Sandstorm Gold Ltd. (Sand): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento de metais preciosos, a Sandstorm Gold Ltd. (Sand) surge como um modelo de negócios revolucionário que transforma estratégias tradicionais de investimento em mineração. Ao alavancar acordos inovadores de royalties e streaming, esta empresa oferece aos investidores um caminho único para a exposição ao setor de ouro com Riscos operacionais reduzidos e potencial para receita consistente. Diferentemente das empresas de mineração convencionais, a abordagem da Sandstorm fornece um modelo flexível e eficiente em termos de capital que permite que as partes interessadas participem do lucrativo mercado de ouro sem as complexidades das operações de mineração direta, tornando-o um veículo de investimento intrigante para aqueles que buscam oportunidades estratégicas de metais preciosos.

Sandstorm Gold Ltd. (Sand) - Modelo de negócios: Parcerias -chave

Acordos estratégicos de royalties e streaming com empresas de mineração

A Sandstorm Gold Ltd. mantém parcerias estratégicas com várias empresas de mineração globalmente. A partir de 2024, a empresa possui acordos de streaming ativo com:

Parceiro de mineração	Localização do projeto	Tipo de acordo	Valor do investimento
Lundin Gold	Equador	Fluxo de ouro	US $ 255 milhões
Yamana Gold	Brasil	Contrato de royalties	US $ 125 milhões
Mineração de Hochschild	Peru	Fluxo de prata	US $ 85 milhões

Joint ventures com projetos de ouro em estágio de exploração e desenvolvimento

A Sandstorm Gold colabora em vários projetos de joint venture:

• Metates Project no México com Chesapeake Gold
• Projeto Fruta del Norte no Equador
• Hod Maden Project na Turquia

Instituições financeiras que fornecem suporte de capital e investimento

As principais parcerias financeiras incluem:

Instituição financeira	Linha de crédito	Ano estabelecido
Banco de Montreal	Linha de crédito rotativo de US $ 350 milhões	2022
Royal Bank of Canada	Linha de crédito de US $ 250 milhões	2023

Fornecedores de tecnologia e equipamentos para operações de mineração

A Sandstorm Gold faz parceria com fornecedores especializados de tecnologia de mineração:

• Caterpillar Inc. para equipamentos de mineração
• Sandvik AB para tecnologias de perfuração
• METSO OUTOTEC para soluções de processamento mineral

Parceiros de mineração geograficamente diversos

O portfólio de parcerias da Sandstorm Gold abrange vários países:

Região	Número de parcerias ativas	Investimento total
Ámérica do Sul	7	US $ 480 milhões
América do Norte	5	US $ 350 milhões
África	3	US $ 175 milhões

Sandstorm Gold Ltd. (Sand) - Modelo de Negócios: Atividades -chave

Adquirindo direitos de royalties de ouro e streaming

A partir de 2024, a Sandstorm Gold Ltd. adquiriu 227 acordos de royalties e streaming em 23 países. Valor total do portfólio de royalties estimado em US $ 1,2 bilhão.

Métrica	2024 Valor
Total de acordos de royalties	227
Cobertura geográfica	23 países
Valor do portfólio	US $ 1,2 bilhão

Avaliar e negociar oportunidades de investimento mineral

A Sandstorm realiza a devida diligência rigorosa em possíveis investimentos em mineração, com um rigoroso critério de seleção.

• Taxa anual de avaliação de investimento: mais de 500 projetos de mineração
• Taxa de aceitação: menos de 1% dos projetos avaliados
• Tamanho médio do investimento: US $ 50 a US $ 100 milhões por contrato

Gerenciando e monitorando o portfólio de investimentos em mineração

Gerenciamento ativo do portfólio de ativos minerais com rastreamento contínuo de desempenho.

Métrica de gerenciamento de portfólio	2024 Estatísticas
Investimentos ativos de mineração	42 Produzindo minas
Frequência de monitoramento	Revisão trimestral de desempenho
Valor do ativo monitorado total	US $ 1,8 bilhão

Fornecendo capital inicial para empresas de mineração

O Sandstorm fornece apoio financeiro estratégico às operações de mineração.

