CORPORATE PRESENTATION - sailfishroyalty.com · CORPORATE PRESENTATION. 2 DISCLAIMER Certain...

CORPORATE PRESENTATION

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DISCLAIMER

Certain information contained herein, other than information relating to Sailfish Royalty Corp. (“Sailfish” or the “Corporation”), while obtained from sources which we believe are reliable, is not guaranteed as to its accuracy or completeness. The contents of this

presentation is for information purposes only and does not constitute an offer to sell or a solicitation to purchase any securities referred to herein.

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections,

objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”,

“possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical

fact and may be forward-looking statements. Forward-looking statements contained in this presentation include, but are not limited to, statements regarding that 90% of Sailfish’s cash flow are expected to be paid to shareholders, future consensus royalty price-to-

NAV valuations, the San Albino Gold Stream is expected to go into commercial production by late summer 2020, the expectation that the Tocantinzinho Royalty will produce 170,000 oz. of gold over 10 years and that Sailfish’s assets are expected to generate

sustainable risk-adjusted returns or other statements that are not statements of fact. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Forward-looking statements and forward-looking information are not guarantees of future performance and are based upon a number of estimates and assumptions of management at the date such statements are made, which management believes to be

reasonable, including without limitation, assumptions about: future prices of gold and other metals; the ongoing operation of the properties in which Sailfish holds a stream/royalty by the owner or operator of such properties in a manner consistent with past practices;

the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material changes to existing tax treatment; no adverse development in respect of any significant property in which Sailfish holds a stream/royalty;

integration of acquired assets; performance of contractual obligations by counterparties; financial viability of third party owners and operators; financial projections and budgets; accuracy of any mineral resources, anticipated costs and expenditures; that 90% of

Sailfish’s cash flow will be paid to shareholders, future consensus royalty price-to-cash-flow valuations are accurate, the San Albino Gold Stream will go into commercial production by late summer 2020, that the Tocantinzinho Royalty will produce 170,000 oz. of gold

over 10 years and that Sailfish’s assets will generate sustainable risk-adjusted returns. Many assumptions are based on factors and events that are not within the control of Sailfish and there is no assurance they will prove to be correct.

Forward-looking statements and forward-looking information are statements about the future, which are inherently uncertain and which are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual performance,

achievements, actions, events, results or conditions to differ materially from those reflected in the forward-looking statements and forward-looking information, including, without limitation: risks related to Sailfish’s investment policy; Sailfish may not issue dividends

expected by management or at all; the significant influence of major shareholders; Sailfish’s lack of control over the mining operations in which it holds only royalty or stream interests; Sailfish’s dependency on the financial viability and operational effectiveness of

third party owners and operators; Sailfish’s reliance on third party reporting and potentially limited access to data; the concentration of Sailfish’s royalty and streaming interests; changes or disruptions in the securities markets; fluctuation in the price of gold and base

metals and future commodity prices; price volatility of Sailfish’s securities; risks from the need for additional capital and the Corporation’s ability to raise additional funds; adequacy of financial resources; the introduction of new taxes or changes in tax laws and

interpretations; that Sailfish may be a passive foreign investment company under applicable US income tax rules; the properties on which Sailfish holds royalty and other interests will be subject to exploration, development and mining risks (including, among others,

the speculative nature of mineral exploration and development, risks relating to mining operations and development, the results of current exploration, development and mining activities, land title issues and risks, dependence on key personnel; future consensus

royalty price-to-NAV valuations will not be accurate, the San Albino Gold Stream will not go into commercial production by late summer 2020 or at all, that the Tocantinzinho Royalty will not produce 170,000 oz. of gold over 10 years, that Sailfish’s assets will not

generate sustainable risk-adjusted returns; and such other factors as set out in Sailfish's annual and interim management's discussion and analysis posted under the Corporation's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at

www.sedar.com, and in the Corporation's documents filed from time to time with the securities regulators in the provinces of Canada. The foregoing list is not exhaustive of the factors that may cause actual results to differ materially from the forward-looking

statements and forward-looking information contained herein. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Corporation, or industry results, may

vary materially from those described in this presentation.

The forward-looking statements and information contained in this presentation are made or given as at the date of this presentation and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements or information, whether

as a result of new information, future events or otherwise, except as required under applicable securities law. The reader is cautioned not to place undue reliance on forward-looking statements or forward-looking information.

Forward-looking Statements

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TECHNICAL AND THIRD PARTY INFORMATION

This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by Sailfish to be true. Although Sailfish believes it to be reliable, it has independently verified any of the data from

third party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The Corporation believes that its

market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used

throughout this presentation are not guaranteed and Sailfish does not make any representation as to the accuracy or completeness of such information.

