Mako Mining Corp. (NASDAQ: MAKO) has signed a non-binding letter of intent dated September 11, 2026, with Sailfish Royalty Corp. to sell a long-term corporate-level gold stream to Sailfish, a related party of Mako.

Under the proposed terms, Sailfish would purchase refined gold from Mako over a 240-month term at 25% of the London Bullion Market Association PM Fix price on the date of delivery. Monthly delivery volumes would start at 650 troy ounces through August 2028, rising to 750 ounces through February 2031, then 900 ounces through February 2037, and 1,000 ounces for the remainder of the term.

As consideration, Sailfish would issue 70,000,000 of its common shares to Mako at $5.76 per share, based on a five-day volume-weighted average price. Following the transaction, Mako would hold approximately 49% of Sailfish's issued and outstanding common shares. The shares would be subject to a four-month statutory hold period and a 12-month contractual lock-up, with 50% released every six months after closing.

Both Mako and Sailfish are controlled by Wexford Capital LP, making this a related party transaction under Multilateral Instrument 61-101. Mako's board has appointed an independent special committee consisting of John Hick, Mario Caron, and Laurie Gaborit to evaluate the transaction. Stifel Canada has been retained to provide a fairness opinion, and Evans & Evans, Inc. will prepare an independent formal valuation.

Mako CEO Akiba Leisman stated: "With this transaction, we anticipate either securing lower-cost financing to return the majority of the US$112 million on our balance sheet to shareholders via dividends, or using the Sailfish Shares as lower-cost capital for accretive acquisitions."

Completion requires a definitive gold purchase agreement, shareholder approvals from both companies, TSXV approval, and fairness and valuation opinions. No assurance has been given that the transaction will be completed on the proposed terms or at all.