This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
11/7/2023
Good morning, ladies and gentlemen, and welcome to the Altius Renewable Royalties Q3 2023 Financial Results Conference call. 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 Tuesday, November the 7th, I would now like to turn the call over to Flora Wood. Please go ahead.
Thank you, Jerry. Good morning, everyone, and welcome to our Q3 call. Our press release and filings were released yesterday after the close and are available on our website. Last week, you also saw the announcement of GBR's new credit facility, so the conference call comes at a good time. 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 on the homepage and also under investors. Brian Dalton, CEO of ARR, and Frank Gatman, CEO of Great Bay Renewables, are both speakers on the call, and in the Q&A, we'll have Ben Lewis, CFO of ARR, available for questions. The forward-looking statement on slide two applies to everything we say, both in the formal remarks and during the Q&A. And with that, I'll turn over to Brian.
Thanks, Laura, and thanks, everyone, for joining us today. We're happy to report that our business development progress continues on track, despite the headwinds and significantly constrained capital availability in the overall renewable sector. A tremendous amount of change has occurred since we went public in early 2021. However, I feel that we've been adapting well and finding ways to make the most of the opportunities that have resulted from every new challenge. I also understand that for your fellow shareholders that the downward shift in renewable sector equity valuations has been difficult to experience. For sobering background, the TSX Renewables Index is off by 63% since the time of our IPO. In many ways, What is currently occurring feels a lot like things did in the mining sector, where most of my experience comes from, back in 2015 and early 2016. That was when stressed balance sheets and weak commodities markets led to the near complete exodus of equity and debt capital market participants from that sector. Back then, even the traditionally best and strongest companies were suddenly made very vulnerable. It was a very scary and painful time to be sure, but in hindsight, also an amazing opportunity. Nor was this more true than for the royalty companies who were able to step into the capital void with royalty-based financing, acquire long-term interest in world-class, long-life, option-value-laden operations. In fact, if you look into the portfolios of most of the established mining royalty companies, you will see that many of their current dual assets were acquired during that window. I believe that the same type of contrarian opportunity is now presenting for ARR and GBR within the renewable sector. And it is why I'm so impressed and excited about the incredible achievement that Frank and the team completed last week with the signing of new green credit facilities. This leverages the strength of the existing fully equity finance portfolio and provides liquidity to match contrarian conviction. We believe it will accelerate the goal of adding further long-term scale and diversity to your company. With that, I will hand over to Frank to dig in deeper on the past quarter and the opportunity set before us. Over to you, Frank.
You're reading a preview of the ARR Q3 2023 earnings call.
Free account.
