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Altius Minerals Corp (TSE:ALS)
TSX:ALS
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Altius Minerals (ALS) AI Stock Analysis

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TSE:ALS

Altius Minerals

(TSX:ALS)

Rating:70Neutral
Price Target:
C$32.00
▲(7.06% Upside)
Altius Minerals' overall stock score is driven by strong financial performance and reasonable valuation, despite challenges in revenue growth and cash flow management. Technical indicators suggest a mixed trend, while the earnings call reflects both positive developments and ongoing challenges.
Positive Factors
Diversified Portfolio
Altius offers investors diversified risk exposure centered around base metals and bulk commodities via the royalty and streaming model.
Financial Flexibility
Cash proceeds provide Altius meaningful financial flexibility, including the potential ability to execute on external M&A opportunities, allowing for deleveraging, further share repurchases or a SIB, and increased dividends or a special distribution.
Negative Factors
Earnings Performance
Altius reported Q2/25 adjusted EPS a bit below our estimate and consensus.
Revenue Performance
Altius reported Q2/25 attributable royalty revenue slightly below estimates, including slightly lower results in potash, as well as the interest and other category.

Altius Minerals (ALS) vs. iShares MSCI Canada ETF (EWC)

Altius Minerals Business Overview & Revenue Model

Company DescriptionAltius Minerals Corporation operates as a diversified mining royalty and streaming company in Canada, the United States, and Brazil. The company owns royalty and streaming interests in 12 operating mines covering copper, zinc, nickel, cobalt, iron ore, precious metals, potash, and thermal and metallurgical coal. It is also involved in the acquisition and management of renewable energy investments and royalties, as well as early-stage royalties and minority equity or project interests. Altius Minerals Corporation was incorporated in 1997 and is headquartered in St. John's, Canada.
How the Company Makes MoneyAltius Minerals makes money primarily through its royalty and streaming agreements. These agreements entitle the company to receive a percentage of the revenue or production from mining operations without bearing the operational costs. Key revenue streams include royalties from iron ore operations in Labrador, potash operations in Saskatchewan, and other base and precious metal projects. Significant partnerships with mining operators enable Altius to leverage its royalty interests across various projects. Additionally, the company generates income from strategic investments in junior mining companies and projects, which can offer capital appreciation and potential future royalty streams.

Altius Minerals Earnings Call Summary

Earnings Call Date:Aug 11, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Neutral
The earnings call presents a balanced view with significant positive developments in royalty sales and liquidity improvements, alongside challenges in revenue decline and sector-specific uncertainties. The company is taking strategic steps to capitalize on opportunities and manage challenges.
Q2-2025 Updates
Positive Updates
Significant Sale of Silicon Royalty
Altius Minerals announced the sale of 2/3 of its 1.5% NSR royalty related to the Silicon (Arthur Gold Project) to Franco-Nevada, crystallizing material value while retaining long-term upside potential.
Improved Liquidity and Balance Sheet
Following the sale of the Silicon royalty and the Orogen Royalties shareholding, Altius has strengthened its liquidity with cash after taxes and fees approximately $360 million and total liquidity increasing to $540 million.
Positive Developments in Potash and Base Metals
Nutrien and Mosaic reported strong market fundamentals and expectations for a record in global potash demand. Voisey's Bay is ramping up production of nickel, copper, and cobalt.
Renewable Royalty Business Growth
The increase in royalty revenue reflects organic growth. The GBR portfolio represents a total potential electricity generating capacity in excess of 18,500 megawatts.
Negative Updates
Decrease in Royalty Revenue and EBITDA
Q2 2025 royalty revenue was $12.7 million, down from $20.4 million in Q2 2024. Adjusted EBITDA was $7.5 million, a decrease from $14.5 million in the prior year quarter.
Reduced Net Earnings
Net earnings for the second quarter of $5.5 million or $0.12 per share were lower compared to $8.3 million or $0.18 per share in Q2 2024.
Challenges in Renewable Sector
The renewable industry faced uncertainty due to pending policy changes and phaseout of tax incentives, leading to a wait-and-see approach among operators and investors.
Maintenance Impact on Potash Volumes
Potash volumes were low due to maintenance turnarounds at Nutrien and Mosaic, affecting royalty volumes.
Company Guidance
During the Altius Minerals Q2 2025 conference call, the company provided detailed guidance on its financial and operational metrics. Royalty revenue for the quarter was reported at $12.7 million, a notable decrease from $20.4 million in Q2 2024, primarily due to lower potash volumes and reduced dividends from iron ore. Adjusted EBITDA for Q2 2025 was $7.5 million, down from $14.5 million the previous year, reflecting similar pressures. Net earnings stood at $5.5 million, or $0.12 per share, compared to $8.3 million or $0.18 per share in Q2 2024, with the decline attributed to lower revenues despite reduced costs and expenses. The company also declared a quarterly dividend of $0.10 per share, marking an 11% increase over recent amounts. Altius highlighted improved liquidity, with $11 million in cash and $116 million available under their revolver, and a total liquidity of $540 million post-transaction activities. The renewable royalty business showed growth, driven by projects like Canyon Wind and Angelo Solar, with a portfolio capable of generating over 18,500 megawatts, while the iron ore segment noted production improvements. The company emphasized ongoing strategic evaluations for capital allocation, including share repurchases and external acquisitions, leveraging its strengthened financial position.

