Altius Minerals Corporation

Good morning, ladies and gentlemen, and welcome to the Altius Minerals Corp Q4 and year-end 2023 financial results. At this time, our lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Tuesday, March 12, 2024. I would now like to turn the conference over to Flora Wood. Please go ahead.

Thank you, Joanna. Good morning everyone and welcome to our Q4 conference call. Our press release and annual filings, including the AIF, were released yesterday after the close and are available on our website. This event is being webcast live and you'll be able to access or replay the call along with the presentation slides that have been added to our website at altiusminerals.com. Brian Dalton, CEO, and Ben Lewis, CFO, are both speakers on the call. The forward-looking statement on slide two applies to everything we say, both in our formal remarks and during the Q&A session. Speaking of Q&A session, we also noticed just recently that there's a button on the webcast where you can send us questions in real time. So use that and we can test it out. And with that, Ben, you're up first to go through the numbers.

Thank you, Flora. Good morning, everyone, and thank you for joining us. Royalty revenue for Q4 2023 was $16.0 million compared to $23.1 million in Q4 2022. Full-year attributable royalty revenue of $73.9 million compares to $103.5 million in 2022. Revenue and adjusted EBITDA for the year were impacted by lower commodity prices lower revenue following Genesee's conversion to natural gas, and the scheduled closure of the 777 line at the end of Q2 last year. The mineral royalties segment had an EBITDA margin of 81% and 87% for the current and prior year, respectively, reflecting these decreased revenues against relatively stable fixed costs. Q4 2023 adjusted operating cash flow of $7.7 million compares to $19.2 million in Q4 last year. Full year 2023 adjusted operating cash flow of $37.3 million compares to $75.9 million into 2022. The decrease follows the trend of lower revenue, higher interest rates, and the timing of the income taxes paid. Net loss of $2.2 million or $0.05 per share for the quarter compares to net earnings of $6.8 million or $0.14 per share in Q4 2022. Net earnings for the year of $10.1 million or $0.20 per share for 2023 compares to net earnings of $39.5 million or $0.82 per share in 2022. Net earnings for both the quarter and year reflect lower revenues as well as higher interest costs and marginally higher G&A expenses in the renewable royalty segment. The fourth quarter loss in 2023 included a non-cash impairment charge on the Pickett Mountain royalty as well. Q4 2023 adjusted net earnings of $0.06 per share, decreased relative to $0.10 per share during Q4 2022. while adjusted earnings of 24 cents for the year compares to adjusted net earnings of 74 cents per share in 2022. ARR reported its results on March 6th. Renewable royalty revenue continued to grow, reflecting new operating and development stage royalties in the portfolio, which were added near the end of 2022. GBR also completed a new debt financing in the fourth quarter, for U.S. 247 million with available liquidity of approximately U.S. 107 million at the end of the year. On February 29, TBR entered into a new U.S. $30 million royalty investment agreement with Apex Clean Energy related to their 195 megawatt Angela Solar project in Texas. which is anticipated to achieve commercial operations in May this year and is expected to begin generating revenue in Q4 of this year. I'll turn now to capital allocation and liquidity. During the year, we made scheduled debt repayments of $8 million and paid total cash dividends of $14.3 million. The corporation also repurchased and canceled 611,800 shares under its normal course issuer bid for a total cost of $12.5 million during the year. Our cash balance at the end of 2023, excluding ARR cash, was $12.8 million. And we have $94 million in unused revolver room on our credit facility. ARR held cash of US $88.7 million at the end of the year. And with that, I'll turn it over to Brian.