Altius Minerals Corp. (ALS.TO) Wednesday reported a net loss for the second quarter of C$2.9 million or C$0.10 per share, compared to net earnings of C$2.1 million or C$0.07 per share in the year-ago quarter.
The loss for the quarter includes the company's share of losses in Alderon Iron Ore Corporation (ADV.TO) of C$1.8 million and mineral property write-downs totaling C$1.1 million. Offsetting these amounts was an increase in royalty revenue to C$0.7 million compared to C$0.6 million in the previous year.
Revenue for the quarter rose to C$1.6 million from C$1.5 million last year.
The company said it saw significant progress on its partner-funded projects during the quarter, particularly in the Labrador West iron ore mining district. Altius owns about 40 percent of the common shares of Alderon, as well as a 3 percent gross sales royalty or GSR on the Kami project located in the Labrador West district. Altius said Alderon had commenced infill drilling to upgrade the resource category in anticipation of the completion of a feasibility study in the second half of 2012.
During the quarter, Altius said it was notified that Rio Tinto Exploration Canada Limited had met their requirements of the earn-in agreement and earned a 51 percent interest in mineral properties located approximately 17 kilometers northeast of the Iron Ore Company of Canada's Carol Lake operations. Rio Tinto may earn an additional 19 percent of the project by spending the next C$4 million in exploration expenditures on the properties, subject to a 3 percent GSR (with a 1 percent buyback) in favour of Altius.
Also in the second quarter, Altius announced the signing of a sale and royalty agreement with Century Iron Mines Corporation covering four major claim blocks within Altius' regional iron ore portfolio in the Labrador West district. The agreement anticipates C$28 million in exploration expenditures by Century to earn 100 percent of the properties, subject to a 1-4 percent sliding scale GSR in favour of Altius.
Altius said it is also actively discussing potential exploration agreements with various industry partners on numerous wholly owned projects, while it continues to conduct independent and partner-funded preliminary generative exploration programs in Nunavut, the Yukon, Labrador and the Island of Newfoundland.
ALS.TO is currently trading at C$11.00, down C$0.06 or 0.54%, on the Toronto Stock exchange. Over the past year, the stock traded in a range of C$9.91 - C$14.50.
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