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Investor Relations14 Oct 2025
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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.Q2 2025 earnings summary8 Aug, 2025
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.
What % of combined company will SSL own?
When is MARA formal investment decision expected?
What is the outstanding balance on credit facility?
Royal Gold's NAV concentration post-deal?
Reason for Q2 GEO decrease?
Key Fruta del Norte exploration discoveries?
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Frequently asked questions
Sandstorm Gold Ltd. operates as a gold royalty company. It is engaged in the acquisition of royalties on producing mines and development projects and seeks to achieve gold equivalent production and cash flow growth through royalty acquisitions within the Americas, now and over time. The company focuses primarily on precious metals, including gold and silver, produced from a portfolio of royalties from producing mines located in North America, South America, and Europe. Sandstorm Gold Ltd. is based in Toronto, Canada.
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