St. JOHN’S, Newfoundland–(BUSINESS THREAD)–Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Company”), is pleased to report its financial results for the quarter ended June 30, 2022 on a conference call following August 5 2022 at 9:30am EST.
For the quarter ended June 30, 2022, ARR reported attributable income (1) (2) of $0.7 million and a net loss of $0.5 million. This compares to attributable income of $0.07 million and a net loss of $0.7 million in the second quarter of 2021. For the six months ended June 30, 2022, ARR reported attributable income of $1.4 million and a net loss of $0.7 million. This compares to attributable income of $0.1 million and a net loss of $0.8 million for the first six months of 2021.
Based on the performance of the Company’s mining rights to date and production and pricing expectations for the remainder of the year, the Company wishes to reaffirm guidance for 2022 earnings at the level of Great Bay Renewables ( “GBR”) from $4.5 million to $5.5 million. millions expected from its six exploitation rights.
During the three and six months ended June 20, 2022, the Corporation recognized attributable royalty income of $460,000 and $986,700, respectively, from the Northleaf investment rights that were acquired on September 30, 2021. Solar project Prospero 2 during the three and six months ended June 30, 2022, respectively. Production at Prospero 2 was lower in the quarter as the operator reported damage from a hail storm in early June, which has now been largely repaired. Lower production was partially offset by higher prices during the period.
New investments in copyright
On May 4, 2022, ARR announced a $32.5 million investment in a new global renewable energy platform, Bluestar Energy Capital LLC and its US development subsidiary, Nova Clean Energy, LLC. After the close of the quarter, on July 29, 2022, the Corporation announced that GBR has entered into a $40 million transaction with US renewable energy developer Hodson Energy, LLC (“Hodson”) to obtain future royalties related to its portfolio of battery and solar storage development projects by Hodson.
As of June 30, 2022, the Corporation had cash of US$61.9 million and an additional US$1.8 million was held by the 50% owned GBR joint venture.
Commenting on the quarter and the recently announced transactions, Frank Getman, CEO of GBR, said: “We are pleased to add two developer gift portfolio transactions, which give us additional exposure to solar generation and introduce a significant component of battery storage in the case of Hodson. and in both cases supporting teams that have an excellent track record of building strong development project portfolios and moving projects forward through sales and construction.”
Brian Dalton, CEO of ARR, added that “During the quarter and beyond we saw a substantial increase in market-based energy prices in the regions where we currently have royalty exposure, which marked a sharp reversal of several years of declining prices for market-based and contract industrial power purchase agreements.. Higher prices are reflecting higher generation costs in the electricity industry in general, however our rights of author are unaffected by cost inflation, while we benefit from the resulting higher prices.”
Non-GAAP financial measures
Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes that these measures allow investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for prepared performance measures in accordance with IFRS. . Because these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. More information on the composition and usefulness of each non-GAAP financial measure, including a reconciliation to its most directly comparable IFRS measures, is included in the Non-GAAP Financial Measures section of our MD&A.
Details of the conference
A conference call and webcast will be held on August 5, 2022 at 9:30 am EST to provide an update and provide an open Q&A session for analysts and investors. Access details are as follows:
About ARR
ARR is a newly established renewable energy company whose business is to provide long-term, royalty-based investment capital to renewable energy developers, operators and originators. ARR has 16 renewable energy rights representing 3,510 MW of renewable energy, diversified by wind, solar, development phase or operations and regional energy pool in the US. energy sector, as it fulfills its fundamental role in facilitating the global energy transition.
Prospective information
This press release contains forward-looking information. The statements are based on assumptions and reasonable expectations of management and ARR makes no guarantees that actual events will meet management’s expectations. In certain cases, forward-looking information may be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “may,” “will,” “should” or “it should”. “. Although ARR believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on the forward-looking information ARR undertakes no obligation to update any forward-looking information contained herein except in accordance with securities regulation.
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