Mr. Paolo Lostritto reports

SAILFISH ANNOUNCES SIGNIFICANT PERMITTING MILESTONE AT SPRING VALLEY

Sailfish Royalty Corp. has provided an update on permitting for the Spring Valley mine project.

On April 6, 2023, the U.S. Bureau of Land Management (BLM) acknowledged receipt of a plan of operations and Nevada reclamation permit application (PO) for the Spring Valley mine project and confirmed that it is technically complete under the terms of the relevant permitting statutes. The PO was filed with the BLM by Solidus Resources LLC (operator) on March 7, 2023, and proposes the development of an open-pit mine, heap leach facilities, and related operations and facilities at Spring Valley.

Paolo Lostritto, chief executive officer, stated: "Spring Valley is more advanced than originally contemplated. The scope of the PO is based on a 13-year open pit mine plan for 323 million tons of mineralized material that is expected to be heap-leached. This makes Spring Valley one of the largest gold development projects in the Americas and is a core value driver for Sailfish shareholders. We are excited to see the permitting process advance at Spring Valley as our royalty portfolio covers 100% of the proposed open pit as outlined in the PO with the majority of the royalty coverage resulting in a 3% net smelter return royalty ("NSR") payable to Sailfish."

As outlined in the BLM letter dated April 6, 2023 ("BLM Letter"), which like the PO is a public record, the BLM has reviewed the PO and found it adequate and technically complete in terms of the requirements outlined in 43 CFR 3809.401(b) and 43 CFR 3809.401(c). The BLM Letter also indicates that the BLM cannot approve the PO until certain additional steps are completed in accordance with Federal and State regulations.

Plan of Operations:

The PO covers 698 unpatented claims and 895 mill site claims as well as private fee lands, either owned or controlled by the Operator and proposes, among other things, the following activities and facilities:

• Development of the Spring Valley open pit;
• Construction of pit dewatering facilities, including rapid infiltration basins;
• Development of three waste rock storage facilities;
• Development of a heap leach facility;
• Construction of a crushing circuit;
• Construction of carbon processing and refining facilities;
• Development of light duty and haul roads;
• Development of stormwater control structures;
• Development of other facilities including the mine fleet shop, explosives storage, truck shop, refueling area, and mine offices;
• Development of site infrastructure including parking areas, yards, storage areas, and an aggregate plant; and
• Development of site utilities including: power distribution, a used materials pad, freshwater distribution, potable water system, fire water system, sewage system, communications facilities, and fuel storage and distribution facilities.

The PO states that the proposed operation will use conventional open pit mining methods. The PO outlines the excavation of the open pit to occur over 13 years, which includes 18-24 months of pre-stripping during construction. Over the life of mine ("LOM"), approximately 323 million tons of mineralized material is expected to be mined, along with 598 million tons of waste rock and 328 million tons of alluvium. The average mining rate for Spring Valley is expected to be approximately 100 million tons of material per year.

The Company's current royalty portfolio on Spring Valley covers 100% of the open pit as outlined in the PO, with the majority of the acres included in the proposed open pit covered by a 3% NSR at prevailing gold prices. See Figure 1 below.

Sailfish holds the following Spring Valley royalty assets:

up to a 3% NSR1 on a majority of the acres included in the proposed open pit at Spring Valley (royalty boundary in blue);

• a 1.5% NSR on a portion of the proposed open pit at Spring Valley;
• a 0.5% NSR on a portion of the proposed open pit at Spring Valley.

Spring Valley hosts a 2014 published National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant report. The technical report titled "NI 43-101 Technical Report on Resources, Spring Valley Project", effective August 1, 2014, was prepared by William J. Crowl, R.G., MMSA QP, Zachary J. Black, SME-RM and Deepak Malhotra, PhD, SME-RM and filed by Midway Gold Corp. on September 9, 2014 and is based on work completed in a joint venture between Midway Gold Corp. and Barrick Gold Corporation (the "Technical Report"). The technical report is available at www.sedar.com under Midway Gold Corp.'s profile.

About Sailfish

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% NSR on the San Albino gold mine (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada; and a 100% interest in the Gavilanes Silver Project located in Durango State, Mexico.

Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under the symbol "SROYF". Please visit the Company's website at www.sailfishroyalty.com for additional information.

Qualified Person

Dr. Matthew D. Gray, President, Resource Geosciences Incorporated, Qualified Person under NI 43- 101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of this release. To verify the technical content of this disclosure Dr. Gray reviewed the: Spring Valley Mine Plan of Operations and Nevada Reclamation Permit Application prepared by Solidus Resources Spring Valley, Nevada, USA; and the BLM acknowledgement letter, obtained from the NDEP and the Humboldt River field office of the BLM.

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