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Cision Canada
23-07-2025
- Business
- Cision Canada
Franco-Nevada Announces Acquisition of 1.0% NSR on AngloGold's Arthur Gold Project in Nevada
(in U.S. dollars unless otherwise noted) TORONTO, July 23, 2025 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV) & (NYSE: FNV) is pleased to announce that its wholly-owned subsidiary has acquired an existing 1.0% net smelter return royalty (the "Royalty") on AngloGold Ashanti plc's ("AngloGold") Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation ("Altius") for $250 million in cash, plus a contingent cash payment of $25 million payable subject to the achievement of certain conditions as described below. The Arthur Gold Project is one of the largest and fastest growing new gold discoveries in the United States. The ongoing drill program expanded the resource by 20% year over year, taking the most recently stated gold Mineral Resource base to 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources. "We are pleased to acquire this existing Royalty on the Arthur Gold Project, which is one of the most exciting new gold discoveries in Nevada," said Paul Brink, President & CEO of Franco-Nevada. "AngloGold, a tier-1 operator, has been rapidly growing the resource base at Arthur since its initial discovery in 2018. This acquisition will further add to our portfolio of Nevada royalties, and we look forward to the long-term growth potential of the asset and the overall district as AngloGold continues to advance the project." Transaction Highlights Royalty on a Tier-1 gold asset in Nevada: The Royalty applies to a substantial land package in the Beatty District of Nevada covering the vast majority of the existing Mineral Resource of the Arthur Gold Project (including both Merlin and Silicon deposits) within a base area of interest with no step-downs or buydown provisions, providing the potential for decades of stable gold cash flow once in production. The ongoing arbitration will determine the extent of the expanded royalty footprint, which is expected to expand by several multiples upon the area encompassed by the base area of interest to include substantially all of the existing Mineral Resource of the Arthur Gold Project and providing further exposure to the large and highly prospective land package 1. Extensive Mineral Endowment with Exploration Potential: The Arthur Gold Project has a large and rapidly growing Mineral Resource base across the Merlin and Silicon deposits for a total of 3.4 Moz of gold Indicated Mineral Resources (122 Mt at 0.87 g/t Au) and 12.9 Moz of gold Inferred Mineral Resources (391 Mt at 1.03 g/t Au). The project is one of Nevada's most exciting new discoveries with Mineral Resources having grown rapidly since first discovery in 2018 and the maiden Resource estimate in 2021. AngloGold has completed 430 km of drilling as of year-end 2024, inclusive of 132 km of drilling completed in 2024 with two reverse circulation and seven diamond core rigs. Project Advancing Under Strong Operator: AngloGold is currently focused on advancing a PFS for the project with expected completion by the end of 2025 or early 2026. The Arthur Gold Project is envisioned as a large oxide project with both heap leach and milling operations. The project is a Tier-1 opportunity for AngloGold. In addition to completing a PFS, key priorities for AngloGold in 2025 include advancing further infill drilling, a potential upgrade in resources to reserves, and executing strategic land and water rights acquisitions. Key Transaction Terms Franco-Nevada has acquired the 1.0% NSR royalty from Altius for $250 million, with a further $25 million in cash payable dependent upon the final award outcome of an ongoing arbitration process between Altius and AngloGold that confirms that the full extent of the royalty beyond the base area of interest is substantially consistent with that of Altius' interpretation of a partial award of the arbitration tribunal that it reported on earlier this year. The transaction was structured as an asset sale and Franco-Nevada will deplete the full purchase price on a units of production basis for tax depletion purposes. Funding of the transaction was completed with cash on hand, and a $175 million draw from the Company's $1 billion corporate credit facility. Altius holds the remaining 0.5% NSR royalty, with respect to which Franco-Nevada has been granted certain pre-emptive rights on a sale by Altius. Advisors BMO Capital Markets and TD Securities acted as financial advisors to Franco-Nevada. Franco-Nevada Corporate Summary Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works. Additional Information Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, Vice President, Mining of Franco-Nevada, a non-independent qualified person under National Instrument 43-101. Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including the outcome of the ongoing arbitration relating to the Royalty coverage and the expected future performance of the Arthur Gold Project and the Royalty. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("GEOs") or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. SOURCE Franco-Nevada Corporation
