Sandstorm Gold Ltd. (SAND): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión de metales preciosos, Sandstorm Gold Ltd. (Sand) surge como un modelo de negocio revolucionario que transforma las estrategias tradicionales de inversión minera. Al aprovechar los acuerdos innovadores de regalías y transmisión, esta compañía ofrece a los inversores un camino único hacia la exposición al sector del oro con Riesgos operativos reducidos y potencial de ingresos consistentes. A diferencia de las empresas mineras convencionales, el enfoque de Sandstorm proporciona un modelo flexible y eficiente de capital que permite a los interesados ​​participar en el lucrativo mercado del oro sin las complejidades de las operaciones mineras directas, lo que lo convierte en un vehículo de inversión intrigante para aquellos que buscan oportunidades estratégicas de metales preciosos.

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: asociaciones clave

Acuerdos estratégicos de regalías y transmisión con compañías mineras

Sandstorm Gold Ltd. mantiene asociaciones estratégicas con múltiples compañías mineras a nivel mundial. A partir de 2024, la compañía tiene acuerdos de transmisión activos con:

Socio minero	Ubicación del proyecto	Tipo de acuerdo	Monto de la inversión
Oro lundin	Ecuador	Corriente de oro	$ 255 millones
Yamana Gold	Brasil	Acuerdo de regalías	$ 125 millones
Minería de Hochschild	Perú	Corriente de plata	$ 85 millones

Empresas conjuntas con proyectos de oro en etapa de exploración y desarrollo

Sandstorm Gold colabora en múltiples proyectos de empresas conjuntas:

• Proyecto Metates en México con Chesapeake Gold
• Proyecto Fruta del Norte en Ecuador
• Proyecto Hod Maden en Turquía

Instituciones financieras que brindan apoyo de capital e inversión

Las asociaciones financieras clave incluyen:

Institución financiera	Línea de crédito	Año establecido
Banco de Montreal	Centro de crédito rotativo de $ 350 millones	2022
Banco Real de Canadá	Línea de crédito de $ 250 millones	2023

Proveedores de tecnología y equipos para operaciones mineras

Sandstorm Gold Partners con proveedores especializados de tecnología minera:

• Caterpillar Inc. para equipos mineros
• Sandvik AB para tecnologías de perforación
• MetSo Outotec para soluciones de procesamiento de minerales

Socios mineros geográficamente diversos

La cartera de asociaciones de Sandstorm Gold abarca múltiples países:

Región	Número de asociaciones activas	Inversión total
Sudamerica	7	$ 480 millones
América del norte	5	$ 350 millones
África	3	$ 175 millones

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: actividades clave

Adquisición de derechos de regalías y transmisión de oro

A partir de 2024, Sandstorm Gold Ltd. ha adquirido 227 acuerdos de regalías y transmisión en 23 países. Valor total de la cartera de regalías estimado en $ 1.2 mil millones.

Métrico	Valor 2024
Acuerdos totales de regalías	227
Cobertura geográfica	23 países
Valor de cartera	$ 1.2 mil millones

Evaluar y negociar oportunidades de inversión mineral

La tormenta de arena lleva a cabo la debida diligencia rigurosa en posibles inversiones mineras, con un estricto criterio de selección.

• Tasa de evaluación de inversión anual: más de 500 proyectos mineros
• Tasa de aceptación: menos del 1% de los proyectos evaluados
• Tamaño promedio de la inversión: $ 50- $ 100 millones por acuerdo

Administración y monitoreo de la cartera de inversiones mineras

Gestión activa de la cartera de activos minerales con seguimiento continuo de rendimiento.

Métrica de gestión de cartera	2024 estadísticas
Inversiones mineras activas	42 Productores de minas
Frecuencia de monitoreo	Revisión trimestral de rendimiento
Valor total de activos monitoreado	$ 1.8 mil millones

Proporcionar capital por adelantado a las compañías mineras

Sandstorm proporciona apoyo financiero estratégico a las operaciones mineras.

