Mako Mining Signs Non-Binding LOI for 20-Year Gold Stream with Sailfish Royalty, Receiving ~49% Stake
MAKO has more than doubled off its 52-week low of $4.66.
Summary
Mako Mining announced a non-binding LOI to sell a 20-year gold stream to related party Sailfish Royalty in exchange for 70 million Sailfish shares (~49% ownership), valued at ~C$403 million. The deal aims to lower Mako's cost of capital and fund shareholder returns or acquisitions, but requires minority approval and independent valuation.
Key Events · M&A and Partnerships · MAKO
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20-Year Gold Stream LOI Signed
A non-binding LOI has been entered into with Sailfish Royalty to deliver refined gold over 240 months: 650 oz/month until Aug 2028, 750 oz/month until Feb 2031, 900 oz/month until Feb 2037, then 1,000 oz/month for the remainder.
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Consideration: ~49% Sailfish Stake
Sailfish would issue 70,000,000 common shares at C$5.76 per share (~C$403.2M total), giving Mako approximately 49% of Sailfish's issued and outstanding shares, subject to a 12-month lock-up with 50% released every 6 months.
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Gold Delivery Price Set at 25% of Spot
For each ounce delivered, Sailfish pays Mako 25% of the LBMA PM Fix price on the delivery date — a significant discount to spot that transfers upside to Sailfish in exchange for the upfront share consideration.
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Related Party Transaction Requires Minority Approval
Both companies are controlled by Wexford Capital, making this a related party transaction under MI 61-101. Mako must obtain an independent formal valuation, fairness opinions, and disinterested shareholder approval before closing.
Analysis · MAKO · Energy & Transportation
A non-binding letter of intent has been signed by Mako Mining to sell a 20-year corporate-level gold stream to Sailfish Royalty, a related party controlled by Wexford Capital. In exchange for delivering up to 1,000 ounces of refined gold per month at 25% of the LBMA PM Fix price, Mako would receive 70 million Sailfish shares valued at approximately C$403 million, giving it roughly 49% ownership of Sailfish. The transaction is designed to lower Mako's cost of capital and enable either large shareholder dividends or accretive acquisitions. Because both companies share Wexford control, the deal requires independent valuation, fairness opinions, and minority shareholder approval under MI 61-101. The non-binding nature and extensive conditions precedent mean completion is not assured, but the scale of the consideration and the strategic shift toward a royalty-linked financing model make this a significant development for Mako's capital allocation strategy.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 37.9% of the 895 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.87%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MAKO was trading at $9.81 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $859.4M. The 52-week trading range was $4.66 to $11.10. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.