Altius Minerals Corporation

Good morning, ladies and gentlemen, and welcome to the Altius Minerals Q1 2025 Financial Results Conference Call. At this time, note that all phone participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded today, Wednesday, May 14, 2025. And I would like to turn the conference over to Flora Wood. Please go ahead.

Thank you, Sylvie. Good morning, everyone, and welcome to our Q1 2025 conference call. Our press release and quarterly filings came out yesterday after the close and are available on our website. This event is being webcast live, and you'll be able to access a replay of the call along with the presentation slides on both the homepage and on the investor page. at altiusminerals.com. I'll also point out that we have a more extensive presentation in a couple hours for our annual general meeting. You'll also see that on our website, and it has an open conference call for live questions. Brian Dalton, CEO, and Ben Lewis, CFO, will both be speakers on this call. 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.

Thank you, Flora. And good morning, everyone. Royalty revenue for Q1 2025 is $15 million compared to $15.4 million in Q1 2024. Adjusted EBITDA for the three months ended March 31st, 2025 is $9.5 million compared to $10.9 million in the prior year quarter. In the current quarter, both revenue and adjusted EBITDA reflected higher base metal prices and copper deliveries from Chapada, higher dividends from iron ore, as well as the growth of the renewable royalty portfolio when excluding non-recurring items from Q1 of last year, offset by lower potash volumes. Q1 2025 adjusted operating cash flow of 4.1 million compares to 4.0 million in Q1 last year. The slight increase reflects lower interest costs offset by lower royalty revenue receipts and higher tax payments, as well as some working capital changes. Net earnings for the first quarter of $6.3 million, or $0.13 per share, compares to net earnings of $4.8 million, or $0.10 per share, in Q1 2024. The increase reflects lower amortization and G&A, partially offset by lower revenues and higher cost of sales, as well as the tax recovery. Q1 adjusted net earnings of $0.05 per share is lower than the first quarter of 2024, with the main adjustment items being unrealized loss on derivatives and $4.3 million in tax recovery relating to recognition of certain tax losses. I'll now turn to capital allocation and liquidity. During the quarter, we made scheduled debt repayments of $2.0 million, paid total cash dividends of $3.8 million, and issued 12,638 common shares valued at approximately $319,000 under the corporation's dividend reinvestment plan. The corporation repurchased and canceled 2,000 shares under its normal course issuer bid for a total cost of $52,000 during the quarter. The Board of Directors also approved a $0.09 quarterly dividend that will be paid to shareholders of record on May 30, 2025, with a payment date of June 16, 2025. At March 31st, our current liquidity consisted of $12.1 million in cash, as well as $116 million in unused revolver room. In addition, the corporation's agreement with Northampton provides access to additional liquidity to fund renewable energy investments and grow the renewable segment. of the business through ARR. At March 31st, 2025, ARR had cash of 31.7 million, that's U.S. dollars. The GBR joint venture in turn had cash of 40.8 million U.S. dollars and available liquidity of 85 million under its credit facilities. And with that, I'll turn it over to Brian to discuss the quarter's significant highlights.