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Sandstorm Gold Royalties Reports Strong First Quarter Sales and Record Revenue, $19 Million in Share Buybacks; Financial Results May 6
Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) is pleased to report sales, revenue, and other preliminary figures for the first quarter ended March 31, 2025 (all figures in U.S. dollars).
First Quarter Preliminary Results
During the three months ended March 31, 2025, the Company sold approximately 18,500 attributable gold equivalent ounces1 and realized record preliminary revenue2 of $50.1 million (20,316 attributable gold equivalent ounces and $42.8 million in revenue for the comparable period in 2024). The Company had record preliminary total sales, royalties, and income from other interests1 of $54.1 million for the three months ended March 31, 2025 ($42.8 million in total sales, royalties, and income from other interests for the comparable period in 2024).
Preliminary cost of sales, excluding depletion2 for the three months ended March 31, 2025, was $6.9 million resulting in record cash operating margins1 of approximately $2,507 per attributable gold equivalent ounce1 ($5.7 million and $1,782 per attributable gold equivalent ounce for the comparable period in 2024, respectively).
Share Buybacks and Capital Allocation
During the first three months of 2025, Sandstorm purchased and cancelled approximately 3.1 million of the Company’s common shares (the “Common Shares”) for total consideration of approximately $19.0 million. The Company believes that, at times, the market price of the Common Shares is not fully reflective of their intrinsic value, and repurchasing Common Shares under its normal course issuer bid represents a strategic use of available capital compared to other investment opportunities. The Company will continue to assess its capital allocation strategy with a focus on further share purchases and debt repayment, dependent on market conditions. As at March 31, 2025, the outstanding balance on the Company’s revolving credit facility was approximately $340 million with an undrawn and available balance of $285 million2.
| 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 Accounting Standards (“IFRS Accounting Standards” or “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. |
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| 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 first quarter of 2025, was comprised of a one-time $4 million payment received as per an option agreement with Vatukoula Gold Mines PTE Limited. 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 ([$54.1 million – $0.8 million]/$2,880 for the three months ended March 31, 2025, and [$42.8 million – $0.9 million]/$2,062 for the comparable period in 2024) 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 ($6.9 million/18,500 attributable gold equivalent ounces for the three months ended March 31, 2025, and $5.7 million/20,316 attributable gold equivalent ounces for the comparable period in 2024). | |
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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-end closing adjustments, and may change materially. |
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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 230 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 April 9, 2025
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