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TORONTO, April 28, 2025 (GLOBE NEWSWIRE) — Fountain Asset Corp. (TSXV:FA) (“Fountain” or the “Company”) would like to announce its financial results for the three months ended December 31, 2024 (“Q4/24”) and for the year ended December 31, 2024 (“Fiscal 2024”).
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Highlights from Q4/24:
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- Net asset value (“NAV”) of $5.51 million ($0.09 per share) at December 31, 2024 compared to $5.03 million ($0.08 per share) at September 30, 2024, representing an 12.5% increase quarter over quarter on a per share basis. NAV is calculated as the value of total assets less the value of total liabilities;
- Net comprehensive income of $0.35 million for the three months ended December 31, 2024, compared to net comprehensive loss of $3.63 million for three months ended December 31, 2023 (“Q4/23”);
- Total revenue from investment activity was $0.57 million compared to total loss of $3.32 million for Q4/23;
- Net realized losses on the sale of portfolio investments of $1.81 million compared to net realized losses of $2.49 million for Q4/23;
- Net unrealized gains on portfolio investments of $2.37 million compared to net unrealized gains of $0.83 million for Q4/23;
- Total expenses of $0.22 million, which included $0.03 million of stock-based compensation, compared to $0.31 million for Q4/23 which included $0.02 of stock-based compensation; and
- Operating expenses of $0.22 million compared to $0.29 million for Q4/23.
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Highlights from Fiscal 2024:
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- NAV of $5.51 million ($0.09 per share) at December 31, 2024 compared to $6.66 million ($0.11 per share) at December 31, 2023, representing a 18% decrease year over year on a per share basis;
- Net comprehensive losses of $1.30 million compared to net comprehensive losses of $5.26 million for the year ended December 31, 2023 (“Fiscal 2023”);
- Total losses from investment activity was $0.41 million compared to losses of $4.40 million for Fiscal 2023;
- Net realized losses on the sale of portfolio investments of $1.89 million compared to net realized losses of $4.40 million for Fiscal 2023;
- Net unrealized gains on portfolio investments of $1.47 million compared to net unrealized losses of $0.03 million for Fiscal 2023;
- Total expenses of $0.89 million, which included stock-based compensation of $0.05 million, compared to $0.86 million for Fiscal 2023, which included $0.08 million of stock-based compensation; and
- Operating expenses of $0.87 million compared to $0.82 million for Fiscal 2023.
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During 2024, the Company continued to dispose of non-core investment holdings that have been underperforming in recent years in order to generate proceeds to capitalize on new investment opportunities that Fountain believes will ultimately yield greater long term economic benefits for the Company and its shareholders.
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“During Q4/24, Fountain continued to focus on reducing operating expenditures to improve the Company’s financial position and capitalize on investment opportunities. The Company strengthened its public company investment portfolio with significant investments made in companies involved in junior resources and mining sectors. As a result of these promising investments, Fountain was able to recognize an increase in the valuation of its public company holdings of approximately 24% compared to the previous year. The Company has seen many promising opportunities come its way and is optimistic about the potential returns that Fountain could realize within the coming year,” said Andrew Parks, CEO of Fountain.
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