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• Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).
• Spring Valley continues to progress with Wheaton Precious Metals entering into a $670M stream on the project. This places a premium valuation onto FISH’s Spring Valley royalties compared to our model.
• Mako Mining (MKO:TSXV) confirmed that Mount Hamilton is moving towards closing and guided for stronger production in Q4.
Yesterday, after market close, Sailfish Royalty (FISH:TSXV, SROYF:OTC) reported its financial results for Q3/25, beating our expectations with revenue and adjusted EBITDA. Sailfish remains a high conviction pick of ours, given its exposure to world-class assets and will likely become a takeover candidate over the next year. We reiterate that there is a path of catalysts ahead across all of FISH’s assets. We are maintaining our BUY rating and increasing our target price to C$4.25/share (prev. C$3.75/share) on Sailfish Royalty.
Key Highlights
• Revenue came in at $0.9M compared to our expected $0.7M, growing 20% YoY. This was driven by royalty revenues of $0.4M (+103% YoY).
• Gold ounces earned for the quarter came in at 25 compared to 215 in Q3/24, while silver ounces earned were 9,329 compared to zero in Q3/24.
• Gross profit was $0.8M (87% margin), highlighting the major benefits of the royalty firm structure.
• Adjusted EBITDA for the quarter of $0.4M with margins of 51% compared to our expected $0.2M (26% margin).
• Q3 net income was $1.7M vs. our estimate of $0.1M, due to an unrealized gain.
• Sailfish repurchased 631,000 common shares during the quarter under its NCIB.
• FISH ended the quarter with $3.1M in cash and no debt (prior to the Mount Hamilton transaction that adds $40M in debt).
• Subsequent to the quarter, FISH paid its quarterly dividend of $0.0125/share.
FISH: Q3 Financials; Everything Going to Plan
What you need to know:• Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).
• Spring Valley continues to progress with Wheaton Precious Metals entering into a $670M stream on the project. This places a premium valuation onto FISH’s Spring Valley royalties compared to our model.
• Mako Mining (MKO:TSXV) confirmed that Mount Hamilton is moving towards closing and guided for stronger production in Q4.
Yesterday, after market close, Sailfish Royalty (FISH:TSXV, SROYF:OTC) reported its financial results for Q3/25, beating our expectations with revenue and adjusted EBITDA. Sailfish remains a high conviction pick of ours, given its exposure to world-class assets and will likely become a takeover candidate over the next year. We reiterate that there is a path of catalysts ahead across all of FISH’s assets. We are maintaining our BUY rating and increasing our target price to C$4.25/share (prev. C$3.75/share) on Sailfish Royalty.
Key Highlights
• Revenue came in at $0.9M compared to our expected $0.7M, growing 20% YoY. This was driven by royalty revenues of $0.4M (+103% YoY).
• Gold ounces earned for the quarter came in at 25 compared to 215 in Q3/24, while silver ounces earned were 9,329 compared to zero in Q3/24.
• Gross profit was $0.8M (87% margin), highlighting the major benefits of the royalty firm structure.
• Adjusted EBITDA for the quarter of $0.4M with margins of 51% compared to our expected $0.2M (26% margin).
• Q3 net income was $1.7M vs. our estimate of $0.1M, due to an unrealized gain.
• Sailfish repurchased 631,000 common shares during the quarter under its NCIB.
• FISH ended the quarter with $3.1M in cash and no debt (prior to the Mount Hamilton transaction that adds $40M in debt).
• Subsequent to the quarter, FISH paid its quarterly dividend of $0.0125/share.
Underlying
Sailfish Royalty Corp.
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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