Stocks & Investing
Stocks and Investing
Stocks and Investing
Fri, March 9, 2012
Thu, March 8, 2012 Altius Minerals Corporation (TSX:ALS) Reports Third Quarter Net Earnings of $2,461,000
March 08, 2012 16:00 ET
Altius Minerals Corporation (TSX:ALS) Reports Third Quarter Net Earnings of $2,461,000
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 8, 2012) - Altius Minerals Corporation ("Altius") (TSX:ALS) reported net earnings attributable to common shareholders of $2,461,000 or $0.08 per share for the three months ended January 31, 2012 compared to net earnings of $69,212,000 for the same period last year. The current quarter's earnings include revenue of $5,805,000, consisting of royalty revenue of $1,192,000 and $3,941,000 in share payments received from earn-in partners during the quarter. The previous year's earnings included a pre-tax gain of $84,675,000 recorded on the sale of the Corporation's Kami property to Alderon Iron Ore Corporation.
A summary of the unaudited financial results is included in the following table.
| Three months ended | Nine months ended | ||||
| January 31, | January 31, | ||||
| 2012 | 2011 | 2012 | 2011 | ||
| $ | $ | $ | $ | ||
| Revenue | 5,805,000 | 1,103,000 | 9,596,000 | 3,843,000 | |
| Net earnings (loss) attributable to shareholders | 2,461,000 | 69,212,000 | (1,995,000 | ) | 71,267,000 |
| Diluted earnings (loss) per share | 0.08 | 2.39 | (0.08 | ) | 2.46 |
| Net cash flow from operating activities | 1,744,000 | 217,000 | (3,861,000 | ) | 2,560,000 |
The Corporation saw significant progress on its wholly owned and partner-funded project interests during the quarter, particularly in the Labrador West iron ore mining district. Additional information on the Corporation's results of operations is included in the Corporation's MD&A and Unaudited Financial Statements, which were filed on SEDAR today and are also available on the Company's website at [ www.altiusminerals.com ].
About Altius
Altius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties and investments. Altius has a strong financial position with total assets of approximately $300 million, including $175 million in cash and marketable securities. It has also built a portfolio of directly and indirectly held junior resource investments, including 32.9 million shares of Alderon. (TSX:ADV).
Altius owns an effective 0.3% net smelter return royalty on the producing Voisey's Bay nickel-copper-cobalt mine, a 2% gross sales royalty on uranium in the Central Mineral Belt project of Paladin Energy Limited, a 3% gross sales royalty on the Kami iron ore project of Alderon and several earlier stage resource project royalties. Its growing project generation pipeline consists of a diversified portfolio of exploration projects, many of which it have attracted joint venture funding partners.
Altius is a member of the S&P/TSX Global Mining Index and currently has 28,759,675 shares outstanding.
