Sailfish Reports Q3 2022 Results TORTOLA, BRITISH VIRGIN ISLANDS ,
Sailfish Reports Q3 2022 Results
TORTOLA,
BRITISH VIRGIN ISLANDS
,
Nov. 16, 2022
/CNW/ - Sailfish Royalty Corp. (TSXV: FISH)
(OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to announce its operating and financial
results for the three and nine months ended
September 30, 2022
("
Q3 2022
"). All amounts are in
U.S. dollars unless otherwise indicated.
Q3 2022 Highlights:
Gold ounces earned of 347 and 1,081 for the three and nine months ended
September 30,
2022
;
Revenues of
$600,578
and
$1,970,002
for the three and nine months ended
September 30,
2022
;
Gross profit of
$318,876
and
$1,031,892
for the three and nine months ended
September 30,
2022
;
Net loss of
$388,265
and
$1,070,644
for the three and nine months ended
September 30,
2022
;
Repurchased for cancellation an aggregate of 594,600 and 1,647,700 common shares (of
which 1,199,100 were cancelled prior to
September 30, 2022
) of the Company under the
current normal course issuer bid ("
NCIB
") for the three and nine months ended
September 30,
2022
; and
Declared quarterly dividends of
$0.0125
per common share on
March 7, 2022
,
June 1, 2022
,
and
September 7, 2022
, which were paid on
April 15, 2022
,
July 15, 2022
and
October 14,
2022
, respectively.
Paolo Lostritto
, Chief Executive Officer of Sailfish states that, "We are pleased to report that Sailfish
had another successful quarter. Thus far in 2022, Sailfish has received and sold 1,081 ounces of
gold resulting in approximately
$1.97 million
in revenue which is a record for the Company. In
addition to collecting revenue from the sale of gold ounces, the
Company collected approximately $3.39 million from its gold-linked loan to Mako Mining Corp. Gold
production from the San Albino gold mine achieved steady state in 2022. In addition, Mako Mining
Corp. announced that it expects further improvements resulting in a direct benefit to our gold
stream and the revenues received. Despite these positive developments, we believe the market
continues to value Sailfish below its fundamental value which is likely unsustainable in the medium to
long-term."
Summary of Quarterly Results:
Three months
ended
September 30,
2022
Three months
ended
September 30,
2021
Nine months
ended
September 30,
2022
Nine months
ended
September 30,
2021
Condensed interim consolidated
statements of comprehensive (loss)
income
$
$
$
$
Revenues
600,578
641,188
1,970,002
772,041
Gross profit
318,876
340,012
1,031,892
408,013
Net income (loss)
(388,265)
3,058,058
(1,070,644)
3,755,809
Net income (loss) per share (basic)
(0.01)
0.04
(0.01)
0.05
Net income (loss) per share (diluted)
(0.01)
0.04
(0.01)
0.05
For complete details, please refer to the Unaudited Condensed Interim Consolidated Financial
Statements for the three and nine months ended
September 30, 2022
and 2021 and associated
Management Discussion and Analysis for the three and nine months ended
September 30, 2022
and
2021, available on SEDAR (
www.sedar.com
) or on the Company's website (
www.sailfishroyalty.com
).
Subsequent to Q3 2022 Activity:
On
October 14, 2022
, the Company paid a dividend of
$0.0125
per common share.
Subsequent to
September 30, 2022
, Sailfish purchased 299,000 common shares on-market
which have not been cancelled. In addition to the above, the Company cancelled 448,600
common shares subsequent to
September 30, 2022
.
Swordfish Silver Transaction Update:
On
November 11, 2022
, Barnwell Investments LLC notified the Company that they will be no longer
participating in the Proposed Transaction. The Company continues to evaluate other financing
initiatives surrounding the Proposed Transaction.
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
Company expects further improvements resulting in a direct benefit to Sailfish's gold stream and
the revenues received and that the market continues to value Sailfish below its fundamental
value which is likely unsustainable in the medium to long-term. 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 expects
further improvements resulting in a direct benefit to Sailfish's gold stream and the revenues
received and that the market continues to value Sailfish below its fundamental value which is likely
unsustainable in the medium to long-term. 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 receive further improvements resulting in a direct
benefit to Sailfish's gold stream and the revenues received and that the market continues to value
Sailfish below its fundamental value into the unforeseeable future. 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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/sailfish-reports-q3-2022-results-301680772.html
SOURCE
Sailfish Royalty Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2022/16/c1438.html
%SEDAR: 00044073E
For further information:
Paolo Lostritto, CEO, tel. 416-602-2645 or Bryan McKenzie, CFO, tel.
604-443-3834.
CO: Sailfish Royalty Corp.
CNW 18:15e 16-NOV-22