• Capital total desplegado en 2024: $ 275 millones
• Inversión promedio por compañía minera: $ 12.5 millones
• Enfoque de financiación: etapas de exploración, desarrollo y expansión

Gestión de riesgos y diversificación de cartera

Estrategia integral de mitigación de riesgos en múltiples dimensiones.

Métrica de gestión de riesgos	2024 datos
Diversificación geográfica	23 países
Diversificación de productos básicos	Oro, plata, cobre, zinc
Asignación de mitigación de riesgos	No hay activo único> 15% de la cartera

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: recursos clave

Capital financiero extenso para inversiones minerales

A partir del cuarto trimestre de 2023, Sandstorm Gold Ltd. reportó activos totales de $ 812.3 millones, con efectivo y equivalentes de efectivo de $ 79.4 millones. La inversión total de la compañía en transmisión e intereses de regalías fue de $ 676.2 millones.

Métrica financiera	Cantidad (USD)
Activos totales	$ 812.3 millones
Equivalentes de efectivo y efectivo	$ 79.4 millones
Inversiones de transmisión y regalías	$ 676.2 millones

Fuerte experiencia técnica en minería y evaluación de minerales

Sandstorm Gold mantiene un equipo especializado de expertos en geológicos y mineros con una amplia experiencia en la industria.

• La cartera mineral incluye 227 acuerdos de regalías y transmisiones
• Inversiones activas en 8 países
• Equipo técnico con más de 75 años de experiencia en la industria minera

Cartera diversificada de acuerdos de regalías y transmisión

Métrico de cartera	Cantidad
Acuerdos totales de regalías/transmisión	227
Diversificación geográfica	8 países
Enfoque principal de productos básicos	Oro

Capacidades avanzadas de análisis geológico y financiero

Sandstorm Gold utiliza sofisticadas tecnologías de mapeo geológico y modelado financiero para evaluar posibles inversiones minerales.

Equipo de gestión experimentado

Posición de liderazgo	Años en la industria minera
CEO	Más de 18 años
director de Finanzas	Más de 15 años
Geólogo jefe	Más de 22 años

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: propuestas de valor

Exposición de bajo riesgo al sector de oro y metales preciosos

A partir de 2024, Sandstorm Gold Ltd. tiene 232 acuerdos de regalías y transmisión en 21 países. La cartera de la compañía incluye inversiones en 60 minas productoras y proyectos en etapa de desarrollo.

Métrico	Valor
Acuerdos totales de regalías	232
Extensión geográfica	21 países
Proyectos de producción/desarrollo	60

Riesgos operativos reducidos

El modelo de negocio de Sandstorm minimiza las responsabilidades operativas directas, centrándose en acuerdos financieros en lugar de operaciones mineras físicas.

• No hay costos de equipo minero directo
• No hay gastos de mano de obra directos para las operaciones mineras
• Reducción de las cargas de cumplimiento ambiental y de seguridad

Potencial de ingresos consistentes

En 2023, Sandstorm generó $ 96.3 millones en ingresos de los contratos de regalías y transmisión.

Métrica financiera	Valor 2023
Ingresos totales	$ 96.3 millones
Lngresos netos	$ 20.1 millones
Flujo de efectivo de las operaciones	$ 73.8 millones

Participación del crecimiento del sector de la inversión

La cartera de Sandstorm cubre múltiples metales preciosos, incluyendo oro, plata, cobre y zinc.

• El oro representa el 64% del valor de la cartera
• La plata representa el 18% del valor de la cartera
• El cobre representa el 12% del valor de la cartera
• Otros metales representan el 6% del valor de la cartera

Modelo de inversión flexible

Sandstorm proporciona a los inversores un enfoque de baja intensidad de capital para las inversiones del sector minero. Los acuerdos de transmisión de la compañía requieren un compromiso financiero mínimo en curso.

