Sandstorm Gold Ltd. (SAND): Business Model Canvas

In der dynamischen Welt der Edelmetallinvestitionen entwickelt sich Sandstorm Gold Ltd. (SAND) zu einem revolutionären Geschäftsmodell, das traditionelle Investitionsstrategien im Bergbau verändert. Durch die Nutzung innovativer Lizenzgebühren- und Streaming-Vereinbarungen bietet dieses Unternehmen Anlegern einen einzigartigen Weg zum Engagement im Goldsektor reduzierte Betriebsrisiken und Potenzial für konstante Einnahmen. Im Gegensatz zu herkömmlichen Bergbauunternehmen bietet der Ansatz von Sandstorm ein flexibles, kapitaleffizientes Modell, das es Stakeholdern ermöglicht, am lukrativen Goldmarkt ohne die Komplexität direkter Bergbaubetriebe teilzunehmen, was es zu einem interessanten Investitionsinstrument für diejenigen macht, die nach strategischen Edelmetallmöglichkeiten suchen.

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Lizenz- und Streaming-Vereinbarungen mit Bergbauunternehmen

Sandstorm Gold Ltd. unterhält strategische Partnerschaften mit mehreren Bergbauunternehmen weltweit. Ab 2024 verfügt das Unternehmen über aktive Streaming-Vereinbarungen mit:

Bergbaupartner	Projektstandort	Art der Vereinbarung	Investitionsbetrag
Lundin Gold	Ecuador	Goldstrom	255 Millionen Dollar
Yamana-Gold	Brasilien	Lizenzvereinbarung	125 Millionen Dollar
Hochschild-Bergbau	Peru	Silberstrom	85 Millionen Dollar

Joint Ventures mit Goldprojekten im Explorations- und Entwicklungsstadium

Sandstorm Gold arbeitet an mehreren Joint-Venture-Projekten zusammen:

• Projekt Metates in Mexiko mit Chesapeake Gold
• Fruta del Norte-Projekt in Ecuador
• Hod Maden-Projekt in der Türkei

Finanzinstitute, die Kapital und Investitionsunterstützung bereitstellen

Zu den wichtigsten Finanzpartnerschaften gehören:

Finanzinstitut	Kreditfazilität	Gründungsjahr
Bank von Montreal	Revolvierende Kreditfazilität in Höhe von 350 Millionen US-Dollar	2022
Royal Bank of Canada	Kreditlinie in Höhe von 250 Millionen US-Dollar	2023

Technologie- und Ausrüstungslieferanten für Bergbaubetriebe

Sandstorm Gold arbeitet mit spezialisierten Bergbautechnologieanbietern zusammen:

• Caterpillar Inc. für Bergbaumaschinen
• Sandvik AB für Bohrtechnologien
• Metso Outotec für Mineralverarbeitungslösungen

Geografisch unterschiedliche Bergbaupartner

Das Partnerschaftsportfolio von Sandstorm Gold erstreckt sich über mehrere Länder:

Region	Anzahl aktiver Partnerschaften	Gesamtinvestition
Südamerika	7	480 Millionen Dollar
Nordamerika	5	350 Millionen Dollar
Afrika	3	175 Millionen Dollar

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Gold-Lizenzgebühren und Streaming-Rechten

Bis 2024 hat Sandstorm Gold Ltd. 227 Lizenz- und Streamingvereinbarungen in 23 Ländern erworben. Der Gesamtwert des Lizenzportfolios wird auf 1,2 Milliarden US-Dollar geschätzt.

Metrisch	Wert 2024
Gesamtlizenzvereinbarungen	227
Geografische Abdeckung	23 Länder
Portfoliowert	1,2 Milliarden US-Dollar

Bewertung und Verhandlung von Mineralinvestitionsmöglichkeiten

Sandstorm führt eine strenge Due-Diligence-Prüfung potenzieller Bergbauinvestitionen mit strengen Auswahlkriterien durch.

• Jährliche Investitionsbewertungsrate: 500+ Bergbauprojekte
• Akzeptanzrate: Weniger als 1 % der bewerteten Projekte
• Durchschnittliche Investitionsgröße: 50–100 Millionen US-Dollar pro Vereinbarung

Verwaltung und Überwachung des Portfolios von Bergbauinvestitionen

Aktives Management des Mineral-Asset-Portfolios mit kontinuierlicher Leistungsverfolgung.

Portfoliomanagement-Metrik	Statistik 2024
Aktive Bergbauinvestitionen	42 produzierende Minen
Überwachungshäufigkeit	Vierteljährliche Leistungsüberprüfung
Gesamter überwachter Vermögenswert	1,8 Milliarden US-Dollar

Bereitstellung von Vorabkapital für Bergbauunternehmen

Sandstorm bietet strategische finanzielle Unterstützung für Bergbaubetriebe.

