Sailfish Royalty (FISH:TSXV)

  • FISH is focusing on returning capital to shareholders via share buybacks and dividends while keeping G&A to a minimum. Sailfish has repurchased >14M shares since 2019 and currently offers a 5.0% dividend yield, one of the highest yields amongst all mining royalty firms.

  • Sailfish recently acquired a gold stream for the next 11 years from Mako Mining. The stream is expected to yield ~$12M in cashflow per year in 2026 and 2027.

  • San Albino is a high-grade gold mine in Nicaragua owned by Mako Mining (MKO:TSXV) that started commercial production in July 2021. Sailfish has a gold stream equivalent to a 3% NSR on the mine. FISH also holds a 2% NSR on Mako’s Las Conchitas mine in Nicaragua which reached steady state production in 2024. Additionally, FISH has a Silver Purchase Agreement with Mako, providing FISH with additional silver per month.

  • FISH has a strong competitive advantage of having Wexford Capital as its majority shareholder (>60%). Management owns 4% and is highly experienced in royalties and capital markets.

Investment Summary

Company Description

Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are three main assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine and a 2% NSR on the rest of the area surrounding San Albino in northern Nicaragua, an up to 3% NSR on the 4.1Moz Spring Valley gold project, and a 100% interest in the Gavilanes Silver Project located in Durango State, Mexico.

Research

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
May 28, 2026

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
April 24, 2026

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
February 24, 2026

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
February 17, 2026

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
November 21, 2025

Landscape of a mountainous landscape with terraced hills and sparse greenery under a cloudy sky.

Sailfish Royalty: 
Management Interview
October 15, 2025

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
September 30, 2025

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
August 22, 2025

Panoramic view of an open-pit mining operation on a mountain landscape with winding dirt roads, construction equipment, and green vegetation.

Sailfish Royalty: 
Research Note
July 16, 2025

Hilly landscape with terraced land for agriculture and dirt roads, with some buildings at the lower left, surrounded by green vegetation and mountains in the background.

Sailfish Royalty: 
Research Note
May 29, 2025

A mountainside with terraced landscaping and dirt roads, with some industrial buildings at the base, surrounded by green hills under a cloudy sky.

Sailfish Royalty: 
Research Note
April 25, 2025

A large open-pit mining operation in a mountainous landscape with winding dirt roads and some infrastructure buildings.

Sailfish Royalty: 
Research Note
November 14, 2024

Landscape of a mountainous landscape with terraced hills and sparse greenery under a cloudy sky.

Sailfish Royalty: 
Management Interview
October 24, 2024

A large open-pit mining site in a mountainous area, with dirt roads and terraced excavations on the hillside, surrounded by green vegetation and mountains under a cloudy sky.

Sailfish Royalty: 
Initiation Report
October 1, 2024