Sailfish Discovers Several New Higher-Grade Veins on its 100% Owned Gavilanes Silver Project Highlighted by Samples of 2.5 meters of 12.8 g/t Gold and 48.0 g/t Silver; 1 meter of 1,867 g/t Silver, and 0.5 meters of 1,546 g/t Silver

Tortola, British Virgin Islands--(Newsfile Corp. - January 12, 2023) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to announce the results from the recent exploration work conducted on the Company's 100% owned Gavilanes Silver Project ("Gavilanes" or "Project") located approximately 31 kilometers away from First Majestic's San Dimas operation in Durango State, Mexico.

Gavilanes comprises several high-grade polymetallic silver veins tested by 47 shallow diamond drill holes focused on three of these veins, which host mineralization in veins and stock works of an intermediate sulphidation system. Since its acquisition, Sailfish has expanded the number of contiguous mineral claims to better encompass the mineralized system. During 2022, Sailfish conducted an extensive surface sampling program that discovered an additional 18 mineralized silver rich polymetallic veins that have yet to be drilled. Geologists collected contiguous representative chip samples across veins or structures which are highlighted by:

Highlights:
(except as noted, widths are true width across mineralized structure, see Table 1 for complete breakdown)

• Descubridora vein: 4.0 meters ("m"), estimated true width 2.5 m, of 12.80 grams-per-tonne gold ("g/t Au") and 48 grams-per-tonne silver ("g/t Ag")

• Descubridora vein: 18.0 m of 0.87 g/t Au and 40 g/t Ag

• San Nicolas vein: 1.0 m of 30.00 g/t Au and 190 g/t Ag

• San Nicolas vein: 2.0 m of 0.84 g/t Au and 754 g/t Ag

• San Nicolas - Veta del Pueblo vein: 1.0 m of 0.02 g/t Au and 1,867 g/t Ag

• Forasteros vein: 2.2 m of 10.12 g/t Au and 16 g/t Ag

• La Cruz vein: 0.5 m of 0.51 g/t Au and 1,546 g/t Ag

Gavilanes currently has an inferred mineral resource of 2.833 million tonnes at an average grade of 245.6 g/t AgEq (22.4 million ounces of silver-equivalent). This inferred mineral resource is highlighted by having 18.9 million ounces of silver at an average grade of 207 g/t silver.

For more complete information on the resource and all areas of exploration (including historic drill results) pertaining to Gavilanes, please refer to the most recent technical report filed on May 14^th, 2021 found on both Sailfish's website at www.sailfishroyalty.com or on its SEDAR profile at www.sedar.com.

Qualified Person

Matthew D Gray, Ph.D holds degrees from the Colorado School of Mines (B.Sc. - Geological Engineering; Ph.D. - Geology, with Minor in Mineral Economics) and the University of Arizona (M.Sc. - Geosciences). He is an A.I.P.G. Certified Professional Geologist (C.P.G. 10688) and a CSA NI43-101 Qualified Person. and is an independent qualified person, as defined under National Instrument 43-101. Dr. Gray has reviewed the technical content of this news release and consents to the information provided in the form and context in which it appears.

About Sailfish

Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are two main assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; and an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada.

Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under the symbol "SROYF". Please visit the Company's website at www.sailfishroyalty.com for additional information.

For further information: Paolo Lostritto, CEO, tel. 416-602-2645 or Akiba Leisman, Executive Chairman of the Board, tel. 203-862-7059.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Table 1: Gavilanes Silver Project Surface Samples

