Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, September 12, 2012 Altius Minerals Corporation (TSX:ALS) Reports First Quarter Net Loss of $2,857,000
September 12, 2012 10:30 ET
Altius Minerals Corporation (TSX:ALS) Reports First Quarter Net Loss of $2,857,000
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Sept. 12, 2012) - Altius Minerals Corporation ("Altius") (TSX:ALS)reported a net loss attributable to common shareholders of $2,857,000 or ($0.10) per share for the three months ended July 31, 2012 compared to a net loss of $1,588,000 for the same period last year. The current year was affected primarily by the losses in the share of associates, decreased royalty revenue, and a general decline in the market value of investments.
A summary of the financial results is included in the following table.
| Three months ended | ||||
| July 31, | ||||
| (unaudited | ) | |||
| 2012 | 2011 | |||
| $ | $ | |||
| Revenue | 1,335,000 | 2,156,000 | ||
| Net earnings (loss) attributable to shareholders | (2,857,000 | ) | (1,588,000 | ) |
| Diluted earnings (loss) per share | (0.10 | ) | (0.06 | ) |
| Net cash flow from operating activities | 4,647,000 | (6,751,000 | ) | |
Significant progress on its wholly owned and partner-funded project interests continued during the period, 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 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 $287 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 Iron Ore Corp. (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 have attracted joint venture funding partners.
Altius is a member of the S&P/TSX Global Mining Index and currently has 28,527,928 shares outstanding.
