Vancouver, BC | Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE: SAND, TSX: SSL) has released its financial results for the three months and year ended December 31, 2024 (figures in U.S. dollars unless otherwise indicated).

Financial Highlights
Strong commodity prices drove robust financial results for the fourth quarter and year ended December 31, 2024, including:

Annual revenue of $176.3 million including fourth quarter revenue of $47.4 million (compared to $179.6 million and $44.5 million for the comparable periods in 2023);
Annual production of 72,810 attributable gold equivalent ounces1 including 17,721 ounces in the fourth quarter (compared to 97,245 and 23,250 ounces for the comparable periods in 2023);
Annual cash flows from operating activities, excluding changes in non-cash working capital1 of $139.0 million including $36.8 million in the fourth quarter (compared to $151.1 million and $36.5 million for the comparable periods in 2023);
Record cash operating margins1 of $2,097 per attributable gold equivalent ounce for the full year and $2,396 per ounce for the fourth quarter (compared to $1,706 and $1,737 per ounce for the comparable periods in 2023); and
Annual net income of $15.5 million including fourth quarter net income of $3.1 million (compared to $42.7 million and $24.5 million for the comparable periods in 2023).
2024 Corporate Highlights
Strengthening Balance Sheet
Throughout 2024, the Company continued to focus on deleveraging its balance sheet following significant investment in its long-term production base in 2022. The Company made net debt repayments of $80 million in 2024 and an additional $15.0 million in debt repayments subsequent to year end. As of February 18, 2025, a balance of $340 million remains outstanding on the Company’s revolving credit facility with an undrawn and available balance of $285 million. In December 2024, Sandstorm renewed its revolving credit facility for another four-year term with revised interest rates above SOFR, representing a 75-basis point reduction at the upper end and a reduction of 12.5 basis points at the lower end when compared to the previous credit agreement.

As part of this deleveraging effort, Sandstorm has continued its strategy of monetizing non-core assets. In 2024, the Company monetized certain debt and equity investments for cash consideration of approximately $20.7 million. In addition, the Company completed its previously announced campaign to monetize certain non-core royalty assets. The Company continues to evaluate accretive opportunities to further monetize its non-royalty investment portfolio.

Shareholder Returns and Capital Allocation
Sandstorm remains focused on shareholder returns. In 2024, the Company returned over $28 million back to shareholders, including $17.5 million in dividends and $10.9 million in share repurchases, whereby the Company purchased and cancelled approximately 2.0 million common shares. Subsequent to year end, the Company purchased and cancelled an additional 319,000 common shares for consideration of approximately $1.9 million.

In December 2024, Sandstorm entered into an Automatic Share Purchase Plan (“ASPP”) to facilitate the purchase of the Company’s common shares under its existing Normal Course Issuer Bid (“NCIB”). The ASPP will facilitate purchases under the NCIB at times when the Company would ordinarily not be permitted to make purchases, whether due to regulatory restriction or customary self-imposed blackout periods.

The Company believes that, at times, the market price of its common shares may not fully reflect their intrinsic value, and share repurchases under the NCIB represent a strategic use of available capital compared to other investment opportunities. In 2025, the Company plans to materially ramp-up its share buyback program, dependent on market conditions and available capital.

Asset Portfolio Developments
Throughout 2024, several advancements occurred at Sandstorm’s key producing and development assets:

