Altius Minerals Corporation

Good morning, ladies and gentlemen, and welcome to the Altius Minerals Q2 2024 conference call and webcast. At this time, all 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 require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, August 9th, 2024. I would now like to turn the conference over to Flora Woods. Please go ahead.

Thank you, Mike. Good morning, everyone, and welcome to our Q2 call. Our press release and interim filings were released yesterday after the close and are available on the homepage and on the investor page of the website. This event is being webcast live, and you'll be able to access a replay of the call afterwards, along with the presentation slides that are added to our website. Brian Dalton, CEO, and Ben Lewis, CFO, are both speakers on the call. With me in the room today are Stephanie Hussey, VP Finance, and John Baker, our Executive Chair. Both can be resources for questions. And with that, I'll turn it over to Ben to take us through the numbers.

Thank you, Flora, and good morning, everyone. Thank you for joining us. 2024 was $21.8 million compared to $18.7 million in 2019. Q2 2023. Revenue in adjusted EBITDA for the quarter reflects higher base metal prices, higher dividends from iron ore, and growth of the renewable royalty portfolio, partially offset by lower potash prices and the closure of the Genesee coal mine. The mineral royalties segment had an EBITDA margin of 77% in Q2 2024 compared to 81% in Q2 2023. and was impacted by higher professional fees. Q2 2024 adjusted operating cash flow of 9.2 million compares to 14.1 million in Q2 last year. The decrease is reflective of timing associated with royalty revenue cash receipts, as well as other working capital changes. Net earnings of 8.3 million or 18 cents per share compares to net earnings of 3.3 million or 6 cents per share in Q2 of last year. The increase in net earnings reflects higher revenues as well as lower amortization offset by marginally higher costs. Net earnings in the quarter were also positively impacted by tax recoveries from recognition of certain tax losses on our coal assets. as well as investment income and the settlement of the loan receivable from Adventus. Q2 2024 adjusted net earnings of nine cents per share is higher than the second quarter of 2023 and includes adjustments for non-recurring income, impairment charges, and tax recoveries. ARR reported its Q2 2024 results on August 5th and details can be found on their website. ARR.energy. ARR continues to accelerate its revenue growth with the commencement of operations at the 195-megawatt Angelo Solar project, as well as the expected Q3 commencement of commercial operations at the 300-megawatt Alsows Wind project. GPR calls a number of new deals, including a $30 million financing of distributed developer Nokomis Energy LLC, and in July announced a $40 million bridge loan facility to Nova Clean Energy. Both deals will provide future royalties to GBR related to a portfolio of projects. I'll now turn to capital allocation and liquidity. During the quarter, we made scheduled debt repayments of $2 million. paid total cash dividends of $3.8 million, and issued 15,224 common shares under the corporation's dividend reinvestment plan. The corporation repurchased and canceled 119,300 shares under its normal course issuer bid for a total cost of $2.5 million during the quarter. The Board of Directors also approved a $0.09 quarterly dividend that will be paid to shareholders of record on August 30, 2024, with a payment date of September 16, 2024. Our current liquidity consists of $19.2 million in cash at the end of Q2, and we have $93 million in unused revolver room on our credit facility. ARR held cash of US $65.9 million, plus has additional capacity under its GVR debt facilities at the end of Q2, with sufficient room to fund its commitments and to continue to pursue new opportunities. And with that, I'll turn it over to Brian.