Sandstorm Gold Royalties
(NYSE:SAND)

Sandstorm Gold Ltd. operates as a gold royalty company. It focuses on acquiring gold and other metal purchase agreements and royalties from companies that have advanced stage development projects or operating mines. The company offers upfront payments for companies to acquire a gold stream or royalt...

Website: http://www.sandstormgold.com

Founded: 2008

Founder: Nolan Watson

Sector: Basic Materials

Industry: Gold

Gold Materials

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• Market Cap:

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• Shs Outstanding:

• Employees:

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-15	2023-12-31	2023-06-30	2022-11-07	2022-09-01	2022-08-11	2022-07-13	2022-05-11	2021-12-31	2017-09-21	2015-05-15	2014-11-12	2014-09-02	2014-05-01	2014-03-31

revenue	255,673
yoy
qoq
royalty revenue	147,407	73,052	12,163	14,636		12,163		13,350	43,138			3,988	876	2,363	2,363
total revenue	403,080		35,968
cost of sales, excluding depletion	48,685	21,677		7,311		5,256		5,295	16,845			3,780		4,249	4,249
general and administrative	21,333						113
production taxes	3,962
depreciation, depletion, and amortization	64,148
other incomes
total costs and expenses	138,128
operating income	264,952
yoy
qoq
operating margin %	103.63%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
fair value changes in equity securities	-34
interest and other income	4,762
other gains
loss on revaluation of stream obligations
income before taxes	266,979	46,912		28,418		44,334		13,867	44,853					4,032	4,032
income tax expense	-20,927											177		240	240
net income and comprehensive income	246,052						36,322
net income attributable to shareholders	245,847
net income attributable to non-controlling interests	205
basic eps	3.73
diluted eps	3.73
sales		106,584	23,805	24,315		23,805		22,015	71,722			11,571	76	12,932	12,932
depletion		75,337		18,009		11,017		11,111	35,704			8,209	804	6,101	6,101
total cost of sales		97,014		25,320		16,273		16,406	52,549			11,989	804	10,350	10,350
gross profit		82,622		13,631		19,695		18,959	62,311			3,570	148	4,945	4,945
yoy		319.51%		-28.10%				431.06%	42002.03%
qoq								-69.57%				2312.16%	-97.01%	0.00%
gross margin %	0%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%
expenses and other
administration expenses1		14,373		3,024		4,655		2,497	10,198
project evaluation1		7,153		1,363		4,554		1,569	7,770
finance expense		39,515		6,475		727		628	2,135			340	17	344	344
gain on revaluation of investments		-15,671							1,659
contractual income from stream, royalty and other interests		-11,810
share of net income of associates		2,141
gain on disposal of stream, royalty and other interests		-1,949				-22,937
stream, royalty and other interests impairments		1,627		421				665	408
gain on disposal of investment in associate						-12,490
other		331		91		674		-42	1,011
current income tax expense		8,706		1,395		1,247		887	3,029
deferred income tax (recovery) expense		-4,503		-4,658
total income tax expense		4,203
net income for the year		42,709							27,622
net income for the year attributable to:
sandstorm gold ltd.’s shareholders		41,716		31,882
non-controlling interests		993		-201
earnings per share attributable to sandstorm gold ltd.’s shareholders:
basic earnings per share		0.14		0.13		0.21		0.05	0.14			0.02		0.04	0.04
diluted earnings per share		0.14		0.13		0.2		0.05	0.14			0.02		0.03	0.03
weighted-average number of common shares outstanding
basic		297,406,309		242,122,336		192,228,171		191,914,859	193,974,313					103,031,612	103,031,612
diluted		299,991,157		244,745,973		195,396,824		194,837,916	197,823,480					110,861,098	110,861,098
1.equity settled share-based compensation (a non-cash item) is included in administration expenses and project evaluation		7,616
attributable gold equivalent ounces1			19,276
average realized gold price per ounce from the company’s gold streams1			1,866
average cash cost per attributable ounce1			273
cash flows from operating activities			33,198
net income			39,696
yoy
qoq
net income margin %	0%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
net income attributable to sandstorm shareholders			39,696
basic income per share			0.21
diluted income per share			0.2
total assets			662,739				275,119
total long-term liabilities			26,690
dividends declared per share			0.02
dividends declared			2,984
dividends paid			2,997
in 000s
antamina
aurizona
blyvoor
bonikro
caserones
cerro moro
chapada
diavik
fruta del norte
houndé
mercedes
relief canyon
vale royalties
vatukoula
other4
corporate
consolidated
gain on disposal of investments in associates				-24,906
gain on revaluation of vale royalties financial instrument									-5,887
loss on revaluation of investments				-1,932		844		-174					180	89	89
finance income				-376		-221		-93	-481			-371		-538	-538
foreign exchange loss				1,053		-445		42	645			-1,096	14	-984	-984
net income for the period				31,681		39,696		9,141				2,076		3,792	3,792
net income for the period attributable to:
1. equity settled share-based compensation (a non-cash item) is included in administration expenses and project evaluation				1,516		1,491		1,497	6,002
deferred income tax expense						3,391		3,839	14,202
actual diluted weighted-average number of sandstorm common shares outstanding							194,837,916
weighted-average number of sandstorm common shares, issued in exchange for nomad shares							74,362,929
weighted-average number of sandstorm share issuable, issued in exchange or exercise for nomad share options and warrants							565,833
pro forma diluted weighted-average number of sandstorm common shares outstanding post nomad arrangement agreement							269,766,678
pro forma net income attributable to shareholders post nomad arrangement agreement							9,323
pro forma diluted net earning per share							0.03
weighted-average number of sandstorm common shares, issued in exchange for basecore royalty package							13,495,276
pro forma diluted weighted-average number of sandstorm common shares outstanding post basecore royalty package and nomad arrangement agreement							283,261,954
pro forma net income attributable to shareholders of the company post basecore royalty package and nomad arrangement agreement							11,621
pro forma diluted weighted-average number of sandstorm common shares outstanding of the consolidated company							283,261,954
pro forma net income attributable to shareholders of the consolidated company							8,437
us thousands							2,021
assets
current assets
accounts receivable							13,618
financial asset - zinc participating loan							500
non-current assets
intangible assets							221,042
liabilities
current liabilities
accounts payable and accrued liabilities							509
non-current liabilities
other non-current payable
partners’ net investment							274,610
total liabilities and partners’ net investment							275,119
income
royalty income							45,001
fair value gain on financial asset							2,700
interest income							2,355
expenses
impairment on intangible assets
depreciation and amortization							13,621
administration expenses 1												2,052	434	1,849	1,849
project evaluation												49		153	153
loss (gain) on revaluation of investments												343
other expenses
gain on bargain purchase
mineral interest impairment
goodwill impairment
income (loss) before taxes												2,253
net income (loss) attributable to
shareholders of sandstorm gold ltd.												2,076		3,792	3,792
weighted average number of common shares outstanding
basic												117,573,079
diluted												118,998,596
1 equity settled stock based compensation (a non-cash item) is included in administration expenses												488
project evaluation and other													77
other expense													-108
oil and gas interest impairment													9,629
net income from continuing operations													-10,095
income for the period from discontinued operations
net loss for the period													-10,095
other comprehensive income
items that may subsequently be reclassified to net loss:
exchange differences on translating foreign operations
items that will not subsequently be reclassified to net loss:
fair value adjustment on investments													12
total comprehensive loss for the period													-10,085
basic and diluted loss per share —from continuing operations													-0.29
basic and diluted loss per share													-0.29
weighted average number of common shares outstanding — basic and diluted													34,673,037
1 equity settled stock based compensation (a non-cash item) included in administration expenses.													80
net income attributable to
1 equity settled stock based compensation (a non-cash item) is included in administration expenses.														421	421