Sample	Area	Width (m)	Au_g/t	Ag_g/t	Cu_ppm	Pb_ppm	Zn_ppm
43001	San Nicolas	1.0	0.01	412	650	1,644	976
43002	Descubridora/San Nicolas	1.0	0.01	2	352	88	806
43003	Descubridora/San Nicolas	1.0	0.13	5	717	95	3,525
43004	Descubridora/San Nicolas	1.0	0.52	4	593	830	2,696
43005	La Gloria/San Nicolas	1.0	0.02	199	511	3,984	15,500
43006	La Gloria/San Nicolas	1.0	0.01	12	1,050	1,163	3,827
43007	La Gloria/San Nicolas	1.5	0.10	84	1,304	7,568	4,182
43008	Descubridora	0.6	0.02	5	237	263	809
43009	Descubridora	2.0	0.02	5	188	115	549
43010	Descubridora	2.0	0.03	4	248	73	371
43011	Descubridora	2.0	0.01	3	337	85	409
43012	Descubridora	2.0	0.06	3	775	61	330
43013	Descubridora	2.0	0.03	1	8	23	125
43014	Descubridora	2.0	0.01	1	44	21	163
43015	Descubridora	2.0	0.01	2	255	20	170
43016	Descubridora	1.0	0.35	5	203	183	370
43017	Descubridora	2.0	0.48	9	52	320	430
43018	Descubridora	2.0	0.59	10	80	671	649
43019	Descubridora	2.0	0.64	49	313	110	265
43021	Descubridora	2.0	1.99	70	407	240	351
43022	Descubridora	2.0	1.24	19	1,101	128	425
43023	Descubridora	2.0	0.97	88	419	300	482
43024	Descubridora	2.0	0.80	27	900	287	321
43025	Descubridora	2.0	0.41	39	3,964	3,287	2,143
43026	Descubridora	2.0	0.71	52	7,451	632	638
43027	Descubridora	2.0	0.15	8	978	237	435
43028	El Muerto	0.6	0.02	35	329	1,978	784
43029	El Muerto	2.0	0.76	51	2,714	4,848	1,952
43030	El Muerto	0.5	0.28	54	8,195	14,300	4,020
43031	Arroyo del agua	1.0	0.01	23	159	832	729
43032	Arroyo del agua	1.5	0.10	40	114	8,780	15,300
43033	Arroyo del agua	1.0	0.01	16	26	1,420	566
43034	Descubridora	1.2	0.01	2	77	182	320
43035	Descubridora	1.0	4.19	13	143	4,324	282
43036	Veta La Clinica	1.0	0.01	112	49	1,425	1,708
43037	Providencia	1.0	0.01	5	20	487	1,140
43038	Veta La Clinica	1.0	0.02	1,867	408	1,487	5,587
43039	Veta La Clinica	1.5	0.01	150	47	617	1,838
43040	Veta La Clinica	1.0	0.01	30	23	135	495
43041	Alto de providencia	1.5	0.01	150	130	3,876	4,635
43042	La Cruz	1.0	0.58	40	219	429	155
43043	Descubridora	2.0	2.44	17	22	44	77
43044	Descubridora	2.0	0.66	1	29	32	76
43045	Descubridora	2.0	2.39	21	50	142	128
43046	Descubridora	2.0	0.01	1	12	19	75
43047	Descubridora	1.2	0.55	5	10	32	187
43048	Descubridora	1.0	0.19	1	5	14	184
43049	Descubridora	2.0	0.32	1	10	17	150
43050	Descubridora	2.0	0.06	4	17	58	226
43051	Descubridora	2.0	0.05	17	739	319	247
43052	Descubridora	2.0	0.03	7	44	125	179
43053	Descubridora	2.0	0.03	1	14	32	190
43054	Descubridora	2.0	0.01	5	40	65	228
43055	Descubridora	2.0	0.01	1	15	35	182
43056	Descubridora	1.5	0.01	2	140	687	549
43057	Descubridora	1.5	0.10	149	26,990	126,700	45,800
43058	Descubridora	1.2	0.02	28	3,379	1,237	1,426
43059	Descubridora	1.0	0.03	15	835	16,500	2,268
43061	Descubridora	1.0	0.07	27	2,860	20,000	2,324
43062	Descubridora	1.0	0.06	46	2,084	59,900	5,918
43063	La Cruz	0.2	0.16	9	140	686	316
43064	La Cruz	0.5	0.51	1,546	824	4,153	1,587
43065	La Cruz	2.0	0.60	115	86	2,882	1,118