Yahoo
13-05-2025
- Business
- Yahoo
Altius Reports Q1 2025 Attributable Royalty Revenue of $15.0M and Adjusted Earnings(1) of $2.4M
All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated ST. JOHN'S, Newfoundland, May 13, 2025--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ("Altius" or the "Corporation") reports first quarter 2025 revenue of $12.6 million compared to $13.9 million in Q1 2024. Attributable royalty revenue(1) of $15.0 million ($0.32 per share(1)) compares to $15.4 million ($0.33 per share) reported in Q1 2024. Operating Royalty Portfolio Performance Summary of attributable royalty revenue Q1 2025 Q4 2024 Q1 2024 Base and battery metals $ 6,840 $ 3,167 $ 5,344 Potash 3,894 4,934 5,130 Renewable energy (1) 1,648 1,807 1,935 Iron ore (2) 1,870 2,805 1,683 Interest and investment (1) 703 809 1,327 Attributable royalty revenue $ 14,955 $ 13,522 $ 15,419 (1) ARR and GBR amounts are presented at their effective ownership percentages of 57% and 29%, respectively (2) Labrador Iron Ore Royalty Corporation dividends Highlights Subsequent to the quarter on April 22, 2025 it was announced that Orogen Royalties Inc. ("Orogen"), of which the Corporation is a major shareholder with 39,557,959 Orogen shares or 19.6% ownership, announced a definitive agreement with Triple Flag Precious Metals Corp. ("Triple Flag") whereby Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately $421 million or $2.00 per Orogen share, comprised of approximately $171.5 million in cash, $171.5 million in Triple Flag shares, and shares of a new company ("Orogen Spinco") with an implied value of approximately $78 million. Orogen, a project generation and royalty company, holds a 1% NSR royalty relating to the Expanded Silicon Project as its key asset. Altius also directly holds a separate 1.5% NSR royalty relating to the project. The agreement with Triple Flag is expected to close during the third quarter. Lundin Mining Corporation ("Lundin"), in a Technical Report dated February 19, 2025, reported an open-pit Indicated Mineral Resource of 249.9 Mt at 0.29% copper and 0.16 g/t gold (714 kt or 1.57 Blbs of copper) and an underground Inferred Mineral Resource of 25.2 Mt at 0.51% copper and 0.41 g/t gold (127 kt or 0.28Blbs of copper) at Saúva. This compares with Measured and Indicated Mineral Resources at Chapada of 883.1 Mt at 0.23% copper and 0.12 g/t gold (2051 kt or 4.52 Blbs copper). Drilling at Saúva in 2024 mainly focused on extending the mineralization downdip. The 2025 exploration program will focus on increasing high grade resources and Lundin anticipates releasing an updated Mineral Resource estimate for Saúva next year. Altius's district scale stream interest relates to both the Chapada and Sauva project areas. Altius has formally advanced to the detailed proposal phase in the Julienne Lake Exempt Mineral Land ("EML") process being undertaken by the Province of Newfoundland and Labrador (the "Province"). The Julienne Lake deposit is a large, undeveloped iron ore deposit located approximately 25 kilometres northeast of the town of Labrador City that has had an EML designation since 1976. The Province has reported that the Julienne Lake deposit within the EML area hosts a National Instrument 43-101 (NI 43-101) compliant Measured and Indicated Resource of 867 million tonnes at 33.7% iron, plus an Inferred Resource of 299 million tonnes at 34.1% iron. Altius holds a 100% interest in 65 mineral claims that are contiguous to the Julienne Lake EML area. In 2012, Altius's drilling confirmed the continuity of the iron ore deposit onto its claims. Moreover, Altius has recently commenced preliminary metallurgical test work on its drill core samples in order to test the ability of the deposit to yield direct reduction (DR) grade iron concentrate and expects the results in Q2. Subsequent to the quarter on April 23, 2025 Silvercorp Metals Inc. ("Silvercorp") announced its construction budget for the development of the Curipamba copper-zinc-gold-silver project with an estimated cost of $240.5 million while noting that it is targeting production