Altius Minerals (ALS) Q2 2025 earnings summary

Executive summary

• Q2 2025 royalty revenue declined to $12.7M from $20.4M year-over-year, mainly due to lower potash volumes and iron ore dividends, partially offset by higher base metal prices and a prior year investment income event.

• Net earnings for Q2 2025 were $5.5M ($0.12/share), compared to $8.3M ($0.18/share) in Q2 2024, reflecting lower revenues and costs.

• Adjusted net earnings for Q2 2025 were $1.6M ($0.03/share), down from $4.0M ($0.09/share) in Q2 2024, with a tax recovery recognized.

• Major asset sales, including the Silicon royalty and Orogen Royalties, significantly strengthened the balance sheet, increasing liquidity to approximately $540M.

• Dividend per share increased by 11% to $0.10, with a focus on capital allocation options such as share repurchases and M&A.

Financial highlights

• Q2 2025 royalty revenue was $12.7M, down from $20.4M in Q2 2024; adjusted EBITDA was $7.5M, compared to $14.5M a year earlier.

• Adjusted net earnings for Q2 2025 were $1.6M or $0.03 per share after tax.

• Adjusted operating cash flow was $4.7M in Q2 2025, down from $8.3M in Q2 2024.

• Cash and cash equivalents at June 30, 2025, were $11.1M, with post-transaction liquidity expected to reach $540M, including $360M in cash and $116M available under the revolving credit facility.

• Market capitalization as of August 7, 2025, was $1.4 billion.

Outlook and guidance

• Potash operators have increased production guidance for the year, expecting record global demand and firmer pricing despite production constraints and project delays among competitors.

• Renewable royalty business remains on track, with robust demand and strong PPA price escalation driven by data center growth.

• Curipamba (2% NSR) construction continued, with first production anticipated by end of 2026.

• Voisey’s Bay underground mines to ramp up through the remainder of the year.

• Pre-feasibility study for the Saúva copper-gold deposit is anticipated by year-end, targeting a 50% increase in annual copper production at Chapada.