Sailfish Royalty
Sailfish Royalty Corp. is a TSX Venture-listed precious metals royalty and streaming company that provides upfront financing to mining operators in the Americas in exchange for long-dated contractual rights to gold and silver production, serving institutional yield-oriented investors.
- Company typePublic
- Founded2018
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Sailfish Royalty does
Sailfish Royalty Corp. is a publicly-traded precious metals streams and royalties company that finances mining operators in exchange for long-dated contractual rights to a percentage of future metal production, primarily gold and silver. Headquartered in Vancouver with a registered office in the British Virgin Islands and listed on the TSX Venture Exchange under ticker FISH, the company operates with an ultra-lean team of 1-10 employees and does not own or operate any mines directly. Its portfolio comprises five streams and royalties across the Americas: an eleven-year gold stream with Mako Mining Corp. on Mt. Hamilton (Nevada), a gold stream equivalent to a 3% NSR on the San Albino mine in Nicaragua with a 2% NSR on surrounding ground, plus three Mexican silver royalties (Gavilanes, El Compas, La Cigarra).
The business model is capital-light and yield-oriented. Sailfish provides upfront non-dilutive capital to mining operators in exchange for either Net Smelter Return (NSR) royalties or physical metal streams, the latter typically priced at a fixed percentage of spot (e.g., 20% of LBMA PM Fix) with optional floor and cap protections. Revenue is therefore a function of mine production volume, metal prices, and the contractual percentage interest. The company monetizes this model through portfolio recycling: it acquires royalty/stream positions, holds them through development and production, and opportunistically divests (e.g., the April 2026 sale of Terraco Gold Corp. to OR Royalties for US$168M, representing 5.4x the August 2019 purchase price at ~29% IRR). Proceeds are being redirected into a dividend (tripled to US$0.15/share annually in February 2026) and new royalty acquisitions.
The company is majority controlled by Wexford Capital LP (~66.28% ownership), the same investment firm that controls Mako Mining Corp., Sailfish's largest streaming counterparty. This common-control structure drives both deal origination (Mt. Hamilton, $40M) and creates related-party governance dynamics. A 2026 corporate restructuring (Terraco divestiture, Mt. Hamilton recast as a 132-month gold stream, Tier 1 TSXV graduation effective May 6, 2026) repositions Sailfish as a dividend-paying, smaller-scale precious metals royalty vehicle rather than a growth-stage royalty aggregator.
Sailfish Royalty firmographics
Firmographics- Name
- Sailfish Royalty
- Legal name
- Sailfish Royalty Corp.
- Website
- https://sailfishroyalty.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Sailfish Royalty Corp. is a TSX Venture-listed precious metals royalty and streaming company that provides upfront financing to mining operators in the Americas in exchange for long-dated contractual rights to gold and silver production, serving institutional yield-oriented investors.
- Ownership category
- akta.pro rank
Sailfish Royalty industry classification
Industry- Product category
- Mining Royalty Financing
- NAICS
- Other Marine Fishing (114119)
- SIC
- Oil Royalty Traders (6792)
- akta.pro primary industry
- Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)
Keywords
Where Sailfish Royalty is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Markets served
Sailfish Royalty business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Marketing channels1 record
Sailfish Royalty product offering
Product offeringCore offering
Sailfish Royalty provides upfront non-dilutive capital to mining operators in exchange for royalty and streaming rights on precious metal production. Its core offerings are streaming agreements (fixed-volume gold/silver deliveries priced off LBMA PM Fix) and net smelter return (NSR) royalties on producing and development-stage gold and silver assets in the Americas.
Product overview
Sailfish Royalty is a precious metals streams and royalties company with a portfolio of five streams and royalties focused on the Americas. The company operates a capital-efficient business model providing upfront financing to mining operators in exchange for royalty and streaming rights on future production. The core portfolio consists of two main assets: (1) an eleven-year gold stream with Mako Mining Corp. providing monthly gold deliveries over 132 months, and (2) a gold stream equivalent to a 3% NSR on the San Albino gold mine in Nicaragua with a 2% NSR on surrounding ground. Additional royalty assets include the Gavilanes Silver Royalty (2% NSR in Mexico), El Compas Royalty (1.5% NSR in Mexico), and La Cigarra Royalty (1% NSR in Mexico).
Differentiator
Problem solved
Functional benefit
Products and services
- Eleven-Year Gold Stream A 132-month gold stream agreement with Mako Mining Corp. featuring monthly gold deliveries of 341.7 troy ounces at 20% of LBMA PM Fix price (with $2,700 floor and $3,700 cap) for the first 60 months, then 100 troy ounces monthly for the remaining 72 months at 20% of LBMA PM Fix price without limitations. It is a financing arrangement that delivers physical gold to Sailfish in exchange for upfront capital to the operator.
- San Albino Gold Stream Gold stream equivalent to a 3% NSR on the 3.5-sq.-km San Albino gold mine area in northern Nicaragua and a 2% NSR on the surrounding 134.5-sq.-km area. Includes a silver stream delivering 13,500 ounces per month until May 2025 with option to purchase all future silver production for US$1 million. Commercial production began in July 2021.