by the end of 2026. Altius holds a 2% NSR royalty relating to the project. During the quarter Vale announced that it has commenced underground mining operations from the Eastern Deeps Mine at Voisey's Bay, Labrador and that it is currently in the process of ramping up production levels. Subsequent to the quarter on April 24, 2025, AbraSilver reported on drilling completed by Teck Resources Limited on the La Coipita property located in San Juan, Argentina. The drilling is ongoing, with three holes completed to date in 2025, with assays pending on two of the three holes. Hole DDH-LC25-006 reported an intercept of 621m grading 0.38% Cu, 0.07 g/t Au and 62 ppm Mo, from 410m to 1,031 metres. Within this broad intercept were higher grade zones including 114m grading 0.70% Cu, 0.07 g/t Au and 81 ppm Mo, from 410m to 524m down-hole depth. La Coipita is a large (70,000 ha) project situated within one of the world's most endowed copper belts, the prolific Miocene porphyry-epithermal belt (ie, Los Pelambres, Los Bronces, El Teniente, Filo del Sol, El Pachón). Altius holds a Royalty Acquisition Right to acquire a 1.1% net smelter royalty from the original vendor for US$5M any time before the start of construction at La Coipita. Adjusted EBITDA(1) of $9.5 million ($0.20 per share(1)) during Q1 2025 compares to $10.9 million ($0.23 per share) during Q1 2024 and follows the trend of revenue. Q1 2025 adjusted operating cash flow(1) of $4.1 million ($0.09 per share(1)) compares to $4.0 million ($0.08 per share) in Q1 2024. The slight increase reflects lower interest paid offset by lower royalty revenue receipts and higher tax payments as well as working capital changes. Net earnings of $6.3 million ($0.13 per share) for Q1 2025 compares to net earnings of $4.8 million ($0.10 per share) in Q1 2024. Net earnings for the current quarter reflects lower amortization and G&A, partially offset by lower revenues and higher cost of sales. Adjusted net earnings per share(1) of $0.05 for Q1 2025 is lower than $0.07 per share for Q1 2024 and follows the trend of revenue. The main adjusting items are summarized in the below table and include a $4.3 million of tax recovery relating to the recognition of certain tax losses. Adjusted Net Earnings Three months ended March 31, 2025 March 31, 2024 Net earnings attributable to common shareholders $ 6,201 $ 4,719 Addback (deduct): Unrealized loss (gain) on fair value adjustment of derivatives 715 (1,188 ) Foreign exchange (gain) loss (177 ) 747 Realized gain on disposal of derivatives – (916 ) Gain on disposal of mineral property (19 ) – Tax impact (1) (4,362 ) 100 Adjusted net earnings $ 2,358 $ 3,462 (1) Includes tax recovery from recognition of certain tax losses Liquidity and Capital Allocation Summary Cash and cash equivalents at March 31, 2025 were $12.1 million, compared to $15.9 million at the end of 2024. At March 31, 2025 the approximate market value of various public equity holdings included: $110 million for shares of Labrador Iron Ore Royalty Corp. $26 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation $71 million for publicly traded shares held within the Project Generation equity portfolio, including $62.1 million in Orogen Royalties Inc. which following the announcement with Triple Flag has increased in value to approximately $72.4 million (as of May 12). During the quarter the Corporation made scheduled debt repayments of $2.0 million, paid cash dividends of $3.8 million and issued 12,638 shares under the dividend reinvestment plan. Under its normal course issuer bid, the Corporation repurchased and cancelled 2,000 common shares for a total cost of $0.1 million. At March 31, 2025 the Corporation carried a balance of $97.6 million under its term debt facilities and $9.0 million under its revolving credit facility. Dividend Declaration The Corporation's board of directors has declared a quarterly dividend of $0.09 per share, payable to all shareholders of record at the close of business on May 30, 2025. The dividend is expected to be paid on or about June 16, 2025. This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States. In order to be eligible to participate in respect of the June 16, 2025 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by May 23, 2025, five business days prior to record date. Stock market purchases made under the DRIP for the June 16, 2025 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information, please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. 