Altius Minerals Financial Statement Overview

Summary
Altius Minerals demonstrates strong profitability and a solid balance sheet, with efficient operations and conservative leverage. However, recent declines in free cash flow growth and negative revenue growth indicate potential challenges in top-line expansion and cash flow management.
Income Statement
75
Positive
Altius Minerals shows strong profitability with high gross and net profit margins, particularly in the TTM period. However, revenue growth has been negative recently, indicating potential challenges in top-line expansion. The EBIT and EBITDA margins are robust, suggesting efficient operations.
Balance Sheet
70
Positive
The company maintains a healthy balance sheet with a low debt-to-equity ratio, indicating conservative leverage. Return on equity is solid, reflecting effective use of shareholder funds. The equity ratio is stable, showing a strong asset base relative to liabilities.
Cash Flow
65
Positive
Cash flow metrics are generally positive, with a strong operating cash flow to net income ratio. However, recent declines in free cash flow growth suggest potential cash flow management challenges. The free cash flow to net income ratio remains healthy, indicating good cash conversion.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue47.19M58.17M68.96M102.05M81.68M60.06M
Gross Profit35.71M45.84M47.65M71.88M52.79M37.06M
EBITDA109.90M119.42M40.58M83.17M74.91M7.10M
Net Income99.15M100.77M9.54M37.49M40.02M-26.86M
Balance Sheet
Total Assets716.68M713.99M773.54M780.58M721.40M589.61M
Cash, Cash Equivalents and Short-Term Investments11.12M15.91M130.42M82.39M100.02M21.80M
Total Debt93.17M99.38M112.17M120.87M115.17M132.97M
Total Liabilities136.13M142.86M161.00M171.78M192.42M205.78M
Stockholders Equity570.72M561.18M488.73M486.19M433.49M362.88M
Cash Flow
Free Cash Flow20.25M25.37M35.05M71.92M46.64M34.38M
Operating Cash Flow22.08M27.95M36.51M74.26M47.77M37.12M
Investing Cash Flow-86.49M-103.37M55.07M-85.75M-26.55M-50.19M
Financing Cash Flow-35.66M-44.41M-38.93M-10.75M56.99M12.74M

Altius Minerals Technical Analysis

Technical Analysis Sentiment
Positive
Last Price29.89
Price Trends
50DMA
28.30
Positive
100DMA
27.28
Positive
200DMA
26.66
Positive
Market Momentum
MACD
0.28
Negative
RSI
62.68
Neutral
STOCH
69.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ALS, the sentiment is Positive. The current price of 29.89 is above the 20-day moving average (MA) of 29.26, above the 50-day MA of 28.30, and above the 200-day MA of 26.66, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 62.68 is Neutral, neither overbought nor oversold. The STOCH value of 69.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ALS.

Altius Minerals Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
C$1.35B8.2933.49%6.93%73.61%119.38%
70
Neutral
C$1.39B14.0018.70%1.24%-13.16%588.65%
61
Neutral
$10.24B6.180.71%2.90%3.45%-36.02%
52
Neutral
C$2.65B-115.88%-0.21%
46
Neutral
C$1.62B-1.11%7.35%
$739.70M-42.91%
$722.33M-8.20%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ALS
Altius Minerals
29.89
6.79
29.39%
TSE:AFM
Alphamin Resources
1.01
0.15
17.44%
TSE:FOM
Foran Mining
3.10
-0.56
-15.30%
TSE:SKE
Skeena Resources
23.92
13.95
139.92%
SGML
Sigma Lithium
6.03
-3.72
-38.15%
LAC
Lithium Americas Corp.
2.83
0.47
19.92%

Altius Minerals Corporate Events

Legal ProceedingsBusiness Operations and Strategy
Altius Minerals Secures Expanded Royalty Interests in Nevada Gold District
Positive
Aug 14, 2025

Altius Minerals Corporation announced it has received a final arbitration award confirming its royalty interests within the Silicon gold district in Nevada. The decision extends Altius’s royalty area to approximately 195.6 km², which fulfills the conditions of a sales agreement with Franco-Nevada Corporation, triggering a contingent payment of US$25 million to Altius. This development strengthens Altius’s position within the gold mining industry and enhances its financial prospects, potentially benefiting its stakeholders.

