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M&A / Property

Sailfish Royalty sells royalties, triples dividend

By The Northwire Desk — AI Analysis Feb 24, 2026 · 16:53 FISH · 3.79 Sailfish Royalty Corp.
FISH · Price

Executive Summary

  • Sailfish Royalty Corp. has entered into a share purchase agreement to sell its wholly-owned subsidiary, Terraco Gold Corp., to OR Royalties Inc. for $168 million (U.S.) in after-tax cash.
  • The transaction involves the sale of royalties on the Spring Valley and Moonlight gold projects in Nevada, representing a disposition of more than 50% of Sailfish's assets.
  • Concurrently, Sailfish announced a tripling of its annual dividend to 15 U.S. cents per share (paid quarterly at 3.75 cents), citing the capital proceeds and its remaining royalty portfolio.

Key Details

  • Transaction Structure: Share purchase agreement for all issued and outstanding shares of Terraco Gold Corp.
  • Counterparties: Seller: Sailfish Royalty Corp. (via Terraco Gold Corp.); Buyer: OR Royalties Inc.
  • Consideration: $168 million (U.S.) in after-tax cash, payable on closing.
  • Assets Disposed:
    • Up to 3% net smelter return (NSR) royalty on Solidus Resources' Spring Valley gold project in Pershing County, Nevada.
    • 2% NSR royalty on Solidus Resources' Moonlight property in Nevada.
  • Financial Performance: The sale price is approximately 5.4 times the original purchase price paid in August 2019, generating an Internal Rate of Return (IRR) of approximately 29%.
  • Regulatory Status: Constitutes a reviewable transaction under TSX Venture Exchange Policy 5.3; requires TSX-V acceptance and shareholder approval (requisite shareholder approval already obtained via written consent).
  • Advisers: National Bank Financial Inc. (Financial Adviser); INFOR Financial Group (Strategic Adviser).
  • Dividend Policy Change:
    • New annual dividend: 15 U.S. cents per share (tripled from 5 U.S. cents).
    • Payment structure: Quarterly dividends of 3.75 U.S. cents per common share.
    • First payment date: July 15, 2026.
    • Record date: March 31, 2026.
    • Management expects the dividend to be covered by the remaining royalty and stream portfolio, with plans to redeploy capital into high-returning precious metals streams and royalties.

Notable Quotes

  • "Sailfish is pleased to announce the sale of the royalties associated with the Spring Valley and Moonlight projects in Nevada for $168-million (U.S.) in cash, after tax. This is approximately 5.4 times the purchase price we paid in August, 2019, which generated an IRR of approximately 29 per cent." — Akiba Leisman, Executive Chairman
Read the original news release →

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