Sandstorm Gold Ltd. (SAND): Business Model Canvas [Dec-2025 Updated]

You're digging into Sandstorm Gold Ltd.'s engine room right before the $3.5 billion Royal Gold acquisition locks in, and honestly, understanding their business model now is key to valuing the final deal. As a seasoned analyst, I see a lean operation that acts as a specialized financier for miners, evidenced by their record $51.4 million in Q2 2025 revenue, primarily from selling physical gold from their over 230 royalty and stream assets. This model offers investors low-cost, non-dilutive exposure to production-they collect metal, not manage mines-but the real action is in how they structure deals with partners like Equinox Gold and manage their balance sheet deleveraging, aiming for that high-margin cash flow. Dive into the nine blocks below to see exactly how Sandstorm Gold Ltd. built this high-margin machine.

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

You're looking at the core relationships that powered Sandstorm Gold Ltd.'s business structure right up to its acquisition, so let's detail the key players and the numbers tied to those arrangements as of late 2025.

The most significant partnership event was the definitive arrangement with Royal Gold, Inc., announced July 7, 2025, and closed October 20, 2025. This was an all-share transaction with an implied value of approximately $3.5 billion. So, Sandstorm shareholders ended up owning 23% of the combined entity on a fully diluted basis, receiving 0.0625 Royal Gold shares for each Sandstorm Share held. This move immediately added 40 producing assets to the Royal Gold portfolio, expected to contribute between 65,000 and 80,000 gold equivalent ounces (GEOs) in 2025. Royal Gold itself drew $450 million on its $1.4 billion revolving credit facility to manage the assumed debt and cash consideration for the concurrent Horizon Copper deal.

Before the acquisition closed, Sandstorm Gold Ltd. maintained significant financial arrangements, including its own revolving credit facility. As of August 7, 2025, the outstanding balance on this facility was $315 million, following net debt repayments of $25 million during the second quarter of 2025.

The company's asset base relied heavily on its relationships with the operators of those underlying mines. For instance, the Nevada Gold Mines joint venture (Barrick/Newmont JV) is key for the Robertson royalty. Sandstorm Gold Ltd. was entitled to receive advance payments of $500,000 per annum from this project, a payment stream set to continue until production commences or until January 2, 2034.

Here's a look at the other major operators involved in the portfolio that underpinned the valuation:

• Equinox Gold Corp.: Operator of the Greenstone mine, which saw first gold delivery to Sandstorm Gold Ltd. Equinox Gold Corp. was forecasting Greenstone production between 300,000 and 350,000 gold ounces for 2025.
• SSR Mining Inc.: Partner on the Hod Maden gold project in Türkiye. SSR Mining approved early-works capital investments of approximately $60-$100 million (on a 100% basis) for 2025 at Hod Maden.
• Glencore plc: Partner on the MARA copper-gold project, with Glencore plc expected to submit a key application under RIGI in the first half of 2025.

The value of these operating partnerships is best seen by mapping the expected 2025 contribution to Sandstorm Gold Ltd.'s guidance, which was forecasted to be between 65,000 and 80,000 attributable gold equivalent ounces.

The structure of the portfolio, which included interests added to Royal Gold, shows the diversity of these operational ties:

Project	Operator (as of June 30, 2025)	Stage	Commodity	Country	Key Term/Value
Greenstone	Equinox Gold Corp.	Producing	Au	Brazil	3.0%-5.0% NSR
Hod Maden	SSR Mining Inc. / Zenit Madencilik San. ve Tic. A.S.	Development	Au	Türkiye	Early-works capital $60-$100 million (100% basis) in 2025
Robertson Royalty	Nevada Gold Mines (Barrick/Newmont JV)	Development	Au	USA (Nevada)	Advance payment of $500,000 per annum
MARA	Glencore plc	Development	Cu, Au	Argentina	Glencore expected to submit RIGI application H1 2025

The acquisition by Royal Gold, Inc. effectively transferred Sandstorm Gold Ltd.'s rights in these operating partnerships, creating a combined entity with 393 streams and royalties, including 80 cash-flowing assets.

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

You're looking at the core engine driving Sandstorm Gold Ltd.'s value creation right now, which is heavily focused on managing existing assets while pushing key developments toward production. Here's the breakdown of the main things the team is actively working on, grounded in the latest figures we have from mid-2025.

Sourcing and acquiring new gold and metal streams/royalties.