Greenstone: Sandstorm began receiving gold deliveries under the Greenstone gold stream in the third quarter. In November, Equinox Gold Corp. (“Equinox Gold”) declared commercial production at Greenstone. Greenstone produced approximately 111,700 ounces of gold in 2024, and continues to progress toward design capacity, with a target of achieving annual production rates of 390,000 ounces within the first five years of operation.
Antamina: In February 2024, the Antamina mine received approval of the Modification of Environmental Impact Assessment (“MEIA”), allowing for an investment of approximately $2 billion over the next eight years, extending operations at Antamina through to 2036. The MEIA extends the permitted pit depth allowing optimization of existing mining components within its current operation while also expanding the footprint of the open pit along with expansion and optimization of tailings facilities. The MEIA also considers processing capacity of up to 208,000 tonnes per day, which would be an increase of approximately 40% from current levels.
Platreef: Ivanhoe Mines Ltd. (“Ivanhoe”) completed the Phase 1 concentrator at its Platreef PGM project in South Africa—a multi-phase development project. In line with the optimized development plan schedule, Ivanhoe is accelerating the development of Phase 2 by utilizing Phase 1 infrastructure and mining at Phase 1 is expected to commence in the second half of 2025. In the first quarter of 2025, an updated Feasibility Study for Phase 2 and Preliminary Economic Assessment (“PEA”) for the Phase 3 expansion are expected to be key catalysts for the project.
Robertson (Cortez Complex): In November, the Robertson mine, located at the north end of Nevada’s Cortez District, received a positive Record of Decision following publication of the project’s Final Environmental Impact Statement and public review period. Nevada Gold Mines—a joint venture between Barrick Gold Corp. and Newmont Corporation—most recently estimated first production at Robertson in 2027, subject to permitting, and feasibility work remains ongoing.
Hod Maden: SSR Mining Inc. (“SSR Mining”) continued site preparation activities at the Hod Maden project, investing approximately $42 million in 2024. The Company continues to forecast first production from Hod Maden in 2028 on the basis that the joint venture will continue to advance early-works and critical path initiatives ahead of a formal investment decision, including site access, tunneling, and power supply. Further details on project advancement are expected to be announced by SSR Mining alongside its 2025 annual guidance announcement.
Gualcamayo DCP: In November, the operator of the Gualcamayo mine in Argentina submitted the first mining proposal under Argentina’s incentive regime for large investments. The $1 billion investment plan includes the development of the Gualcamayo Deep Carbonates Project (“DCP”). Under Sandstorm’s royalty agreements, the Company is entitled to receive a $30 million payment upon commercial production at the Gualcamayo DCP and expects its 2.5% net smelter returns royalties to generate annual gold equivalent production of approximately 3,000 ounces based on the operator’s guided production volumes. In addition, the operator continues to enhance oxide leach recoveries to improve Gualcamayo’s current production volumes. The Company expects its oxide royalty rate at Gualcamayo to increase from 1.0% to 3.0% in the first half of 2025, generating an incremental 1,000 gold equivalent ounces to the portfolio on an annualized basis.
MARA: Glencore plc (“Glencore”) continues to advance a $400 million work program at its Argentine assets. The Company expects Glencore to complete an updated technical study for the MARA project by mid-2025. The project continues to benefit from its brownfield nature and an attractive promotional regime for large investments in Argentina.
Oyu Tolgoi (Hugo North Extension): In 2024, underground development work began at Lift 1 Panel 1 on Entrée Resources Ltd.’s (“Entrée”) joint venture ground on the Hugo North Extension at the Oyu Tolgoi copper mine in Mongolia. Stream deliveries under Sandstorm’s gold-silver-copper stream with Entrée are expected to ramp-up to approximately 3,000–4,000 gold equivalent ounces per annum once development of Panel 1 on the joint venture ground is complete. Recently released intercepts from a 2023 drilling program reconfirm the high-grade nature of the Hugo North deposit and highlight that the deposit remains open at depth where it dips to the northwest with an increasing proportion located on the Entrée/Oyu Tolgoi JV ground. Subsequent to year end, Entrée announced the formal execution of its JV agreement with Oyu Tolgoi LLC.
2025 Production Guidance and Updated Long-term Outlook
Based on the Company’s existing streams and royalties, attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, which considers a range of commodity price scenarios, a phased ramp-up at Equinox Gold’s Greenstone mine, and the expected removal of fixed deliveries from the Vatukoula mine. With recent advancements within Sandstorm’s development portfolio, the Company is increasing its long-term production forecast to approximately 150,000 attributable gold equivalent ounces in 2030, based on the Company’s existing streams and royalties plus the exercise of the Company’s exclusive gold stream option on the MARA project in Argentina.

Annual Financial Results
For the year ended December 31, 2024, the Company realized revenues of $176.3 million compared to $179.6 million for the comparable period in 2023. Approximately 73% of the Company’s annual revenue was attributable to precious metals, 18% from copper, and 9% from other commodities.
see & read more on https://www.sandstormgold.com/sandstorm-gold-royalties-announces-2024-annual-results/

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