Sailfish Announces Sale of Spring Valley and Moonlight Royalties to OR Royalties Inc. for US$168 Million; Announces a Tripling of Sailfish's Annual Dividend

The most recent news (February 24, 2026) announces a definitive agreement to sell the company’s subsidiary, Terraco Gold Corp., to OR Royalties Inc. for US$168 million in cash. This subsidiary holds the Spring Valley and Moonlight royalties in Nevada. Simultaneously, Sailfish has tripled its annual dividend from US$0.05 to US$0.15 per share, with the first quarterly payment of US$0.0375 scheduled for July 2026. This follows a series of complex restructurings of the Mt. Hamilton project with Mako Mining, effectively converting a development asset into a US$40 million gold stream.

This is a "Game Changer" for Sailfish. The US$168 million cash injection represents more than half of the company's current market capitalization in liquid form. - Liquidity: The company moves from a cash-constrained position (US$1.6M in mid-2025) to a massive cash surplus. - Yield: Tripling the dividend significantly shifts the investor profile toward yield-seekers. At a US$4.25 share price, the new US$0.15 dividend represents a ~3.5% yield. - Strategic Shift: By selling the Spring Valley royalty before it reached production (estimated 2028), Sailfish has "pulled forward" years of speculative value into immediate cash, de-risking the portfolio from Nevada permitting or construction delays. - Mt. Hamilton: The restructuring of Mt. Hamilton into a US$40M stream provides immediate cash flow to cover the new dividend, even without the Spring Valley asset.

Sailfish is a precious metals royalty and streaming company. - Flagship (Former): Spring Valley (Nevada), an up-to-3% NSR on a multi-million ounce gold deposit. This is being sold for US$168M. - Core Asset (Current): San Albino (Nicaragua), where it holds a 3% NSR equivalent gold stream and a silver stream. - Growth Asset: Mt. Hamilton (Nevada), recently restructured into a US$40M gold stream with Mako Mining.