Altius Minerals Corporation

Good morning ladies and gentlemen and welcome to the Althea's Minerals Q4 and year-end 2024 conference call and webcast. At this time, all lines are in a 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 the star 0 for the operator. This call is being recorded on Wednesday, March 12, 2025. I would now like to turn the conference over to Flora Wood, Vice President of Investor Relations and Sustainability. Please go ahead.

Thank you, Ludi. Good morning, everyone, and thanks for adjusting to our new time today. Welcome to our Q424 conference call. Our press release and most of the annual filings came out yesterday after the close and are available on our website. The AIF is not out yet but will be filed before the deadline month ends. This event is being webcast live and you'll be able to access a replay of this call along with the presentation slides that are added to the website on both the homepage and the investor section. Brian Dalton, CEO, and Ben Lewis, CFO, will both speak on the call. The forward-looking statement on slide two applies to everything we say in our formal remarks and during the Q&A session. And with that, I'd like to introduce Ben first. Go ahead, Ben.

Thank you, Flora. Good morning, everyone. Realty revenue for Q4 2024 was $13.5 million compared to $14.7 million in 2023. Full year revenue of $64 million compares to $69.4 million in 2023. Just to leave it out for the three months and year-end of December, 31st was $9.3 million and $44.1 million, compared to $10.3 million and $53.7 million for the prior year periods. Revenue and adjusted EBITDA for the current year reflects higher base metal prices, higher dividends from iron ore, and continued growth of the renewable royalty portfolio, partially offset by lower potash prices. and no coal revenue due to the closure of the Genesee mine in 2023. Q4 adjusted operating cash flow of $2.3 million compares to $7 million in Q4 last year. On an annual basis, adjusted operating cash flow of $24.8 million compares to $34.8 million in 2023. The decrease for the current year periods is largely reflective of lower royalty revenue receipts, marginally higher costs, as well as some working capital changes, particularly related to the timing of corporate tax refunds and payments throughout the year. Net earnings for the fourth quarter of 2024 of $85.5 million, or $1.82 per share, compares to a net loss of $2.2 million, or 5 cents per share, in 2023, Q4 2023. Net earnings for the year of $101.8 million, or $2.16 per share, for 2024, compares to net earnings of $10.1 million, or 20 cents per share, in 2023. The increase primarily reflects a gain on deep consolidation of ARR, as well as lower revenues and lower amortization. On December 5th, the corporation announced that ARR completed a statutory plan of arrangement with an affiliate of North Hampton Capital Partners, which acquired all of ARR's issued and outstanding shares, other than those held by Altius, for cash consideration of $12 per share. As a result of this transaction, the corporation recognized a gain on deconsolidation of ARR of 87.1 million and will account for its 57% interest in ARR as a joint venture for financial reporting purposes. The corporation currently owns 17.9 million common shares in ARR, as well as a little over 3 million share purchase warrants. Q4 adjusted net earnings of $0.06 per share is consistent with fourth quarter of 2023, while annual adjusted earnings of $0.27 per share for 2024 increased relative to the $0.24 per share recognized in 2023, with the main adjustments being the gain on deconsolidation, ARR, and some minor impairments. I'll now turn to capital allocation and liquidity. During the year, we made scheduled debt payments of $8 million, paid total cash dividends of $14.8 million, and issued 59,000 common shares valued at approximately $1.4 million under the corporation's dividend reinvestment plan. The corporation renewed its normal course issuer bid, which commenced August 22, 2024, and will end no later than August 21, 2025. The corporation repurchased and canceled 761,500 shares for a total cost of $16.2 million during the year. The Board of Directors has also approved a $0.09 quarterly dividend that will be paid to shareholders of record on March 19, 2025, with a payment date of April 2, 2025. At the end of 2024, our current liquidity consists of $16 million in cash, as well as $116 million in unused revolver room available. On August 30th, the corporation amended our credit facility to extend the term from August 2025 to August 2028 and replace the combination of our previously outstanding term and revolver debt. And with that, I'll turn it over to Brian.