CMC Metals Ltd. announced that the Sailfish Royalty Corp. ("Sailfish") has entered into a share purchase option agreement (the "Agreement") with the Company that grants the option (the "Option") to acquire all of the issued and outstanding shares of Swordfish Silver Corp. ("Swordfish").

Swordfish, through Sailfish de Mexico S.A. de C.V., holds the mineral rights of the Gavilanes silver exploration property (the "Property") located in the Municipality of San Dimas, State of Durango, Mexico. The terms of this agreement were previously announced in a press release dated December 21, 2023 with a majority of the financial commitments in the back-end of the multi-year deal. The deal is also subject to Exchange approval.

The silver-gold polymetallic Gavilanes Project (13,594.5 hectares) has a current NI 43-101 Inferred Resource of 18,174,000 contained silver-equivalent ("Ag-Eq") ounces at an average grade of 320.3 g/t Ag-Eq within 1,765,000 tonnes (Mine Development Associates/Respec Resource Gesociences Inc., 2021). The project has a drill permit from SEMARNAT to complete up to 4,650 meters of drilling. Plans are underway to complete 3,000 meters of step-out drilling from the identified resource as recommended by the 2021 NI 43-101 study.

Phase 2 of the project envisions an additional 15,000 meters of diamond drilling targeted at a resource expansion program and proposes to conduct drilling during that program in all three mineralized zones on the property, including the Gavilanes, Central and Western Zones. Surface rights in the core area are held by the Ejido Los Gavilanes, a communal agrarian cooperative who have established exploration agreements with previous operators. The Company has already had met with the Ejido and has initiated negotiations for an exploration agreement which they hope will be concluded in the next couple of months.