Sailfish Reports Record Q2 2024 Results and Engages Renmark Financial Communications Inc.
Rhea-AI Summary
Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) reported record Q2 2024 results, with significant improvements across key financial metrics. Highlights include:
- Gold ounces earned from stream interests increased to 365 for Q2 2024 (up from 268 in Q2 2023)
- Total revenues reached $1,026,242 for Q2 2024 (up from $529,648 in Q2 2023)
- Net income of $1,141,470 for Q2 2024 (compared to a net loss of $434,676 in Q2 2023)
- Quarterly dividends of $0.0125 per share declared and paid
The company also announced engaging Renmark Financial Communications Inc. to enhance investor relations activities, with a monthly fee of up to CAD$8,000 for seven months, subject to TSX-V approval.
Positive
- Record Q2 2024 results with significant year-over-year improvements
- Gold ounces earned from stream interests increased by 36.2% year-over-year in Q2
- Total revenues grew by 93.8% year-over-year in Q2 2024
- Net income of $1,141,470 in Q2 2024, compared to a net loss in Q2 2023
- Continued quarterly dividend payments of $0.0125 per share
- Engagement of Renmark Financial Communications to expand investor relations activities
Negative
- Increased expenses related to new investor relations agreement with Renmark Financial Communications
Tortola, British Virgin Islands--(Newsfile Corp. - August 21, 2024) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to announce its operating and financial results for the second quarter ended June 30, 2024 ("Q2 2024"). All amounts are in U.S. dollars unless otherwise indicated.
Q2 2024 Highlights:
- Gold ounces earned from stream interests of 365 and 456 for the three and six months ended June 30, 2024 (268 and 628 for the three and six months ended June 30, 2023);
- Royalty revenue earned of
$167,844 and$329,831 for the three and six months ended June 30, 2024 ($nil for the three and six months ended June 30, 2023); - Total revenues of
$1,026,242 and$1,384,197 for the three and six months ended June 30, 2024 ($529,648 and$1,206,126 for the three and six months ended June 30, 2023); - Gross profit of
$565,681 and$813,768 for the three and six months ended June 30, 2024 ($292,348 and$658,528 for the three and six months ended June 30, 2023); - Net income of
$1,141,470 and$1,289,505 for the three and six months ended June 30, 2024 (net loss of$434,676 and$1,044,232 for the three and six months ended June 30, 2023); - Repurchased for cancellation an aggregate of 983,400 common shares of the Company under the current normal course issuer bid for the six months ended June 30, 2024 (322,200 for the six months ended June 30, 2023); and
- Declared quarterly dividends of
$0.01 25 per common share on March 22, 2024 and May 28, 2024, which were paid on April 15, 2024 and July 15, 2024, respectively.
Summary of Quarterly Results:
| Three months ended June 30, 2024 | Three months ended June 30, 2023 | Six months ended June 31, 2024 | Six months ended June 31, 2023 | ||||||||||
| Condensed interim consolidated statements of comprehensive income (loss) | $ | $ | |||||||||||
| Revenues | 1,026,242 | 529,648 | 1,384,197 | 1,206,126 | |||||||||
| Gross profit | 565,681 | 292,348 | 813,768 | 658,528 | |||||||||
| Net income (loss) | 1,141,470 | (434,676 | ) | 1,289,505 | (1,044,232 | ) | |||||||
| Basic loss per share | 0.02 | (0.01 | ) | 0.02 | (0.01 | ) | |||||||
| Diluted loss per share | 0.02 | (0.01 | ) | 0.02 | (0.01 | ) |
For complete details, please refer to the Unaudited Condensed Interim Consolidated Financial Statements for the three and six months ended June 30, 2024 and 2023 and associated Management Discussion and Analysis for the three and six months ended June 30, 2024, available on SEDAR+ (www.sedarplus.ca) or on the Company's website (www.sailfishroyalty.com).
Subsequent to Q2 2024 Highlights:
- On July 19, 2024, the Company announced that the TSX-V had 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 TSXV. The notice provides that the Company may, during the 12-month period commencing July 22, 2024 and ending July 21, 2025, purchase up to 3,539,756 common shares of the Company in total, being approximately
5% of the total number of shares outstanding as at July 16, 2024.
- Subsequent to June 30, 2024, the Company received 15,010 ounces of silver pertaining to its Silver Receivable.
- Subsequent to June 30, 2024, the Company cancelled 214,100 common shares.
- Subsequent to June 30, 2024, the Company purchased 266,400 common shares on-market under the Company's normal course issuer bid.
Renmark Financial Communications Inc.
The Company is pleased to announce that it has retained the services of Renmark Financial Communications Inc. ("Renmark") to expand its investor relations activities.
"We are pleased to announce that we have added Renmark to reinforce the Company's message with the investment community and enhance the visibility of our company as the Spring Valley Gold Project approaches final permits. We chose Renmark because of its track record of reaching institutional investors and family offices." - Paolo Lostritto, Chief Executive Officer.
In consideration of the services to be provided, the monthly fees incurred by the Company will be a cash consideration of up to CAD
Renmark does not have any interest, directly or indirectly, in Sailfish or its securities, or any right or intent to acquire such an interest. This agreement is subject to the approval of the TSX-V.
About Renmark Financial Communications Inc.
Founded in 1999, Renmark is a privately held full-service investor relations firm, located in Atlanta, New York, Toronto and Montreal. For the past 25 years, Renmark has provided services in investor relations, media relations and web development representing small, medium and large cap public companies listed on all major North American exchanges. On a daily basis our team of professionals enhance our client's visibility within the retail market space as corporate communicators. With the largest roadshow footprint in North America, and a state-of-the-art media studio, we host a multitude of live streaming Virtual Non-Deal Roadshows across North America and Europe.
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
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, or
Renmark Financial Communications Inc.
Ben Ozerkevich: bozerkevich@renmarkfinancial.com
Tel.: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
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/220623
FAQ
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