Sandstorm Gold Royalties

Sandstorm Gold is a gold royalty and streaming company with a portfolio of over 250 royalties. The company has significant exposure to long-life, low cost assets, with over 50% of its portfolio in the lowest cost quartile. Sandstorm expects to produce around 110,000 gold equivalent ounces per year over the next 15 years.

The portfolio is diversified across jurisdictions and operators, with no single asset representing more than 12% of net asset value. Sandstorm has been highly acquisitive, growing its royalty count from 12 to over 250 since 2009. The company is debt free and holds over $150 million in equity investments and loans to mining companies.

Sandstorm aims to return capital to shareholders, with a leading dividend yield amongst royalty peers of 5.5%. The company also implements normal course issuer bids, having bought back ~10 million shares since 2019. With precious metals exposure and leverage to exploration success, Sandstorm believes it offers an attractive investment opportunity.

Going forward, the company sees a strong production outlook driven by organic growth and recent acquisitions. With significant liquidity, Sandstorm plans to continue growing through new royalty and stream deals. The company's strategy is focused on acquiring high-quality, long-life assets to drive sustainable production and cash flow growth.