Sandstorm Gold Ltd. (NYSE:SAND) Q3 2023 Earnings Conference Call November 7, 2023 11:30 AM ET Company Participants Nolan Watson - Chief Executive Officer Erfan Kazemi - Chief Financial Officer David Awram - Co-Founder and SVP Conference Call Participants Josh Wolfson - RBC Capital Markets Heiko Ihle - H.C. Wainwright Derick Ma - TD Securities Operator Good morning. My name is Allen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold Royalties 2 ...

Management's Discussion and Analysis [Company Highlights & Overview](index=3&type=section&id=Company%20Highlights%20%26%20Overview) The company achieved strong Q3 and nine-month results, renewing its $625 million credit facility, prioritizing debt reduction, and maintaining shareholder returns and production forecasts Q3 & 9M 2023 Operating Results (vs. 2022) | Metric | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $41.3M | $39.0M | $135.1M | $110.3M | | Attributable Gold Equivalent Ounces | 21,123 | 22,606 | 73,995 | 60,623 | | Net Income | $0.0M | $31.7M | $18.3M | $80.5M | | Operating Cash Flow (excl. WC) | $33.9M | $31.3M | $114.6M | $79.9M | | Avg. Cash Cost per GEO | $220 | $323 | $227 | $295 | - **Debt Reduction:** De-levering the balance sheet is a top priority. The company is monetizing **$40–$100 million** in non-core assets by the end of 2024, with proceeds directed to debt repayment. An agreement to sell the El Pilar and Blackwater Royalties for **$25.0 million** was reached in October 2023[11](index=11&type=chunk) - **Credit Facility:** Renewed its revolving credit facility in September 2023, providing access to **$625 million** and extending the term to **September 2027**[11](index=11&type=chunk) - **Shareholder Returns:** Purchased and cancelled approximately **2.8 million** common shares for **$14.4 million** YTD under its NCIB and declared a quarterly dividend of **CAD0.02** per share[11](index=11&type=chunk) - **Business Model:** Sandstorm acquires royalties and streams from mining companies, receiving a percentage of a mine's production in return for upfront payments. The portfolio currently consists of **245 streams and royalties**, with **42** of the underlying mines in production[13](index=13&type=chunk) - **2023 Outlook:** Forecasts **90,000–100,000** Attributable Gold Equivalent ounces for 2023[14](index=14&type=chunk) - **Long-Term Outlook:** Production is expected to reach approximately **125,000** Attributable Gold Equivalent ounces within the next five years, with a sustainable average of **~110,000** ounces over the next 15 years[14](index=14&type=chunk) [Asset Portfolio](index=6&type=section&id=Asset%20Portfolio) The company's diversified portfolio includes key producing assets like Cerro Moro and Chapada, alongside development projects such as Hod Maden and Greenstone, driving future growth [Key Producing Assets](index=6&type=section&id=Key%20Producing%20Assets) This section details core producing assets, including silver streams on Cerro Moro and Antamina, a copper stream on Chapada, and royalties on Vale's iron ore systems - **Cerro Moro Silver Stream:** Right to purchase **20%** of silver produced (up to **1.2M oz/year**) until **7.0M oz** are delivered, then **9%** thereafter, for **30%** of the spot silver price[18](index=18&type=chunk) - **Chapada Copper Stream:** Right to purchase **4.2%** of copper produced (up to **3.9M lbs/year**) until **39M lbs** are delivered, then decreasing percentages, for **30%** of the spot copper price[20](index=20&type=chunk)[21](index=21&type=chunk) - **Antamina Silver Stream and NPI:** Entitled to receive silver ounces equal to **1.66%** of all silver production for **2.5%** of the spot price. Also holds an NPI calculated as **one-third** of Horizon Copper's **1.66%** Antamina NPI[22](index=22&type=chunk) - **Vale Royalties:** Holds various net sales royalties on Vale's assets in Brazil, including a **0.05% NSR** on the **Northern System's** iron ore sales and a future **0.05% NSR** on a portion of the **Southeastern System**, expected to commence in **2025**[24](index=24&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Other Producing Assets](index=9&type=section&id=Other%20Producing%20Assets) This section details additional cash-flowing assets, including the Aurizona NSR, Fruta del Norte NSR, and the restructured Mercedes streams, which provide a new Corani NSR - **Aurizona Gold Royalty:** A **3%-5% sliding scale NSR** based on the