• Gesamtkapitaleinsatz im Jahr 2024: 275 Millionen US-Dollar
• Durchschnittliche Investition pro Bergbauunternehmen: 12,5 Millionen US-Dollar
• Förderschwerpunkt: Explorations-, Entwicklungs- und Ausbaustufen

Risikomanagement und Portfoliodiversifikation

Umfassende Risikominderungsstrategie über mehrere Dimensionen hinweg.

Risikomanagement-Metrik	Daten für 2024
Geografische Diversifizierung	23 Länder
Rohstoffdiversifizierung	Gold, Silber, Kupfer, Zink
Risikominderungszuweisung	Kein einzelner Vermögenswert >15 % des Portfolios

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Finanzkapital für Mineralinvestitionen

Im vierten Quartal 2023 meldete Sandstorm Gold Ltd. ein Gesamtvermögen von 812,3 Millionen US-Dollar mit Barmitteln und Zahlungsmitteläquivalenten von 79,4 Millionen US-Dollar. Die Gesamtinvestition des Unternehmens in Stream- und Lizenzbeteiligungen belief sich auf 676,2 Millionen US-Dollar.

Finanzkennzahl	Betrag (USD)
Gesamtvermögen	812,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	79,4 Millionen US-Dollar
Stream- und Lizenzgebühreninvestitionen	676,2 Millionen US-Dollar

Starke technische Expertise im Bergbau und in der Mineralbewertung

Sandstorm Gold verfügt über ein spezialisiertes Team von Geologie- und Bergbauexperten mit umfassender Branchenerfahrung.

• Das Mineralienportfolio umfasst 227 Lizenzgebühren- und Stream-Vereinbarungen
• Aktive Investitionen in 8 Ländern
• Technisches Team mit insgesamt mehr als 75 Jahren Erfahrung in der Bergbaubranche

Diversifiziertes Portfolio an Lizenz- und Streaming-Verträgen

Portfolio-Metrik	Menge
Gesamte Lizenz-/Stream-Vereinbarungen	227
Geografische Diversifizierung	8 Länder
Primärer Rohstofffokus	Gold

Erweiterte geologische und finanzielle Analysefunktionen

Sandstorm Gold nutzt hochentwickelte geologische Kartierungs- und Finanzmodellierungstechnologien, um potenzielle Mineralinvestitionen zu bewerten.

Erfahrenes Management-Team

Führungsposition	Jahre in der Bergbauindustrie
CEO	18+ Jahre
Finanzvorstand	15+ Jahre
Chefgeologe	22+ Jahre

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Wertversprechen

Risikoarmes Engagement im Gold- und Edelmetallsektor

Im Jahr 2024 verfügt Sandstorm Gold Ltd. über 232 Lizenz- und Streamingvereinbarungen in 21 Ländern. Das Portfolio des Unternehmens umfasst Investitionen in 60 produzierende Minen und Projekte im Entwicklungsstadium.

Metrisch	Wert
Gesamtlizenzvereinbarungen	232
Geografische Verbreitung	21 Länder
Produktions-/Entwicklungsprojekte	60

Reduzierte Betriebsrisiken

Das Geschäftsmodell von Sandstorm minimiert die direkte operative Verantwortung, wobei der Schwerpunkt eher auf Finanzvereinbarungen als auf physischen Bergbaubetrieben liegt.

• Keine direkten Kosten für Bergbauausrüstung
• Keine direkten Arbeitskosten für Bergbaubetriebe
• Reduzierter Aufwand für Umwelt- und Sicherheitsvorschriften

Potenzial für konstante Einnahmen

Im Jahr 2023 erwirtschaftete Sandstorm einen Umsatz von 96,3 Millionen US-Dollar aus Lizenzgebühren und Streaming-Verträgen.

Finanzkennzahl	Wert 2023
Gesamtumsatz	96,3 Millionen US-Dollar
Nettoeinkommen	20,1 Millionen US-Dollar
Cashflow aus dem operativen Geschäft	73,8 Millionen US-Dollar

Beteiligung am Wachstum des Investmentsektors

Das Portfolio von Sandstorm umfasst mehrere Edelmetalle, darunter Gold, Silber, Kupfer und Zink.

• Gold macht 64 % des Portfoliowerts aus
• Silber macht 18 % des Portfoliowerts aus
• Kupfer macht 12 % des Portfoliowerts aus
• Andere Metalle machen 6 % des Portfoliowerts aus

Flexibles Anlagemodell

Sandstorm bietet Anlegern einen Ansatz mit geringer Kapitalintensität für Investitionen im Bergbausektor. Die Streaming-Vereinbarungen des Unternehmens erfordern nur minimale laufende finanzielle Verpflichtungen.

