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Altius May 11 , 2021 | St. John's , Newfoundland Altius Reports Q1 2021 Attributable Royalty Revenue of $ 17.8M And Adjusted Operating Cash Flow of $ 8.8M Altius Minerals Corporation ( TSX : ALS ; OTCQX : ATUSF ) ( " Altius " or the " Corporation " ) reports attributable royalty revenue ( 1 ) of $ 17.8 million ( $ 0.43 per share ( ¹ ) ) for the quarter ended March 31 , 2021 which was up 9 % from royalty revenue of $ 16.3 million ( $ 0.39 per share ) reported in Q1 2020 . Adjusted EBITDA ( 1 ) for the quarter was $ 14.6 million or $ 0.35 per share , up 15 % from Adjusted EBITDA of $ 12.7 million ( $ 0.30 per share ( 1 ) ) in Q1 2020. The adjusted EBITDA margin for the quarter was 82 % . Adjusted operating cash flow of $ 8.8 million or $ 0.21 per share is down by 33 % from the comparable quarter last year mainly because of the deferred timing of corporate tax installments during the prior year period . Net earnings in Q1 2021 are $ 11.8 million , and on an adjusted basis are $ 6.3 million or $ 0.14 per share compared to $ 3.4 million or $ 0.08 per share of adjusted earnings in Q1 2020. The main adjusting items in the current quarter are a $ 0.09 gain on fair value of a derivative ( due to increases in unrealized value of warrants in the junior equity portfolio ) and a reversal of an impairment charge recorded last year related to a secured debt holding in Alderon Iron Ore Corp. ( " Alderon " ) following the successful sale of its principal asset through a receivership process . The main adjusting items in Q1 2020 were the non - cash impairment charges recorded on the debt and equity of Alderon when it entered receivership . The full table reconciling adjusted net earnings per share to net earnings per share is included below . The project generation business contributed $ 2.5 million during the quarter from the sale of equity positions ( net of cash reinvestments ) . These net proceeds are not included in the adjusted operating cash flow amount reported above as these are classified under " Investing Activities " within the Corporation's consolidated statement of cash flows . Capital Allocation Summary The Corporation's capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long life , high margin operations while providing growing shareholder capital returns . During the quarter , the Corporation made scheduled debt repayments of $ 5 million and paid cash dividends of $ 1.9 million and preferred distributions of $ 1.3 million . In addition the Corporation expended $ 7.4 million to repurchase and cancel 473,000 shares under its Normal Course Issuer Bid , with 400,000 shares acquired upon the exercise of warrants that generated proceeds of $ 5.6 million . Altius Minerals Corporation TSX : ALS | OTCQX : ATUSF