gold price (**$1,500-$2,000+** per ounce)[37](index=37&type=chunk)[38](index=38&type=chunk) - **Mercedes Precious Metal Streams (Restructured):** Agreed in **Q3 2023** to restructure its streams. Effective **Jan 1, 2024**, the gold stream changes to **275 oz/month** through **April 2028**, then **4.4%** of production. The silver stream is suspended until **April 2028**, then becomes **100%** of production. In exchange, Sandstorm receives a **1.0% NSR** on the **Corani** project and **$10M** in other consideration[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk) - **Relief Canyon Gold Stream:** Entitled to receive **38,784 ounces** of gold over a **6.5-year period**, after which it converts to a **4%** stream on gold and silver[55](index=55&type=chunk)[57](index=57&type=chunk) - **Bonikro Gold Stream:** Allied Gold, the operator, closed a business combination and raised **~$267 million** in financing. An updated reserve estimate shows **645,000 gold ounces**[62](index=62&type=chunk)[64](index=64&type=chunk) [Development Assets](index=16&type=section&id=Development%20Assets) The development portfolio is key to future growth, featuring several world-class projects, with Hod Maden advancing, Platreef targeting H2 2024 production, and Greenstone on track for H1 2024 gold pour - **Hod Maden Gold Stream:** SSR Mining acquired up to a **40%** operating interest and is advancing the project to a full construction decision in **2024**, with commercial production anticipated in **2027**[74](index=74&type=chunk)[78](index=78&type=chunk) - **Platreef Gold Stream:** Ivanhoe Mines is focusing on construction to bring **Phase 1** into production by the **second half of 2024**[80](index=80&type=chunk) - **Greenstone Gold Stream:** The project was approximately **90%** complete as of **September 2023** and remains on track to pour gold in the **first half of 2024**[82](index=82&type=chunk) - **Robertson Royalty:** Barrick Gold is qualifying Robertson as an emerging tier two asset, with first production expected in **2027**, subject to permitting[87](index=87&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) This section analyzes the company's financial performance, noting a 6% Q3 2023 revenue increase, a net income decline due to non-recurring 2022 gains, and solid liquidity with $114.0 million in nine-month operating cash flow [Summary of Quarterly Results](index=22&type=section&id=Summary%20of%20Quarterly%20Results) This section summarizes quarterly financial and operational metrics, highlighting Q3 2023 revenue of $41.3 million and a near break-even net income due to the absence of prior-year one-time gains Quarterly Financial Summary (Selected Quarters) | Metric (In $000s) | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $41,324 | $49,835 | $43,979 | $38,951 | | Attributable Gold Eq. oz | 21,123 | 24,504 | 28,368 | 22,606 | | Net income (loss) | $14 | $2,684 | $15,552 | $31,681 | | Basic (loss) income per share | $(0.00) | $0.01 | $0.05 | $0.13 | Q3 2023 Attributable Gold Equivalent Ounces Breakdown | By Metal | % | By Region | % | | :--- | :-: | :--- | :-: | | Precious Metals | 74% | North America | 45% | | Base Metals | 24% | South America | 30% | | Diamonds | 2% | Canada | 14% | | | | Other | 11% | [Quarterly Performance Analysis](index=27&type=section&id=Quarterly%20Performance%20Analysis) Q3 2023 revenue rose 6% to $41.3 million due to higher gold prices, though net income declined significantly due to non-recurring gains in 2022; nine-month revenue increased 22.5% to $135.1 million - **Q3 2023 vs Q3 2022 Analysis:** - **Revenue:** Increased by **$2.4 million (6%)** due to a **13%** rise in the average realized gold price, partially offset by a **7%** decrease in attributable gold equivalent ounces sold[116](index=116&type=chunk) - **Net Income:** Dropped from **$31.7 million** to **$0.0 million**. The decrease was primarily due to a **$24.9 million** gain on the sale of the Hod Maden interest in Q3 2022 which did not recur, a **$5.9 million** decrease in gains on investment revaluations, and a **$3.3 million** increase in finance expense[117](index=117&type=chunk) - **9M 2023 vs 9M 2022 Analysis:** - **Revenue:** Increased by **$24.9 million (22.5%)** to **$135.1 million**, driven by a **13%** increase in gold equivalent ounces sold and a **6%** higher average gold price[119](index=119&type=chunk) - **Net Income:** Decreased from **$80.5 million** to **$18.3 million**. The decline was mainly due to significant one-time gains in 2022, including the Hod Maden sale (**$24.9M**), a royalty portfolio sale (**$22.7M**), and the sale of an equity interest (**$12.5M**), which were not repeated in 2023[120](index=120&type=chunk)[121](index=121&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, the company maintained $3.5 million cash and $21.1 million working capital, with $182 million available on its credit facility, generating $114.0 million in nine-month operating cash flow Liquidity Position as of September 30, 2023 | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $3.5 million | | Working capital | $21.1 million | | Revolving Facility Drawn | $443 million | | Revolving Facility Available | $182 million | - **9-Month Cash Flow Summary (2023 vs 2022):** - **Operating Cash Flow:** Increased to **$114.0M** from **$80.7M**, driven by more ounces sold and higher gold prices[142](index=142&type=chunk) - **Investing Cash Outflow:** Decreased to **$18.3M** from **$538.5M**, as 2022 included major acquisitions (BaseCore, Mercedes Stream)[145](index=145&type=chunk) - **Financing Cash Outflow:** **$98.7M** outflow in 2023 (debt repayment) versus a **$449.6M** inflow in 2022 (debt drawdown for acquisitions)[146](index=146&type=chunk) [Commitments, Capital, and Risks](index=37&type=section&id=Commitments%2C%20Capital%2C%20and%20Risks) This section outlines the company's contractual stream commitments, share capital, and significant risks, including lack of control over mining operations, commodity price volatility, international political risks, and potential CRA tax reassessments [Commitments and Contingencies](index=37&type=section&id=Commitments%20and%20Contingencies) The company has ongoing stream purchase commitments and contractual obligations, including $443 million in bank debt, alongside contingencies like an $8 million legal proceeding in Brazil Selected Stream Purchase Commitments | Stream | % of Production | Per Ounce/Pound Cash Payment | | :--- | :--- | :--- | | Cerro Moro | 20% of silver | 30% of silver spot price | | Chapada | 4.2% of copper | 30% of copper spot price | | Hod Maden | 20% of gold | 50% of gold spot price (then 60%) | | Platreef | 37.5% of gold | $100/oz (then 80% of spot) | Contractual Obligations (as of Nov 6, 2023) | Obligation (in $000s) | Total | Less than one year | 1 – 3 years | 4 – 5 years | | :--- | :--- | :--- | :--- | :--- | | Bank debt | $443,000 | — | — | $443,000 | | Estimated Interest | $120,735 | $31,515 | $60,829 | $28,391 | - A legal proceeding in Brazil involves an estimated **$8 million** claim for severance owed to former employees of a counterparty, which Sandstorm is defending as meritless[159](index=159&type=chunk) [Share Capital](index=40&type=section&id=Share%20Capital) As of November 6, 2023, the company had 296.2 million shares outstanding, having repurchased 2.8 million shares for $14.4 million under its NCIB, and declared a CAD0.02 quarterly dividend - **Outstanding Shares:** **296,182,421** common shares as of November 6, 2023[164](index=164&type=chunk) - **Normal Course Issuer Bid (NCIB):** Purchased and cancelled **~2.8 million** common shares for **$14.4 million** during the nine months ended September 30, 2023[165](index=165&type=chunk) - **Dividends:** Declared a dividend of **CAD0.02** per share in September 2023, paid in October 2023[166](index=166&type=chunk) [Other Risks to Sandstorm](index=43&type=section&id=Other%20Risks%20to%20Sandstorm) The company faces significant risks from lack of control over mining operations, international political instability, commodity price fluctuations, and potential adverse tax rulings from the CRA's ongoing audit - **No Control Over Mining Operations:** Sandstorm is subject to risks of the mine operators, including shutdowns, operational failures, and decisions to suspend or discontinue operations, without having direct control[184](index=184&type=chunk) - **International Operations Risk:** Assets are located in numerous countries, exposing the company to political instability, expropriation, changes in tax policies, and other governmental risks[187](index=187&type=chunk) - **Income Tax Risk:** The Canada Revenue Agency (CRA) is currently conducting an international tax audit of the company's **2019 and 2020** taxation years. The CRA has taken positions with similar companies that could adversely affect the tax