In addition, the disclosure in this presentation relating to properties and operations on the properties in which Sailfish holds (or may acquire) royalty, stream or other interests is based on information publicly disclosed by the owners or operators of these properties,

including by Mako Mining Corp. (“Mako"), formerly known as Golden Reign Resources Ltd., with respect to the San Albino property, by Eldorado Gold Corp. ("Eldorado Gold") with respect to the Tocantinzinho property, by Waterton Global Resource Management

(“Waterton”) with respect to the Spring Valley and Moonlight properties, by Endeavour Silver Corp. ("Endeavour Silver") with respect to the El Compas property and by Kootenay Silver Inc. ("Kootenay Silver") with respect to the La Cigarra property, and

information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Sailfish. Specifically, as a royalty or stream holder (or acquirer), Sailfish has limited, if any, access to properties included in its asset

portfolio. Additionally, Sailfish may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Sailfish is dependent on, (i) the operators of the properties and their qualified persons

to provide information to Sailfish, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Sailfish holds royalty, stream or other interests, and generally has limited or no ability to independently

verify such information. Although Sailfish does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information publicly reported by operators may relate to a

larger property than the area covered by Sailfish’s royalty, stream or other interest. Sailfish’s royalty, stream or other interests may cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production.

• Additional information on the San Albino project is available in the technical report of Mako entitled "Resource Estimate and Preliminary Economic Assessment on the San Albino Deposit, San Albino-Murra Concession, and El Jicaro Concession, Republic of

Nicaragua", prepared by P&E Mining Consultants Inc., with an effective date of January 14, 2015 and a signature date of April 29, 2015, prepared pursuant to NI 43-101 (the "San Albino PEA"), on Mako's website at www.makominingcorp.com, and in such other

documents as may be referenced herein. The San Albino PEA is posted under Mako's profile on SEDAR at www.sedar.com.

• Additional information on the Tocantinzinho property is available in the technical report of Eldorado Gold entitled "Technical Report on the Tocantinzinho Gold Project, Brazil", prepared by David Sutherland, P.Eng., Rafael Gradim, P.Geo., Persio Rosario, P.Eng.,

• John Nilsson, P.Eng. William McKenzie, P.Eng. and Paulo Franca, AusIMM, with an effective date of June 21, 2019, prepared pursuant to NI 43-101 (the "Tocantinzinho Technical Report"), in the Eldorado Gold Analyst and Investor Day presentation dated

September 7, 2016 (the "Eldorado Gold Presentation"), on Eldorado Gold's website at www.eldoradogold.com, and in such other documents as may be referenced herein. The Tocantinzinho Technical Report is posted under Eldorado Gold's profile on SEDAR at

www.sedar.com, and the Eldorado Gold Presentation is posted on Eldorado Gold's website at www.eldoradogold.com.

• Additional information on the Spring Valley project is available in the technical report of Midway Gold Corp. (“Midway”) entitled “NI 43-101 Technical Report on Resources, Spring Valley Project, Pershing Country, Nevada”, prepared by William J. Crowl, R.G. MSA

QP, Zachary J. Black, SME-RM, Deepak Malhotra, PhD, SME-RM., with effective date of August 1, 2014 and a report date of September 9, 2014. The technical report is posted under Midway’s SEDAR profile at www.sedar.com.

• Additional information on the El Compas property is available in the technical report of Endeavour Silver entitled "Preliminary Economic Assessment for the El Compas Project Zacatecas State Mexico", prepared by Peter J. Smith, P.Eng., Eugene Puritch, P.Eng.,

F.E.C., Deepak Malhotra, SME Member, David Burga, P.Geo., Yungang Wu, P.Geo., Jarita Barry, P.Geo., James Pearson, P.Eng. and Ken Embree, P.Eng., with an effective date of March 27, 2017 and a signature date of May 11, 2017, prepared pursuant to NI

43-101 (the "El Compas PEA"), on Endeavour Silver's website at www.edrsilver.com, and in such other documents as may be referenced herein. The El Compas PEA is posted under Endeavour Silver's profile on SEDAR at www.sedar.com.

• Additional information on the La Cigarra property is available on Kootenay Silver's website at www.kootenaysilver.com, and in such other documents as may be referenced herein.

• Additional information on the Gavinales property is available in the technical report of Santacruz Silver Mining Ltd. (“Santacruz”) entitled "2013 Mineral Resource Estimate, Gavilanes Project, Durango, Mexico", prepared by Fletcher Bourke, M.Sc., P.Geo., Hans

Smit, B.Sc., P.Geo., Gary H. Giroux, M.A.Sc., P.Eng., with an effective date of November 13, 2013 and a signature date of January 20, 2014, prepared pursuant to NI 43-101 (the “Gavilanes Technical Report") and in such other documents as may be referenced

herein. The Gavilanes Technical Report is posted under Santacruz's profile on SEDAR at www.sedar.com.

QUALIFIED PERSONS

Joe Hinzer, P.Geo., the President and Director of Watts, Griffis and McOuat Limited is independent of Sailfish and a “Qualified Person” under NI 43-101 has reviewed and approved the written scientific and technical disclosure contained in this presentation.