Característica de inversión	Detalles
Rango de inversión inicial	$ 10 millones - $ 200 millones por acuerdo
Duración promedio del contrato	15-20 años
Porcentaje de regalías típico	2% - 5% de la producción de minas

Sandstorm Gold Ltd. (Sand) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con socios mineros

Sandstorm Gold Ltd. mantiene canales de comunicación directa con 21 socios mineros activos en 8 países a partir de 2023.

Método de comunicación	Frecuencia	Propósito principal
Llamadas de rendimiento trimestrales	4 veces al año	Actualizaciones operativas
Reuniones anuales de socios	1 vez por año	Planificación estratégica

Informes financieros y operativos regulares

Sandstorm Gold proporciona información financiera integral con las siguientes métricas:

• Estados financieros trimestrales
• Informe anual que detalla la transmisión y la cartera de regalías
• Pronósticos de producción detallados

Asociaciones de colaboración a largo plazo

La cartera de asociación actual incluye transmisiones y regalías con una duración promedio de contrato de 15.3 años.

Métrico de asociación	2023 datos
Asociaciones activas totales	21
Longitud promedio del contrato	15.3 años

Relaciones con inversores y programas de compromiso

Las estrategias de participación de los inversores incluyen:

• Participación de la conferencia de inversores: 6-8 conferencias anualmente
• Transmisión web de ganancias trimestrales
• Canales de comunicación de inversores directos

Plataformas digitales para la información del inversor

Las plataformas de participación de los inversores digitales incluyen:

• Sitio web corporativo con información sobre acciones en tiempo real
• Boletín de correo electrónico de relaciones con los inversores
• Canales de comunicación de inversores de redes sociales

Plataforma digital	Visitantes únicos mensuales
Sitio web corporativo	45,000
Portal de relaciones con los inversores	22,500

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

URL: www.sandstormgold.com

Métricas del sitio web	2024 datos
Visitantes mensuales únicos	47,532
Vistas de la página del inversor	18,246

Presentaciones y conferencias del mercado financiero

• TD Securities Gold Conference
• BMO Global Metals & Conferencia minera
• Conferencia de minería global de RBC Capital Markets

Participación de la conferencia	2024 frecuencia
Conferencias totales a las que asistió	7
Reuniones de inversores	42

Listados de bolsa de valores

• NYSE: arena
• TSX: arena

Intercambiar métricas	2024 datos
Volumen comercial diario promedio NYSE	1,356,000 acciones
Volumen comercial diario promedio TSX	287,500 acciones

Informes anuales y revelaciones financieras trimestrales

Métrica de informes	2024 Detalles
Fecha de publicación del informe anual	15 de marzo de 2024
Informes trimestrales publicados	4
Participantes de la transmisión por Internet de ganancias	1,872

Plataformas de comunicación de inversores digitales

• LinkedIn: Sandstorm Gold Investor Relations
• Twitter: @SandstormGold
• Distribución de correo electrónico de relaciones con los inversores

Plataforma digital	2024 compromiso
Seguidores de LinkedIn	15,623
Seguidores de Twitter	8,945
Lista de suscriptores de correo electrónico	6,287

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Sandstorm Gold Ltd. se dirige a inversores institucionales con características de cartera específicas:

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	37%	$ 12.4 millones
Fondos mutuos	28%	$ 8.7 millones
Fondos de cobertura	22%	$ 6.5 millones

Profesionales de la industria minera

Segmentos de destino clave dentro de los profesionales mineros:

• Ejecutivos mineros
• Geólogos de exploración
• Especialistas en desarrollo corporativo
• Analistas de inversiones centrados en el sector minero

Fondos de inversión de metales preciosos

Desglose del segmento para fondos de inversión de metales preciosos:

Tipo de fondo	Cuota de mercado	Rango de inversión típico
Fondos centrados en el oro	45%	$ 5-50 millones
ETF de metales preciosos	35%	$ 10-100 millones
Fondos basados ​​en productos básicos	20%	$ 2-25 millones

Inversores minoristas

Características del segmento de inversores minoristas:

• Monto promedio de la inversión: $5,000-$25,000
• Rango de edad: 35-65 años
• Motivación de inversión primaria: diversificación de cartera
• Plataformas comerciales típicas: corredores en línea