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 on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated. Non GAAP Financial Measures Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A. First Quarter 2025 Financial Results Conference Call and Webcast Details Date: May 14, 2025Time: 9:00 AM EDTToll Free Dial-In Number: +1-800-717-1738 International Dial-In Number: +1-289-514-5100 Conference Call Title and ID: Altius Minerals Q1 2025 Financial Results, ID 93899Webcast Link: Q1 2025 Financial Results About Altius Altius's strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius's commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,301,246 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices. Forward-looking information This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations. View source version on Contacts For further information, please contact: Flora Wood Email: Fwood@ Tel: 1.877.576.2209Direct: +1(416)346.9020 Ben Lewis Email: Blewis@ Tel: 1.877.576.2209 Sign in to access your portfolio
Business Wire
13-05-2025
- Business
- Business Wire
Altius Reports Q1 2025 Attributable Royalty Revenue of $15.0M and Adjusted Earnings (1) of $2.4M
ST. JOHN'S, Newfoundland--(BUSINESS WIRE)-- Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ('Altius' or the 'Corporation') reports first quarter 2025 revenue of $12.6 million compared to $13.9 million in Q1 2024. Attributable royalty revenue (1) of $15.0 million ($0.32 per share (1)) compares to $15.4 million ($0.33 per share) reported in Q1 2024. Operating Royalty Portfolio Performance Highlights Subsequent to the quarter on April 22, 2025 it was announced that Orogen Royalties Inc. ('Orogen'), of which the Corporation is a major shareholder with 39,557,959 Orogen shares or 19.6% ownership, announced a definitive agreement with Triple Flag Precious Metals Corp. ('Triple Flag') whereby Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately $421 million or $2.00 per Orogen share, comprised of approximately $171.5 million in cash, $171.5 million in Triple Flag shares, and shares of a new company ('Orogen Spinco') with an implied value of approximately $78 million. Orogen, a project generation and royalty company, holds a 1% NSR royalty relating to the Expanded Silicon Project as its key asset. Altius also directly holds a separate 1.5% NSR royalty relating to the project. The agreement with Triple Flag is expected to close during the third quarter. Lundin Mining Corporation ('Lundin'), in a Technical Report dated February 19, 2025, reported an open-pit Indicated Mineral Resource of 249.9 Mt at 0.29% copper and 0.16 g/t gold (714 kt or 1.57 Blbs of copper) and an underground Inferred Mineral Resource of 25.2 Mt at 0.51% copper and 0.41 g/t gold (127 kt or 0.28Blbs of copper) at Saúva. This compares with Measured and Indicated Mineral Resources at Chapada of 883.1 Mt at 0.23% copper and 0.12 g/t gold (2051 kt or 4.52 Blbs copper). Drilling at Saúva in 2024 mainly focused on extending the mineralization downdip. The 2025 exploration program will focus on increasing high grade resources and Lundin anticipates releasing an updated Mineral Resource estimate for Saúva next year. Altius's district scale stream interest relates to both the Chapada and Sauva project areas. Altius has formally advanced to the detailed proposal phase in the Julienne Lake Exempt Mineral Land ('EML') process being undertaken by the Province of Newfoundland and Labrador (the 'Province'). The Julienne Lake deposit is a large, undeveloped iron ore deposit located approximately 25 kilometres northeast of the town of Labrador City that has had an EML designation since 1976. The Province has reported that the Julienne Lake deposit within the EML area hosts a National Instrument 43-101 (NI 43-101) compliant Measured and Indicated Resource of 867 million tonnes at 33.7% iron, plus an Inferred Resource of 299 million tonnes at 34.1% iron. Altius holds a 100% interest in 65 mineral claims that are contiguous to the Julienne Lake EML area. In 2012, Altius's drilling confirmed the continuity of the iron ore deposit onto its claims. Moreover, Altius has recently commenced preliminary metallurgical test work on its drill core samples in order to test the ability of the deposit to yield direct reduction (DR) grade iron concentrate and expects the results in Q2. Subsequent to the quarter on April 23, 2025 Silvercorp Metals Inc. ("Silvercorp") announced its construction budget for the development of the Curipamba copper-zinc-gold-silver project with an estimated cost of $240.5 million while noting that it is targeting production by the end of 2026. Altius holds a 2% NSR royalty relating to the project. During the quarter Vale announced that it has commenced underground mining operations from the Eastern