• Capital total implantado em 2024: US $ 275 milhões
• Investimento médio por empresa de mineração: US $ 12,5 milhões
• Foco de financiamento: etapas de exploração, desenvolvimento e expansão

Gerenciamento de riscos e diversificação de portfólio

Estratégia abrangente de mitigação de riscos em várias dimensões.

Métrica de gerenciamento de riscos	2024 dados
Diversificação geográfica	23 países
Diversificação de commodities	Ouro, prata, cobre, zinco
Alocação de mitigação de risco	Nenhum ativo único> 15% do portfólio

Sandstorm Gold Ltd. (Sand) - Modelo de negócios: Recursos -chave

Capital financeiro extenso para investimentos minerais

A partir do quarto trimestre de 2023, a Sandstorm Gold Ltd. relatou ativos totais de US $ 812,3 milhões, com caixa e equivalentes em dinheiro de US $ 79,4 milhões. O investimento total da empresa em interesses de fluxo e royalties foi de US $ 676,2 milhões.

Métrica financeira	Quantidade (USD)
Total de ativos	US $ 812,3 milhões
Caixa e equivalentes de dinheiro	US $ 79,4 milhões
Transmissões e investimentos de royalties	US $ 676,2 milhões

Forte experiência técnica em mineração e avaliação mineral

O Sandstorm Gold mantém uma equipe especializada de especialistas em geologia e mineração com extensa experiência no setor.

• O portfólio mineral inclui 227 acordos de royalties e fluxo
• Investimentos ativos em 8 países
• Equipe técnica com mais de 75 anos de experiência na indústria de mineração

Portfólio diversificado de acordos de royalties e streaming

Métrica do portfólio	Quantidade
Acordos totais de royalty/fluxo	227
Diversificação geográfica	8 países
Foco primário de mercadoria	Ouro

Capacidades avançadas de análise geológica e financeira

O Sandstorm Gold utiliza tecnologias sofisticadas de mapeamento e modelagem financeira para avaliar possíveis investimentos minerais.

Equipe de gerenciamento experiente

Posição de liderança	Anos na indústria de mineração
CEO	Mais de 18 anos
Diretor Financeiro	Mais de 15 anos
Geólogo -chefe	Mais de 22 anos

Sandstorm Gold Ltd. (Sand) - Modelo de Negócios: Proposições de Valor

Exposição de baixo risco ao setor de ouro e metais preciosos

A partir de 2024, a Sandstorm Gold Ltd. possui 232 acordos de royalties e streaming em 21 países. O portfólio da empresa inclui investimentos na produção de 60 minas e projetos de estágio de desenvolvimento.

Métrica	Valor
Total de acordos de royalties	232
Propagação geográfica	21 países
Projetos de produção/desenvolvimento	60

Riscos operacionais reduzidos

O modelo de negócios da Sandstorm minimiza as responsabilidades operacionais diretas, concentrando -se em acordos financeiros em vez de operações físicas de mineração.

• Sem custos de equipamentos de mineração direta
• Sem despesas de mão -de -obra direta para operações de mineração
• Ferros de conformidade ambiental e de segurança reduzidos

Potencial para receita consistente

Em 2023, a Sandstorm gerou US $ 96,3 milhões em receita de contratos de royalties e streaming.

Métrica financeira	2023 valor
Receita total	US $ 96,3 milhões
Resultado líquido	US $ 20,1 milhões
Fluxo de caixa das operações	US $ 73,8 milhões

Participação do crescimento do setor de investimentos

O portfólio da Sandstorm cobre vários metais preciosos, incluindo ouro, prata, cobre e zinco.

• O ouro representa 64% do valor do portfólio
• Prata representa 18% do valor do portfólio
• O cobre representa 12% do valor do portfólio
• Outros metais representam 6% do valor do portfólio

Modelo de investimento flexível

Sandstorm fornece aos investidores uma abordagem de baixa intensidade capital para investimentos no setor de mineração. Os acordos de streaming da empresa exigem comprometimento financeiro contínuo mínimo.

