Sailfish Reports Record Annual and Q4 2022 Results and Provides Proposed Silver Stream Update
Sailfish Reports Record Annual and Q4 2022
Results and Provides Proposed Silver Stream
Update
Tortola, British Virgin Islands--(Newsfile Corp. - April 24, 2023) - Sailfish Royalty Corp. (TSXV: FISH)
(OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to announce its operating and financial
results for the year and fourth quarter ended December 31, 2022 ("
Q4 2022
"). All amounts are in U.S.
dollars unless otherwise indicated.
Paolo Lostritto, Chief Executive Officer of Sailfish states that, "Sailfish had a fantastic year highlighted by
the sale of 1,476 ounces of gold from the gold stream equivalent to a 3% NSR on the San Albino gold
mine that declared commercial production in July 2021. We are also thrilled to report that during 2022,
we declared and paid four quarterly dividends of $0.0125 per common share and rank among the
highest dividend payers (ranked by yield) in the precious metals royalty sector. In addition, we are in the
process of securing a silver stream that we expect to support the Company's plan to continue paying the
quarterly dividend for at least the next two years."
2022 Highlights:
Gold ounces earned of 1,476 for the year ended December 31, 2022;
Revenues of $2,646,301 for the year ended December 31, 2022;
Gross profit of $1,383,654 for the year ended December 31, 2022;
Net loss of $1,205,499 for the year ended December 31, 2022;
Repurchased for cancellation an aggregate of 1,969,200 common shares of the Company under
the current normal course issuer bid for the year ended December 31, 2022; and
Declared a Q1 2022, Q2 2022, Q3 2022 and Q4 2022 quarterly dividend of $0.0125 per common
share which were paid on April 15, 2022, July 15, 2022, October 14, 2022 and January 16, 2023,
respectively.
Summary of Annual Results:
Year ended
December 31, 2022
Year ended
December 31, 2021
Consolidated statements of comprehensive income (loss)
$
$
Revenues
2,646,301
1,475,283
Gross profit
1,383,654
780,977
Net income (loss)
(1,205,499
)
3,268,873
Net income (loss) per share (basic and diluted)
(0.02
)
0.04
Q4 2022 Highlights:
Gold ounces earned of 396 for the three months ended December 31, 2022;
Revenues of $676,299 for the three months ended December 31, 2022;
Gross profit of $351,762 for the three months ended December 31, 2022; and
Net loss of $134,855 for the three months ended December 31, 2022.
Summary of Quarterly Results:
Three months ended
December 31, 2022
Three months ended
December 31, 2021
Condensed interim consolidated statements of comprehensive income (loss)
$
$
Revenues
676,299
703,242
Gross profit
351,762
372,964
Net income (loss)
(134,855
)
(486,936
)
Net income (loss) per share (basic and diluted)
(0.00
)
(0.01
)
For complete details, please refer to the Annual Consolidated Financial Statements for the years ended
December 31, 2022 and 2021 and associated Management Discussion and Analysis for the year
ended December 31, 2022, available on SEDAR (
www.sedar.com
) or on the Company's website
(
www.sailfishroyalty.com
).
Subsequent to Q4 2022 Highlights:
On March 1, 2023, the Company executed a binding letter of intent with Mako Mining Corp.
("Mako") in respect of acquiring a 24-month silver stream (the "Silver Stream") for $6 million
dollars in cash and an option to purchase subsequent silver produced from the San Albino mine or
from Nicaraguan concessions currently owned by Mako and processed through Mako's San Albino
processing facility until production is no longer economically viable at the mutual agreement of
Sailfish and Mako for an additional $1 million in cash. In conjunction with the Silver Stream
acquisition, the Company announced a non-brokered private placement (the "Offering") of
unsecured convertible debentures (each a "Convertible Debenture") at a price of $1,000 per
Convertible Debenture for gross proceeds of $4.0 million. See below and the Company's news
release dated March 1, 2023 for further details.
On March 14, 2023, the Company declared a dividend of $0.0125 per common share which was
paid on April 17, 2023.
Subsequent to December 31, 2022, Sailfish purchased 124,200 common shares on-market which
have not been cancelled. The Company may purchase an additional 2,692,586 common shares
under the current normal course issuer bid.
Silver Stream Update:
Further to the Company's news release dated March 1, 2023, the Silver Stream is expected to close in
May 2023. The size of the Offering has been increased from $4.0 million to $4.1 million and the maturity
date of the Convertible Debenture has been increased from 24 months to 60 months from the date of
issuance.
If at any time prior to the maturity date of the Convertible Debenture, the closing price of the
Company's common shares is greater than CAD$1.60 per share for a period of twenty consecutive
trading days, the outstanding principal amount may be converted, at the option of the Company, into
common shares at a conversion price of CAD$1.35 per share upon providing thirty days written notice to
the applicable holder.
The Convertible Debentures will bear interest at a rate of 10.0% per annum, from
the date of issuance and will be paid, at the election of the Company, either: (i) in cash; or (ii) subject to
the approval of the TSX Venture Exchange, through the issuance of common shares at a price per share
equal to the greater of: (A) the twenty day average closing price of the common shares on the TSX
Venture Exchange immediately before the date the common shares are issued in satisfaction of accrued
interest; and (B) the closing price of the common shares on the TSX Venture Exchange on the date
immediately before the date the common shares are issued in satisfaction of accrued interest.
Also, further to the Company's press releases dated Oct. 7, 2021, May 26, 2022, Nov. 16, 2022 and
March 1, 2023 the Company expects to use the receivable due from Marlin Gold Mining USA Ltd. of
$1,898,834 to partially fund the purchase price of the Silver Stream.
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.
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 Silver
Stream will complete on the terms and timelines as anticipated by management, that the Silver
Stream will support the continued payment of the quarterly dividend as expected by management and
the Company's dividend in subsequent years, and that the Company will collect the full amount of
receivables due from Marlin Gold Mining USA Ltd. 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 Silver Stream will complete on the terms and timelines as
anticipated by management, that the Silver Stream will support the continued payment of the quarterly
dividend and, and that the Company will be successful in collecting the full amount of the receivables
owed by Marlin Gold Mining USA Ltd. 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 Silver Stream will not complete on the terms and timelines as anticipated by
management, that the Silver Stream will not have the expected impact on the continued payment of
the dividends as expected by management or at all, and that the Company will be unsuccessful in
collection some or all of the receivables owed by Marlin Gold Mining USA Ltd. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/163619