Technical and Third Party Information

http://www.makominingcorp.com/

http://www.sedar.com/

http://www.eldoradogold.com/




http://www.edrsilver.com/


http://www.kootenaysilver.com/


Sailfish Investment Highlights

• Royalty companies have been superior investments when compared to publicly traded precious metals mining companies (1)

• Backed by Wexford Capital LP, a well-funded investor that was part of the creation of Viper Energy Partners LP (Nasdaq:VNOM), a leading energy royalty company with a US$1.7 billion market cap

• Low G&A with CEO and VP Corporate Development presently compensated 100% with equity

• Closed the acquisition of Terraco Gold Corp. (“Terraco”) in August 2019, which adds a potential cornerstone asset to the portfolio: an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada

• Completed the San Albino gold stream restructuring in November 2018, which eliminated all funding commitments, fast tracked the timeline to cash flow, added additional assets (including cash) and provides increased exposure to a highly prospective gold district in Nicaragua

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Sailfish is an opportunity to get in on the “ground floor” of a new royalty company

1. Please refer to the slide titled “Royalty Companies Are Gold Investments That Work” in this presentation.

Terraco Acquisition – Overview

• Plan of Arrangement under which Sailfish acquired 100% of the outstanding shares of Terraco (each Terraco shareholder received 0.12 Sailfish shares for each share of Terraco held) (1)

• Terraco’s primary asset is an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada

• Benefits to Sailfish from the acquisition of Terraco include:

– Gained exposure to a potential tier one gold project in a world-class mining jurisdiction

– Escalates profile among gold royalty companies

– Enhanced trading liquidity and retail investor base, thereby improving free float

– Material increase to gold resource exposure

– Possible spinoff or monetization of the Almaden-Nutmeg Mountain property (sold in March 2020) (2)

– Larger platform to pursue further growth and re-rating potential

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The acquisition of Terraco delivers on Sailfish’s promised growth-oriented strategy

1. Please see press release titled “Sailfish Completes Acquisition of Terraco Gold, Creating a New Growth-Oriented Royalty Company” dated August 19, 2019.

2. Please see press release titled “Sailfish Announces Completion of Sale of Almaden Project” dated March 3, 2020.

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Terraco Acquisition – Re-Rating Potential

The acquisition of Terraco positions Sailfish to fill the void in the junior royalty company peer group following the recent growth of Maverix Metals Inc. and Metalla Royalty and Streaming Ltd.

1. A total of 51,935,499 MXP, including inflation and interest adjustments and net of legal fees, were ultimately received by Mako.

San Albino Gold Stream Restructuring – Overview

• The San Albino gold stream restructuring was completed in November 2018

• The US$15 million funding commitment (US$13.9 million remaining) was eliminated

• Sailfish agreed to restructure the San Albino gold stream (“SA Stream”) into an unsecured gold stream (the “New SA Stream”) as follows:

– The New SA Stream will be equivalent to a 3% NSR on the San Albino project and the current area of interest (“AOI”)

– Additionally, a 2% NSR will be payable on a 134.5 sq. km area surrounding the AOI

• Furthermore, Sailfish received the following assets as additional compensation:

– Assignment of the El Compas (1.5% NSR) and La Cigarra (1% NSR) royalties

– Right to option the Gavilanes property, which is expected to be converted to a royalty upon entering into an exploration agreement with

an operating partner or its divestiture

– More than 47 million MXP of Mexican value add tax (“IVA”) receivables, which are part of settled litigation with Mexican tax authorities (1)

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The restructuring eliminated all funding commitments, fast tracked the timeline to cash flow, added additional assets (including cash) and provides exposure to a highly prospective gold district in Nicaragua

San Albino Gold Stream Restructuring – Exposure to a Highly Prospective Gold District

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The restructuring provides exposure to a highly prospective gold district that was previously excluded

• The historical SA Stream AOI was only on 3.5 sq. km or ~2.5% of Mako’s total landholdings in Nicaragua

• A key component to the New SA Stream is the creation of a 2% NSR on a 134.5 sq. km area surrounding the AOI (San Albino-Murra and El Jicaro properties)

• There are numerous exploration targets on Mako’s Nicaraguan land package including: (1)

– Las Conchitas: 3 sq. km area (3x the size of San Albino) with 7 mineralized zones (near-surface gold and silver) identified through trenching and drilling

– El Golfo Mine: Historical mining operations dating to early 1900s. Reconnaissance sampling program has outlined 4 main zones of high-grade mineralization

1. Information and diagram obtained from Mako’s Corporate Presentation entitled “Nicaragua – Corona De Oro Gold Belt”, which is

available on Mako’s website at www.makominingcorp.com.

Historical SA Stream AOI

Las Conchitas

AreaEl GolfoHistoric

Mine


Capital Structure

TSX-V / OTCQ listings FISH / SROYF

Price (1) C$0.98

High – Low (52 weeks) C$1.81 – C$0.45

Shares outstanding 58.2 million

Options 4.7 million

Warrants None

Market capitalization (1) (2) US$42.2 million

Cash & marketable securities (3) US$0.8 million

Debt (4) US$12.1 million

Website www.sailfishroyalty.com

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Sailfish is backed by a well-funded investor with a successful track record in the resources sector

53.8%

8.8%

37.5%

Ownership (Fully Diluted) (1)

Wexford Capital LP Management & Directors Other1. As of the market close on May 25, 2020.

2. Based on the exchange rate of 1.35 CAD to 1.0 USD.

3. As of March 31, 2020. As part of the March 3, 2020 sale of the Almaden Project to GoldMinig Inc., Sailfish received 337,619 shares of GoldMining.

