Q2 2024 Altius Minerals Corp Earnings Call Transcript
Key Points
- Altius Minerals Corp (ATUSF) reported an increase in net earnings to $8.3 million or $0.18 per share, up from $3.3 million or $0.06 per share in Q2 2023.
- Revenue and adjusted EBITDA were positively impacted by higher base metal prices and growth in the renewable royalty portfolio.
- The company has a strong liquidity position with $19.2 million in cash and $93 million in unused revolver room on its credit facility.
- Altius Renewable Royalties reported significant progress, with 12 operating stage wind and solar projects totaling more than 2.5 gigawatts.
- The El Domo Curipamba Project received government approval to begin construction, promising high-grade copper and gold production.
- The mineral royalties segment's EBITDA margin decreased to 77% in Q2 2024 from 81% in Q2 2023, impacted by higher professional fees.
- Adjusted operating cash flow decreased to $9.2 million from $14.1 million in Q2 2023, due to timing of royalty revenue cash receipts and working capital changes.
- Potash prices were lower, affecting revenue despite stable global consumption trends.
- The closure of the Genesee coal mine negatively impacted revenue.
- There is uncertainty regarding the arbitration outcome for the Silicon Royalty in Nevada, which could affect future asset valuations.
Good morning, ladies and gentlemen, and welcome to the Altius Minerals Q2 2024 conference call and webcast. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions) This call is being recorded on Friday, August 9th, 2024.
I would now like to turn the conference over to Flora Woods. Please go ahead.
Thank you, Mike. Good morning, everybody. Welcome to our Q2 call. Our press release and interim filings were released yesterday after the close and are available on home page and on Investor Page of our website. This event is being webcast live, and you'll be able to access a replay of this call afterwards, along with the presentation slides that are added to our website.
Brian Dalton, CEO, and Ben Lewis, CFO are both speakers on the call. With me in the room today are Stephanie Hussey, VP, Finance and John Baker, our Executive Chair. Both can be resources for questions.
And with that, I'll turn over
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