What you need to know: • Sailfish reported strong Q1 financials, including revenue of $1.8M (+208% YoY) and adjusted EBITDA of $1.4M (77% margin). The numbers came in behind our expectations due to a later than expected close on its new 11-year gold stream with Mako Mining, which closed on March 24th. • We remain excited for 2026 as the new gold stream begins generating revenue and FISH has the opportunity to reallocate the cash from the Spring Valley sale. • Given the sale of Spring Valley, FISH has ~55% of its market cap in cash. Yesterday, Sailfish Royalty (FISH:TSXV, SROYF:OTC) reported its Q1 financial results, which came in below our expectations due to a later than expected close on its new 11-year gold stream with Mako Mining, which closed on March 24th. Adjusting for this, the quarter would have been in line with our expectations. As such, Q2 will include a full quarter of gold deliveries from the stream. Following the Spring Valley sale, FISH now has ~55% of its market cap in cash, offers a >5% dividend yield, and trades at just 6.9x 2026E EBITDA. We are maintaining our BUY rating and our target price of C$4.50/share on FISH. Key Highlights • Q1 revenue came in at $1.8M (+208% YoY). The growth was driven by royalty revenue of $1.0M (+87% YoY) and a meaningful step-up in stream sales to $0.8M (vs. $0.05M in Q1/25). This compared to our expected $3.4M in Q1, as a result of the later than expected close on the 11-year gold stream. o Mako also reported Q1 production results of 12.5Koz of gold and 12.5Koz of silver, consistent with Q4. o Stream sales reflected 8,924oz of silver from the San Albino Silver Stream for $0.8M and 6oz of gold from the San Albino Gold Stream for $29K. o Excluding the $1.5M from the new stream that we modelled, the quarter was in line with our expectations. We also learned that this stream will not be booked as revenue, but rather a fair value adjustment (now updated). • At quarter-end, FISH had 274.3 ounces of gold accrued due from Mako. Subsequent to Q1, the Company received and sold 548.5 ounces of gold from the GPA for $2.6M. • Gross profit was $1.7M (95% margin), well above our 78% estimate and growing 207% YoY.