treatment of stream agreements, though Sandstorm believes its position is correct[189](index=189&type=chunk) - **Commodity Price Risk:** Financial results are significantly affected by fluctuations in the prices of gold, silver, copper, and other metals, which are influenced by numerous factors beyond the company's control[190](index=190&type=chunk) Condensed Consolidated Interim Financial Statements [Financial Statements](index=54&type=section&id=Financial%20Statements) The unaudited condensed consolidated interim financial statements for the period ended September 30, 2023, show total assets of $1.917 billion, total liabilities of $490.3 million, and nine-month net income of $18.3 million Statement of Financial Position (as of Sep 30, 2023 vs. Dec 31, 2022) | In $000s | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,916,819** | **$1,974,777** | | Total Current Assets | $44,594 | $32,727 | | Stream, royalty and other interests | $1,597,772 | $1,781,256 | | **Total Liabilities** | **$490,251** | **$533,372** | | Bank debt | $456,000 | $497,500 | | **Total Equity** | **$1,426,568** | **$1,441,405** | Statement of Income (9 Months Ended Sep 30, 2023 vs 2022) | In $000s (except per share) | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | | Total Revenue | $135,138 | $110,284 | | Gross Profit | $62,257 | $52,285 | | **Net Income for the period** | **$18,250** | **$80,518** | | Net Income Attributable to Shareholders | $17,477 | $80,719 | | **Diluted Earnings Per Share** | **$0.06** | **$0.38** | [Notes to the Financial Statements](index=62&type=section&id=Notes%20to%20the%20Financial%20Statements) These notes provide detailed explanations for financial statement figures, including accounting for the Antamina NPI sale, Bear Creek stream restructuring, financial instrument valuations, share capital movements, and segmented revenue breakdowns [Stream, Royalty and Other Interests (Note 4)](index=67&type=section&id=Stream%2C%20Royalty%20and%20Other%20Interests%20%28Note%204%29) This note details the $1.60 billion carrying value of primary assets, including the Antamina NPI partial sale resulting in a $2.0 million loss, and the Bear Creek stream restructuring - **Antamina Transaction (June 2023):** Sold a portion of the Antamina NPI to **Horizon Copper**. In return, Sandstorm received a silver stream (fair value **$101.4M**), a debenture (fair value **$122.7M**), **$20M** cash, and **$1.4M** in shares. The transaction resulted in a **$2.0M** loss[262](index=262&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk) - **Bear Creek Restructuring (September 2023):** Agreed to amend gold and silver streams on the **Mercedes mine**. In exchange for revised stream terms, Sandstorm will receive a **1.0% NSR** on the **Corani** project and **$10.0 million** in non-royalty consideration (shares and increased debenture principal). The deal is expected to close in **Q4 2023**[265](index=265&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk) [Segmented Information (Note 14)](index=82&type=section&id=Segmented%20Information%20%28Note%2014%29) This note details Q3 2023 segmented financial performance, highlighting key revenue contributors like Cerro Moro ($6.0M), Mercedes ($5.8M), and Chapada ($2.3M), with the corporate segment showing a $19.8 million loss before tax Segment Revenue and Income (Loss) Before Taxes - Q3 2023 (in $000s) | Segment | Sales & Royalty Revenue | Income (Loss) Before Taxes | | :--- | :--- | :--- | | Cerro Moro, Argentina | $5,976 | $1,625 | | Mercedes, Mexico | $5,823 | $1,427 | | Antamina, Peru (Silver Stream & Royalty) | $3,366 | $1,944 | | Aurizona, Brazil | $2,631 | $2,495 | | Caserones, Chile | $2,428 | $1,489 | | Chapada, Brazil | $2,270 | $1,106 | | Bonikro, Côte d'Ivoire | $1,847 | $447 | | **Total Segments** | **$41,324** | **$20,396** | | **Corporate** | **—** | **($19,814)** | | **Consolidated** | **$41,324** | **$582** |

Fortunately for Sandstorm, we can show over 30% growth in production to 125,000 ounces per year by 2027 from assets we already have purchased, and mines that are already in construction or going into construction imminently, with the four primary mines being Greenstone, currently being built by Equinox, Platreef, which is currently being built by Ivanhoe, Hod Maden, which is going into construction next year by SSR, and the Robertson Mine, which is part of the Cortez trend and is being built by Barrick. The ...

