Altius Minerals Corporation

Good morning, ladies and gentlemen, and welcome to the Altius Minerals Q3 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 the call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 8th, 2024. I would now like to turn the conference over to Flora Wood. Please go ahead.

Thank you, Mike. Good morning, everyone, and welcome to our Q3 conference call. Our press release and interim filings came out yesterday after the close and are available on our website and on social media. This event is being webcast live, and you'll be able to access a replay of the webcast along with the presentation slides that are on our homepage and on the investor page. Brian Dalton, CEO, and Ben Lewis, CFO, are our main speakers on the call, and will be available in the Q&A. The forward-looking statement on slide two applies to everything we say, both in our formal remarks and during the Q&A. And with that, I'll turn over to Ben to take us through the numbers.

Thank you, Flora. Good morning, everyone. Revenue for Q3 2024 was $16.6 million. compared to $17.8 million in Q3 2023. Revenue and adjusted EBITDA for the quarter reflects higher base metal prices, higher dividends from R&R, and growth of the renewable royalty portfolio, partially offset by lower potash prices and lower coal revenue due to the closure of the Genesee mine. The mineral royalties segment had an EBITDA margin of 69% in Q3 2023. compared to 76% last year and was impacted by higher professional fees associated with the SIL account arbitration. Q3 2024 adjusted operating cash flow of $10.9 million compares to $11.0 million in Q3 last year. The timing of interest, corporate tax payments, and refunds positively impacted adjusted operating cash flow during the current quarter. Net earnings of $3.2 million or $0.06 per share compares to net earnings of $3.5 million in Q3 2023. The decrease in net earnings reflects lower revenues, lower amortization, which was partially offset by marginally higher costs. Q3 2024 adjusted net earnings of $0.05 per share is consistent with the third quarter of 2023. and includes minor adjustments for derivatives and foreign exchange. ARR reported its Q3 2024 results on November 5th, and details can be found on ARR's website, arr.energy. ARR is also approaching the special meeting date of November 19th for its take private transaction, which is expected to close in late November. An affiliate of Northampton Capital Partners LLC is expected to purchase all outstanding common shares of ARR for $12 per share, not owned by Altheus Minerals. After the close, Altheus Minerals will own approximately 57% of ARR. I'll now turn to capital allocation and liquidity. During the quarter, the corporation amended its credit facility to extend the term to August 2025, or sorry, from August 2025 to August 2028, and replaced the combination of its previously outstanding term and revolver debt. The total available credit of $225 million and its principal repayments are consistent with its previous facility, and we did not draw any additional amends at this time. The amended credit facility consists of 50 million Canadian term credit facility, 36 million U.S. term credit facility, and a $125 million revolving credit facility. During the quarter, we made our regularly scheduled debt repayments of 2.0 million, paid total cash dividends of 3.9 million, and issued 12,389 common shares under the corporation's dividend reinvestment plan. The corporation also renewed its normal course issuer bid, which commenced August 22nd, 2024, and will end no later than August 21st, 2025. We did not purchase it and cancel any shares in the third quarter. However, we have expended 10.7 million on a year-to-date basis on the buyback. The Board of Directors also approved a $0.09 quarterly dividend that will be paid to shareholders of record on November 29th with a payment date of December 16th, 2024. Our liquidity consists of $25.6 million in cash at the end of Q3, and we have $116 million in unused revolver room on our amended credit facility. ARR held cash of US $62.1 million, plus has additional capacity under GBR's debt facilities, with sufficient room to fund its commitments and to continue to pursue new investment opportunities. And with that, I'll turn it over to Brian.