Mr. Paolo Lostritto reports

SAILFISH REPORTS Q1 2023 RESULTS

Sailfish Royalty Corp. has released its operating and financial results for the first quarter ended March 31, 2023 (Q1 2023). All amounts are in United States dollars unless otherwise indicated.

Q1 2023 highlights:

• Gold ounces earned of 360 for the three months ended March 31, 2023;
• Revenues of $676,478 for the three months ended March 31, 2023;
• Gross profit of $366,181 for the three months ended March 31, 2023;
• Net loss of $609,557 for the three months ended March 31, 2023;
• Repurchased for cancellation an aggregate of 93,600 common shares of the company under the current normal course issuer bid for the three months ended March 31, 2023;
• Declared a quarterly dividend of 1.25 cents per common share which was paid on April 17, 2023.

Paolo Lostritto, chief executive officer of Sailfish, states that: "During Q1 2023, Sailfish received and sold 360 ounces of gold from the gold stream equivalent to a 3-per-cent NSR on the San Albino gold mine. Now that the company has closed the recently announced silver stream (see press released dated May 25, 2023), the company expects a commensurate increase in silver-related revenue starting this month."

For complete details, please refer to the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2023, and 2022 and associated management discussion and analysis for the three months ended March 31, 2023, available on SEDAR or on the company's website.

Subsequent to Q1 2023 highlights:

• On May 25, 2023, the company announced the closing of the silver stream with Mako Mining Corp. whereby the company acquired a 24-month silver stream for $6-million in cash and an option to purchase subsequent silver produced from the San Albino mine or from concessions currently owned by Mako and processed through Mako's San Albino processing facility until production is no longer economically viable at the mutual agreement of Sailfish and Mako. Such option is exercisable after 12 months of the 24-month term of the silver stream has passed for an additional $1-million.
• On May 25, 2023, the company also announced the closing of a non-brokered private placement of unsecured convertible debentures at a price of $1,000 per convertible debenture for gross proceeds of $4.1-million. See the company's news release dated May 25, 2023, for further information.
• Subsequent to March 31, 2023, $1,898,834 was received from MGM USA.
• Subsequent to March 31, 2023, Sailfish cancelled 124,200 common shares.
• Subsequent to March 31, 2023, Sailfish purchased 30,600 common shares on-market which have not been cancelled. The company may purchase an additional 2,692,586 common shares under the current normal course issuer bid.
• Subsequent to March 31, 2023, the company received 32,880 ounces of silver pertaining to loan receivable payments.

About Sailfish Royalty Corp.

Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are three main assets in the Americas: a gold stream equivalent to a 3-per-cent NSR on the San Albino gold mine (about 3.5 square kilometres) and a 2-per-cent NSR on the rest of the area (about 134.5 square km) surrounding San Albino in northern Nicaragua; an up to 3-per-cent NSR on the multimillion-ounce Spring Valley gold project in Pershing county, Nevada; and a 100-per-cent interest in the Gavilanes silver project located in Durango state, Mexico.

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