𝛼SK or Searchbullish
FISH: Announces the Sale of Spring Valley Royalty Package
SUMMARY
- Sailfish Royalty announced the sale of its Spring Valley and Moonlight royalties for $168M in after-tax cash, representing ~5.4x its 2019 purchase price and an implied IRR of ~29%.
- The after-tax proceeds leave the Company with $171M in cash pre-debt repayment, shifting the thesis from development-stage NAV leverage to capital allocation and yield.
- Sailfish also tripled its annual dividend to $0.15/share (5.1% yield), which we expect to be covered by Mt. Hamilton and existing stream cashflows.
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- FISH: Announces the Sale of Spring Valley Royalty Package25 Feb 2026
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