Sailfish Announces Graduation to Tier 1 Status on the TSX Venture Exchange

• Sailfish Royalty Corp. has been approved to graduate from Tier 2 to Tier 1 issuer status on the TSX Venture Exchange (TSXV).
• The transition is scheduled to take effect on May 6, 2026.
• This upgrade signifies the company's growth and achievement of meeting higher standards regarding financial performance and development stage.
• The announcement follows a significant period of capital deployment and restructuring, including the April 10, 2026 sale of Terraco Gold Corp. for $168 million USD and the repayment of a $40 million short-term loan.
• Financial results released in late April 2026 showed total revenues increasing to $3.37M from $2.84M in 2024, with gross profit rising significantly due to asset sales and silver proceeds.

• Validation of Financial Strength: The Tier 1 status is a direct consequence of the financial improvements disclosed in April (the $168M cash infusion and debt repayment). It validates that the company has met TSXV liquidity and reporting standards, which was expected given the magnitude of the Terraco sale.
• Incremental Liquidity Benefit: While Tier 1 status often improves access to institutional capital and liquidity on the TSXV, it does not inject new cash or alter operations immediately. The material financial impact occurred with the April asset sale ($168M) and debt clearance.
• Dividend Sustainability: The company declared a tripling of its annual dividend to $0.15 per share (payable July 2026). This is supported by the strong cash position post-sale, making the Tier 1 upgrade a confirmation of their ability to sustain this payout policy.
• Risk of Stagnation: The news confirms stability but does not address the underlying operational decline in gold ounces earned (dropped from 782 oz in 2024 to 61 oz in 2025). Revenue growth is driven by silver sales and asset dispositions rather than organic royalty production expansion.
• Market Expectation: Given the $168M sale was announced in February and closed in April, the Tier 1 upgrade was a logical administrative step for investors anticipating financial health. It is not an unexpected catalyst.

• Strategy: Precious-metals royalty and streaming company focused on high-grade assets in the Americas, backed by Wexford Capital LP.
• Flagship Project (Spring Valley): Holds up to 3% NSR royalties on Solidus Resources' Spring Valley gold project in Nevada. Permits received July 2025; first production targeted for 2028. This is the primary long-term growth driver.
• Current Portfolio: Includes San Albino (Nicaragua) gold stream, Las Conchitas (Nicaragua) NSR, Mt. Hamilton (Nevada) gold stream (newly acquired), and various silver/gold projects in Mexico.
• Recent Restructuring: Sold Terraco Gold Corp. (Spring Valley/Moonlight royalties) to OR Royalties Inc. for $168M USD to reduce concentration risk and fund dividends/new acquisitions.