Altius reports first quarter net loss of $597,000

Staff ~ The Telegram
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Altius Minerals Corp. reported a net loss of $597,000 or $0.02 per share for the three months ended July 31, compared to net earnings of $380,000 or $0.01 per share for the same period last year.
The company says current period earnings declined from the previous year due to lower interest income from government guaranteed investments compared to the prior year. Royalty revenue was down slightly because of lower realized nickel prices, but was offset by higher concentrate shipments during the period.
Altius owns an effective .3 per cent net smelter return in the producing Voisey's Bay nickel-copper-cobalt mine located in Labrador and has numerous active mineral exploration agreements, principally in eastern Canada targeting a variety of mineral commodities.
Altius also increased its stake in International Royalty Corporation (IRC) by acquiring an additional 6,572,250 shares of IRC during the quarter at an average price of $3.57 per share.
IRC is a publicly traded royalty company that holds several producing and development stage royalties covering a variety of metals including gold, nickel, other base metals and coal. IRC's largest producing royalty is its effective 2.7 per cent net smelter return royalty in the Voisey's Bay nickel-copper-cobalt mine.

Organizations: International Royalty Corporation, Altius Minerals Corp.

Geographic location: Labrador, Eastern Canada

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