4. Concurrently with the closing of the acquisition of Terraco, Wexford Spectrum Trading Limited and Wexford Catalyst Trading Limited loaned Sailfish US$12,031,055 (the “Loan”), the proceeds of which were used by Sailfish on

behalf of TGC Holdings Ltd., a wholly-owned subsidiary of Terraco, to repay a senior unsecured convertible debenture held by Solidus Resources, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP.

The Loan is unsecured, has a three year term and bears interest at a rate of 8% per annum, accruing daily and payable on maturity or prepayment, and may be prepaid at any time by Sailfish. Please see press release dated

August 19, 2019 for more details on the Loan.

http://www.sailfishroyalty.com/

0

50

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350

400

450

12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019

Equal weighted royalty portfolio (FNV, WPM, RGLD, SSL) (1) Gold (GLD) Gold equities (GDX)

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Royalty Companies Are Gold Investments That Work

Source: Yahoo Finance

1. These four companies were selected as they were the largest precious metals royalty companies by market capitalization at the inception point of the above chart.

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In exchange for an upfront payment:

STREAMS

Sailfish receives the right to purchase

a portion of the gold and/or silver produced

from a mine at a fixed price or discount to spot

Sailfish sells the metal at spot

~90% of cash flow is expected to be distributed to shareholders

Sailfish receives a portion of the revenue generated from a mine

ROYALTIES

VALUE

Straightforward Business Model

Cornerstone Assets

• Restructured San Albino Gold Stream

− A gold stream equivalent to a 3% NSR on the San Albino project and the current AOI (3.5 sq. km) and a 2% NSR on a 134.5 sq. km area

surrounding the AOI

− San Albino PEA indicates a high-grade, low capex operation with low all-in sustaining costs (1)

− Permit to construct and operate (up to 500tpd) received September 2017

− Construction underway with first gold pour expected by Q4 2020 (2)

• Tocantinzinho Royalty (“TZ Royalty”)

− Up to 3.5% NSR royalty (operator has the right to reduce to a 1.5% NSR)

− Open pit gold project located in the prolific Tapajos district of northern Brazil

− Expected production of 170,000 oz. gold over 10 years (3)

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Two existing cornerstone royalty assets on advanced stage projects in the Americas

1. Information derived from the San Albino PEA. For more information on the San Albino property, please see the San Albino PEA posted under Mako’s profile on SEDAR at www.sedar.com and visit Mako’s website at

www.makominingcorp.com. The San Albino PEA is preliminary in nature, and may include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would

enable them to be categorized as mineral reserves, and there is no certainty that the value of such inferred mineral resources will be realized in whole or in part. If Mako does not complete a Prefeasibility or Feasibility Study prior to

commencing small scale production at the San Albino property, there is an increased risk that the economic and technical aspects of the San Albino PEA will not be realized.

2. Please see Mako Mining Corp. press release dated March 23, 2020.

3. Information derived from the Tocantinzinho Technical Report and the Eldorado Gold Presentation. For more information on the Tocantinzinho property, please see the Tocantinzinho Technical Report posted under Eldorado Gold’s

profile on SEDAR at www.sedar.com, and Eldorado Gold’s website at www.eldoradogold.com, including the Eldorado Gold Presentation posted thereon.





SAN ALBINO NUEVA SEGOVIA, NICARAGUA

Stream equivalent to 3% NSR on permitted gold project and 2% NSR on surrounding area

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Ability to invest globally, with a focus on the Americas

Total Asset Portfolio

The acquisition of Terraco and restructuring of the San Albino gold stream have added additional assets to Sailfish’s portfolio

GAVILANES DURANGO, MEXICO

Early stage silver property in a prolific mining district

LA CIGARRA CHIHUAHUA, MEXICO

1.0% NSR on early stage silver project

EL COMPAS ZACATECAS, MEXICO

1.5% NSR on producing gold and silver project

TOCANTINZINHO PARA STATE, BRAZIL

Up to 3.5% NSR on advanced stage gold project

Other stream/royalty

Cornerstone stream/royalty

Mining property

SPRING VALLEY NEVADA, USA

Up to 3% NSR and other royalties on the multi-million ounce Spring Valley gold project

MOONLIGHT NEVADA, USA

Up to 2% NSR on Moonlight property

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Investments in development and producing assets expected to generate sustainable risk-adjusted returns

EXPLORATION

CONCEPT PRE-DISCOVERY DISCOVERY

DEVELOPMENT

FEASIBILITY &ENGINEERING

CONSTRUCTION STARTUP

MINING

Targeted Investing Within the Mining Life Cycle

DEPLETION

ASSET PROFILES

LOCATION

Nueva Segovia, NicaraguaSTATUS

In advanced development (permits received in September 2017) (2)

OPERATOR

Mako Mining Corp.MINE TYPE

Open pit gold mine, followed by underground AVERAGE ANNUAL PRODUCTION (@ 500TPD)

41,300 oz. AuEq (3)

ROYALTY

Stream equivalent to a 3% NSR (4)

TERM

40 years, with ability to extend furtherUPFRONT PAYMENT

Paid (5)

ONGOING PAYMENTS

25% of spot gold price (4)

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1. See Mako’s press release dated August 9, 2019, posted under the company’s profile on SEDAR at www.sedar.com.

