Mr. Akiba Leisman reports

SAILFISH ANNOUNCES SHARE PURCHASE OPTION AGREEMENT WITH CMC METALS LTD.

Sailfish Royalty Corp. has entered into a share purchase option agreement with CMC Metals Ltd. pursuant to which the company has granted CMC the option to acquire all of the issued and outstanding shares of Swordfish Silver Corp. Swordfish, through Sailfish de Mexico S.A. de C.V., holds the mineral rights in and to the silver exploration project located in the municipality of San Dimas, state of Durango, Mexico, known as the Gavilanes property.

Upon entering into the agreement, CMC reimbursed Sailfish for certain fees incurred by Sailfish with respect to the property in the 2023 calendar year in the amount of $27,383 (U.S.).

Pursuant to the terms of the agreement, in order to exercise the option and maintain the option in good standing, CMC shall make a series of cash payments, issue common shares in the capital of CMC and incur certain exploration expenditures on the property, as follows:

CMC shall pay to Sailfish cash payments totalling $3.5-million (U.S.) in accordance with the following schedule:

• $500,000 (U.S.) on or before March 31, 2024;

• $500,000 (U.S.) on or before March 31, 2025;

• $500,000 (U.S.) on or before March 31, 2026; and

• $2-million (U.S.) on or before March 31, 2027.

CMC shall issue CMC shares in accordance with the following schedule:

• One million CMC shares upon acceptance by the TSX Venture Exchange of the agreement;

• $700,000 in CMC shares on or before March 31, 2024, calculated based on the greater of (i) five cents per CMC share; and (ii) the 10-day volume weighted average price of the CMC shares immediately prior to issuance; and

• $500,000 in CMC shares on or before March 31, 2025, calculated based on the greater of (i) five cents per CMC share; and (ii) the 10-day volume weighted average price of the CMC shares immediately prior to issuance.

CMC shall incur and pay for total exploration expenditures of $5-million in respect of the property (including 10,000 metres of new drilling) in accordance with the following schedule:

• $1-million on or before March 31, 2025;

• $1.5-million on or before March 31, 2026; and

• $2.5-million on or before March 31, 2027.

CMC may, in lieu of making further option payments, immediately exercise the option by: (a) paying to Sailfish $4-million (U.S.) in cash on or before the first anniversary of TSX-V acceptance of the agreement; or (b) paying to Sailfish $3.5-million (U.S.) in cash after the first anniversary of TSX-V acceptance of the agreement.

On or before exercise of the option, CMC and Sailfish will enter into a net smelter return royalty agreement with respect to the property which grants Sailfish:

• A 1.5-per-cent net smelter return royalty on unencumbered grounds with an option for CMC to buy back 1.0 per cent of the net smelter returns royalty for $3-million;

• And a 0.5-per-cent net smelter returns royalty on encumbered grounds.

CMC will act as operator during the option period and will be responsible for all rates, taxes, duties, royalties, assessments and fees levied after the date of the agreement with respect to the property or CMC's operations thereon.

The agreement and proposed issuances of CMC shares remain subject to acceptance by the TSX Venture Exchange. The company did not pay any finders' fees in connection with the agreement.

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 net smelter return on the San Albino gold mine (around 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.

We seek Safe Harbor.