Altius Minerals (ALS) Q1 2025 earnings summary

Executive summary

• Q1 2025 royalty revenue was CAD 15 million ($15.0M), slightly down from CAD 15.4 million ($15.4M) in Q1 2024, with strong base metal prices and lower potash volumes.

• Net earnings rose to $6.3 million ($0.13/share) from $4.8 million ($0.10/share) year-over-year, mainly due to lower amortization, G&A, and a tax recovery.

• Adjusted net earnings were $2.4 million or $0.05 per share, down from $3.5 million ($0.07/share) in Q1 2024, mainly due to a $4.3 million tax adjustment.

• Announced the proposed acquisition of Orogen Royalties by Triple Flag, highlighting the value of the Silicon and Merlin NSR royalties.

• Market value of the project generation portfolio increased to $71 million at March 31, 2025, up $11 million from last quarter, driven by Orogen market value.

Financial highlights

• Adjusted EBITDA was CAD 9.5 million, down from CAD 10.9 million year-over-year.

• Adjusted operating cash flow was CAD 4.1 million, up slightly from CAD 4.0 million.

• Cash and cash equivalents at March 31, 2025 were $12.1 million; available revolver was $116 million.

• Basic market capitalization as of May 12, 2025 was $1.22 billion; term debt at $97.6 million and revolver debt at $9 million.

• ARR and GBR joint venture held $31.7 million and $40.8 million USD in cash, respectively.

Outlook and guidance

• Operators of potash royalty mines report strong demand and 10%-20% price increases year-to-date.

• Base metal production expected to increase as ramp-ups at key mines progress, including Voisey's Bay and Curipamba.

• First royalty cash flows from Argentina lithium assets expected late this year; lithium projects in Brazil and Argentina advancing.

• Renewable royalty portfolio continues to grow, with new funding and project ramp-ups.

• Julienne Lake iron ore test work results expected in Q2.