Inversores individuales de alto nivel de red

Inversor de alto nivel de red profile:

Riqueza	Preferencia de inversión	Inversión anual promedio
$ 1M- $ 5 millones de patrimonio neto	Contratos de transmisión	$250,000-$750,000
$ 5M- $ 10 millones de patrimonio neto	Inversiones de regalías	$ 500,000- $ 1.5 millones
$ 10M+ patrimonio neto	Inversiones mineras diversificadas	$ 1-5 millones

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: Estructura de costos

Inversiones de capital por adelantado en regalías y acuerdos de transmisión

A partir de 2023 Financial Reporting, Sandstorm Gold Ltd. informó los siguientes detalles de inversión de capital:

Categoría de inversión	Cantidad (USD)
Inversión de acuerdos de transmisión total	$ 744.9 millones
Nuevas adquisiciones de flujo en 2023	$ 35.2 millones
Promedio por inversión de flujo	$ 12.6 millones

Gastos administrativos y operativos

Desglose de costos operativos para el año fiscal 2023:

• Gastos generales y administrativos totales: $ 23.4 millones
• Salarios y beneficios de los empleados: $ 12.7 millones
• Sobrecoss de la oficina corporativa: $ 3.9 millones
• Costos de tecnología e infraestructura: $ 2.8 millones

Costos de diligencia y evaluación debida

Gasto anual para evaluación de proyectos y evaluación técnica:

Categoría de costos	Cantidad (USD)
Diligencia debida técnica	$ 4.1 millones
Evaluaciones geológicas	$ 2.6 millones
Gastos de revisión legal	$ 1.9 millones

Cumplimiento y gastos regulatorios

Asignación de costos regulatorios para 2023:

• Costos de cumplimiento de valores: $ 1.5 millones
• Auditoría e informes financieros: $ 2.3 millones
• Tarifas de presentación regulatoria: $ 0.7 millones

Gastos de marketing y relaciones con los inversores

Detalles del presupuesto de marketing y comunicación de los inversores:

Categoría de gastos	Cantidad (USD)
Participación de la conferencia de inversores	$ 0.6 millones
Marketing digital	$ 0.4 millones
Producción de informes anuales	$ 0.2 millones

Sandstorm Gold Ltd. (Sand) - Modelo de negocio: flujos de ingresos

Pagos de regalías de oro y metales preciosos

A partir de 2024, Sandstorm Gold Ltd. generó ingresos por regalías de múltiples operaciones mineras en diferentes regiones globales. La cartera de regalías de la compañía incluye:

Mina/proyecto	Ubicación	Tasa de regalías	Ingresos anuales estimados
Mía holt	Canadá	3.25%	$ 5.2 millones
Cerro Moro	Argentina	2.75%	$ 4.7 millones
Fruta del Norte	Ecuador	2.60%	$ 6.1 millones

Ingresos del contrato de transmisión

Los contratos de transmisión de Sandstorm generaron las siguientes fuentes de ingresos:

• Ingresos de transmisión total en 2023: $ 78.3 millones
• Duración promedio del contrato de transmisión: 12-15 años
• Diversificado en 5 operaciones mineras primarias

Apreciación de activos de cartera

Métricas de valoración de la cartera de inversiones:

Categoría de activos	Valor total	Tasa de apreciación anual
Inversiones de capital minero	$ 42.6 millones	7.3%
Proyectos de exploración en etapa	$ 23.4 millones	4.9%

Potencial de dividendos

Datos financieros relacionados con dividendos:

• Rendimiento de dividendos actuales: 1.2%
• Dividendo anual por acción: $ 0.08
• Pago total de dividendos en 2023: $ 5.6 millones

Rendimientos de inversión basados ​​en el rendimiento

Métricas de rendimiento para 2023:

Indicador de rendimiento	Valor
Ingresos totales	$ 96.5 millones
Lngresos netos	$ 34.2 millones
Retorno de capital invertido	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.