2. Permit to construct and operate (up to 500tpd) received September 2017. See Mako’s press release dated

September 12, 2017, posted under the company’s profile on SEDAR at www.sedar.com.

3. Information derived from the San Albino PEA, assuming a 500tpd mill scenario. The San Albino PEA is preliminary in

nature, and may include inferred mineral resources that are considered too speculative geologically to have the

economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is

no certainty that the value of such inferred mineral resources will be realized in whole or in part. If Mako does not

complete a Prefeasibility or Feasibility Study prior to commencing small scale production at the San Albino property,

there is an increased risk that the economic and technical aspects of the San Albino PEA will not be realized.

4. Ongoing payments on the New SA Stream to be structured as 25% of the spot gold price received by Sailfish. Under

the New SA Stream, a gross 4% NSR on gold is paid to Sailfish on the current AOI and Sailfish pays back 25% of

that amount (or 1% of the 4%) for a net 3% NSR to Sailfish.

5. Approximately US$1.1 million funded under SA Stream. The New SA Stream eliminated all future funding

requirements.

San Albino

Q1 – Q4 2019 Complete detailed engineering and infill drilling

Q2 2019 – Q2 2020 San Albino construction

Q2 2020 Commission plant and first gold pour

Q3 2020 Commercial production

SITE CONSTRUCTION ACTIVITIES PLANNED (1)

ASSET PROFILE

Stream equivalent to a 3% NSR on high-grade, permitted project



LOCATION

Nueva Segovia, NicaraguaSTATUS

Exploration drillingOPERATOR

Mako Mining Corp.MINE TYPE

Not yet specified, but potential for both open pit and undergroundAVERAGE ANNUAL PRODUCTION

Not yet specifiedROYALTY

2% NSR (2)

TERM

Life of mineUPFRONT PAYMENT

NoneONGOING PAYMENTS

None

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San Albino

Q4 2018 – Ongoing Las Conchitas trenching and drilling

Q4 2019 – Ongoing El Golfo trenching and drilling

EXPLORATION ACTIVITIES PLANNED (1)

ASSET PROFILE

2% NSR on a district-scale land package

1. See Mako’s press release dated September 10, 2019, posted under the company’s profile on SEDAR at

www.sedar.com.

2. Under the terms of the New SA Stream, a 2% NSR will be payable on the rest of the 134.5 sq. km area

surrounding the AOI (AOI is approximately 3.5 sq. km).


LOCATION

Tapajos District, Para State, BrazilSTATUS

Advanced developmentOPERATOR

Eldorado Gold Corp.MINE TYPE

Open pit / flotation CIPAVERAGE ANNUAL PRODUCTION

~170,000 oz. Au (1)

ROYALTY

3.5% NSR, which the operator has the right to reduce to a 1.5% NSRTERM



None

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1. Information derived from the Tocantinzinho Technical Report and the Eldorado Gold Presentation. For

more information on the Tocantinzinho property, please see the Tocantinzinho Technical Report posted

under Eldorado Gold’s profile on SEDAR at www.sedar.com, and Eldorado Gold’s website at

www.eldoradogold.com, including the Eldorado Gold Presentation posted thereon.

Tocantinzinho

2010 Eldorado acquired Tocantinzinho

2012 Approval of preliminary EIA

2015 Positive feasibility study

2019 Production decision being evaluated

HISTORY AND PRODUCTION TIMELINE (1)

ASSET PROFILE

Up to 3.5% NSR on an advanced stage gold project



1. Please refer to slide titled “Spring Valley Project Map” for a larger map of the claim boundaries (red, green and blue)on the various royalties on the Spring Valley project.

2. Please refer to slide titled “Spring Valley Resources” for a summary of historical NI 43-101 resources, including legaldisclosure relating to the reference of a historical resource.

3. 2-7% sliding scale NSR royalty based on the price of gold for Schmidt Claim Block (outlined in red on the map onthis slide) as follows: < $300/oz. Au = 2%; $300 ≤ x < $400/oz. Au = 3%; $400 ≤ x < $500/oz. Au = 4%; $500 ≤ x <$600/oz. Au = 5%; $600 ≤ x < $700/oz. Au = 6%; and ≥ $700/oz. Au = 7%. For clarity, the up to 3% NSR owned bySailfish is part of the total 7% NSR above $700/oz. Au. The sliding scale NSR royalty is not payable on the first500,000 ounces of gold recovered from any commercial production.

LOCATION

Pershing Country, Nevada, USASTATUS

Pre-feasibility stage projectOPERATOR

Waterton Global Resource ManagementMINE TYPE

Open pitAVERAGE ANNUAL PRODUCTION

Not yet specifiedROYALTY PERCENTAGE

Up to 3% NSR on majority of the current gold resources of the

Spring Valley project (3)

TERM



None

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Historical 43-101 M&I resource of over 4 million oz. Au (2)

Excellent highway and road access

Well-funded operator advancing project

PROJECT HIGHLIGHTS

ASSET PROFILE

Up to 3% NSR on majority of Spring Valley project

Spring Valley (red claims) (1)

Sailfish is treating this estimate as an historical estimate, not a current mineral resource or mineral reserve, as a qualified person has not done sufficient work to classify it as current mineral resources or mineral reserves.