Deeps Mine at Voisey's Bay, Labrador and that it is currently in the process of ramping up production levels. Subsequent to the quarter on April 24, 2025, AbraSilver reported on drilling completed by Teck Resources Limited on the La Coipita property located in San Juan, Argentina. The drilling is ongoing, with three holes completed to date in 2025, with assays pending on two of the three holes. Hole DDH-LC25-006 reported an intercept of 621m grading 0.38% Cu, 0.07 g/t Au and 62 ppm Mo, from 410m to 1,031 metres. Within this broad intercept were higher grade zones including 114m grading 0.70% Cu, 0.07 g/t Au and 81 ppm Mo, from 410m to 524m down-hole depth. La Coipita is a large (70,000 ha) project situated within one of the world's most endowed copper belts, the prolific Miocene porphyry-epithermal belt (ie, Los Pelambres, Los Bronces, El Teniente, Filo del Sol, El Pachón). Altius holds a Royalty Acquisition Right to acquire a 1.1% net smelter royalty from the original vendor for US$5M any time before the start of construction at La Coipita. Adjusted EBITDA (1) of $9.5 million ($0.20 per share (1)) during Q1 2025 compares to $10.9 million ($0.23 per share) during Q1 2024 and follows the trend of revenue. Q1 2025 adjusted operating cash flow (1) of $4.1 million ($0.09 per share (1)) compares to $4.0 million ($0.08 per share) in Q1 2024. The slight increase reflects lower interest paid offset by lower royalty revenue receipts and higher tax payments as well as working capital changes. Net earnings of $6.3 million ($0.13 per share) for Q1 2025 compares to net earnings of $4.8 million ($0.10 per share) in Q1 2024. Net earnings for the current quarter reflects lower amortization and G&A, partially offset by lower revenues and higher cost of sales. Adjusted net earnings per share (1) of $0.05 for Q1 2025 is lower than $0.07 per share for Q1 2024 and follows the trend of revenue. The main adjusting items are summarized in the below table and include a $4.3 million of tax recovery relating to the recognition of certain tax losses. Liquidity and Capital Allocation Summary Cash and cash equivalents at March 31, 2025 were $12.1 million, compared to $15.9 million at the end of 2024. At March 31, 2025 the approximate market value of various public equity holdings included: $110 million for shares of Labrador Iron Ore Royalty Corp. $26 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation $71 million for publicly traded shares held within the Project Generation equity portfolio, including $62.1 million in Orogen Royalties Inc. which following the announcement with Triple Flag has increased in value to approximately $72.4 million (as of May 12). During the quarter the Corporation made scheduled debt repayments of $2.0 million, paid cash dividends of $3.8 million and issued 12,638 shares under the dividend reinvestment plan. Under its normal course issuer bid, the Corporation repurchased and cancelled 2,000 common shares for a total cost of $0.1 million. At March 31, 2025 the Corporation carried a balance of $97.6 million under its term debt facilities and $9.0 million under its revolving credit facility. Dividend Declaration The Corporation's board of directors has declared a quarterly dividend of $0.09 per share, payable to all shareholders of record at the close of business on May 30, 2025. The dividend is expected to be paid on or about June 16, 2025. This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States. In order to be eligible to participate in respect of the June 16, 2025 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by May 23, 2025, five business days prior to record date. Stock market purchases made under the DRIP for the June 16, 2025 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information, please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. 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 on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated. Non GAAP Financial Measures Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A. First Quarter 2025 Financial Results Conference Call and Webcast Details Date: May 14, 2025 Time: 9:00 AM EDT Toll Free Dial-In Number: +1-800-717-1738 International Dial-In Number: +1-289-514-5100 Conference Call Title and ID: Altius Minerals Q1 2025 Financial Results, ID 93899 Webcast Link: Q 1 2025 Financial Results About Altius Altius's strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius's commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,301,246 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices. Forward-looking information This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations.
