Tortola, British Virgin Islands — February 24, 2026 — Leads & Copy —
Sailfish Royalty Corp. has agreed to sell all issued and outstanding shares of its wholly owned subsidiary, Terraco Gold Corp., to OR Royalties Inc. The share purchase agreement was signed on February 23, 2026. The after-tax cash consideration for the transaction is US$168 million.
Terraco Gold, through its subsidiaries TGC Holdings Ltd. and Terraco Royalties USA, Inc., holds:
an up to 3% net smelter return royalty on Solidus Resources’ Spring Valley gold project in Pershing County, Nevada; and a 2% net smelter return royalty on Solidus Resources’ Moonlight property in Nevada.
The transaction, which constitutes a disposition of more than 50% of Sailfish’s assets, is a “reviewable transaction” pursuant to TSX Venture Exchange Policy 5.3. It is subject to customary closing conditions, including acceptance by the TSXV and approval by Sailfish’s shareholders. Sailfish has already received the necessary shareholder approval via written consent.
National Bank Financial Inc. acted as financial advisor to Sailfish Royalty Corp., while INFOR Financial Group served as strategic advisor.
Akiba Leisman, Executive Chairman of Sailfish Royalty, stated the sale of royalties associated with the Spring Valley and Moonlight projects in Nevada for US$168 million in cash, after-tax, represents approximately 5.4x the purchase price paid in August 2019, generating an internal rate of return of approximately 29%. Sailfish intends to reinvest the capital in high-returning investments within the mining industry, focusing on precious metals streams and royalties to support its dividend policy. The company is tripling its annual dividend to US$0.15 per share, up from US$0.05 per share since 2021. The new dividend is expected to be comfortably covered by Sailfish’s remaining royalty and stream portfolio, and new investments are anticipated to further sustain and increase the dividend.
The Board of Directors has approved a dividend policy increase, with the company planning to pay quarterly dividends of US$0.0375 per common share beginning in Q1/2026. The initial quarterly dividend of US$0.0375 per common share will be paid on July 15, 2026, to shareholders of record as of March 31, 2026.
Sailfish is a precious metals royalty and streaming company with three main assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; an up to 3% NSR on the Spring Valley gold mine project in Pershing County, Nevada; and a 2% NSR on the Gavilanes Silver Project in Durango State, Mexico. Sailfish is also in the process of securing an 11-year gold stream, as announced on February 17, 2026.
Sailfish is listed on the TSX Venture Exchange under the symbol “FISH” and on the OTCQB under the symbol “SROYF”.
Source: Sailfish Royalty Corp.