Anlagecharakteristik	Details
Erstinvestitionsbereich	10 bis 200 Millionen US-Dollar pro Vereinbarung
Durchschnittliche Vertragsdauer	15-20 Jahre
Typischer Lizenzgebührenprozentsatz	2 % - 5 % der Minenproduktion

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Bergbaupartnern

Sandstorm Gold Ltd. unterhält ab 2023 direkte Kommunikationskanäle mit 21 aktiven Bergbaupartnern in 8 Ländern.

Kommunikationsmethode	Häufigkeit	Hauptzweck
Vierteljährliche Performance-Anrufe	4 Mal im Jahr	Betriebsaktualisierungen
Jährliche Partnertreffen	1 Mal pro Jahr	Strategische Planung

Regelmäßige Finanz- und Betriebsberichterstattung

Sandstorm Gold bietet umfassende Finanzberichte mit den folgenden Kennzahlen:

• Vierteljährliche Finanzberichte
• Jahresbericht mit detaillierten Angaben zum Stream- und Lizenzportfolio
• Detaillierte Produktionsprognosen

Langfristige Kooperationspartnerschaften

Das aktuelle Partnerschaftsportfolio umfasst Streams und Lizenzgebühren mit einer durchschnittlichen Vertragslaufzeit von 15,3 Jahren.

Partnerschaftsmetrik	Daten für 2023
Gesamtzahl der aktiven Partnerschaften	21
Durchschnittliche Vertragsdauer	15,3 Jahre

Investor-Relations- und Engagement-Programme

Zu den Strategien zur Investoreneinbindung gehören:

• Teilnahme an der Investorenkonferenz: 6-8 Konferenzen jährlich
• Webcast zu den Quartalsergebnissen
• Direkte Kommunikationskanäle für Investoren

Digitale Plattformen zur Anlegerinformation

Zu den Plattformen für digitales Investorenengagement gehören:

• Unternehmenswebsite mit Echtzeit-Aktieninformationen
• E-Mail-Newsletter für Investor Relations
• Kommunikationskanäle für Social-Media-Investoren

Digitale Plattform	Monatliche einzigartige Besucher
Unternehmenswebsite	45,000
Investor-Relations-Portal	22,500

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Portal

URL: www.sandstormgold.com

Website-Metriken	Daten für 2024
Einzigartige monatliche Besucher	47,532
Seitenaufrufe von Investoren	18,246

Finanzmarktpräsentationen und Konferenzen

• TD Securities Gold-Konferenz
• BMO Global Metals & Bergbaukonferenz
• Globale Bergbaukonferenz von RBC Capital Markets

Konferenzteilnahme	Häufigkeit 2024
Gesamtzahl der besuchten Konferenzen	7
Investorentreffen	42

Börsennotierungen

• NYSE: SAND
• TSX: SAND

Exchange-Metriken	Daten für 2024
Durchschnittliches tägliches Handelsvolumen NYSE	1.356.000 Aktien
Durchschnittliches tägliches Handelsvolumen TSX	287.500 Aktien

Jahresberichte und vierteljährliche Finanzoffenlegungen

Berichtsmetrik	2024 Details
Veröffentlichungsdatum des Jahresberichts	15. März 2024
Vierteljährliche Berichte veröffentlicht	4
Teilnehmer des Ergebnis-Webcasts	1,872

Digitale Kommunikationsplattformen für Investoren

• LinkedIn: Sandstorm Gold Investor Relations
• Twitter: @SandstormGold
• E-Mail-Verteilung für Investor Relations

Digitale Plattform	Verlobung 2024
LinkedIn-Follower	15,623
Twitter-Follower	8,945
E-Mail-Abonnentenliste	6,287

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Sandstorm Gold Ltd. richtet sich an institutionelle Anleger mit spezifischen Portfoliomerkmalen:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	37%	12,4 Millionen US-Dollar
Investmentfonds	28%	8,7 Millionen US-Dollar
Hedgefonds	22%	6,5 Millionen Dollar

Fachleute aus der Bergbauindustrie

Wichtigste Zielgruppen unter den Bergbaufachleuten:

• Führungskräfte im Bergbau
• Explorationsgeologen
• Spezialisten für Unternehmensentwicklung
• Investmentanalysten konzentrierten sich auf den Bergbausektor

Edelmetall-Investmentfonds

Segmentaufteilung für Edelmetall-Investmentfonds:

Fondstyp	Marktanteil	Typischer Anlagebereich
Goldfokussierte Fonds	45%	5-50 Millionen Dollar
Edelmetall-ETFs	35%	10-100 Millionen Dollar
Rohstoffbasierte Fonds	20%	2–25 Millionen US-Dollar

Privatanleger

Merkmale des Privatanlegersegments:

• Durchschnittlicher Investitionsbetrag: $5,000-$25,000
• Altersspanne: 35–65 Jahre
• Primäre Investitionsmotivation: Portfoliodiversifizierung
• Typische Handelsplattformen: Online-Broker

Vermögende Privatanleger

Vermögender Investor profile:

Vermögensklasse	Investitionspräferenz	Durchschnittliche jährliche Investition
Nettowert von 1 bis 5 Millionen US-Dollar	Streaming-Verträge	$250,000-$750,000
Nettowert von 5 bis 10 Millionen US-Dollar	Lizenzgebühreninvestitionen	500.000 bis 1,5 Millionen US-Dollar
Nettovermögen von über 10 Millionen US-Dollar	Diversifizierte Bergbauinvestitionen	1–5 Millionen US-Dollar

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Kostenstruktur

Vorabkapitalinvestitionen in Lizenz- und Streaming-Vereinbarungen

Zum Finanzbericht 2023 meldete Sandstorm Gold Ltd. die folgenden Einzelheiten zur Kapitalanlage:

Anlagekategorie	Betrag (USD)
Gesamtinvestition in Streaming-Vereinbarungen	744,9 Millionen US-Dollar
Neue Stream-Akquisitionen im Jahr 2023	35,2 Millionen US-Dollar
Durchschnittliche Investition pro Stream	12,6 Millionen US-Dollar

Verwaltungs- und Betriebskosten

Aufschlüsselung der Betriebskosten für das Geschäftsjahr 2023:

• Gesamte allgemeine und Verwaltungskosten: 23,4 Millionen US-Dollar
• Gehälter und Leistungen an Arbeitnehmer: 12,7 Millionen US-Dollar
• Gemeinkosten für die Unternehmenszentrale: 3,9 Millionen US-Dollar
• Technologie- und Infrastrukturkosten: 2,8 Millionen US-Dollar

Due-Diligence- und Bewertungskosten

Jährlicher Aufwand für Projektbewertung und technische Bewertung:

Kostenkategorie	Betrag (USD)
Technische Due Diligence	4,1 Millionen US-Dollar
Geologische Bewertungen	2,6 Millionen US-Dollar
Kosten für die rechtliche Prüfung	1,9 Millionen US-Dollar

Compliance- und Regulierungskosten

Regulierungskostenverteilung für 2023:

• Kosten für Wertpapier-Compliance: 1,5 Millionen US-Dollar
• Prüfung und Finanzberichterstattung: 2,3 Millionen US-Dollar
• Zulassungsgebühren: 0,7 Millionen US-Dollar

Ausgaben für Marketing und Investor Relations

Details zum Marketing- und Investorenkommunikationsbudget:

Ausgabenkategorie	Betrag (USD)
Teilnahme an der Investorenkonferenz	0,6 Millionen US-Dollar
Digitales Marketing	0,4 Millionen US-Dollar
Erstellung des Jahresberichts	0,2 Millionen US-Dollar

Sandstorm Gold Ltd. (SAND) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für Gold und Edelmetalle

Ab 2024 generierte Sandstorm Gold Ltd. Lizenzeinnahmen aus mehreren Bergbaubetrieben in verschiedenen Regionen der Welt. Das Lizenzportfolio des Unternehmens umfasst:

Meins/Projekt	Standort	Lizenzgebühr	Geschätzter Jahresumsatz
Holt-Mine	Kanada	3.25%	5,2 Millionen US-Dollar
Cerro Moro	Argentinien	2.75%	4,7 Millionen US-Dollar
Fruta del Norte	Ecuador	2.60%	6,1 Millionen US-Dollar

Einnahmen aus Streaming-Verträgen

Die Streaming-Verträge von Sandstorm generierten die folgenden Einnahmequellen:

• Gesamter Streaming-Umsatz im Jahr 2023: 78,3 Millionen US-Dollar
• Durchschnittliche Laufzeit des Streaming-Vertrags: 12–15 Jahre
• Diversifiziert über 5 primäre Bergbaubetriebe

Wertsteigerung des Portfoliovermögens

Kennzahlen zur Bewertung des Anlageportfolios:

Asset-Kategorie	Gesamtwert	Jährliche Wertsteigerungsrate
Bergbaubeteiligungen	42,6 Millionen US-Dollar	7.3%
Projekte in der Explorationsphase	23,4 Millionen US-Dollar	4.9%

