Altius Minerals Corporation Reports Annual Net Loss of $22,565,000
02 Juli 2014 - 2:21PM
Marketwired
Altius Minerals Corporation Reports Annual Net Loss of $22,565,000
Anticipates financial benefit of the recent Prairies Royalties
acquisition in the next financial quarter
ST. JOHN'S, NEWFOUNDLAND--(Marketwired - Jul 2, 2014) - Altius
Minerals Corporation ("Altius" or the "Corporation") (TSX:ALS)
reports attributable revenue(1) of $6,236,000 and net loss
attributable to common shareholders of $22,565,000 or ($0.81) per
share for the year ended April 30, 2014 compared to attributable
revenue(1) of $5,865,000 and a net loss of $13,339,000 for the same
period last year. The current year results were affected by various
investment losses and adjustments to carrying value totaling
$16,358,000, primarily related to the Corporation's carrying value
of its founding shareholding in Alderon Iron Ore Corp., certain
corporate development expenses of $3,616,000 related to the
Prairies Royalties acquisition and higher share based compensation
as a result of Altius' increased share price during the year.
On April 28, 2014, Altius reached an important milestone by
closing the Prairies Royalties acquisition, which comprised royalty
interests in eleven producing mines of electrical coal, potash, and
metallurgical coal, all located within Canada. The acquisition has
increased the Corporation's anticipated per annum royalty revenue
by more than tenfold while substantially diversifying its asset
base by commodity, geography and asset. Altius now has royalty
revenue from six commodities with more than 50% of that revenue
from low risk, inflation adjusted electrical coal royalties and no
single asset that contributes more than 22% of expected revenue.
Altius expects to begin to realize substantial cash flow from the
royalty income it will receive from the royalty portfolio in the
current fiscal year. A summary of the financial results is included
in the following table.
|
Three months ended April 30, |
|
Year ended April 30, |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
|
|
| Royalty revenue |
|
|
|
|
|
|
|
|
|
Voisey's Bay |
664,000 |
|
891,000 |
|
2,773,000 |
|
3,136,000 |
|
|
Coal
(1) |
114,000 |
|
- |
|
114,000 |
|
- |
|
|
Potash (1) |
44,000 |
|
- |
|
44,000 |
|
- |
|
| Interest and investment |
404,000 |
|
679,000 |
|
1,780,000 |
|
2,500,000 |
|
| Other |
9,000 |
|
14,000 |
|
1,525,000 |
|
229,000 |
|
| Attributable revenue |
1,235,000 |
|
1,584,000 |
|
6,236,000 |
|
5,865,000 |
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to common shareholders |
(23,898,000 |
) |
(3,970,000 |
) |
(22,565,000 |
) |
(13,882,000 |
) |
| Net loss per share - basic and diluted |
(0.73 |
) |
(0.14 |
) |
(0.81 |
) |
(0.47 |
) |
| Net cash flow from operations |
3,396,000 |
|
(118,000 |
) |
753,000 |
|
3,751,000 |
|
|
|
|
|
|
|
|
|
|
| (1) See non-IFRS measures for reconciliation of
attributable revenue |
|
| (2) Coal and Potash royalties were acquired on April
28, 2014 and include three days of revenue |
|
Additional information on the Corporation's results of
operations is included in the Corporation's Annual Information
Form, 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 royalty 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.
- 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).
Reconciliations to IFRS measures
Attributable revenue
|
3 months ended April 30, |
|
Year ended April 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
|
|
| Royalty revenue |
|
|
|
|
|
|
|
|
|
Voisey's Bay |
664,000 |
|
891,000 |
|
2,773,000 |
|
3,136,000 |
|
|
Coal
(1) |
114,000 |
|
- |
|
114,000 |
|
- |
|
|
Potash (1) |
44,000 |
|
- |
|
44,000 |
|
- |
|
| Interest and investment |
404,000 |
|
679,000 |
|
1,780,000 |
|
2,500,000 |
|
| Other |
9,000 |
|
14,000 |
|
1,525,000 |
|
229,000 |
|
| Attributable revenue |
1,235,000 |
|
1,584,000 |
|
6,236,000 |
|
5,865,000 |
|
| Adjust: joint venture revenue |
(822,000 |
) |
(891,000 |
) |
(2,931,000 |
) |
(3,136,000 |
) |
| IFRS financial statement revenue |
413,000 |
|
693,000 |
|
3,305,000 |
|
2,729,000 |
|
|
|
|
|
|
|
|
|
|
| (1) Coal and Potash royalties were acquired on April
28, 2014 and include three days of revenue |
|
About Altius
Altius is diversified minerals royalty company with royalty
interests in 12 producing mines located in Canada. The royalty
interests include mining operations that produce thermal
(electrical) and metallurgical coal, potash, nickel, copper and
cobalt.
Altius holds other significant pre-development stage royalty
interests that include a 3% gross sales royalty on the development
stage Kami iron ore project of Alderon Iron Ore Corp. ("Alderon"),
a 2% gross sales royalty for the advanced exploration stage Central
Mineral Belt uranium project of Paladin Energy Limited, and several
other resource stage project royalties. 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 also built a portfolio of directly and indirectly
held junior resource investments, including a ~25% shareholding in
Alderon (TSX:ADV), an ~8% shareholding in Virginia Mines Inc.
(VGQ:TSX), and a ~5.9% shareholding in Callinan Royalties
Corporation (TSX-VENTURE:CAA).
Altius has 32,238,821 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.
Altius Minerals CorporationBen LewisToll Free:
1-877-576-2209Altius Minerals CorporationChad WellsToll Free:
1-877-576-2209709-576-3441info@altiusminerals.comwww.altiusminerals.com
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