The most recent analyst rating on (TSE:ALS) stock is a Hold with a C$26.00 price target. To see the full list of analyst forecasts on Altius Minerals stock, see the TSE:ALS Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Altius Minerals Reports Decreased Q2 Revenue Amid Strategic Developments
Negative
Aug 11, 2025

Altius Minerals reported a significant decrease in Q2 2025 revenue to $9.8 million, compared to $19.5 million in Q2 2024, primarily due to lower potash volumes and reduced dividends from iron ore, despite higher base metal prices. The company highlighted several strategic developments, including a potential increase in copper production from Lundin Mining’s Saúva deposit, strong potash sales with expectations for record demand, and the sale of a 1% NSR royalty for $275 million, which could impact its financial positioning and stakeholder interests.

The most recent analyst rating on (TSE:ALS) stock is a Hold with a C$26.00 price target. To see the full list of analyst forecasts on Altius Minerals stock, see the TSE:ALS Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Altius Minerals Sells Gold Royalty to Franco-Nevada for $275 Million
Positive
Jul 23, 2025

Altius Minerals Corporation has completed the sale of a 1% net smelter return (NSR) royalty on the Silicon and Merlin gold deposits in Nevada to Franco-Nevada Corporation for $275 million. This transaction enhances Altius’s financial flexibility and strengthens its balance sheet, allowing the company to explore new capital allocation opportunities and maintain exposure to the emerging gold district through its retained 0.5% NSR royalty.

The most recent analyst rating on (TSE:ALS) stock is a Hold with a C$26.00 price target. To see the full list of analyst forecasts on Altius Minerals stock, see the TSE:ALS Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Altius Minerals Reports Q2 2025 Royalty Revenue and Strategic Focus
Neutral
Jul 16, 2025

Altius Minerals Corporation reported an expected Q2 2025 attributable royalty revenue of $12.7 million, reflecting a decrease from previous quarters. The revenue was impacted by various factors, including higher realized prices in base and battery metals, offset by timing issues and maintenance shutdowns in potash mines. The renewable energy sector showed growth with a revenue of $2.1 million, indicating a ramp-up in operational projects. This announcement highlights Altius’s strategic focus on diversifying its revenue streams and aligning with global sustainability trends, which may influence its market positioning and stakeholder interests.

The most recent analyst rating on (TSE:ALS) stock is a Hold with a C$22.00 price target. To see the full list of analyst forecasts on Altius Minerals stock, see the TSE:ALS Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Altius Minerals Reports Strong Portfolio Growth and Strategic Developments
Positive
Jul 7, 2025

Altius Minerals Corporation reported a significant increase in the market value of its public junior equities portfolio, driven by its substantial holdings in Orogen Royalties Inc., which is being acquired by Triple Flag Precious Metals Corp. This acquisition is expected to yield Altius gross proceeds of approximately $80 million. Additionally, Altius is involved in several strategic projects and alliances, including a potential new porphyry copper discovery in Argentina and the sale of its Roebucks base metals project in Newfoundland, while retaining royalties in these ventures. These developments reflect Altius’s strategic focus on enhancing its royalty portfolio and exploring new investment opportunities.

The most recent analyst rating on (TSE:ALS) stock is a Hold with a C$22.00 price target. To see the full list of analyst forecasts on Altius Minerals stock, see the TSE:ALS Stock Forecast page.

Shareholder Meetings
Altius Minerals Achieves Strong Shareholder Support at AGM
Positive
May 14, 2025

Altius Minerals Corporation announced the successful approval of all resolutions at its Annual General Meeting held on May 14, 2025, with a high voting participation rate of 73.9%. The election of directors saw strong support, with all nominees receiving votes in favor at 95% or higher. This outcome underscores shareholder confidence in the company’s strategic direction and governance, potentially strengthening its industry positioning and stakeholder relations.

The most recent analyst rating on (TSE:ALS) stock is a Hold with a C$22.00 price target. To see the full list of analyst forecasts on Altius Minerals stock, see the TSE:ALS Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 20, 2025