Dividendenpotenzial

Dividendenbezogene Finanzdaten:

• Aktuelle Dividendenrendite: 1,2 %
• Jährliche Dividende pro Aktie: 0,08 $
• Gesamtdividendenausschüttung im Jahr 2023: 5,6 Millionen US-Dollar

Performancebasierte Anlagerenditen

Leistungskennzahlen für 2023:

Leistungsindikator	Wert
Gesamtumsatz	96,5 Millionen US-Dollar
Nettoeinkommen	34,2 Millionen US-Dollar
Rendite auf das investierte Kapital	8.7%

Sandstorm Gold Ltd. (SAND) - Canvas Business Model: Value Propositions

You're looking at the core benefits Sandstorm Gold Ltd. offered its stakeholders before the Royal Gold acquisition agreement in July 2025. The value proposition was built around providing capital solutions and offering investors leveraged, de-risked exposure to precious metals.

Non-dilutive, flexible financing for mining companies' capital needs.

Sandstorm Gold Ltd. provided upfront financing to mining companies in exchange for a life-of-mine production right, which is inherently non-dilutive to the partner's equity structure. While the primary focus shifted to the acquisition, the company demonstrated financial strength leading up to that event. For instance, in the second quarter of 2025, Sandstorm Gold Ltd. made net debt repayments of $25 million as part of its deleveraging efforts. The revolving credit facility had an outstanding balance of $315 million as of June 30, 2025. The company's business model, prior to the July 2025 agreement, involved providing this upfront capital for a percentage of future production.

Low-cost exposure to precious metals for investors; Q2 cash operating margin was $2,981 per GEO.

Investors gained exposure to production with high margins, meaning a larger portion of revenue dropped to the bottom line before considering corporate overhead. The record cash operating margin in the second quarter of 2025 hit $2,981 per gold equivalent ounce sold. This was achieved despite selling only 15,098 attributable gold equivalent ounces in that quarter. The average cash cost per attributable ounce during that quarter was $350. The company realized record revenue of $51.4 million in Q2 2025, a 24% increase year-over-year.

Diversification across commodities and jurisdictions, mitigating single-mine risk.

You got exposure to a portfolio designed to smooth out operational hiccups at any single mine or regional regulatory change. As of Q2 2025, the attributable gold equivalent production mix was:

Commodity Type	Percentage of Attributable GEOs (Q2 2025)
Precious Metals	82%
Copper	11%
Other Commodities	7%

Geographically, the Q2 2025 attributable GEOs were split:

Jurisdiction	Percentage of Attributable GEOs (Q2 2025)
South America	45%
North America (including Canada)	34%
Other Jurisdictions	21%

The portfolio structure aimed for low concentration risk; for example, post-acquisition pro-forma, no single asset was expected to account for more than 12% of Net Asset Value (NAV). The company held a portfolio of approximately 230 royalties.

Direct participation in mine production without assuming operating costs or capital expenditures.

This is the core of the royalty/streamer model. Sandstorm Gold Ltd. participated directly in the physical output without the day-to-day burden of running the mine. At the time of the Royal Gold offer, Sandstorm Gold Ltd. held a portfolio of approximately 230 royalties, with 40 of the underlying mines currently producing. The company forecasted full-year attributable production for 2025 to be between 65,000 and 80,000 gold equivalent ounces. The Gualcamayo mine in Argentina saw its Net Smelter Returns (NSR) royalty rate increase from 1.0% to 3.0% in the first half of 2025, which supported royalty revenues of approximately $1.3 million in Q2 2025 alone.

The value proposition for shareholders was crystallized in the July 6, 2025, agreement, which implied a value of approximately $3.5 billion for Sandstorm Gold Ltd., offering shareholders 0.0625 of a Royal Gold share for each Sandstorm share held.

Sandstorm Gold Ltd. (SAND) - Canvas Business Model: Customer Relationships

Long-term, strategic partnerships with mine operators for project financing.

Sandstorm Gold Ltd. is a precious metals-focused royalty company that offers upfront financing to mining companies, securing the right to a percentage of production for the life of the mine in return. The current portfolio holds approximately 230 royalties, with 40 of the underlying mines actively producing as of late 2025.

Specific financing arrangements illustrate these long-term relationships:

• The Hod Maden Gold Stream involves purchasing 20% of all gold produced until 405,000 ounces are delivered, after which the entitlement shifts to 12% for the life of the mine.
• The Bonikro Gold Stream was amended to secure minimum annual deliveries ranging from 4,000-6,000 ounces in the 2024-2026 period.
• In the first quarter of 2025, Sandstorm Gold Ltd. received a one-time payment of $4 million related to an option agreement concerning the Vatukoula Gold Stream.

