Key Highlights

  • Sailfish Royalty (TSXV:FISH) traded at CAD 8.00 on October 13, 2026, down 0.25% on the day, up 40.35% over one month, up 68.07% over three months and up 127.92% over six months.
  • The implied price a month ago is about CAD 5.70, simple arithmetic on CAD 8.00 and the 40.35% gain, and the stock is up 127.92% over six months, though flat over the past week at down 0.25% on the day.
  • On September 14, 2026 Sailfish announced a non-binding 20-year gold purchase letter of intent with Mako Mining for 650 to 1,000 ounces a month, plus a gold-linked dividend and a special dividend of USD 1.00 per share.
  • The deal would issue 70,000,000 shares at 5.76, giving Mako about 48.54% of the company; 5.76 is about 28% below CAD 8.00 by simple arithmetic, and the release did not state the currency.

The Mako Letter of Intent

Under the September 11, 2026 letter of intent, Sailfish Royalty (TSXV:FISH) would buy refined gold from Mako Mining over 240 months: 650 ounces a month to August 1, 2028, 750 to February 1, 2031, 900 to February 1, 2037 and 1,000 afterwards. It would pay 25% of the London PM gold price per ounce delivered. After closing, a quarterly dividend equal to one quarter ounce of gold per 18,000 shares would start, and a one-time USD 1.00 per share special dividend would be paid. The market reacted to these terms, which most plausibly explains the month's gain. All figures are from published market data on October 13, 2026 and may differ from the official close.

Related-Party Terms and Results

Mako is a non-arm's length party, so closing requires TSX Venture approval, disinterested shareholder approval, a fairness opinion from INFOR Financial and a definitive agreement. Issuing 70,000,000 shares for 48.54% implies about 74 million shares now and 144 million after, simple arithmetic. In the second quarter ended June 30, 2026 revenue was USD 1.34 million and net income USD 136.6 million after the sale of Terraco Gold shares, with a USD 40.0 million loan repaid on April 13. A quarterly dividend of USD 0.0375 was paid on August 5. Readers should confirm any detail in the company's own filings on the SEDAR+ system before relying on it.

Risks and What to Watch

The letter is not binding, and terms can change or fail. Existing holders would be diluted to about 51% by a related party buying shares well below the market price, and the gold stream is only as reliable as Mako's deliveries. The buyback of up to 3,943,448 shares runs to September 16, 2027. Investors should watch the definitive agreement, the fairness opinion, the approval vote and the record date for the special dividend. This is not advice. Nothing in this article is a forecast or a recommendation, and every outcome described is a possibility, not a certainty. This article gives no price target and no advice, and every scenario described is a possibility, not a certainty.

Where Things Stand

The answer is that the September 14, 2026 Mako gold purchase letter of intent, with its gold-linked dividend and USD 1.00 special dividend, explains most of the month's gain, since the shares moved from about CAD 5.70 to CAD 8.00. The letter is non-binding and involves a related party, so approvals and the definitive agreement are the next tests for Sailfish Royalty (TSXV:FISH). The balance of evidence therefore favours caution, because a one-month move of this size can reverse, and the next company filings will show whether it holds.