In This Article:
Highlights Progress of its Julienne Lake Iron Ore Project
ST. JOHN’S, Newfoundland, April 09, 2025--(BUSINESS WIRE)--Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) ("Altius" or the "Corporation") is pleased to update its Project Generation ("PG") business activities and its public junior equities portfolio.
The market value of equities in the portfolio at March 31, 2025 was $71.4 million, compared to $60.4 million at December 31, 2024. In addition, net cash proceeds of $527,000 were generated from portfolio sales.
Overall performance of the portfolio was largely driven by its holding of 39,557,961 common shares or an approximate 19.6% interest in Orogen Royalties Inc. (TSX-V:OGN) ("Orogen"). Orogen most recently announced its preliminary 2024 financial results highlighting a record year in financial performance with strong revenue of $7.9 million from the Ermitaño royalty. Orogen also recently reported the declaration of an initial resource estimate by the project operator for the newly discovered Navidad Vein at the Ermitaño Mine.
However, the most noteworthy development reported by Orogen was AngloGold Ashanti NA’s February 19, 2025 announcement of its updated Inferred Resource of 12.1 million ounces (M oz) gold at the Merlin deposit. The updated resource at Merlin represents a 34% increase over the previous 9.05 M oz resource and is in addition to the 3.4 M oz Indicated and 0.8 Moz Inferred gold resource at the adjacent Silicon deposit. Orogen holds a 1% NSR royalty (Altius also directly holds a 1.5% NSR royalty) on the Expanded Silicon gold project located in Nevada, USA.
An updated list of the public equity holdings in the portfolio has been posted to the Altius website at https://altiusminerals.com/project-generation/junior-equities-portfolio/.
Julienne Lake Iron Ore Project
Altius has formally advanced to the detailed proposal phase in the Julienne Lake Exempt Mineral Land ("EML") process being undertaken by the Province of Newfoundland and Labrador (the "Province"). The Province issued an Expression of Interest call for proposals regarding the potential development of the Julienne Lake iron ore deposit in western Labrador in July of 2024. The Julienne Lake deposit is a large, undeveloped iron ore deposit located approximately 25 kilometres from the town of Labrador City that has been held within an EML designation since 1976. The Province reports that the Julienne Lake deposit within the EML hosts a National Instrument 43-101 (NI 43-101) compliant Measured and Indicated Resource of 867 million tonnes at 33.7% iron, plus an Inferred Resource of 299 million tonnes at 34.1% iron.