Claim boundaries are approximate and for illustrative purposes only.

1.5% NSR on north/northeast portion of Spring Valley project

LOCATION






1.5% NSR on the north/northeast high grade gold portion of the

Spring Valley projectTERM



None

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ASSET PROFILE

Spring Valley (green claims) (1)

PROJECT HIGHLIGHTS

1. Please refer to slide titled “Spring Valley Project Map” for a larger map of the claim boundaries (red,

green and blue) on the various royalties on the Spring Valley project.

2. Please refer to slide titled “Spring Valley Resources” for a summary of historical NI 43-101 resources,

including legal disclosure relating to the reference of a historical resource.Sailfish is treating this estimate as an historical estimate, not a current mineral resource or mineral reserve, as a qualified person has not done sufficient work to classify it as current mineral resources or mineral reserves.


0.5% NSR surrounding Spring Valley project

LOCATION






0.5% NSR within a one-half mile radius of the red claims of the

Spring Valley projectTERM



None

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ASSET PROFILE

Spring Valley (blue claims) (1)

PROJECT HIGHLIGHTS

1. Please refer to slide titled “Spring Valley Project Map” for a larger map of the claim boundaries (red,

green and blue) on the various royalties on the Spring Valley project.

2. Please refer to slide titled “Spring Valley Resources” for a summary of historical NI 43-101

resources, including legal disclosure relating to the reference of a historical resource.Sailfish is treating this estimate as an historical estimate, not a current mineral resource or mineral reserve, as a qualified person has not done sufficient work to classify it as current mineral resources or mineral reserves.


LOCATION

1 km south of Zacatecas City, Zacatecas State, MexicoSTATUS

Commercial production declared March 2019 (1)

OPERATOR

Endeavour Silver Corp.MINE TYPE

Underground / flotation CIPAVERAGE ANNUAL PRODUCTION

~135,000 oz. Ag / ~11,500 oz. Au (1)

ROYALTY

1.5% NSR, on the majority of the concessions, including those

hosting the primary depositTERM



None

22

1. Information derived from the El Compas PEA. For more information on the El Compas property, please

see the El Compas PEA posted under Endeavour Silver’s profile on SEDAR at www.sedar.com, and visit

Endeavour Silver’s website at www.edrsilver.com. The El Compas PEA is preliminary in nature, and may

include inferred mineral resources that are considered too speculative geologically to have the economic

considerations applied to them that would enable them to be categorized as mineral reserves, and there

is no certainty that the value of such inferred mineral resources will be realized in whole or in part.

El Compas

2016 Endeavour acquired El Compas

Q1 - Q3 2018 Developed underground, ramp access

Q1 2019 Commercial production declared in March 2019

HISTORY AND PRODUCTION TIMELINE (1)

ASSET PROFILE

1.5% NSR on producing silver and gold mine


http://www.edrsilver.com/

Up to 2% NSR on Moonlight property (1)

LOCATION


Early stage explorationOPERATOR


Not yet specified, but potential for open pitAVERAGE ANNUAL PRODUCTION


Up to 2% NSR on Moonlight property, which is on geological

structural trend (N/NE) to Spring Valley project and Rochester mine (1)

TERM



None

23

1. The 2% Moonlight is subject to a 50% buyback up to June 15, 2021.

On geological structural trend (N/NE) to Spring Valley and Rochester



ASSET PROFILE

Moonlight

PROPERTY HIGHLIGHTS


LOCATION

Parral Silver District, Chihuahua State, MexicoSTATUS


Kootenay Silver Inc.MINE TYPE

Not yet specified, but potential for open pitAVERAGE ANNUAL PRODUCTION

Not yet specifiedROYALTY

1% NSR, on the Parral 2 claim, which surrounds the main claims

that host La Cigarra project (1)

TERM



None

24

1. Based on information provided by Kootenay Silver. For further information on the La Cigarra property,

please visit Kootenay Silver’s website at www.kootenaysilver.com.

La Cigarra

Mineralized system has been traced over ~6.5 km

Numerous historic surface workings along strike

Good road access, gentle topography, power and water nearby

PROJECT HIGHLIGHTS (1)

ASSET PROFILE

1% NSR on an early stage gold project

http://www.kootenaysilver.com/

LOCATION

San Dimas mining district, Durango State, MexicoSTATUS


Sailfish Royalty Corp.PROPERTY DESCRIPTION

Low-sulphidation epithermal deposit located in the San Dimas

mining district of Durango, Mexico, ~25 km east of the San Dimas

mine owned and operated by First Majestic Silver Corp.RESOURCE SUMMARY

25

1. Based on information in the Gavilanes Technical Report. The equation to establish AgEq is: (Cu% x 71.65) + (Pb% x21.38) + (Auppm x 42.37) + (Agppm x 0.69) + (Zn% x 19.18) / 0.69. 100% recovery has been assumed for all metalsin this silver equivalent estimate. At this stage of the project no metallurgy has been completed and the reader iscautioned that 100% recoveries are never achieved. The resource estimate was calculated based on 9,623.9 metersof HQ diamond drilling in 47 drill holes over approximately 750 meters of strike length and a total of 3,362 assays.The resources were defined to a maximum depth of approximately 300 meters below surface with a total of 198down hole surveys utilized for control.

