Mako Mining Announces a Non-Binding Letter of Intent to Enter a Gold Purchase Agreement with Sailfish Royalty to Lower its Cost of Capital and Facilitate Shareholder Returns and Accretive Acquisitions
Mako Mining has signed a non-binding letter of intent (dated September 11, 2026) to sell Sailfish Royalty a corporate-level gold stream running 240 months, taking payment in 70,000,000 Sailfish shares priced at $5.76 each — a position of approximately 49% of Sailfish after closing. Gold deliveries step up from 650 ounces per month through August 2028 to 1,000 ounces per month by 2037, with Sailfish paying Mako 25% of the LBMA PM Fix on each ounce delivered and Mako barred from sourcing deliveries from its Mt. Hamilton Project.
Key figures
- Deal Value Usd
- 70,000,000 Sailfish shares at $5.76 per share (~$403 million implied)
- Stream term months
- 240
- Cash and securities
- US$112 million (cash, trade receivables and marketable securities as of June 30, 2026)
- Sailfish share price
- 5.76
- Sailfish shares to mako
- 70000000
- Stream payment pct of spot
- 25%
- Sailfish share lockup months
- 12
- Mako share release from lockup
- 50% every 6 months after closing
- Mako pro forma stake in sailfish
- 49.00%
- Gold delivered oz per month schedule
- ["650 (until Aug 1, 2028)","750 (until Feb 1, 2031)","900 (until Feb 1, 2037)","1,000 (remainder of term)"]
AI analysis
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