- Gavilanes Silver Royalty 2% NSR on the early stage Gavilanes silver property in the San Dimas mining district of Durango State, Mexico. Contains an inferred resource of 22.4 million ounces of silver equivalent at 245.6 g/t AgEq.
- El Compas Royalty 1.5% NSR on the El Compas silver and gold mine in Zacatecas state, Mexico, operated by Grupo ROSGO. The mine is currently on care and maintenance after depleting mineral reserves in August 2021.
- La Cigarra Royalty 1% NSR on the Parral 2 claim at the La Cigarra silver project in the Parral Mining District, Chihuahua state, Mexico. Resource-stage early exploration project with 51.5 million ounces of silver in Measured & Indicated categories.
Companies that use Sailfish Royalty
Customer profileIdeal customer profiles2 records
Sailfish Royalty technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Sailfish Royalty partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Mako Mining Corp.coreSailfish has a gold stream agreement with Mako Mining Corp. for the Mt. Hamilton project. Mako operates the San Albino gold mine in Nicaragua. Wexford Capital LP controls both companies.
Recent moves9 records
Expansion highlights5 records
Sailfish Royalty competitors and assessment
Company assessmentBroad incumbents
- Franco-Nevada Corporation: Franco-Nevada is the world's largest precious metals royalty and streaming company with a diversified gold, silver, and other metals portfolio. Sailfish operates the same royalty/streaming business model at a much smaller scale, making Franco-Nevada the most relevant incumbent benchmark.
- Altius Minerals Corporation: Altius is a diversified mining royalty and streaming company with interests across base metals, bulk commodities, and precious metals. It is a relevant incumbent comparable given its royalty/streaming business model and North American focus.
- Wheaton Precious Metals Corp. Wheaton is one of the largest precious metals streaming companies globally, with long-term streaming agreements on operating mines. Sailfish's Mako and San Albino streams use the same upfront-capital-for-deliverable-metal structure that Wheaton pioneered.
- Royal Gold, Inc. Royal Gold is a leading precious metals royalty and streaming company with interests in mines across the Americas and globally. Its NSR royalty model is directly comparable to the Gavilanes, El Compas, and La Cigarra NSR royalties in Sailfish's portfolio.
Direct peers
- Gold Royalty Corp. Gold Royalty is a precious metals royalty company focused on acquiring royalties and streaming interests in the Americas. Its mandate, geography, and growth-via-acquisition strategy closely parallel Sailfish's approach.
- Vox Royalty Corp. Vox is a small-cap precious metals royalty company that builds portfolios of diversified royalties on operating and development-stage assets. Its size, growth-stage profile, and focus on third-party royalties make it a close comparable to Sailfish.
- Sandstorm Gold Royalties: Sandstorm is a precious metals royalty and streaming company with a diversified portfolio of streams and royalties. It is a close small/mid-cap comparable to Sailfish and competes for similar streaming and royalty acquisition opportunities.
- Metalla Royalty and Streaming Ltd. Metalla is a precious metals royalty and streaming company that acquires and creates royalties on gold and silver assets, primarily in the Americas. It is one of the closest direct comparables to Sailfish in size, geography, and asset mix.
Others
- Mako Mining Corp. Mako Mining is a producing gold company and Sailfish's largest counterparty — operating the San Albino mine and the Mt. Hamilton project, and sharing common control under Wexford Capital LP. While not a royalty peer, Mako is a key operating partner whose performance drives Sailfish's stream economics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Sailfish Royalty social profiles
Digital presenceSailfish Royalty financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sailfish Royalty leadership team
Management profileNumber of profiles
Profiles6 records
Sailfish Royalty subsidiaries and ownership
Company hierarchySubsidiaries2 records
Sailfish Royalty funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sailfish Royalty M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sailfish Royalty
What does Sailfish Royalty do?
Sailfish Royalty provides upfront non-dilutive capital to mining operators in exchange for royalty and streaming rights on precious metal production. Its core offerings are streaming agreements (fixed-volume gold/silver deliveries priced off LBMA PM Fix) and net smelter return (NSR) royalties on producing and development-stage gold and silver assets in the Americas.
Is Sailfish Royalty a public or private company?
Sailfish Royalty is a public company. It is classified as public and is currently operating.
When was Sailfish Royalty founded?
Sailfish Royalty was founded in 2018. It employs 1 to 10 people.
Where is Sailfish Royalty based?
Sailfish Royalty is headquartered in Vancouver, Canada, in the North America region.
Who are Sailfish Royalty's main competitors?
Broad incumbents on record are Franco-Nevada Corporation, Altius Minerals Corporation, Wheaton Precious Metals Corp. and Royal Gold, Inc.. Direct peers are Gold Royalty Corp., Vox Royalty Corp., Sandstorm Gold Royalties and Metalla Royalty and Streaming Ltd.. Mako Mining Corp. is listed as an others.
Does Sailfish Royalty have an API?
No public API is recorded for Sailfish Royalty.
What industry is Sailfish Royalty in?
Sailfish Royalty's product category is Mining Royalty Financing. Its primary akta.pro industry code is IMAKAEAF, Precious Metals Streaming, Royalties & Offtake. Its NAICS code is 114119 and its SIC code is 6792.