13,453 | 7,465 | 46,365 | 33,085 | |||||
| Adjust: joint venture revenue | (5,811 | ) | (5,110 | ) | (21,168 | ) | (21,881 | ) | |
| IFRS revenue per consolidated financial statements | 7,642 | 2,355 | 25,197 | 11,204 | |||||
| Adjusted EBITDA | 2017 | 2016 | 2017 | 2016 | |||||
| $ | $ | $ | $ | ||||||
| Earnings (loss) before income taxes | (100 | ) | (21,550 | ) | (62,149 | ) | (40,970 | ) | |
| Addback (deduct): | |||||||||
| Amortization and depletion | 2,922 | 2,342 | 11,631 | 8,410 | |||||
| Exploration and evaluation assets abandoned or impaired | 2,112 | 5,062 | 4,112 | 5,723 | |||||
| Share based compensation (share settled) | 196 | 188 | 1,058 | 581 | |||||
| Interest on long-term debt | 1,363 | 1,260 | 7,714 | 5,440 | |||||
| Unrealized (gain) loss on fair value adjustment of derivatives | - | - | - | (348 | ) | ||||
| (Gain) loss on disposal of investments & impairment recognition | (557 | ) | (506 | ) | (6,330 | ) | 4,713 | ||
| Dilution (gain) | (196 | ) | - | (762 | ) | - | |||
| Share of loss and impairment in associates | 2,106 | - | 2,201 | 7,067 | |||||
| Earnings from joint ventures | (3,417 | ) | (3,433 | ) | 58,054 | (4,552 | ) | ||
| Impairment on goodwill | - | 16,402 | - | 16,402 | |||||
| LNRLP EBITDA | (365 | ) | - | (365 | ) | 1,086 | |||
| Prairie Royalties EBITDA | 5,650 | 5,078 | 20,605 | 20,134 | |||||
| Foreign currency loss | 546 | 513 | 1,599 | 513 | |||||
| Gain on disposal of mineral property | - | - | (2,657 | ) | - | ||||
| Adjusted EBITDA | 10,260 | 5,356 | 34,711 | 24,199 | |||||
| LNRLP EBITDA | |||||||||
| Revenue | - | - | - | 1,430 | |||||
| Less: mining taxes | (365 | ) | - | (365 | ) | (344 | ) | ||
| Less: administrative charges | - | - | - | - | |||||
| LNRLP Adjusted EBITDA | (365 | ) | - | (365 | ) | 1,086 | |||
| Prairie Royalties EBITDA | |||||||||
| Revenue | 5,811 | 5,109 | 21,168 | 20,451 | |||||
| Operating expenses | (161 | ) | (31 | ) | (563 | ) | (317 | ) | |
| Prairie Royalties Adjusted EBITDA | 5,650 | 5,078 | 20,605 | 20,134 | |||||
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 common 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.
Contact Information:
1.877.576.2209
Chad Wells
1.877.576.2209