Gavilanes

11 concessions totaling ~13,594 hectares

9,624 meters of HQ diamond drilling completed in 47 drill holes

~750 meters of strike length identified

PROPERTY HIGHLIGHTS (1)

ASSET PROFILE

100% ownership of early stage silver property in prolific district

Historical Indicated Resources (75 g/t AgEq cut-off) (1)

Tonnes > Cut-off (1) Grade > Cut-off (1)

(tonnes) Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AgEq (g/t) AgEq (oz.)953,000 164.6 0.09 0.06 0.42 0.41 200.5 6,143,000

Tonnes > Cut-off (1) Grade > Cut-off (1)

(tonnes) Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AgEq (g/t) AgEq (oz.)5,399,000 124.6 0.12 0.09 0.40 0.34 163.0 28,294,000

Historical Inferred Resources (75 g/t AgEq cut-off) (1)


APPENDIX

3.2x

2.6x

2.3x

1.8x

1.6x1.5x

0.9x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

FNV RGLD WPM MMX SSL MTA OR

P/N

AV

Consensus 2020 Price-to-NAV Valuation (1)

27

Royalty Company Comparable Analysis

1. Sources: S&P Capital IQ and Red Cloud Securities. Price data as of May 25, 2020.

Average = 2.0x

28

San Albino PEA Highlights (1)

500tpd 250tpd

Average mined diluted grade (AuEq) 8.02g/t 8.02g/t

After-tax NPV 5% discount $173.9 $105.4

After-tax IRR (%) 54.2% 37.4%

Payback (years) 1.7 years 2.2 years

Initial capital expenditures (with 20% contingency) $21.1 $13.9

All-in sustaining costs AuEq (US$/oz) $395 $464

Cash costs AuEq (US$/oz) $359 $428

Average annual gold payable production AuEq (oz) 41,300 21,800

Average annual after-tax free cash flow $19.4 $9.4

Life of mine 16 years 31 years

Assumes US$1,250/oz. Au. In millions of USD, unless otherwise noted.

1. Information derived from the San Albino PEA. For more information on the San Albino property, please see the San Albino PEA posted under’ Mako’s profile on SEDAR at www.sedar.com and visit Mako’s website at

www.makominingcorp.com. The San Albino PEA is preliminary in nature, and may include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would

enable them to be categorized as mineral reserves, and there is no certainty that the value of such inferred mineral resources will be realized in whole or in part. If Mako does not complete a Prefeasibility or Feasibility Study prior to

commencing small scale production at the San Albino property, there is an increased risk that the economic and technical aspects of the San Albino PEA will not be realized.



29

Tocantinzinho Project Highlights (1)

1. Information based on the disclosure on Eldorado Gold’s website and the Eldorado Gold Presentation. For more information on the Tocantinzinho property, please see the Tocantinzinho Technical Report posted under Eldorado

Gold’s profile on SEDAR at www.sedar.com, and Eldorado Gold’s website at www.eldoradogold.com, including the Eldorado Gold Presentation posted thereon.

Key FactsLocation Para State, Brazil

Mine type Open pit

Metals mined Gold

Employees/contractors 73

Expected mine life ~10 years*

Deposit type Intrusion-hosted, non-refractory gold

Eldorado ownership 100%

* Based on current proven and probable reserves.

Indicative Operating Data Estimated Annual

Tonnes milled 4.3 Mt

Au grade (with reprocessed tails) 1.42 g/t

Au recovery 90%

Gold production ~170,000 oz.

C1 – Operating cash cost $535/oz.

C2 – Total cash cost $580/oz.

Sustaining cash cost* $615/oz.

* C2 + sustaining capital

2019 OutlookIn the second quarter of 2019, an updated technical report was completed for Tocantinzinho with an effective date of June 21, 2019 and filed on SEDAR on August 1, 2019. Highlights of the study at an estimated gold price of $1300 include an IRR of 13.4% and an NPV of $216 million at a 5% discount rate. At an estimated gold price of $1400, IRR is 16.6% with an NPV of $313 million at a 5% discount rate.

Development capital spending in 2019 is expected to be $3-5 million.

ExplorationExploration outside of the main Tocantinzinho deposit area is directed towards identifying drilling targets that might yield satellite mineralized bodies. To date, this work has included airborne magnetic and radiometric surveys, IP surveys, collection of outcrop and channel samples (mainly from artisanal workings), and extensive grid-based soil sampling programs.