43066	La Cruz	1.0	0.10	57	61	2,550	511
43067	La Cruz	2.0	0.07	15	30	1,079	622
43068	La Cruz	0.4	0.57	14	37	1,469	2,112
43069	La Cruz		0.52	40	31	623	680
43070	La Cruz	1.0	1.44	57	114	1,083	4,236
43071	La Cruz	0.6	0.01	0	10	37	88
43072	Descubridora	1.0	0.07	3	16	61	217
43073	Descubridora	1.0	0.01	2	21	30	70
43074	La Cruz	0.6	0.01	4	32	404	803
43075	La Cruz	0.3	0.64	47	14	287	170
43076	La Cruz	0.6	0.01	0	11	18	94
43077	La Cruz	1.5	0.01	0	10	19	90
43078	La Cruz	1.0	0.01	2	19	8	69
43079	La Cruz	0.2	0.30	13	38	935	580
43081	La Cruz	2.0	0.27	9	57	1,841	235
43082	La Cruz	1.0	0.01	4	32	763	846
43083	Maximiliano	1.5	0.01	6	214	257	522
43084	Maximiliano	0.2	0.01	6	132	484	385
43085	Maximiliano	1.5	0.01	0	28	27	59
43086	Maximiliano	0.5	0.02	2	665	49	353
43087	Maximiliano	1.5	0.06	13	3,519	50	186
43088	Maximiliano	1.5	0.17	66	5,917	4,114	301
43089	Maximiliano	0.7	0.05	10	341	4,915	2,251
43090	Maximiliano	0.2	0.01	4	113	364	477
43091	Maximiliano	1.6	1.14	32	193	43,700	73,800
43092	Maximiliano	1.6	0.78	14	188	17,800	74,400
43093	Maximiliano	1.5	0.02	2	54	994	1,889
43094	Maximiliano	0.4	0.15	3	12	4,251	1,975
43095	Maximiliano	1.0	0.03	14	44	23,400	35,600
43096	Maximiliano	0.7	0.88	120	1,215	588	481
43097	Maxim-Descubridora	0.6	0.01	0	25	110	232
43098	Maxim-Descubridora	1.0	0.01	1	19	25	82
43099	Maxim-Descubridora	0.7	0.01	1	48	197	181
43101	Guadalupita	1.5	0.01	113	57	13,200	12,700
43102	Guadalupita	1.5	0.01	19	9	2,069	2,631
43103	Guadalupita	1.2	0.01	230	129	5,517	6,877
43104	Guadalupita	1.5	0.01	18	40	362	1,420
43105	Guadalupita	1.5	0.01	187	134	2,771	2,517
43106	Guadalupita	1.0	0.01	219	199	1,815	1,729
43107	Guadalupita	1.3	0.01	484	169	2,899	1,456
43108	Guadalupita	1.2	0.01	31	27	974	1,239
43109	Guadalupita	1.5	0.01	50	29	2,877	6,118
43110	Guadalupita	1.2	0.01	117	74	1,342	4,219
43111	Guadalupita	1.5	0.01	18	10	2,724	2,478
43112	Guadalupita	0.6	0.01	45	24	1,478	7,080
43113	Guadalupita	0.6	0.01	18	16	489	2,140
43114	Guadalupita	2.0	0.01	67	22	2,108	1,863
43115	Guadalupita	1.0	0.01	274	37	842	930
43116	Guadalupita	1.0	0.01	62	7	607	3,447
43117	Guadalupita		0.01	52	22	3,115	3,299
43118	Guadalupita	2.0	0.01	22	11	610	1,790
43119	Guadalupita	2.0	0.01	125	85	2,847	2,306
43121	Guadalupita		0.01	9	5	1,319	3,944
43122	Guadalupita	2.0	0.01	137	15	694	1,809
43123	Guadalupita	2.0	0.01	70	19	512	754
43124	Guadalupita	2.0	0.01	79	36	512	1,590
43125	Guadalupita	1.5	0.01	126	118	682	1,764
43126	Guadalupita	2.0	0.01	173	54	262	1,104
43127	Guadalupita	2.0	0.01	26	6	143	616
43128	Guadalupita	0.7	0.01	1	4	20	165
43129	Guadalupita	1.0	0.01	75	13	357	1,065
43130	Guadalupita	1.2	0.01	15	9	119	484
43131	Guadalupita	1.5	0.02	74	3,320	135	409
43132	Guadalupita	1.5	0.01	13	94	49	248
43133	Guadalupita	1.0	0.01	58	572	108	263
43134	Guadalupita	1.5	0.01	42	128	127	270
43135	Guadalupita	1.0	0.01	41	2,027	15,100	252
43136	Guadalupita	1.2	0.01	3	426	308	276
