Sailfish Reports Q3 2021 Results and Declares Q4 2021 Dividend TORTOLA, British Virgin Islands ,
Sailfish Reports Q3 2021 Results and Declares
Q4 2021 Dividend
TORTOLA,
British Virgin Islands
,
Nov. 18, 2021
/CNW/ - Sailfish Royalty Corp. (TSXV: FISH)
(OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to announce its operating and financial
results for the third quarter ended
September 30, 2021
("
Q3 2021
"). All amounts are in U.S. dollars
unless otherwise indicated.
Cesar Gonzalez
, Chief Executive Officer of Sailfish states that, "Sailfish had a great Q3 2021
highlighted by the receipt of 360 ounces of gold from the gold stream equivalent to a 3% NSR on the
San Albino gold mine. The Company also reached an important milestone in Q3 2021 by announcing
the declaration of an inaugural dividend to shareholders, which is currently yielding greater than 4%.
We look forward to continue reporting on the San Albino gold mine as production ramps up and are
proud to be delivering on our promise of returning capital to shareholders in the form of share
repurchases and dividends."
Q3 2021 Highlights:
Gold ounces earned of 360 and 428 for the three and nine months ended
September 30, 2021
;
Revenues of
$641,188
and
$772,041
for the three and nine months ended
September 30, 2021
;
Gross profit of
$340,012
and
$408,013
for the three and nine months ended
September 30,
2021
;
Net income of
$3,058,058
and
$3,755,809
for the three and nine months ended
September 30,
2021
;
Repurchased for cancellation an aggregate of 1,160,000 and 3,081,422 common shares of the
Company under the current normal course issuer bid for the three and nine months ended
September 30, 2021
;
Transferred to Osisko Gold Royalties Ltd. an up to 2.75% NSR royalty on the Tocantinzinho
project for
$10 million
;
Declared a quarterly dividend of
$0.0125
per common share which was paid on
October 15,
2021
; and
Entered into a loan agreement with Mako Mining Corp., providing an
$8 million
gold-linked term
loan in exchange for 24 monthly cash payments equal to the equivalent of 205 ounces of gold
multiplied by the preceding month's average gold price with a floor of
$1,750
and a ceiling of
$2,000
.
Declaration of Dividend:
Sailfish is also pleased to announce a quarterly dividend of
$0.0125
per common share will be
payable on
January 17, 2022
, to Sailfish shareholders of record as of the close of business on
December 31, 2021
.
Summary of Quarterly Results:
Three months ended
September 30, 2021
Three months ended
September 30, 2020
Nine months ended
September 30, 2021
Nine months ended
September 30, 2020
Condensed interim consolidated statements of
comprehensive income (loss)
$
$
$
$
Revenues
641,188
23,600
772,041
70,164
Gross profit
340,012
8,518
408,013
24,155
Net income (loss)
3,058,058
(2,228,615)
3,755,809
(3,693,112)
Net income (loss) per share (basic)
0.04
(0.04)
0.05
(0.06)
Net income (loss) per share (diluted)
0.04
(0.04)
0.05
(0.06)
For complete details, please refer to the Unaudited Condensed Interim Consolidated Financial
Statements for the three and nine months ended
September 30, 2021
and 2020 and associated
Management Discussion and Analysis for the three and nine months ended
September 30, 2021
,
available on SEDAR (
www.sedar.com
) or on the Company's website (
www.sailfishroyalty.com
).
Subsequent to Q3 2021 Highlights:
On
October 6, 2021
, the Company entered into a binding letter of intent with
1287398 B
.C. Ltd.
("
Pubco
") to complete a transaction with Pubco (the "
Proposed Transaction
") with the goal of
creating a silver focused exploration and development company. The Proposed Transaction is
expected to result in the transfer of the Company's wholly owned
Gavilanes
silver property
located in
Durango, Mexico
to Pubco in exchange for shares of Pubco. Pubco has also signed a
binding letter of intent with certain funds managed by Wexford Capital LP to acquire the
Commonwealth silver and gold property in
Cochise County, Arizona
(the "
Commonwealth
Silver-Gold Project
"). Closing of the Proposed Transaction is subject to, among other things,
Pubco acquiring the Commonwealth Silver-Gold Project in exchange for shares of Pubco, a
concurrent private placement financing for proceeds of
US$5,000,000
, and receipt of
acceptance from the TSX-Venture to have Pubco's common shares listed on the TSX-Venture.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are two 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
; and an up to 3% NSR on the multi-million ounce
Spring Valley
gold project in
Pershing
County, Nevada
. 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.
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
Proposed Transaction will complete on the terms as anticipated by management and the
expectation that the Company will pay quarterly dividends in line with the Company's annual
dividend policy. 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 Proposed Transaction will complete on the terms as anticipated by management and that the
Company will pay quarterly dividends in line with the Company's annual dividend policy. 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 Proposed Transaction will
not complete on the terms as anticipated by management or at all and that the Company will not
pay quarterly dividends in line with the Company's annual dividend policy or at all. 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 out-look that are incorporated by reference herein, except in accordance with
applicable securities laws.
SOURCE
Sailfish Royalty Corp.
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%SEDAR: 00044073E
For further information:
Cesar Gonzalez, CEO, tel. 203-862-7009 or Bryan McKenzie, CFO, tel.
604-443-3834.
CO: Sailfish Royalty Corp.
CNW 07:30e 18-NOV-21