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-03-31	2024-06-30	2024-03-31	2023-12-31	2017-06-30	2014-09-02

current
cash and cash equivalents	3,521	4,692	3,065	5,003	2,745	4,615
trade and other receivables	21,021	15,901	17,505	16,065
short-term investments	8,177	13,234	12,138	28,400
other current assets	255	625	2,385	4,310
non-current
stream, royalty and other interests	1,462,199	1,514,164	1,541,319	1,560,416
investments in associates	71,176	75,387	58,205	57,559
investments	229,606	236,148	243,838	230,474		3,844
other long-term assets	27,427	29,173	29,408	29,199
total assets	1,823,382	1,889,324	1,907,863	1,931,426	13,438	51,547
liabilities
trade payables and other	18,611	17,338	15,561	16,193
bank debt	340,000	388,000	415,000	435,000
deferred income tax and other liabilities	33,205	26,800	27,741	26,252
total liabilities	391,816	432,138	458,302		760
equity
share capital	1,280,717	1,311,272	1,313,849	1,312,352		147,971
reserves	34,278	31,398	29,454	28,716		2,436
retained earnings	126,331	120,005	114,322	122,917
accumulated other comprehensive loss	-33,600	-29,965	-32,747	-34,984		-6,241
equity attributable to sandstorm gold ltd.’s shareholders	1,407,726	1,432,710	1,424,878	1,429,001
non-controlling interests	23,840	24,476	24,683	24,980
total liabilities and equity	1,823,382	1,889,324	1,907,863	1,931,426
on behalf of the board:
sandstorm gold ltd.	2,025	2,024
assets
non-current assets
deferred exploration costs					6,482
property, plant and equipment					153
goodwill					44
investment in an associate					2,675
other					626
current assets
other receivables and pre-payments					713
current liabilities
trade and other payables					655	685
provisions					105
finance lease liability
net assets					12,678
issued share capital					136
share premium account					52,798
other components of equity					11,723
accumulated losses					-52,104
equity attributable to equity holders of the parent					12,553
non-controlling interest					125
total equity					12,678	47,873
trade receivables and other						1,337
current - sum						5,952
mineral interests and royalties						40,473
oil and gas interests						363
other assets						915
promissory note						1,256
deficit						-96,293
total equity and liabilities						51,547

