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(Kitco News) - Royalty firm Altius Minerals (TSX: ALS) said today it expects to report Q1 2023 attributable royalty revenue of C$21.4 million (Q1 2022: C$25.5 million).
The company added that its potash portfolio revenue during the quarter was C$9.0 million, which compares to C$9.9 million in the first quarter of 2022, reflecting lower average realized prices and similar attributable portfolio production volumes.
Base and battery metal (primarily copper) revenue of C$4.9 million was similar to the prior quarter but lower than the year ago comparable quarter based mainly upon the scheduled closure of the 777 mine in Q2 2022 and lower revenue from Chapada, which was enhanced by the timing of sales in the comparable prior year quarterly period.
Iron ore revenue in the form of dividends from Labrador Iron Ore Royalty Corp., which serves as a pass-through vehicle for royalty income and equity dividends related to the operations of Iron Ore Company of Canada (IOC), was C$1.9 million, as compared with Q1 2022 iron ore revenue of $1.4 million.
The company explained that the increase related to a higher share ownership level while both the current and comparable period quarters were impacted by increased levels of sustaining and growth capital investments that limited IOC equity dividends.
Thermal (electrical) coal revenue of C$3.0 million during the current quarter compared to C$3.1 million during the first quarter of last year on lower attributable production volumes at the Genesee mine that were offset by a higher inflation-linked royalty rate.
The company's renewable energy proportionate royalty revenue of C$1.3 million compares to C$772,000 recorded in the same period last year.
"This relates to consolidation of the company's 58% interest in Altius Renewable Royalties Corp., which continues to experience royalty revenue ramp up as additional projects subject to royalty enter production and as recent operating stage royalty acquisitions are incorporated into its portfolio," Altius said.
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 project generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties.
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