While the focus has shifted to integration following the Royal Gold transaction announcement, the core activity remains deal-making. The pro-forma entity, combining Royal Gold and Sandstorm, is set to host a combined portfolio of 393 royalties and streams. This scale is a key part of the strategy moving forward.

Managing a portfolio of over 230 royalties and streams globally.

Managing this large asset base is a constant activity, generating the cash flow that funds deleveraging and growth. For context on the revenue generation from this portfolio in the second quarter of 2025, you can see the performance metrics here:

Metric	Q2 2025 Value	Context/Unit
Total Revenue	$51.4 million	Q2 2025
Attributable GEOs Sold	15,100	Q2 2025 ounces
Cash Operating Margin	$2,981 per ounce	Q2 2025
Total H1 2025 Production	33,590 GAA	Gold Equivalent Ounces

The portfolio is expected to have a 2025 revenue mix of approximately 87% precious metals, with 75% of total revenues coming from gold.

Deleveraging the balance sheet, with $25 million in Q2 2025 net debt repayments.

This is a major focus, using strong operating cash flow to clean up the balance sheet. The company made $25 million in net debt repayments during the second quarter of 2025. As of June 30, 2025, the outstanding balance on the revolving credit facility was $315 million, with an undrawn and available balance of $310 million. Honestly, that debt reduction pace is impressive.

Selling physical gold and other metals received from stream agreements.

The realization of revenue depends on selling the physical commodities received. In Q2 2025, Sandstorm Gold Ltd. sold approximately 15,100 attributable gold equivalent ounces. The realized gold price averaged over $3,300 per ounce during that quarter, which really helped drive the record revenue.

Advancing key development assets like Hod Maden and Platreef.

These are the future production drivers. Here are the concrete steps being taken:

• Platreef Phase 1 is targeted to commence production in the fourth quarter of 2025.
• Sandstorm's stream terms at Platreef involve purchasing 37.5% of payable gold until 131,250 ounces are delivered, then 30% until 256,980 ounces are delivered, for ongoing payments of $100 per ounce.
• At Hod Maden, early-works capital investments in 2025 are expected to total between $60-$100 million (on a 100% basis).
• The forecast for first production at Hod Maden remains 2028.
• The full-year 2025 production guidance is maintained between 65,080 and 80,000 gold equivalent ounces.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power Sandstorm Gold Ltd.'s business right now, late in 2025. These aren't just ideas; they are the tangible and financial foundations supporting their growth strategy.

The portfolio is the engine. Sandstorm Gold Ltd. maintains a highly diversified set of agreements, which is key to mitigating single-asset risk. The company holds a portfolio of approximately 230 royalties, with 40 of the underlying mines currently producing as of September 2025.

Here is a snapshot of the asset base supporting the business:

Key Resource Metric	Value/Amount	Context/Date
Cash-Flowing Assets (as per outline)	41	As of late 2025
Total Royalties Held	Approximately 230	As of September 2025
Producing Mines	40	As of September 2025
Development Assets (as per outline)	Over 30	As of late 2025
Mine Life Supported by Reserves/Resources	28-year mine life	As of May 2025

Financial flexibility is a major resource, especially for securing new deals or weathering market shifts. Sandstorm Gold Ltd. has substantial liquidity available. As of August 7, 2025, the company reported an undrawn and available balance of $310 million on its revolving credit facility, against an outstanding balance of $315 million. This is a strong position, though slightly lower than the $297 million undrawn balance reported on May 6, 2025.

The technical and financial expertise is the human capital resource that vets these deals. This expertise is critical for conducting the necessary due diligence on mining projects before committing capital to streams or royalties.

A significant future resource is the exclusive gold stream option on the MARA project in Argentina. This option, which converts an existing royalty, has a maximum advance payment of $225 million. If exercised, Sandstorm Gold Ltd. gains the right to purchase 20% of payable gold produced for the life of the mine, with ongoing payments set at 30% of the spot price of gold. The long-term production forecast for 2030 factors in this asset, projecting approximately 150,000 attributable gold equivalent ounces.

To give you a sense of current operational scale:

• For the three months ended June 30, 2025, revenue reached a record $51.4 million.
• During that same quarter, the company sold 15,098 attributable gold equivalent ounces.
• Cash operating margins for Q2 2025 were $2,981 per attributable gold equivalent ounce.

The ability to deploy capital strategically, like the $25 million in net debt repayments made during the second quarter of 2025, is also a core resource. Finance: draft 13-week cash view by Friday.

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.