Cashflow Statements:

Quarterly

Annual

Unit: USD	2022-12-31	2022-08-11	2022-07-13	2022-06-30	2022-05-11	2022-03-31	2021-11-03	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2014-11-12	2014-03-31

total revenue
attributable gold equivalent ounces1
sales
royalty revenue
average realized gold price per ounce from the company’s gold streams1
average cash cost per attributable ounce1
cash flows from operating activities
net income			36,322,000
net income attributable to sandstorm shareholders
basic income per share
diluted income per share
total assets
total long-term liabilities
dividends declared per share
dividends declared
dividends paid		-2,997			-3,041
in 000s
·
1
•
o
— operating activities
net income for the period		39,696			9,141		6,622																2,076	3,792
items not affecting cash:
depletion and depreciation		11,132			11,225		8,733
deferred income tax expense		3,391			3,839		3,395
share-based payments		1,491			1,497		1,529
gain on disposal of stream, royalty and other interests		-22,937
gain on disposal of investment in associate		-12,490
gain on revaluation of vale royalties financial instrument
loss on revaluation of investments		844			-174
stream, royalty and other interests impairments					665
interest expense and financing amortization		714			603		446
unrealized foreign exchange loss		-445			42		189
other		506			-98		140
changes in non-cash working capital		11,296			-4,378		-2,931																-164	-2,173
— investing activities
acquisition of stream, royalty, and other interests		-40,022			-3,112		-8,964
proceeds from disposal of stream, royalty and other interests		21,713
proceeds from disposal of investments and other		3,479			1,866
acquisition of investments and other assets		-24,709			-3,326		-2,250																-18,176
investment in hod maden interest		-3,023			-795		-399
— financing activities
redemption of common shares							-13,731
interest paid		-492			-395		-235
proceeds on exercise of warrants, options and other		-562			1,941		-225
bank debt drawn		20,000
bank debt repaid		-20,000
effect of exchange rate changes on cash and cash equivalents		337			-52		-272																-707
net increase in cash and cash equivalents		-13,078			15,448		-8,162																	12,028
cash and cash equivalents — beginning of the period		31,614			16,166		45,812
cash and cash equivalents — end of the period		18,536			31,614		37,650
operating activities:
adjustments for:
depreciation and amortization			13,621,000
impairment on intangible assets
change in fair value of financial asset			-2,700,000
interest income			-2,355,000
cash generated by operating activities before working capital changes			44,888,000
working capital changes
increase in accounts receivable			-6,046,000
increase in financial asset-zinc participating loan
increase in accounts payable and accrued liabilities			4,000
total working capital changes			-6,042,000
net cash generated by operating activities			38,846,000
financing activities:
(distributions to)/contributions from partners			-28,822,000
net cash (used in)/generated by financing activities			-28,822,000
investing activities:
financial asset-zinc participating loan payment			-16,000,000
contingent payment			-500,000
proceeds from financial asset-zinc participating loan			6,476,000
net cash from investing activities			-10,024,000
change in cash
cash at beginning of year
cash at end of year
(gain) loss on revaluation of investments							-209
●

1)
operating activities
» goodwill impairment
» gain on bargain purchase
» mineral interest impairment
» depletion and depreciation and financing amortization																							8,574	6,280
» deferred income tax recovery																							-176	-88
» share-based payment																							488	421
» loss on revaluation of investments																							328	84
» unrealized foreign exchange loss																							-1,164	-986
» interest on loan receivable																								-305
investing activities
acquisition of mineral interests and royalties																							-9,740	-11,151
funds received from promissory note
loan issuance																								-2,232
acquisition of sandstorm metals & energy ltd., net of cash acquired of 4.1m
acquisition of premier royalty, net of cash acquired of 39.9m
investing activities - sum																							-27,916	-13,383
financing activities
proceeds on exercise of warrants and options																							479	19,046
redemption of common share purchase warrants- premier royalty																							-1,164
share issue and deferred financing costs																							-910
financing activities - sum																							-1,595
net decrease in cash and cash equivalents																							-20,256
cash and cash equivalents – beginning of the period																							111,387
cash and cash equivalents – end of the period																							91,131
cash and cash equivalents, at the end of the period
cash at bank																							25,404	50,242
short-term deposit																							65,727	60,722
proceeds on disposal of investments
share issue costs
deferred financing costs
effect of exchange rate changes on cash																								-652
cash and cash equivalents - beginning of the period																								98,936
cash and cash equivalents - end of the period																								110,964
cash and cash equivalents, at the end of period

Sandstorm Gold Royalties(NYSE:SAND)

Sandstorm Gold Royalties
(NYSE:SAND)