Característica do investimento	Detalhes
Intervalo de investimento inicial	US $ 10 milhões - US $ 200 milhões por contrato
Duração média do contrato	15-20 anos
Porcentagem de royalties típicas	2% - 5% da produção de minas

Sandstorm Gold Ltd. (Sand) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com parceiros de mineração

A Sandstorm Gold Ltd. mantém canais de comunicação direta com 21 parceiros de mineração ativos em 8 países a partir de 2023.

Método de comunicação	Freqüência	Propósito primário
Chamadas de desempenho trimestrais	4 vezes por ano	Atualizações operacionais
Reuniões anuais de parceiros	1 tempo por ano	Planejamento estratégico

Relatórios financeiros e operacionais regulares

O Sandstorm Gold fornece relatórios financeiros abrangentes com as seguintes métricas:

• Demonstrações financeiras trimestrais
• Relatório anual Detalhando o fluxo e portfólio de royalties
• Previsões detalhadas de produção

Parcerias colaborativas de longo prazo

O portfólio atual de parcerias inclui fluxos e royalties, com uma duração média do contrato de 15,3 anos.

Métrica de Parceria	2023 dados
Total de parcerias ativas	21
Comprimento médio do contrato	15,3 anos

Programas de relações com investidores e engajamento

As estratégias de envolvimento dos investidores incluem:

• Participação da Conferência de Investidores: 6-8 Conferências anualmente
• Webcast trimestral de ganhos
• Canais de comunicação de investidores diretos

Plataformas digitais para informações sobre investidores

As plataformas de engajamento de investidores digitais incluem:

• Site corporativo com informações de ações em tempo real
• Newsletter de e -mail de relações com investidores
• Canais de comunicação de investidores de mídia social

Plataforma digital	Visitantes únicos mensais
Site corporativo	45,000
Portal de Relações com Investidores	22,500

Sandstorm Gold Ltd. (Sand) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

URL: www.sandstormgold.com

Métricas do site	2024 dados
Visitantes mensais únicos	47,532
Visualizações de página do investidor	18,246

Apresentações e conferências do mercado financeiro

• TD Securities Gold Conference
• BMO Global Metals & Conferência de Mineração
• RBC Capital Markets Global Mining Conference

Participação da conferência	2024 Frequência
As conferências totais compareceram	7
Reuniões de investidores	42

Listagens de bolsas de valores

• NYSE: Areia
• TSX: Areia

Métricas de troca	2024 dados
Volume médio de negociação diária NYSE	1.356.000 ações
Volume médio de negociação diária TSX	287.500 ações

Relatórios anuais e divulgações financeiras trimestrais

Métrica de relatório	2024 Detalhes
Data de publicação do relatório anual	15 de março de 2024
Relatórios trimestrais publicados	4
Participantes do webcast de ganhos	1,872

Plataformas de comunicação de investidores digitais

• LinkedIn: Sandstorm Gold Investor Relações
• Twitter: @sandstormgold
• Distribuição por e -mail de relações com investidores

Plataforma digital	2024 Engajamento
Seguidores do LinkedIn	15,623
Seguidores do Twitter	8,945
Lista de assinantes de email	6,287

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

Investidores institucionais

A Sandstorm Gold Ltd. tem como alvo investidores institucionais com características específicas de portfólio:

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	37%	US $ 12,4 milhões
Fundos mútuos	28%	US $ 8,7 milhões
Fundos de hedge	22%	US $ 6,5 milhões

Profissionais da indústria de mineração

Principais segmentos -alvo nos profissionais de mineração:

• Executivos de mineração
• Geólogos de exploração
• Especialistas em desenvolvimento corporativo
• Analistas de investimento focados no setor de mineração

Fundos de investimento de metais preciosos

Redução do segmento para fundos de investimento de metais preciosos:

Tipo de fundo	Quota de mercado	Faixa de investimento típica
Fundos focados em ouro	45%	US $ 5-50 milhões
ETFs de metais preciosos	35%	US $ 10-100 milhões
Fundos baseados em commodities	20%	US $ 2-25 milhões

Investidores de varejo

Características do segmento de investidores de varejo:

• Valor médio de investimento: $5,000-$25,000
• Faixa etária: 35-65 anos
• Motivação primária de investimento: diversificação de portfólio
• Plataformas de negociação típicas: corretores online

