Sailfish Reports Q2 2023 Results
Sailfish Reports Q2 2023 Results
Tortola, British Virgin Islands--(Newsfile Corp. - August 24, 2023) - Sailfish Royalty Corp. (TSXV: FISH)
(OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to announce its operating and financial
results for the second quarter ended June 30, 2023 ("
Q2 2023
"). All amounts are in U.S. dollars unless
otherwise indicated.
Q2 2023 Highlights:
Gold ounces earned of 268 and 628 for the three and six months ended June 30, 2023 (345 and
734 for the three and six months ended June 30, 2022);
Revenues of $$529,648 and $1,206,126 for the three and six months ended June 30, 2023
($646,859 and $1,369,424 for the three and six months ended June 30, 2022);
Gross profit of $292,348 and $658,528 for the three and six months ended June 30, 2023
($349,757 and $713,017 for the three and six months ended June 30, 2022);
Net loss of $434,676 and $1,044,232 for the three and six months ended June 30, 2023 (net loss
of $885,833 and $682,380 for the three and six months ended June 30, 2022);
Repurchased for cancellation an aggregate of 322,200 common shares of the Company under the
current normal course issuer bid for the six months ended June 30, 2023; and
Declared quarterly dividends of $0.0125 per common share on March 14, 2023 and June 13,
2023, which were paid on April 17, 2023 and July 17, 2023, respectively.
Paolo Lostritto, Chief Executive Officer of Sailfish states that, "During Q2 2023, Sailfish received and
sold 628 ounces of gold from the gold stream equivalent to a 3% NSR on the San Albino gold mine. In
addition to the gold ounces received from the gold stream, the Company received and sold 68,240
ounces of silver from its loan receivable for proceeds of approximately $1.6M which represented 57% of
the Company's cash inflow for the six months ended June 30, 2023. Based on the Silver Purchase
Agreement secured during the first half of the year, we expect increased leverage to the price of silver
during the second half of 2023. The Company continues to return its capital to shareholders through its
quarterly dividend payment and NCIB purchases."
Summary of Quarterly Results:
Three months
ended June
30, 2023
Three months
ended June
30, 2022
Six months
ended June
31, 2023
Six months
ended June
31, 2022
Condensed interim consolidated
statements of comprehensive loss
$
$
Revenues
529,648
646,859
1,206,126
1,369,424
Gross profit
292,348
349,757
658,528
713,017
Net loss
(434,676
)
(885,833
)
(1,044,232
)
(682,380
)
Basic loss per share
(0.01
)
(0.01
)
(0.01
)
(0.01
)
Diluted loss per share
(0.01
)
(0.01
)
(0.01
)
(0.01
)
For complete details, please refer to the Unaudited Condensed Interim Consolidated Financial
Statements for the three and six months ended June 30, 2023 and 2022 and associated Management
Discussion and Analysis for the three and six months ended June 30, 2023, available on SEDAR
(
www.sedarplus.ca
) or on the Company's website (
www.sailfishroyalty.com
).
Subsequent to Q2 2023 Highlights:
On July 26, 2023, the Company announced that on April 6, 2023, the United States Bureau of Land
Management ("BLM") acknowledged receipt of a Plan of Operations and Nevada Reclamation
Permit Application ("PO") for the Spring Valley Mine Project ("Spring Valley") and confirmed that it
is technically complete under the terms of the relevant permitting statutes. The PO was filed with
the BLM on March 7, 2023 and proposes the development of an open pit mine, heap leach
facilities and related operations and facilities at Spring Valley.
Subsequent to June 30, 2023, the Company received 34,272 ounces of silver pertaining to loan
receivable payments.
Subsequent to June 30, 2023, the Company announced its intention to make a normal course
issuer bid to repurchase for cancellation, up to 3,547,390 shares in its own capital stock during the
period commencing July 18, 2023 to July 17, 2024.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are three main
assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq.
km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern
Nicaragua; an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County,
Nevada; and a 100% interest in the Gavilanes Silver Project located in Durango State, Mexico.
Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under the
symbol "SROYF". Please visit the Company's website at
www.sailfishroyalty.com
for additional
information.
For further information:
Paolo Lostritto, CEO, tel. 416-602-2645 or Bryan McKenzie, CFO, tel. 604-
443-3834.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary statement regarding forward-looking information
Certain disclosures in this release constitute "forward-looking information" within the meaning of
Canadian securities legislation. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions.
Forward-looking statements also include reference to events or conditions that will, would, may, could
or should occur, including, without limitation, statements regarding the expectation that the Company
will pay quarterly dividends in line with the Company's annual dividend policy and repurchase
common shares under the current NCIB. In making the forward-looking statements in this news
release, the Company has applied certain factors and assumptions that the Company believes are
reasonable, including that the Company will pay quarterly dividends in line with the Company's
annual dividend policy and repurchase common shares under the current NCIB. However, the
forward-looking statements in this news release are subject to numerous risks, uncertainties and other
factors that may cause future results to differ materially from those expressed or implied in such
forward-looking statements, including without limitation that the Company will not pay quarterly
dividends in line with the Company's annual dividend policy or repurchase common shares under the
current NCIB. There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements and forward-
looking information. Readers are cautioned that reliance on such information may not be appropriate
for other purposes. The Company does not undertake to update any forward-looking statement,
forward-looking information or financial outlook that are incorporated by reference herein, except in
accordance with applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/178437