Sailfish Reports Solid Q2 2022 Results
Sailfish Royalty Corp. reported its Q2 2022 results, featuring a total of 345 gold ounces earned and revenues of $646,859. The gross profit stood at $349,757, while the company faced a net loss of $885,833 for the quarter. For the six months, revenues reached $1,369,424 with a gross profit of $713,017 and a net loss of $682,380. The company repurchased over 1 million shares and paid dividends totaling $0.0125 per common share. CEO Cesar Gonzalez expressed optimism for continued shareholder returns through share buybacks and dividends.
- Revenues increased to $646,859 for Q2 2022, up from $120,168 in Q2 2021.
- Gross profit rose to $349,757 in Q2 2022, compared to $63,435 in the same period last year.
- Sailfish repurchased 499,100 shares in Q2 2022 as part of its normal course issuer bid.
- Dividends paid amounting to $0.0125 per share in Q2 2022.
- Net loss of $885,833 in Q2 2022, higher than the loss of $1,258,010 in Q2 2021.
- Overall net loss for the six months was $682,380, compared to a profit of $697,754 in the same period last year.
TORTOLA, British Virgin Islands, July 28, 2022 /PRNewswire/ - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to announce its operating and financial results for the three and six months ended June 30, 2022 ("Q2 2022"). All amounts are in U.S. dollars unless otherwise indicated.
- Gold ounces earned of 345 and 734 for the three and six months ended June 30, 2022;
- Revenues of
$646,859 and$1,369,424 for the three and six months ended June 30, 2022; - Gross profit of
$349,757 and$713,017 for the three and six months ended June 30, 2022; - Net loss of
$885,833 and$682,380 for the three and six months ended June 30, 2022; - Repurchased for cancellation an aggregate of 499,100 and 1,053,100 common shares (of which 941,000 were cancelled prior to June 30, 2022) of the Company under the current normal course issuer bid ("NCIB") for the three and six months ended June 30, 2022; and
- Declared quarterly dividends of
$0.01 25 per common share on March 7, 2022 and June 1, 2022 which were paid on April 15, 2022 and July 15, 2022, respectively.
Cesar Gonzalez, Chief Executive Officer of Sailfish states that, "Sailfish had a great first half of the year which included receiving and selling 734 ounces of gold resulting in approximately
Summary of Quarterly Results:
Three months | Three months | Six months | Six months | ||
Condensed interim consolidated statements | $ | $ | $ | $ | |
Revenues | 646,859 | 120,168 | 1,369,424 | 130,852 | |
Gross profit | 349,757 | 63,435 | 713,017 | 68,000 | |
Net income (loss) | (885,833) | (1,258,010) | (682,380) | 697,754 | |
Net income (loss) per share (basic) | (0.01) | (0.02) | (0.01) | 0.01 | |
Net income (loss) per share (diluted) | (0.01) | (0.02) | (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, 2022 and 2021 and associated Management Discussion and Analysis for the three and six months ended June 30, 2022 and 2021, available on SEDAR (www.sedar.com) or on the Company's website (www.sailfishroyalty.com).
- On July 15, 2022, the Company paid a dividend of
$0.01 25 per common share. - As at the date of this news release, Sailfish purchased 246,000 common shares on-market of which 100,000 have not been cancelled. In addition to the above, the Company cancelled 257,900 common shares subsequent to June 30, 2022.
- On July 11, 2022, the Company announced that the TSX Venture Exchange has accepted a notice filed by the Company of its intention to make a normal course issuer bid to be transacted through the facilities of the TSX Venture Exchange. The notice provides that the Company may, during the 12-month period commencing July 14, 2022 and ending July 13, 2023, purchase up to 3,586,886 common shares of the Company in total, being approximately
5% of the total number of Shares outstanding as at July 14, 2022.
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
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.
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.
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SOURCE Sailfish Royalty Corp.
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