Core Insights - Sailfish Royalty Corp. reported strong financial results for Q3 2025, with significant increases in revenues and net income compared to the same period in 2024 [2][3][4]. Financial Performance - Revenues for Q3 2025 reached $879,473, up from $730,024 in Q3 2024, representing a 20.4% increase [3]. - Gross profit for Q3 2025 was $764,206, compared to $454,040 in Q3 2024, marking a 68.2% increase [3]. - The company achieved a net income of $1,724,494 in Q3 2025, a significant turnaround from a net loss of $137,648 in Q3 2024 [3][8]. - Basic loss per share improved to $0.02 in Q3 2025 from a loss of $0.00 in Q3 2024 [3]. Year-to-Date Performance - For the nine months ended September 30, 2025, total revenues were $2,179,871, slightly up from $2,114,221 in the same period of 2024 [3]. - Gross profit for the nine months was $2,014,024, compared to $1,267,809 in the previous year, reflecting a 58.6% increase [3]. - Net income for the nine months was $1,834,093, compared to $1,151,857 in the same period of 2024 [3][8]. Royalty and Stream Interests - Royalty revenue for Q3 2025 was $430,334, up from $211,942 in Q3 2024 [8]. - Gold ounces earned from stream interests were 25 for Q3 2025, down from 215 in Q3 2024, while silver ounces earned were 9,329, compared to none in Q3 2024 [8]. - The company entered into a binding term sheet with Mako Mining Corp. for a five-year gold stream and a 2% NSR royalty on the Mt. Hamilton Gold-Silver Project in Nevada [8]. Shareholder Returns - The company declared a dividend of $0.0125 per common share, resulting in a cash payment of $633,053 and the issuance of 310,034 common shares under the dividend reinvestment plan [6][8]. - A total of 631,100 common shares were repurchased for cancellation under the normal course issuer bid for the nine months ended September 30, 2025 [8].

Core Viewpoint - Sailfish Royalty Corp. has announced a Normal Course Issuer Bid to repurchase up to 3,767,749 common shares, representing approximately 5% of the total shares outstanding, and has completed the conversion of Gavilanes into a 2% net smelter return royalty (NSR) [1][2][6]. Group 1: Normal Course Issuer Bid - The Company intends to purchase up to 3,767,749 common shares during the 12-month period from August 12, 2025, to August 11, 2026 [2]. - The shares will be acquired at the prevailing market price, with the actual number and timing of purchases determined by management [3]. - All purchases will be made on the open market for cancellation, funded from the Company's working capital [4]. Group 2: Prior Issuer Bid - The previous Normal Course Issuer Bid ran from July 22, 2024, to July 21, 2025, during which the Company repurchased 1,400,200 common shares at an average price of approximately $1.4759 per share [5]. Group 3: Strategic Rationale - The Board of Directors believes that the current market prices do not reflect the underlying value of the shares, and repurchasing shares is seen as a beneficial use of corporate funds [6]. Group 4: Gavilanes Silver Project - The Company has completed the sale of Swordfish Silver Corp. to Advance Metals Limited, which includes the Gavilanes silver exploration project in Durango, Mexico [8]. - The transaction includes a minimum expenditure commitment of $2,000,000 on the property over five years, with a potential cash payment of $500,000 if the commitment is not met [11]. Group 5: OTCQB Listing - To reduce corporate costs, the Company will transition from the OTCQX market to the OTCBQ market effective August 28, 2025 [12]. Group 6: Company Overview - Sailfish is a precious metals royalty and streaming company with key assets including a 3% NSR on the San Albino gold mine in Nicaragua, a 3% NSR on the Spring Valley gold mine in Nevada, and a 2% NSR on the Gavilanes Silver Project [13].