Altius Minerals Corporation (TSX: ALS) delivered a mixed but ultimately stronger 2025 financial profile, with full-year revenue falling to $53.7 million from $58.2 million in 2024. However, Q4 2025 revenue rose to $14.1 million from $11.7 million in Q4 2024.
The company said higher potash and base metal prices, copper stream deliveries and renewables growth offset lower iron ore dividends.
The bottomline told a different story. Full-year net earnings surged to $299.4 million from $101.8 million. Q4 net earnings, however, fell to $22.5 million from $85.5 million because the prior-year quarter benefited from the $87.1 million gain on deconsolidation of ARR, while the current quarter included a $34.9 million gain on sale of royalty interest.
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On an adjusted basis, net earnings for the quarter were $10.8 million versus $2.7 million, translating to $0.24 earnings per share. Full-year, adjusted net earnings rose to $22.5 million for 2025 from $12.7 million in 2024.
Quarterly adjusted EBITDA increased to $15.6 million, or $0.34 per share, from $9.3 million, or $0.20 per share. For 2025, adjusted EBITDA rose to $45.8 million from $44.1 million.
Q4 adjusted operating cash flow increased to $3.2 million from $2.3 million, reflecting higher royalty receipts and interest, partly offset by taxes paid and working capital changes.
Cash and cash equivalents then jumped to $294.1 million at year-end 2025 from $15.9 million a year earlier.
Relevant to Altius’ 2% NSR, Silvercorp Metals said Curipamba construction advanced significantly during 2025 and remains on track for completion in July 2027. Champion Iron also announced Nippon and Sojitz would contribute $245.0 million for a 49% interest in the Kami Iron Mine Partnership, where Altius holds a 3% gross sales royalty.
The firm declared a quarterly dividend of $0.10 per share payable on April 2, 2026 to shareholders of record on March 19, 2026.
Altius Minerals last traded at $40.28 on the TSX.
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