Sailfish closes Terraco sale to OR for $168M (U.S.)

• On April 10, 2026, Sailfish Royalty Corp. confirmed the closing of the sale of its wholly-owned subsidiary Terraco Gold Corp. to OR Royalties Inc.
• Transaction value: US$168 million in after-tax cash consideration.
• Assets sold include up-to-3% NSR royalty on Solidus Resources' Spring Valley gold project and 2% NSR on Moonlight property (Nevada).
• Concurrently, the Board approved a tripling of the annual dividend to US$0.15 per share ($0.0375 quarterly), with first payment July 15, 2026.
• Proceeds are intended for redeployment into new precious-metal streams and royalties to support the enhanced dividend policy.
• Earlier in March 2026, Sailfish closed a separate transaction acquiring a long-term gold stream from Mako Mining Corp. valued at US$40 million via disposition of Mt. Hamilton LLC.

• Balance Sheet Transformation: The $168M cash infusion represents a massive increase relative to the company's December 2024 total assets ($8.03M) and equity ($1.87M). This effectively capitalizes the balance sheet, removing significant leverage risk associated with prior bridge financing (Wexford Loan).
• Dividend Sustainability: The tripling of the dividend signals a shift from growth/reinvestment to shareholder yield. With $168M cash on hand, the company has substantial capacity to fund this payout without dilution or debt issuance.
• Risk Reduction: Selling the Spring Valley and Moonlight royalties reduces portfolio concentration risk in Nevada projects that are still pre-production (Spring Valley production targeted for 2028). Locking in $168M eliminates execution risk on these specific assets.
• Reinvestment Strategy: Management's commitment to redeploy capital into streams/royalties aligns with their core business model, but the speed and quality of new acquisitions will be critical to maintaining valuation multiples.
• Market Reaction: The stock has already rallied significantly from $1.64 (April 2025) to a high of $4.62 (February 2026), pricing in much of the anticipated sale. The closing confirms the deal but may limit immediate upside unless new investment opportunities are announced quickly.

• Company: Sailfish Royalty Corp. (TSX-V: FISH).
• Business Model: Acquires royalty and streaming interests in precious metal projects; focuses on generating predictable cash flow to fund dividends.
• Flagship Projects (Pre-Sale): Spring Valley Gold Project (Nevada) and Mt. Hamilton Gold-Silver Project (Nevada).
• Current Portfolio Post-Sale: Retains Mt. Hamilton gold stream ($40M value), San Albino royalties (Nicaragua), Gavilanes silver project (Mexico - converted to 2% NSR), and El Compas/La Cigarra royalties (Mexico).
• Development Status: Spring Valley received BLM approval for construction in July 2025; production expected by 2028. Mt. Hamilton stream is active with monthly deliveries.