Marcus Giannini [Operator Instructions]. We have no further questions. You may proceed. Sandstorm Gold Ltd. (NYSE:SAND) Q1 2023 Results Conference Call May 11, 2023 11:30 AM ET Company Participants Nolan Watson - CEO Erfan Kazemi - CFO David Awram - Co-Founder & SVP Conference Call Participants Marcus Giannini - H.C. Wainwright Operator Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold Royalties 2023 First Quar ...

Sandstorm Gold Ltd (NYSE:SAND) Q4 2022 Earnings Conference Call February 22, 2023 11:30 AM ET Company Participants Nolan Watson - Co-Founder, President & CEO Erfan Kazemi-Esfahani - CFO David Awram - Co-Founder & SVP Conference Call Participants Derick Ma - TD Securities Operator Good day. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold Royalties 2022 Fourth Quarter and Annual Financial Results Conference Call. [Operator ...

SANDSTORM GOLD ROYALTIES Annual Results Conference Call CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION AND NON-IFRS MEASURES Execept for the statements of historical fock ontained herein, the information presented constitutes "prwrol-looking statements" with inte measong of the U.S. Securities Ac the Pinted Securities Litgation Refern Act of 1955 and applicable Canadian securities legislotion, concerning the business, porclóres and finantial performance and conditio docking statements include, but ar ...

Financial Performance - Revenue for the year ended December 31, 2022, was $148.7 million, a record increase from $114.9 million in 2021, representing a 29.4% growth[73]. - Net income for the year ended December 31, 2022, was $78.5 million, compared to $27.6 million in 2021, reflecting a significant increase of 184.5%[73]. - Cash flows from operating activities for the year ended December 31, 2022, were $109.8 million, up from $83.5 million in 2021, indicating a 31.5% increase[74]. - Total revenue for the year ended December 31, 2022, was $148.7 million, a 29.5% increase from $114.9 million in 2021[202]. - Royalty revenue increased to $50.9 million in 2022, compared to $43.1 million in 2021, marking a 17.5% growth[202]. - The company declared dividends of $15.0 million in 2022, up from $3.0 million in 2021[202]. - The company reported a net income of $78.5 million for the year ended December 31, 2022, compared to $27.6 million in 2021[231]. Production and Guidance - Attributable Gold Equivalent ounces for the year ended December 31, 2022, were 82,376 ounces, up from 67,548 ounces in 2021, marking a 21.9% increase[73]. - The company forecasts Attributable Gold Equivalent ounces to be between 85,000 and 100,000 ounces in 2023, with an expected increase to approximately 140,000 ounces by 2025[88]. - Sandstorm's long-term production guidance is expected to increase by approximately 40% due to recent acquisitions[77]. - The Nomad and BaseCore acquisitions are expected to increase Sandstorm's production by more than 85% between 2022 and 2025[77]. Acquisitions and Investments - Sandstorm completed an equity financing for gross proceeds of $92.1 million in October 2022, primarily used to reduce amounts drawn under its revolving credit facility[84]. - The company will receive a debenture of $105 million to $150 million with an interest rate of approximately 3% over a 10-year term, subject to cash flow conditions[103]. - Sandstorm holds a 20.1% non-diluted ownership position in Sandbox, accounting for it under the equity method[103]. Cash Flow and Financing - In August 