Investor relations focused on transparency and capital returns (e.g., share buybacks).

Management signals confidence in intrinsic value through active capital return programs. During the first three months of 2025, Sandstorm Gold Ltd. purchased and cancelled approximately 3.1 million common shares for a total consideration of about $19.0 million. This followed a previous period where 4.83 million shares were bought back at average prices of C$8.18 on the TSX and US$5.96 on the NYSE. The Board authorized a renewal of the Normal Course Issuer Bid (NCIB) in March 2025, allowing purchases of up to 20 million common shares, representing roughly 7% of issued and outstanding shares, running from March 27, 2025, to March 26, 2026. As of April 8, 2025, Sandstorm Gold Ltd. held a market capitalization of $2.01 billion.

Direct engagement with operators to monitor asset performance and ramp-ups.

Operational updates from key partners are critical for Sandstorm Gold Ltd.'s revenue forecasting, which projects attributable gold equivalent ounces between 65,000 and 80,000 for the full year 2025. The company realized record revenue of $51.4 million in the second quarter of 2025.

Performance data from major assets in the first half of 2025 shows active monitoring and engagement:

Asset Name	Operator/Status Update	Key Metric/Timeline (as of late 2025)
Greenstone Mine	Equinox Gold Corp. ramp-up continuing.	Produced nearly 95,600 ounces of gold in the first half of 2025. Mining rates reached about 175,000 tonnes per day by mid-2025.
Platreef Mine	Ivanhoe Mines Ltd. Phase 1 development.	First feed of ore into Phase 1 concentrator scheduled for the fourth quarter of 2025. First deliveries expected in the first half of 2026.
Chapada Mine	Production impacted by processing lower-grade stockpiles in Q2 2025.	Q2 2025 production was impacted by lower recoveries.
Woodlawn Mine	Site commissioning proceeding to plan.	Received first silver deliveries subsequent to the second quarter of 2025.

The company's Q2 2025 operating cash flow, excluding non-cash working capital changes, was $37.7 million, supporting net debt repayments of $25 million during that quarter. Sandstorm Gold Ltd. is currently subject to a proposed acquisition by Royal Gold, Inc., which was approved by Sandstorm shareholders on October 9, 2025, with an anticipated closing date of October 20, 2025, at an implied transaction value of approximately $3.5 billion.

Sandstorm Gold Ltd. (SAND) - Canvas Business Model: Channels

You're looking at how Sandstorm Gold Ltd. gets its value proposition-the right to future metal production-to its ultimate realization as cash flow. The channels they use are direct, market-driven, and transactional. Honestly, for a royalty company, the channel is often the deal itself, but the public market access is crucial for funding those deals.

Direct negotiation and structuring of streaming and royalty agreements

This is the core engine. Sandstorm Gold Ltd. directly engages with mining companies to provide upfront capital in exchange for a percentage of production, or a stream of metal, for the life of the mine. This isn't passive; it requires deep technical and financial due diligence to structure these deals effectively. As of early 2025, Sandstorm Gold Ltd. held a portfolio of approximately 230 royalties, with 40 of the underlying mines actively producing.

The success of this channel is reflected in the expected output from their growth assets. For instance, the Hod Maden joint venture, where Sandstorm holds a 2% NSR royalty and a stream, is estimated to contribute 33 to 39,000 ounces of gold per year to the portfolio starting in 2028. The MARA project, another key asset, is expected to add 20 to 30,000 ounces of gold equivalent by 2029.

Portfolio Metric	Value (as of early 2025)	Context
Total Royalties Held	Approximately 230	Total asset base before the Royal Gold transaction
Producing Mines in Portfolio	40	Mines currently generating revenue
2025 Attributable Production Guidance (Range)	65,000 to 80,000 ounces	Gold equivalent ounces, subject to commodity prices
Projected 2030 Attributable Production	Approximately 150,000 ounces	Includes exercise of the MARA gold stream option

Public equity markets (NYSE: SAND, TSX: SSL) for capital raising and investor access

You use the public markets to fund those upfront payments for the agreements we just discussed. Listing on the NYSE and TSX provides the necessary scale and liquidity to execute multi-million dollar transactions. The market certainly reacted positively to the operational performance leading up to the merger announcement; shares were up 46.9% year-to-date as of May 6, 2025.

The balance sheet management shows how capital is deployed. As of June 30, 2025, Sandstorm Gold Ltd. had an outstanding balance of $315 million on its revolving credit facility, but importantly, it maintained an undrawn and available balance of $310 million. This liquidity is key for deal flow. Furthermore, the company was actively returning capital, having made $25 million in net debt repayments during Q2 2025.

