Altius Minerals Corporation

Good morning, ladies and gentlemen, and welcome to the Altius Minerals Q2 2025 conference call and webcast. At this time, all lines are in the 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 on Tuesday, August 12, 2025. I would now like to turn the conference over to Flora Wood. Please go ahead.

Thank you, Sylvie. Good morning, everyone, and welcome to our Q2 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 that have been added to our website at altsminrose.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. And with that, Ben is up first to take us through the numbers.

Thank you, Flora, and good morning, everyone. Royalty revenue for Q2 2025 is $12.7 million compared to $20.4 million in Q2 2024. Adjusted EBITDA for the three months end of June 30th, 2025 is 7.5 million compared to 14.5 million in the prior year quarter. In the current quarter, the decrease in both revenue and adjusted EBITDA reflect lower attributable potash volumes and lower dividends from iron ore, partially offset by higher base metal prices. Potash attributable royalty volumes have now have been low relative to nutrient and mosaic recorded volumes, partially from the split between units at Rokenville, and from maintenance turnarounds that occurred during the first half of the year. Both nutrient and mosaic have increased their production guidance for the year. Revenue in the prior year quarter also included non-recurring investment income of $30.6 million related to the settlement of a loan receivable. Q2 25 adjusted operating cash flow of 4.7 million compares to 8.3 million in Q2 last year. The decrease is largely reflective of lower royalty revenue receipts. Net earnings for the second quarter of 5.5 million or 12 cents per share compares to net earnings of 8.3 million or 18 cents per share in Q2 2024. Net earnings reflects lower revenues, partially offset by lower costs and expenses, amortization and interest. Due to 2025 adjusted net earnings of 3 cents per share is lower than the second quarter of 2024, with the main adjustment items being foreign exchange and a $1.8 million income tax recovery relating to the 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 it issued a little over 14,000 common shares valued at approximately $381,000 under the corporation's dividend reinvestment plan. There were no shares repurchased in Q2, as the corporation had imposed an internal trading blackout on its shares, while its sales process involving the Silicon Valley team is ongoing. The board of directors also declared a quarterly dividend of 10 cents per share, which represents an increase of 11% over recent quarterly amounts, and will be paid to shareholders of record on August 29, 2025, with a payment date of September 15th. At June 30th, our current liquidity consisted of $11 million in cash, as well as $116 million in unused revolver grain available. Following the sale of the 1% silicon multi and the closing of the triple flag acquisition of Origin, the corporation has considerably strengthened its balance sheet and liquidity profile. Pass after taxes and fees payable to financial and legal advisors is approximately $360 million, with total liquidity increasing to $540 million. This includes $160 million available under the revolving credit facility noted above, as well as $62.5 million potentially available as an accordion feature on their debt, subject to certain criteria. A renewable realty business also remains well-funded through its partnership with Northampton and also through cash on hand held at both the ARR and GDR levels. At June 30th, ARR had cash of approximately US $32 million, and the GDR joint venture had cash of approximately $35 million. along with available liquidity of approximately U.S. $85 million under its credit facilities. And with that, I'll turn it over to Brian to discuss the quarter's significant highlights.