Sailfish Royalty Comments on Solidus Resources, LLC's Letter of Interest for up to US$835 Million in Financing from Export-Import Bank of the United States for the Spring Valley Gold Project

Rhea-AI Summary

Sailfish Royalty Corp (SROYF) announced that Solidus Resources has received a Letter of Interest from the Export-Import Bank of the United States for potential financing of up to US$835 million for the Spring Valley Gold Project in Nevada. The funding is being considered under EXIM's Make More in America initiative and China and Transformational Exports Program.

Sailfish holds significant royalty interests in Spring Valley, including up to 3% NSR on the majority of the proposed open pit area, 1.5% NSR on a portion, and 0.5% NSR on another portion. The operator expects first gold production in 2028, with full construction permits anticipated by August 2025. The development follows gold's classification as a critical mineral in a March 2025 White House Executive order.

Positive

• Potential US$835 million financing from EXIM Bank for Spring Valley Project development
• Expected material improvement in cash flow for Sailfish shareholders once production begins in 2028
• Holds up to 3% NSR royalty on majority of the proposed open pit area
• Project benefits from gold's recent classification as a critical mineral
• Construction permits expected by August 2025, showing clear development timeline

Negative

• First 500,000 ounces of gold recovered from commercial production are not subject to NSR royalty
• Production not expected to start until 2028, indicating a long wait for revenue generation
• Financing is still in Letter of Interest stage, not yet finalized

Tortola, British Virgin Islands--(Newsfile Corp. - May 14, 2025) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to report that on May 13, 2025, Solidus Resources, LLC ("Solidus") announced the receipt of a Letter of Interest from the Export-Import Bank of the United States ("EXIM") regarding the potential financing of up to US$835 million for the Spring Valley Gold Project ("Spring Valley") located in Nevada. The funding for Spring Valley is being considered under EXIM's Make More in America initiative and its China and Transformational Exports Program.

Paolo Lostritto, CEO stated, "The Letter of Interest from the Export-Import Bank for a total of US$835 million is a strong endorsement for the Spring Valley gold project and is a further benefit of gold being classified as a critical mineral in the March 20^th, 2025 White House Executive order¹. In addition, this announcement further supports the guidance provided by the Bureau of Land management for a Record of Decision and full construction permits by Aug of 2025². Consequently, the operator expects first gold production in 2028. Under this scenario, Sailfish shareholders are expected to be exposed to a material improvement in cash flow as the majority of the Spring Valley gold deposit is on ground where Sailfish has a royalty claim. These developments compare favourably to the metrics of the recent Triple Flag Precious Metals Corp. purchase of a 1% NSR on Silicon-Merlin for US$248 million.^3,4"

For complete information on the announcement made in Solidus' news release dated May 13, 2025, please visit: Solidus Resources, LLC Receives Letter of Interest for up.

Sailfish holds the following Spring Valley royalty assets:

1. up to a 3% NSR⁵ on a majority of the acres included in the proposed open pit at Spring Valley (royalty boundary in blue);
2. a 1.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in pink); and
3. a 0.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in yellow⁶).

(See Figure 1 on the next page)

Figure 1 - Sailfish Royalty Corp.'s various Spring Valley royalty holdings (boundaries are approximate).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5699/252061_6d4aec60c459eab9_001full.jpg

⁵ For clarity, the up to 3% NSR owned by Sailfish is part of a total 7% NSR above $700/oz. Au. The sliding scale NSR royalty is not payable on the first 500,000 ounces of gold recovered from any commercial production.

⁶ Excluding the areas included in the blue and pink boundaries.

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 (currently in the process of being converted into a 2% net smelter royalty).

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.

For further information: Paolo Lostritto, CEO, tel. 416-602-2645 or Akiba Leisman, Executive Chairman of the Board, tel. 917-558-5289.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement regarding forward-looking information

Certain disclosures in this release constitute "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements regarding: the expectation that Sailfish's shareholders will be positively impacted by an increase in Sailfish's cash flows as a result of return derived from Sailfish's NSR on the Spring Valley project once Spring Valley is in production and the expectation that Solidus will start production on its Spring Valley project in 2028. In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including, without limitation: that Sailfish's shareholders will be positively impacted by an increase in Sailfish's cash flows as a result of return derived from Sailfish's NSR on Spring Valley project once Spring Valley is in production and that Solidus will start production on its Spring Valley project in 2028. However, the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including without limitation: that Sailfish's NSR on Spring Valley will not positively impact Sailfish's cash flow as expected by Sailfish's management; that Sailfish's shareholders will not be positively impacted by any increase in Sailfish's cash flows from Sailfish's NSR on the Spring Valley project and that Solidus will not start production on its Spring Valley project in 2028 as expected by Solidus' management or at all; and those applicable risks, uncertainties and factors set forth in the Company's disclosure record under the Company's profile on SEDAR+ at www.sedarplus.ca.There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

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¹ https://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/

² https://eplanning.blm.gov/eplanning-ui/project/2030469/510

³ https://orogenroyalties.com/news-releases/triple-flag-to-acquire-orogen-royalties-and-its-1.0-nsr-royalty-on-the-expanded-silicongold-project/

⁴ https://tripleflagpm.com/files/doc_news/2025/04/2025-04-22-Triple-Flag-to-Acquire-Orogen-Royalties.pdf

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252061

FAQ

What financing has SROYF's Spring Valley Project received from EXIM Bank?

Solidus Resources received a Letter of Interest from EXIM Bank for potential financing of up to US$835 million for the Spring Valley Gold Project, under EXIM's Make More in America initiative.

What royalties does Sailfish Royalty hold in the Spring Valley Gold Project?

Sailfish holds up to 3% NSR on majority of the proposed open pit, 1.5% NSR on a portion, and 0.5% NSR on another portion of the Spring Valley Project.

When is the Spring Valley Gold Project expected to begin production?

The operator expects first gold production from the Spring Valley Project to begin in 2028.

What are the key milestones for SROYF's Spring Valley Project development?

The project expects to receive full construction permits by August 2025, with first gold production targeted for 2028.

How does the Spring Valley royalty structure work for Sailfish?

The up to 3% NSR is part of a total 7% NSR above $700/oz Au, with no royalty payable on the first 500,000 ounces of gold recovered from commercial production.