Category: Mining

Altius Minerals Corporation Reports Quarterly Attributable Revenue of $7,301,000 and Adjusted EBITDA of $6,273,000

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(March 16, 2016) - Altius Minerals Corporation ("Altius" or the "Corporation") (ALS.TO) reports attributable revenue (1) of $7,301,000 and adjusted EBITDA (2) of $6,273,000, or $0.16 per share, for the quarter ended January 31, 2016. This compares to attributable revenue of $7,583,000 and adjusted EBITDA of $5,200,000, or $0.16 per share, for the corresponding period last year.
 
A net loss of $16,794,000, or ($0.42) per share was recorded during the quarter resulting largely from non-cash asset impairments of $17,773,000. This compares to a net loss of $5,701,000 and ($0.18) per share, in the prior year corresponding quarter.
 
For the nine months ended January 31, 2016, the Corporation has attributable revenue of $25,620,000, adjusted EBITDA of $20,143,000, or $0.51 per share, and a net loss of $18,476,000, or ($0.46) per share. In the corresponding period in the prior year, the Corporation had attributable revenue of $21,827,000, adjusted EBITDA of $17,954,000, or $0.56 per share and a net loss of $39,150,000.
 
A summary of the financial results is included in the following table.
 
  For the 3 months ended
 January 31,
  For the 9 months ended
 January 31,
 
  2016   2015   2016   2015  
  $   $   $   $  
                 
Royalty revenue                
  777 1,642,000   -   6,534,000   -  
  Coal 3,212,000   4,462,000   11,284,000   13,978,000  
  Potash 1,298,000   1,590,000   4,058,000   4,008,000  
  Voisey's Bay 381,000   500,000   1,430,000   1,762,000  
  CDP 435,000   618,000   1,297,000   1,477,000  
Interest and investment 332,000   67,000   1,014,000   216,000  
Other 1,000   346,000   3,000   386,000  
Attributable revenue (1) 7,301,000   7,583,000   25,620,000   21,827,000  
                 
Adjusted EBITDA (2) 6,273,000   5,200,000   20,143,000   17,954,000  
Net loss attributable to common shareholders (16,794,000 ) (5,701,000 ) (18,476,000 ) (39,150,000 )
Net loss per share                
  basic and diluted (0.42 ) (0.18 ) (0.46 ) (1.22 )
Total assets 422,252,000   424,571,000   422,252,000   424,571,000  
Total liabilities 93,482,000   155,017,000   93,482,000   155,017,000  
Cash dividends declared & paid to shareholders 1,198,000   Nil   3,594,000   Nil  

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.

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). 
  1. 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

Attributable revenue

  For the 3 months ended
January 31,
  For the 9 months ended
January 31,
 
  2016   2015   2016   2015  
  $   $   $   $  
                 
Royalty revenue                
  777 1,642,000   -   6,534,000   -  
  Coal 3,212,000   4,462,000   11,284,000   13,978,000  
  Potash 1,298,000   1,590,000   4,058,000   4,008,000  
  Voisey's Bay 381,000   500,000   1,430,000   1,762,000  
  CDP 435,000   618,000   1,297,000   1,477,000  
Interest and investment 332,000   67,000   1,014,000   216,000  
Other 1,000   346,000   3,000   386,000  
Attributable revenue (1) 7,301,000   7,583,000   25,620,000   21,827,000  
Adjust: joint venture revenue (4,891,000 ) (6,552,000 (16,772,000 ) (19,748,000 )
IFRS revenue per consolidated financial statements 2,410,000   1,031,000   8,848,000   2,079,000  
                 
                 
Adjusted EBITDA For the 3 months ended
 January 31,
  For the 9 months ended
 January 31,
 
  2016   2015   2016   2015  
  $   $   $   $  
                 
(Loss) earnings before income taxes (17,644,000 ) (6,120,000 (18,330,000 ) (42,818,000 )
                 
Addback (deduct):                
  Amortization 2,494,000   40,000   6,068,000   127,000  
  Exploration and evaluation assets abandoned or impaired 2,000   244,000   661,000   336,000  
  Share based compensation (share settled) 228,000   -   393,000   -  
  Interest on long-term debt 1,328,000   2,378,000   4,180,000   7,687,000  
  Loss (gain) on disposal of investments & impairment recognition 5,763,000   (208,000)   5,219,000   1,305,000  
  Unrealized (gain) loss on fair value adjustment of derivatives (129,000 ) 574,000   (348,000 ) 2,975,000  
  Dilution (gain) on issuance of shares by associates -   (89,000 -   (163,000 )
  Share of loss and impairment in associates 3,780,000   6,215,000   7,067,000   42,299,000  
  Earnings from joint ventures 5,785,000   (4,253,000 (1,119,000 ) (12,631,000 )
  Callinan related costs -   -   210,000   -  
  LNRLP EBITDA 265,000   359,000   1,086,000   1,369,000  
  Prairie Royalties EBITDA 4,401,000   6,060,000   15,056,000   17,468,000  
Adjusted EBITDA 6,273,000   5,200,000   20,143,000   17,954,000  
                 
                 
LNRLP EBITDA                
Revenue 381,000   500,000   1,430,000   1,762,000  
Less: mining taxes (116,000 ) (100,000 (344,000 ) (352,000 )
Less: administrative charges -   (41,000 -   (41,000 )
LNRLP Adjusted EBITDA 265,000   359,000   1,086,000   1,369,000  
                 
Prairie Royalties EBITDA                
Revenue 4,511,000   6,260,000   15,342,000   17,986,000  
Operating expenses (110,000 ) (200,000 (286,000 ) (518,000 )
Prairie Royalties Adjusted EBITDA 4,401,000   6,060,000   15,056,000   17,468,000  

About Altius

Altius is a diversified mining royalty company with royalty interests in 13 producing mines located in Canada. The royalty interests include mining operations that produce nickel, copper, zinc, cobalt, gold, silver, potash, thermal (electrical) and metallurgical coal. Altius holds other significant pre-development stage royalties and 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 39,832,102 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:
Altius Minerals Corporation
Ben Lewis
Toll Free: 1.877.576.2209

Altius Minerals Corporation
Chad Wells
709.576.3441
Toll Free: 1.877.576.2209
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.altiusminerals.com