Sailfish Enters into Amended Agreements with Mako Mining for Enhanced Gold Stream on Mt. Hamilton Project
A yield-focused royalty vehicle leveraging Nevada permitting wins and related-party streaming restructures.
The most recent news (February 17, 2026) details a significant restructuring of the Mt. Hamilton Project disposition to Mako Mining. Originally, Sailfish was to receive a 5-year gold stream followed by a 2% NSR royalty. Under the amended agreement, Sailfish will now receive an "Amended Stream" consisting of 132 months (11 years) of fixed gold deliveries. For the first 60 months, Sailfish receives 341.7 ounces per month at 20% of the LBMA price (with a floor of $2,700 and ceiling of $3,700/oz). For the following 72 months, the delivery drops to 100 ounces per month at 20% of the LBMA price with no floor/ceiling. This restructuring effectively uncouples the payments from actual mine production, turning the stream into a fixed obligation from Mako Mining, and replaces the life-of-mine royalty with a fixed-term delivery.
The impact is Materially Positive for cash flow predictability but introduces specific counterparty risks. By fixing the ounce delivery regardless of production, Sailfish has transformed a mining-risk asset into a synthetic debt instrument. - Cash Flow Extension: The guaranteed payment period extends from 5 years to 11 years. - Revenue Floor: The US$2,700/oz floor for the first five years provides a massive safety net given historical gold prices, though the US$3,700/oz ceiling limits extreme upside. - Valuation: The "deemed purchase price" of US$40 million matches the bridge loan provided by Wexford Capital, suggesting this is a structured maneuver to service or justify that debt. - Shareholder Vote: This is a related-party transaction (Sailfish and Mako share a control person/Wexford) and requires a "majority of the minority" approval on March 3, 2026.
Sailfish is a precious metals royalty and streaming company. - Flagship Asset (Future): Spring Valley Project, Nevada. Sailfish holds up to a 3% NSR on a project with a US$1.5 billion NPV. Permitting milestones were reached in 2025; production is anticipated in 2028. - Flagship Asset (Current): San Albino, Nicaragua. A producing gold stream and royalty providing current cash flow. - New Core Asset: The Mt. Hamilton Amended Stream (Nevada), providing 11 years of fixed deliveries.