What you need to know: • Sailfish Royalty reported Q2 financial results, including revenue of $0.7M (vs. our estimate of $0.8M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M). • Spring Valley continues to advance towards production, receiving BLM approval for construction and operations last month. We remind readers that Spring Valley makes up a majority of our valuation for FISH. • We continue to believe FISH (or its Spring Valley royalty) will be acquired for a significant premium over the coming years. FISH currently trades at 0.8x NAV compared to small/mid-cap royalty firms at 1.1x NAV. Yesterday, after market close, Sailfish Royalty (FISH:TSXV, SROYF:OTC) reported its financial results for Q2/25. The financials were roughly in line on revenue and beat on adjusted EBITDA. While the results were solid, we will reiterate that a majority of FISH’s valuation comes from its royalties on the Spring Valley project in Nevada, which we expect to start production in H2/27. Spring Valley continues to advance on schedule, receiving BLM approval for construction and operations last month, refer to our last note here. FISH currently trades at 0.8x NAV compared to small/mid-cap royalty firms at 1.1x and large-cap firms at 1.6x, both of which have expanded in the last year. We are maintaining our BUY rating and C$2.75/share target price on Sailfish Royalty. Key Highlights • Revenue came in at $0.7M compared to our expected $0.8M and below the $1.0M reported in Q2/24. This came on the back of 10.9Koz of gold produced and 12.5Koz of silver produced by Mako Mining during the quarter. • Gold ounces earned for the quarter came in at 8 compared to 365 in Q2/24 due to Mako mining outside of the original San Albino area where the gold stream is applicable. • The Company earned 1,672 silver ounces during Q2, offsetting the decrease in gold ounces received this quarter. FISH also received and sold 27Koz of silver for proceeds of $0.9M. • Adjusted EBITDA for the quarter of $0.4M with margins of 54% compared to our expected $0.2M (30% margin). • Q2 net income was $0.2M vs. our estimate of $0.1M. FISH ended the quarter with $1.7M in cash and negligible debt.