Sailfish Reports Annual and Q4 2024 Results

Rhea-AI Summary

Sailfish Royalty Corp (SROYF) has released its annual and Q4 2024 financial results. For the full year 2024, the company reported total revenues of $2.84 million, up from $2.33 million in 2023, with a gross profit of $1.87 million. The company earned 782 gold ounces from stream interests and generated royalty revenue of $974,644.

Notable achievements include the sale of 160,067 ounces of silver from its Silver Receivable for $4.4 million and a net income of $550,033, compared to a net loss of $1.1 million in 2023. The company maintained consistent quarterly dividends of $0.0125 per share throughout 2024 and repurchased 1,836,300 common shares.

In Q4 2024, Sailfish reported revenues of $725,712 and gross profit of $599,002, but recorded a net loss of $601,824 compared to a net income of $204,956 in Q4 2023. Gold ounces earned from stream interests decreased to 111 ounces in Q4 2024 from 243 ounces in Q4 2023.

Positive

• Revenue increased 21.7% to $2.84M in 2024 from $2.33M in 2023
• Gross profit grew to $1.87M in 2024 from $1.39M in 2023
• Net income of $550,033 in 2024 versus net loss of $1.11M in 2023
• Silver sales revenue doubled to $4.4M from $2.22M in 2023

Negative

• Gold ounces earned decreased to 782 in 2024 from 1,078 in 2023
• Q4 2024 resulted in net loss of $601,824 versus profit of $204,956 in Q4 2023
• Q4 gold production dropped to 111 ounces from 243 ounces year-over-year

Tortola, British Virgin Islands--(Newsfile Corp. - April 25, 2025) - 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, 2024 ("Q4 2024"). All amounts are in U.S. dollars unless otherwise indicated.

2024 Highlights:

• Gold ounces earned from stream interests of 782 for the year ended December 31, 2024 (2023 - 1,078);
• Royalty revenue earned of $974,644 for the year ended December 31, 2024 (2023 - $261,106);
• The Company received and sold 160,067 ounces of silver (2023 - 96,433 ounces) relating to its Silver Receivable for proceeds of $4,404,493 for the year ended December 31, 2024 (2023 - $2,217,488);
• Total revenues of $2,839,933 for the year ended December 31, 2024 (2023 - $2,333,092);
• Gross profit of $1,866,811 for the year ended December 31, 2024 (2023 - $1,391,272);
• Net income of $550,033 for the year ended December 31, 2024 (2023 - net loss of $1,105,864);
• Repurchased for cancellation an aggregate of 1,836,300 common shares of the Company under the current normal course issuer bid for the year ended December 31, 2024 (2023 - 1,080,400); and
• Declared a Q1 2024, Q2 2024, Q3 2024 and Q4 2024 quarterly dividend of $0.0125 per common share which were paid on April 15, 2024, July 15, 2024, October 15, 2024 and January 15, 2025, respectively.

Summary of Annual Results:

			Year ended December 31, 2024			Year ended December 31, 2023
Consolidated statements of Income (loss) and comprehensive Income (loss)			$			$
	Revenues		2,839,933			2,333,092
	Gross profit		1,866,811			1,391,272
	Net income (loss)		550,033			(1,105,864	)
	Net income (loss) per share from continuing operations (basic and diluted)		0.01			(0.01	)

 

Q4 2024 Highlights:

• Gold ounces earned from stream interests of 111 for the three months ended December 31, 2024 (2023 - 243);
• Royalty revenue earned of $432,871 for the three months ended December 31, 2024 (2023 - $246,445);
• Total revenues of $725,712 for the three months ended December 31, 2024 (2023 - $712,988);
• Gross profit of $ $599,002 for the three months ended December 31, 2024 (2023 - $499,999); and
• Net loss of $601,824 for the three months ended December 31, 2024 (2023 - net income of $204,956).

Summary of Quarterly Results:

			Three months ended December 31, 2024			Three months ended December 31, 2023
Condensed interim consolidated statements of income (loss) and comprehensive income (loss)			$			$
	Revenues		725,712			712,988
	Gross profit		599,002			499,999
	Net income (loss)		(601,824	)		204,956
	Net income (loss) per share from continuing operations (basic and diluted)		(0.01	)		0.00

 

For complete details, please refer to the Annual Consolidated Financial Statements for the years ended December 31, 2024 and 2023 and associated Management Discussion and Analysis for the year ended December 31, 2024, available on SEDAR+ (www.sedarplus.ca) or on the Company's website (www.sailfishroyalty.com).

Subsequent to Q4 2024 Highlights:

On February 25, 2025, the Company declared a dividend of $0.0125 per common share which was paid on April 15, 2025 and announced a dividend reinvestment plan. The total dividend payment resulted in the issuance of 433,359 common shares and a payment of $371,500.

Subsequent to December 31, 2024, Sailfish purchased 518,000 common shares on-market of which 346,200 have been cancelled.

Subsequent to December 31, 2024, the Company received 54,000 ounces of silver pertaining to its Silver Receivable.

On April 8, 2025, in accordance with the terms of the Convertible Debentures, the Company provided thirty days written notice to each holder notifying them that the Company is exercising its option to convert the outstanding convertible indebtedness into common shares of the Company.

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 (currently in the process of being converted into a 2% net smelter royalty).

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249745

FAQ

What was Sailfish Royalty's (SROYF) revenue growth in 2024 compared to 2023?

Sailfish's total revenue grew to $2.84 million in 2024 from $2.33 million in 2023, representing a 21.7% increase.

How many shares did SROYF repurchase during 2024?

Sailfish repurchased 1,836,300 common shares for cancellation under its normal course issuer bid during 2024.

What was SROYF's dividend payment schedule in 2024?

Sailfish paid quarterly dividends of $0.0125 per common share on April 15, July 15, October 15, 2024, and January 15, 2025.

How did SROYF's Q4 2024 performance compare to Q4 2023?

Q4 2024 saw revenues of $725,712 and a net loss of $601,824, compared to Q4 2023 revenues of $712,988 and net income of $204,956.

What was the total silver sales volume and revenue for SROYF in 2024?

Sailfish sold 160,067 ounces of silver from its Silver Receivable in 2024, generating proceeds of $4.4 million.