43137	Guadalupita	1.5	0.01	98	261	310	275
43138	Los Cardos	1.0	0.02	1	7	229	83
43139	Los Cardos	1.5	0.02	1	8	37	61
43141	Los Cardos	1.5	0.03	4	11	448	59
43142	Los Cardos	2.0	0.01	2	6	236	30
43143	Los Cardos	2.0	0.01	2	8	611	94
43144	Los Cardos	2.0	0.01	1	9	847	158
43145	Los Cardos	1.0	0.40	6	20	123	278
43146	Los Cardos	1.0	0.01	2	32	382	1,323
43147	Los Cardos	1.0	0.01	3	8	145	241
43148	Los Cardos	1.0	0.72	2	10	570	63
43149	Los Cardos	1.0	0.01	54	292	534	655
43150	Los Cardos	1.0	0.01	45	36	315	251
43151	Los Cardos	1.0	0.12	193	596	7,356	6,553
43152	Los Cardos	0.5	0.10	16	82	2,497	404
43153	Los Cardos	1.5	0.01	3	24	365	329
43154	Los Cardos	1.5	0.01	2	27	370	571
43155	Los Cardos	1.5	0.02	3	21	700	805
43156	Los Cardos	1.0	0.07	6	51	773	502
43157	Los Cardos	1.0	0.08	9	39	601	591
43158	Los Cardos	2.0	0.14	15	32	462	322
43159	Los Cardos	1.0	3.73	925	148	774	474
43160	Los Cardos	1.0	0.05	7	44	762	692
43161	Los Cardos	0.5	0.75	242	674	10,300	15,900
43162	Los Cardos	0.5	1.79	467	1,722	75,400	60,300
43163	Los Cardos	0.5	0.77	176	2,602	35,100	22,900
43164	Los Cardos	1.0	0.12	192	442	2,954	2,001
43165	Los Cardos	1.8	0.48	42	30	449	387
43166	Los Cardos	1.0	0.66	29	45	885	378
43167	Los Cardos	1.0	0.35	12	40	1,321	519
43168	Los Cardos	1.0	0.00	92	221	797	1,093
43169	Los Cardos	1.2	0.00	0	9	10	161
43170	Los Cardos	1.0	0.01	1	5	49	170
43171	Los Cardos	1.1	0.00	6	7	232	128
43172	Los Cardos	1.1	0.00	1	4	82	160
43173	Alancon	1.3	0.05	9	469	3,779	2,579
43174	Alancon	1.2	0.35	71	877	35,800	33,400
43175	Arroyo Yamoriba	1.0	0.07	6	27	310	231
43176	El Ojito	1.5	0.40	45	70	362	374
43177	Arroyo Vinata	2.0	0.01	1	13	58	245
43178	Arroyo Vinata	2.0	0.01	0	10	45	119
43179	Arroyo Vinata	2.0	0.01	0	16	40	216
43181	Arroyo Vinata	1.0	0.04	2	10	438	157
43182	Arroyo Vinata	1.0	0.02	2	7	34	34
43183	Arroyo Vinata	2.0	0.01	2	10	90	151
43184	Arroyo Vinata	2.0	0.11	2	10	66	109
43185	Arroyo Vinata	2.0	0.01	1	8	48	128
43186	Arroyo Vinata	1.5	0.01	1	5	117	200
43187	El paso de la quebrada	1.0	0.00	0	11	11	105
43188	El paso de la quebrada	1.0	0.00	0	11	10	95
43189	El Saucito	1.0	0.00	0	7	10	54
43190	Arroyo del limon	1.0	0.19	1	6	18	47
43191	Yamoriba, falda la chorrera	1.5	0.00	1	100	20	141
43192	Yamoriba, falda la chorrera	1.3	0.18	200	81,020	311	702
43193	Yamoriba, falda la chorrera	1.2	0.00	0	21	3	25
43194	Yamoriba, falda la chorrera	1.2	0.00	0	50	3	10
43195	Yamoriba, falda la chorrera	2.0	0.00	0	6	7	19
43196	Yamoriba, falda la chorrera	1.2	0.00	2	19	11	41
43197	Yamoriba, falda la chorrera	1.0	0.01	1	14	94	148
43198	Descubridora	1.0	0.07	200	1,783	26,800	23,200
43199	Descubridora	1.2	0.01	200	1,666	20,400	65,100
43201	Descubridora	1.2	0.00	88	186	1,744	5,258
43202	Descubridora	0.5	0.03	108	987	18,200	22,700
43203	Descubridora	2.0	0.03	2	641	507	316
43204	Descubridora	2.0	0.63	5	1,249	1,649	554
43205	Descubridora	1.5	0.00	1	46	123	445
43206	Descubridora	1.5