Sandstorm Gold (SSL) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $50.1 million for Q1 2025, with operating cash flow exceeding $40 million, reflecting strong gold market conditions and robust portfolio performance.

• Net income reached $11.3 million, reversing a net loss of $3.9 million in Q1 2024.

• Maintains long-term outlook of doubling production by 2030, with significant growth expected from key assets MARA, Hod Maden, and Platreef.

• Portfolio continues to benefit from exploration upside, with partners consistently replacing and exceeding mined ounces annually.

• Sandstorm Gold Royalties is positioned as a growth-focused, diversified gold royalty and streaming company with a portfolio of over 230 royalties, including 41 cash-flowing and 30+ development assets.

Financial highlights

• Total sales, royalties, and income from other interests reached $54.1 million, including a $4 million payment from Vatukoula Gold Stream.

• Record cash operating margins of $2,509 per attributable gold equivalent ounce, up from $1,782 year-over-year.

• Net income for the quarter was $11.3 million, or $0.04 per share.

• Operating cash flows, excluding changes in non-cash working capital, were $40.8 million.

• Attributable cash flow from operating activities is expected to exceed $255 million per year by 2030, up from $165 million in 2025, based on $2,600/oz gold price assumptions.

Outlook and guidance

• 2025 production guidance maintained at 65,000–80,000 attributable gold equivalent ounces, with sensitivity to commodity price changes.

• Long-term production expected to reach 150,000 ounces by 2030, assuming exercise of the MARA Gold Stream option.

• Gold equivalent production is projected to grow by over 100% by 2030, with long-term guidance targeting 150,000+ GEOs annually.

• Key catalysts include Greenstone ramp-up, Platreef and Hod Maden construction, MARA advancement, and continued deleveraging.

• Anticipates robust cash flows for the remainder of 2025, supported by a strong gold market and ramp-up of key assets.