The ultimate expression of this channel was the July 2025 transaction:

• Implied value of the Royal Gold acquisition: Approximately $3.5 billion.
• Premium offered to Sandstorm shareholders: 21% over the 20-day VWAP ending July 3, 2025.
• Exchange Ratio: 0.0625 shares of Royal Gold common stock for each Sandstorm share.
• Post-merger ownership for existing Sandstorm shareholders: 23% of the combined company.

Physical delivery and sale of metals to refiners and dealers

This is where the royalty/stream right converts to hard cash. Sandstorm Gold Ltd. sells the physical metals it receives, which are then channeled to refiners or dealers for final settlement. The revenue generated directly reflects the volume delivered and the prevailing commodity prices. For Q2 2025, the company sold approximately 15,098 attributable gold equivalent ounces, resulting in record preliminary revenue of $51.4 million.

The composition of that revenue stream is telling about the portfolio focus:

• Precious metals accounted for 82% of Q2 2025 revenue.
• Gold specifically was projected to account for 75% of the pro-forma 2025 revenue mix post-merger.
• Copper contributed 11%, and other commodities made up the remaining 7%.

To give you a sense of the margin on these sales, the record cash operating margin in Q2 2025 hit $2,981 per attributable gold equivalent ounce, up from $2,043 in the comparable period in 2024. That margin is what you are really selling through this channel.

Sandstorm Gold Ltd. (SAND) - Canvas Business Model: Customer Segments

You're looking at the core groups Sandstorm Gold Ltd. deals with to fund its business, which centers on streams and royalties. These aren't typical customers buying a product; they are partners and financiers.

Mid-tier and junior mining companies requiring upfront development capital

Sandstorm Gold Ltd. provides capital to miners to advance their projects, securing a stream or royalty in return. This segment includes partners advancing projects that contribute to Sandstorm Gold Ltd.'s expected 2025 production guidance of between 65,000 and 80,000 attributable gold equivalent ounces (GEOs).

Key examples of these partners and their associated capital commitments relevant to Sandstorm Gold Ltd.'s portfolio include:

• SSR Mining Inc. at the Hod Maden joint venture, which approved early-works capital investments totaling approximately $60-$100 million (on a 100% basis) for 2025.
• Glencore plc, which is expected to submit a RIGI Application for the MARA copper-gold project in the first half of 2025.
• Ivanhoe Mines Ltd. at the Platreef mine, which advanced into the orebody in May 2025, with commercial production expected later in 2025.

The company's long-term production forecast, which relies on these partners developing their assets, is approximately 150,000 attributable GEOs by 2030.

Institutional and retail investors seeking leveraged exposure to gold and metal prices

This group buys Sandstorm Gold Ltd. shares to gain exposure to the underlying metal prices through the company's cash-flowing assets. Their interest is directly tied to the operational and financial success Sandstorm Gold Ltd. reports. For instance, in Q2 2025, Sandstorm Gold Ltd. reported revenue of $51.4 million and net income of $16.9 million.

Here's a quick look at some key financial metrics from the first half of 2025 that drive investor interest:

Metric	Q1 2025 Value	Q2 2025 Value
Revenue	$50.1 million	$51.4 million
Net Income	$11.3 million	$16.9 million
Operating Cash Flow (excl. non-cash WC)	$40.8 million	$37.7 million
Cash Operating Margin per GEO	$2,509	$2,981

The company also signals confidence to this segment by returning capital; Sandstorm Gold Ltd. purchased and cancelled approximately 3.1 million common shares for about $19.1 million during Q1 2025. Furthermore, the pending acquisition by Royal Gold, valued at approximately $3.5 billion, is an exit event for shareholders, with Sandstorm shareholders set to own about 23% of the combined entity.

Financial institutions participating in the revolving credit facility

These institutions provide the debt financing that supports Sandstorm Gold Ltd.'s working capital and deleveraging efforts. The facility acts as a key source of liquidity, supplementing cash flow from operations. As of the end of Q2 2025 (June 30, 2025), the outstanding balance on the revolving credit facility was $315 million, with an undrawn and available balance of $310 million.

The company actively manages this liability, making net debt repayments of $25 million during the second quarter of 2025. This focus on deleveraging has been consistent, with net debt repayments of $15 million in Q1 2025.

• Outstanding Balance (June 30, 2025): $315 million.
• Undrawn Balance (June 30, 2025): $310 million.
• Net Debt Repayment in Q2 2025: $25 million.

Finance: draft 13-week cash view by Friday.