Geology and MineralizationTocantinzinho is an intrusion-related gold deposit hosted in Paleoproterozoic granites of the south-central Amazon Craton. The deposit is located along a major regional NW trending fault zone which at the deposit scale controls the emplacement of multi-phase intrusions and gold mineralization. A wide range of fractionated granitic phases are recognised including quartz monzonite, syenite, alkali feldspar granite, granite and aplite. The deposit displays spectacular magmatic-hydrothermal transition textures such as unidirectional solidification textures, interconnected miarolitic texture (IMT), rapid grain size variations from pegmatite to aplite, and vein dykes. The bulk of the ore is hosted in two main rock types. “Smokey” granite is pale pink-grey in colour and is mostly distributed in the core of the deposit. It varies from a coarse grained blebby texture (likely IMT) to equigranular granite. “Salami” granite has a strong pink-red colour and is an alkali feldspar granite with a blebby (IMT) texture and commonly transitions into aplite-pegmatite zones. Mineralization is characterized by fine, irregular vein networks of quartz, black chlorite, sulfide (pyrite, molybdenite, chalcopyrite) and calcite. The veinlets commonly develop along grain contacts and their irregular wormy nature suggests that they formed during late crystalllization of the host granite..



30

Spring Valley Project Map (1)

1. Based on information provided by Terraco. For further information on the Spring Value project, please visit Terraco’s website at www.terracogold.com. Claim boundaries are approximate and for illustrative purposes only.

Terraco’s Spring Valley royalties (red, green and blue claims) cover the entirety of the project

http://www.terracogold.com/

31

Spring Valley Resources (1)

Category Tonnage Au (g/t) Au (Oz.)

Measured 68,300,000 0.69 1,510,000

Indicated 133,600,000 0.61 2,610,000

M&I 201,900,000 0.63 4,120,000

Inferred 56,300,000 0.55 990,000

1. Based on information provided by Terraco. For further information on the Spring Value project, please visit Terraco’s website at www.terracogold.com. Specifically, the source of this information is the technical report

prepared for Midway Gold Corp. (“Midway”) entitled “NI 43-101 Technical Report on Resources, Spring Valley Project, Pershing Country, Nevada”, prepared by William J. Crowl, R.G. MSA QP, Zachary J. Black, SME-RM,

Deepak Malhotra, PhD, SME-RM., with effective date of August 1, 2014 and a report date of September 9, 2014. The technical report is posted under Midway’s SEDAR profile at www.sedar.com. Sailfish understands that

this historical estimate was prepared in accordance with NI 43-101 using mineral resource categories that comply with CIM standards; however, Sailfish has not verified it as being a current mineral resource or mineral

reserve complying with NI 43-101. Sailfish considers this estimate to be relevant to readers, but cannot comment on its reliability, as it has not assessed the key assumptions, parameters and methods used to prepare the

historical estimate and has not assessed what work would need to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves.

2. Mineral resources are reported above a +0.006 oz/t Au cut-off, assuming the three year trailing average gold price of US$1,537/oz. at the time of the technical report effective date.

Historical NI 43-101 Resource Summary (+0.006 oz./t Au cut-off): (1) (2)


http://www.terracogold.com/


Management Team

32

Akiba Leisman

CO-FOUNDER & CEO

Akiba Leisman co-founded and serves as the CEO of Sailfish Royalty Corp. Previously, Akiba was Executive Chairman and Interim CEO of Marlin Gold Mining Ltd., leading the company through the spinout of Sailfish and the merger of Marlin with Golden Reign Resources Ltd. to form Mako Mining Corp.

He also serves as the CEO and a Director of Mako and as a consultant at Wexford Capital LP where he oversees the precious metals public and private equity portfolios. Prior to consulting for Wexford, he was a Senior Analyst at Red Kite Capital Management for the Mine Finance funds where he was responsible for senior secured investments on metal mining assets. Previously, he was an Associate at Standard Bank working in the Structured Commodity Products and Mine Finance groups.

Akiba has an MBA from New York University, and a B.S. in Chemical Engineering from Carnegie Mellon University.

Cesar GonzalezCO-FOUNDER, DIRECTOR & VP CORPORATE DEVELOPMENT

Cesar Gonzalez co-founded and serves as the VP Corporate Development and a Director of Sailfish Royalty Corp. Previously, Cesar served as a Director and VP Corporate Development of Marlin Gold Mining Ltd. through the construction and commissioning of the La Trinidad gold mine, the spinout of Sailfish and the merger with Golden Reign Resources Ltd. to form Mako Mining Corp.

He also serves as the VP Corporate Development and a Director of Mako and as a consultant at Wexford Capital LP. At Wexford he co-manages the precious metals public and private equity portfolios. Previously, he worked at Lehman Brothers as an Associate in the Private Equity Group where he focused on investments in energy master limited partnerships.

Cesar graduated from the University of Southern California, where he earned a B.S. in Business Administration.

Peter Van Zoost

CHIEF FINANCIAL OFFICER

Peter Van Zoost resides in Tortola, British Virgin Islands and graduated from St. Francis Xavier University, Canada as the Gold Medalist with a Bachelor of Business Administration degree. Peter has thousands of hours of public accounting and financial statement preparation experience under both US GAAP and IFRS for various complex fund structures.

Inline with the strategy of keeping G&A to a minimum, Sailfish is run by an experienced team of only three individuals

in fo@sai l f ishroyal ty.com

THANK YOU!

mailto:[email protected]

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