Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, June 27, 2012
Altius Minerals Corporation (TSX:ALS) Reports Annual Net Loss of $4,611,000
June 27, 2012 09:47 ET
Altius Minerals Corporation (TSX:ALS) Reports Annual Net Loss of $4,611,000
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 27, 2012) - Altius Minerals Corporation ("Altius") (TSX:ALS) reported net loss attributable to common shareholders of $4,611,000 or ($0.17) per share for the year ended April 30, 2012 compared to net earnings of $70,313,000 for the same period last year. The current year was affected primarily by the losses in the share of associates and a general decline in the market value of investments. 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 ("Alderon").
A summary of the financial results is included in the following table.
| Three months ended | Twelve months ended | ||||||
| April 30, | April 30, | ||||||
| (unaudited) | (audited) | ||||||
| 2012 | 2011 | 2012 | 2011 | ||||
| $ | $ | $ | |||||
| Revenue | 1,452,000 | 1,758,000 | 11,048,000 | 5,601,000 | |||
| Net earnings (loss) attributable to shareholders | (2,616,000 | ) | (953,000 | ) | (4,611,000 | ) | 70,313,000 |
| Diluted earnings (loss) per share | (0.09 | ) | (0.03 | ) | (0.17 | ) | 2.43 |
| Net cash flow from operating activities | (4,714,000 | ) | 43,000 | (8,196,000 | ) | 2,447,000 | |
The Corporation saw significant progress on its wholly owned and partner-funded project interests during the year, 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, Financial Statements, and Annual Information Form, 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 $162 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 a 3% gross sales royalty on the Kami iron ore project of Alderon, 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, 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 28,760,428 shares outstanding.