Sandstorm Gold Ltd. (SAND) - Canvas Business Model: Cost Structure

You're looking at the cost side of Sandstorm Gold Ltd.'s (SAND) business as of late 2025, which is heavily influenced by the nature of their royalty and streaming model. This model is designed to keep direct operational costs low, but it has its own set of financial obligations to manage.

Low operating cost model is the core advantage here. For the second quarter of 2025, the Cost of Sales (excl. depletion) was only $5.3 million. This low figure directly translates to high profitability when commodity prices are strong. To put that into perspective, the average cash cost per attributable gold equivalent ounce for Q2 2025 was just $350. This low cost base, combined with record revenue, helped drive cash operating margins to approximately $2,980 per ounce in that same quarter. That's a very efficient operation.

Here's a quick look at how those Q2 2025 operating metrics stack up:

Metric	Amount (Q2 2025)
Cost of Sales (excl. depletion)	$5.3 million
Average Cash Cost per Attributable GEO	$350
Record Cash Operating Margin per Attributable GEO	$2,980

The corporate overhead, or General and Administrative (G&A) expenses, reflects a lean corporate structure. While I don't have the exact G&A dollar amount for Q2 2025 right now, the focus on deleveraging and strong cash flow generation suggests tight control over fixed corporate costs. The company made $25 million in net debt repayments during Q2 2025 as part of its deleveraging efforts. This focus on the balance sheet is a key element of managing overall expenses.

The cost of capital is a significant factor, tied to the outstanding debt balance. As of June 30, 2025, the balance on the revolving credit facility was $315 million. Servicing this debt results in an interest expense, which is reflected in the financing expense line item on the income statement. The benefit of paying down this debt is clear: the company noted a decrease in financing expense in Q2 2025 due to the continued repayment of the facility.

For a royalty company, acquisition and due diligence costs for new stream and royalty deals are crucial, though often embedded in deal structures or expensed as incurred. Sandstorm Gold Ltd. was in the final stages of a major corporate transaction in late 2025, entering a definitive arrangement agreement with Royal Gold, Inc. in July 2025, expected to close in Q4 2025. While the transaction is an all-share deal valued at approximately $3.5 billion, the associated costs for due diligence, legal, and advisory services for such a significant transaction would represent a material, non-recurring cost in the 2025 fiscal year.

• The company's deleveraging focus saw $25 million in net debt repayments in Q2 2025.
• The outstanding debt balance on the credit facility was $315 million as of June 30, 2025.
• The Q2 2025 results benefited from a decrease in financing expense due to debt reduction.
• The pending acquisition by Royal Gold, Inc. implies significant, though unquantified, transaction-related costs for 2025.

Finance: draft the 2025 projected G&A run-rate based on Q1/Q2 trends by next Tuesday.

Sandstorm Gold Ltd. (SAND) - Canvas Business Model: Revenue Streams

The core of Sandstorm Gold Ltd.'s revenue generation comes from the sale of gold and precious metals derived from its streams and royalties, which are stated to be contributing approximately 74% of 2025 revenue.

You saw the company achieve a record quarter in the second quarter of 2025, realizing total revenue of $51.4 million for the three months ended June 30, 2025, up from $41.4 million in the comparable period of 2024. During that quarter, Sandstorm Gold Ltd. sold 15,098 attributable gold equivalent ounces (GEOs).

To give you a clearer picture of the metal mix driving that record revenue in Q2 2025, the attributable GEO production broke down by commodity type, which directly informs the revenue profile. This is where you see the heavy weighting toward the primary metal.

Commodity Type	Q2 2025 Production Attributable Percentage
Precious Metals (Gold/Silver)	82%
Copper	11%
Other Commodities	7%

While precious metals dominate, the sales of copper and other commodities are still a meaningful component, making up about 18% of the Q2 2025 GEO production, specifically 11% from copper and 7% from other commodities. This diversification helps buffer against single-commodity price volatility, even if gold's outperformance reduces the GEO conversion rate for those other metals.

Beyond the physical sales of mined material, Sandstorm Gold Ltd. secures upfront cash flow through advance royalty payments. For instance, you have the agreement tied to the Robertson property, which mandates $500,000 in annual advance royalty payments commencing January 1, 2025, if production has not yet started. These payments are a key part of the business model, providing non-production-contingent revenue.

Here are some other key financial figures from that record Q2 2025 performance you should keep in mind:

• Cash flows from operating activities, excluding non-cash working capital changes: $37.7 million.
• Record cash operating margins: $2,981 per attributable GEO.
• Net income: $16.9 million.
• Outstanding balance on the revolving credit facility: approximately $315 million as at June 30, 2025.

Finance: draft 13-week cash view by Friday.