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Sandstorm Gold (SSL) investor relations material
Sandstorm Gold Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Announced sale to Royal Gold in an all-share transaction valued at $3.5 billion, with strong shareholder support and expected completion in Q4 2025.
Record Q2 2025 revenue of $51.4M and record cash operating margins, driven by strong commodity prices and portfolio performance.
Net income rose to $16.9M, up 61% year-over-year, with operating cash flow of $37.7M (excluding non-cash working capital).
Transaction offers immediate value, portfolio diversification, and maintains gold exposure for investors.
Royal Gold's diversification improves, with top 10 assets representing 61% of NAV post-acquisition.
Financial highlights
Q2 revenue reached $51.4M, a 24% increase year-over-year, with 15,100 attributable gold equivalent ounces (GEOs) sold.
Record cash operating margin of $2,981 per ounce; average cash cost per ounce was $350.
Net income for Q2 was $16.9M, up from $10.5M in Q2 2024.
Operating cash flow of $37.7M (excluding non-cash working capital); $25M net debt repaid in Q2.
$315M outstanding on revolving credit facility as of August 7, 2025.
Outlook and guidance
Full-year 2025 attributable production forecasted at 65,000–80,000 GEOs; long-term production expected to reach 150,000 ounces by 2030.
Production expected to be weighted toward the second half of the year based on operator guidance.
Guidance is sensitive to commodity price changes; ±10% in copper and silver prices could impact annual production by ±1,500 ounces.
Greenstone and other key assets anticipated to increase output in H2 2025.
Guidance and forecasts depend on successful project developments and favorable market and regulatory environments.
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