What you need to know: • Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M). • Spring Valley continues to progress with Wheaton Precious Metals entering into a $670M stream on the project. This places a premium valuation onto FISH’s Spring Valley royalties compared to our model. • Mako Mining (MKO:TSXV) confirmed that Mount Hamilton is moving towards closing and guided for stronger production in Q4. Yesterday, after market close, Sailfish Royalty (FISH:TSXV, SROYF:OTC) reported its financial results for Q3/25, beating our expectations with revenue and adjusted EBITDA. Sailfish remains a high conviction pick of ours, given its exposure to world-class assets and will likely become a takeover candidate over the next year. We reiterate that there is a path of catalysts ahead across all of FISH’s assets. We are maintaining our BUY rating and increasing our target price to C$4.25/share (prev. C$3.75/share) on Sailfish Royalty. Key Highlights • Revenue came in at $0.9M compared to our expected $0.7M, growing 20% YoY. This was driven by royalty revenues of $0.4M (+103% YoY). • Gold ounces earned for the quarter came in at 25 compared to 215 in Q3/24, while silver ounces earned were 9,329 compared to zero in Q3/24. • Gross profit was $0.8M (87% margin), highlighting the major benefits of the royalty firm structure. • Adjusted EBITDA for the quarter of $0.4M with margins of 51% compared to our expected $0.2M (26% margin). • Q3 net income was $1.7M vs. our estimate of $0.1M, due to an unrealized gain. • Sailfish repurchased 631,000 common shares during the quarter under its NCIB. • FISH ended the quarter with $3.1M in cash and no debt (prior to the Mount Hamilton transaction that adds $40M in debt). • Subsequent to the quarter, FISH paid its quarterly dividend of $0.0125/share.