Sailfish Royalty earns $1.71-million (U.S.) in 2025

• FY 2025 Financial Performance: Total revenues increased to $3.37M from $2.84M in 2024; Net income rose significantly to $1.71M from $0.55M in 2024. Gross profit improved to $3.14M.
• Asset Disposition: Confirmed the closing of the sale of Terraco Gold Corp. (Spring Valley and Moonlight royalties) to OR Royalties Inc. for US$168 million after-tax cash on April 10, 2026.
• Debt Management: Fully repaid a $40 million short-term loan plus $1.79M accrued interest on April 13, 2026.
• New Asset Acquisition: Acquired an 11-year gold stream from Mako Mining Corp., providing monthly deliveries of ~341.7 oz for the first 60 months and 100 oz thereafter.
• Shareholder Returns: Declared a quarterly dividend of 3.75 cents per share (payable July 2026), tripling previous annualized rates; repurchased and cancelled shares totaling over 1 million in 2025/early 2026.

• Confirmation of Liquidity: The earnings release confirms the realization of the US$168M cash proceeds announced in February 2026. This fundamentally alters the balance sheet from a leveraged royalty operator to a cash-rich entity, removing the immediate solvency risk associated with the Wexford bridge loan.
• Debt Elimination: The repayment of the $40 million senior secured facility eliminates interest expense and removes the encumbrance on assets (including Spring Valley royalties), which was previously pledged as security for the loan. This is a material improvement to financial health but largely expected following the April 10 closing announcement.
• Dividend Policy Shift: The tripling of the dividend signals a strategic pivot from growth reinvestment into shareholder yield, supported by the cash windfall. While positive for income investors, it reduces capital available for aggressive M&A compared to previous guidance.
• Asset Substitution: Replacing the Spring Valley royalty (high upside potential upon 2028 production) with an immediate gold stream from Mako Mining provides certainty but caps long-term leverage on a major Nevada project. The market has already priced in the sale announcement; this earnings release validates execution without introducing new strategic surprises.
• Market Reaction: Stock price consolidated around $3.60-$4.20 following the February/March announcements. The April 24 confirmation suggests the catalyst was fully absorbed, resulting in a "Routine - Positive" classification rather than a new "Game Changer."

• Business Model: Precious metals royalty and streaming company focused on high-grade assets in the Americas (Nevada, Nicaragua, Mexico).
• Flagship Project: Spring Valley Gold Project (Nevada) was previously the core growth asset with up to 3% NSR royalties. This project has been sold to OR Royalties Inc., shifting focus to immediate cash flow from streams and dividends.
• Current Portfolio: Includes San Albino gold stream (Nicaragua), Las Conchitas royalty (Nicaragua), Mako Mining gold stream (Nevada), and various NSR royalties in Mexico.
• Operational Status: Spring Valley permits received July 2025; production expected 2027-28. San Albino is near completion/open pit.