Mr. Paolo Lostritto reports

SAILFISH REPORTS Q2 2023 RESULTS

Sailfish Royalty Corp. has released its operating and financial results for the second quarter ended June 30, 2023. All amounts are in U.S. dollars unless otherwise indicated.

Q2 2023 highlights:

• Gold ounces earned of 268 and 628 for the three and six months ended June 30, 2023 (345 and 734 for the three and six months ended June 30, 2022);
• Revenues of $529,648 and $1,206,126 for the three and six months ended June 30, 2023 ($646,859 and $1,369,424 for the three and six months ended June 30, 2022);
• Gross profit of $292,348 and $658,528 for the three and six months ended June 30, 2023 ($349,757 and $713,017 for the three and six months ended June 30, 2022);
• Net loss of $434,676 and $1,044,232 for the three and six months ended June 30, 2023 (net loss of $885,833 and $682,380 for the three and six months ended June 30, 2022);
• Repurchased for cancellation an aggregate of 322,200 common shares of the company under the current normal course issuer bid for the six months ended June 30, 2023;
• Declared quarterly dividends of 1.25 cents per common share on March 14, 2023, and June 13, 2023, which were paid on April 17, 2023, and July 17, 2023, respectively.

Paolo Lostritto, chief executive officer of Sailfish, stated: "During Q2 2023, Sailfish received and sold 628 ounces of gold from the gold stream equivalent to a 3-per-cent [net smelter royalty] on the San Albino gold mine. In addition to the gold ounces received from the gold stream, the company received and sold 68,240 ounces of silver from its loan receivable for proceeds of approximately $1.6-million, which represented 57 per cent of the company's cash inflow for the six months ended June 30, 2023. Based on the silver purchase agreement secured during the first half of the year, we expect increased leverage to the price of silver during the second half of 2023. The company continues to return its capital to shareholders through its quarterly dividend payment and NCIB purchases."

For complete details, please refer to the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2023, and 2022, and associated management's discussion and analysis for the three and six months ended June 30, 2023, available on SEDAR+ or on the company's website.

Subsequent to Q2 2023 highlights:

• On July 26, 2023, the company announced that on April 6, 2023, the U.S. Bureau of Land Management 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 on March 7, 2023, and proposes the development of an open-pit mine, heap leach facilities, and related operations and facilities at Spring Valley.
• Subsequent to June 30, 2023, the company received 34,272 ounces of silver pertaining to loan receivable payments.
• Subsequent to June 30, 2023, the company announced its intention to make a normal course issuer bid to repurchase for cancellation up to 3,547,390 shares in its own capital stock during the period commencing July 18, 2023, to July 17, 2024.

About Sailfish Royalty Corp.

Sailfish is a precious metal 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 (approximately 3.5 square kilometres) and a 2-per-cent NSR on the rest of the area (approximately 134.5 square kilometres) 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.

Sailfish is listed on the TSX Venture Exchange under the symbol FISH and on the OTCQX under the symbol SROYF.

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