ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 06/29/15 -- Altius Minerals Corporation ("Altius") (TSX: ALS) is pleased to announce that its board of directors has declared a cash dividend on its common shares of three cents per common share to all shareholders of record at the close of business on July 6, 2015. The dividend is expected to be paid on or about July 20, 2015.
John Baker, Executive Chairman of Altius, commented, "Upon successful closing of our acquisition of Callinan Royalties Corporation immediately following our year end we have re-assessed our internal estimates of net debt to EBITDA and sustainable free cash flows and determined that an increase to our dividend from $0.08 to $0.12 per year is now appropriate. The decision to increase dividends by 50% has considered a number of factors including our expected royalty revenues, taxation levels, debt service requirements and G&A expenditures. It also recognizes that resource markets are cyclically depressed and that opportunities to develop future growth are accordingly strong. Our capital allocation strategy in the current market environment therefore seeks to strike an optimal balance between opportunistic growth funding, further net debt reduction and shareholder capital returns".
It is anticipated that future quarterly dividends will be payable approximately 14 days following the financial reporting of each fiscal quarter. The declaration, timing, and payment of future dividends will largely depend on the Company's financial results as well as other factors. Dividends paid by Altius are eligible dividends for Canadian income tax purposes unless otherwise stated.
Altius is a diversified mining royalty company with royalty interests in 13 producing mines located in Canada. The royalty interests include mining operations that produce thermal (electrical) and metallurgical coal, potash, zinc, nickel, copper and cobalt.
Altius holds other significant pre-development stage royalties and its project generation pipeline contains a diversified portfolio of exploration stage projects and royalties, many of which are being advanced through various partner-funding arrangements.
Altius has 39,932,102 shares issued and outstanding that are listed on the Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
Altius Minerals Corporation
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