Investidores individuais de alta rede

Investidor de alta rede profile:

Suporte de riqueza	Preferência de investimento	Investimento médio anual
US $ 1 milhão a US $ 5 milhões no patrimônio líquido	Contratos de streaming	$250,000-$750,000
US $ 5 milhões a US $ 10 milhões no patrimônio líquido	Investimentos em royalties	US $ 500.000 a US $ 1,5 milhão
US $ 10 milhões+ patrimônio líquido	Investimentos diversificados de mineração	US $ 1-5 milhões

Sandstorm Gold Ltd. (Sand) - Modelo de negócios: Estrutura de custos

Investimentos iniciais de capital em acordos de royalties e streaming

A partir de 2023 Relatórios Financeiros, a Sandstorm Gold Ltd. relatou os seguintes detalhes de investimento de capital:

Categoria de investimento	Quantidade (USD)
Investimento total de acordos de streaming	US $ 744,9 milhões
Novas aquisições de fluxo em 2023	US $ 35,2 milhões
Média por investimento do fluxo	US $ 12,6 milhões

Despesas administrativas e operacionais

Redução de custos operacionais para o ano fiscal de 2023:

• Despesas gerais e administrativas totais: US $ 23,4 milhões
• Salários e benefícios dos funcionários: US $ 12,7 milhões
• Overhead de escritório corporativo: US $ 3,9 milhões
• Custos de tecnologia e infraestrutura: US $ 2,8 milhões

Due Diligence e Custos de Avaliação

Despesas anuais para avaliação de projetos e avaliação técnica:

Categoria de custo	Quantidade (USD)
Due diligence técnico	US $ 4,1 milhões
Avaliações geológicas	US $ 2,6 milhões
Despesas de revisão legal	US $ 1,9 milhão

Conformidade e despesas regulatórias

Alocação de custos regulatórios para 2023:

• Custos de conformidade de valores mobiliários: US $ 1,5 milhão
• Relatórios de auditoria e financeiro: US $ 2,3 milhões
• Taxas de arquivamento regulatório: US $ 0,7 milhão

Despesas de marketing e relações de investidores

Detalhes do orçamento de marketing e comunicação de marketing e investidores:

Categoria de despesa	Quantidade (USD)
Participação da Conferência de Investidores	US $ 0,6 milhão
Marketing digital	US $ 0,4 milhão
Produção anual do relatório	US $ 0,2 milhão

Sandstorm Gold Ltd. (Sand) - Modelo de negócios: fluxos de receita

Pagamentos de royalties de ouro e metais preciosos

A partir de 2024, a Sandstorm Gold Ltd. gerou receita de royalties de várias operações de mineração em diferentes regiões globais. O portfólio de royalties da empresa inclui:

Meu/projeto	Localização	Taxa de royalties	Receita anual estimada
Holt Mine	Canadá	3.25%	US $ 5,2 milhões
Cerro Moro	Argentina	2.75%	US $ 4,7 milhões
Fruta del Norte	Equador	2.60%	US $ 6,1 milhões

Receita de contrato de streaming

Os contratos de streaming da Sandstorm geraram os seguintes fluxos de receita:

• Receita total de streaming em 2023: US $ 78,3 milhões
• Duração média do contrato de streaming: 12-15 anos
• Diversificado em 5 operações de mineração primárias

Apreciação de ativos do portfólio

Métricas de avaliação do portfólio de investimentos:

Categoria de ativos	Valor total	Taxa de valorização anual
Investimentos de equidade de mineração	US $ 42,6 milhões	7.3%
Projetos de estágio de exploração	US $ 23,4 milhões	4.9%

Potencial de dividendos

Dados financeiros relacionados a dividendos:

• Rendimento atual de dividendos: 1,2%
• Dividendo anual por ação: US $ 0,08
• Pagamento total de dividendos em 2023: US $ 5,6 milhões

Retornos de investimento baseados em desempenho

Métricas de desempenho para 2023:

Indicador de desempenho	Valor
Receita total	US $ 96,5 milhões
Resultado líquido	US $ 34,2 milhões
Retorno sobre capital investido	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.