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Sandstorm Gold Royalties Announces Record Sales and Revenue in 2023

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Sandstorm Gold Royalties Announces Record Sales and Revenue in 2023

 

 

 

 

 

Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) is pleased to report the sales and revenue figures for the fourth quarter and year ended December 31, 2023 (all figures in U.S. dollars).

 

Annual Results

 

The Company sold approximately 97,200 attributable gold equivalent ounces1 and realized preliminary revenue2 of $179.6 million for the full 2023 year, both representing a record for the Company (82,376 attributable gold equivalent ounces and $148.7 million in revenue for the comparable period in 2022). The Company had preliminary total sales, royalties, and income from other interests1 of $191.5 million for the full year 2023, a record for the Company ($148.7 million total sales, royalties, and income from other interests for the comparable period in 2022).

 

Preliminary cost of sales, excluding depletion2 for the full 2023 year was $21.7 million resulting in cash operating margins1 of approximately $1,706 per attributable gold equivalent ounce1 ($23.4 million and $1,511 per attributable gold equivalent ounce for the comparable period in 2022, respectively).

 

Fourth Quarter Results

 

During the three months ended December 31, 2023, the Company sold approximately 23,300 attributable gold equivalent ounces1 and realized preliminary revenue2 of $44.5 million (21,753 attributable gold equivalent ounces and $38.4 million in revenue for the comparable period in 2022). The Company had preliminary total sales, royalties, and income from other interests1 of $46.3 million for the three months ended December 31, 2023 ($38.4 million total sales, royalties, and income from other interests for the comparable period in 2022).

 

Preliminary cost of sales, excluding depletion2 for the three months ended December 31, 2023 was $4.9 million resulting in cash operating margins1 of approximately $1,737 per attributable gold equivalent ounce1 ($5.5 million and $1,493 per attributable gold equivalent ounce for the comparable period in 2022, respectively).

 

Note 1
Sandstorm Gold Royalties has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) including (i) attributable gold equivalent ounces and (ii) cash operating margin. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change.
i. As the Company’s operations are primarily focused on precious metals, the Company presents attributable gold equivalent ounces as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other mining companies in the precious metals mining industry who present results on a similar basis. Attributable gold equivalent ounces is a non-IFRS financial ratio that uses total sales, royalties, and income from other interests as a component. Total sales, royalties and income from other interests is a non-IFRS financial measure and is calculated by taking total revenue which includes sales and royalty revenue, and adding contractual income relating to royalties, streams and other interests excluding gains and losses on dispositions, which, during the full year 2023, is primarily comprised of a one-time payment received as per the Company’s royalty agreement on the Mt. Hamilton project. Attributable gold equivalent ounces is calculated by dividing the Company’s total sales, royalties, and income from other interests, less revenue attributable to non-controlling shareholders for the period, by the average realized gold price per ounce from the Company’s Gold streams for the same respective period ([$191.5 million – $3.9 million]/$1,929 for the full year 2023, and [$148.7 million – $0.9 million]/$1,795 for the comparable period in 2022); ([$46.3 million – $1.0 million]/$1,948 for the three months ended December 31, 2023, and [$38.4 million – $0.5 million]/$1,746 for the comparable period in 2022) and may be subject to change.
ii. The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow in comparison to other companies in the precious metals mining industry who present results on a similar basis. Cash operating margin is calculated by subtracting the average cash cost per attributable gold equivalent ounce from the average realized gold price per ounce from the Company’s Gold streams (see item i above) for the same respective period. Average cash cost per attributable gold equivalent ounce is calculated by dividing the Company’s cost of sales, excluding depletion, by the number of attributable gold equivalent ounces ($21.7 million/97,200 Attributable Gold Equivalent ounces for the full year 2023, and $23.4 million/82,376 Attributable Gold Equivalent ounces for the comparable period in 2022); ($4.9 million/23,300 Attributable Gold Equivalent ounces for the three months ended December 31, 2023, and $5.5 million/21,753 Attributable Gold Equivalent ounces for the comparable period in 2022).
Note 2
These figures have not been audited and are subject to change. As the Company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter and year-end closing adjustments, and may change materially.

 

 

ABOUT SANDSTORM GOLD ROYALTIES

 

Sandstorm is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of approximately 250 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties.

 

Posted January 9, 2024

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