2022, Sandstorm amended its revolving credit agreement to allow borrowing up to $625 million, maintaining sustainability-linked performance targets[84]. - As of the date of the report, $486 million remains drawn under the $625 million Revolving Facility[196]. - Net cash inflows from financing activities in 2022 were $497.6 million, compared to net cash outflows of $34.2 million in 2021[263]. - The Company had cash and cash equivalents of $7.0 million as of December 31, 2022, down from $16.2 million a year earlier[260]. Operational Highlights - The average annual payment from the Antamina NPI has been approximately $19 million, with $25 million received in 2022[114]. - Sandstorm's Blyvoor Gold Stream agreement allows for 10% of gold production until 16,000 ounces are delivered, then 5% thereafter[121]. - The Houndé gold mine has a Proven and Probable Mineral Reserve of 2.1 million ounces of gold within 39.2 million tonnes of ore[126]. - The average cash cost per Attributable Gold Equivalent ounce and cash operating margin were highlighted as key performance measures[247]. Quarterly Performance - Total revenue for Q4 2022 was $38,448,000, a slight decrease from $38,951,000 in Q3 2022[217]. - Attributable Gold Equivalent ounces sold in Q4 2022 were 21,753 ounces, down from 22,606 ounces in Q3 2022[217]. - Cash flows from operating activities in Q4 2022 were $26,266,000, an increase from $25,090,000 in Q3 2022[217]. - The net loss for the same period was $2.1 million, compared to a net income of $7.4 million in Q4 2021[225]. Asset Management - The total assets of the company as of December 31, 2022, were $1.97 billion, significantly higher than $620.9 million in 2021[202]. - Total assets as of December 31, 2022, were $1,974,777,000, an increase from $1,928,271,000 in Q3 2022[217]. - Total assets increased by $46.5 million from September 30, 2022, to December 31, 2022, primarily due to additions in Stream, royalty, and other interests[243].

Sandstorm Gold Ltd. (NYSE:SAND) Q2 2022 Earnings Conference Call August 12, 2022 11:30 AM ET Company Participants Nolan Watson - CEO Erfan Kazemi - CFO David Awram - Senior EVP Conference Call Participants Marcus Giannini - H.C. Wainwright Trevor Turnbull - Scotiabank Derick Ma - TD Securities Operator Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold Royalties 2022 Second Quarter Results Conference Call [Opera ...

Exhibit 99.1 2022 Management Information Circular For the Special Meeting of Shareholders to be held on August 9, 2022 1 Table of Contents NOTICE OF SPECIAL MEETING OF SHAREHOLDERS 5 QUESTIONS AND ANSWERS RELATING TO THE SANDSTORM MEETING AND THE ARRANGEMENT 7 GLOSSARY OF DEFINED TERMS 18 GENERAL INFORMATION 39 Information Contained in this Circular 39 Information Concerning Nomad 40 Non-IFRS Financial Performance Measures 40 Presentation of Financial Information 40 Pro Forma Financial Statements 41 Currenc ...

Financial Performance - Sandstorm Gold Royalties reported total revenue of $35.4 million in Q1 2022, compared to $31.0 million in Q1 2021[46] - Attributable gold equivalent ounces sold were 18,741 in Q1 2022, up from 17,444 in Q1 2021[46] - The average realized gold price from the company's gold streams increased to $1,887 per ounce in Q1 2022 from $1,777 in Q1 2021[46] - Cash flows from operating activities excluding changes in non-cash working capital were $26.7 million in Q1 2022, compared to $23.0 million in Q1 2021[46] - Net income increased to $9.1 million in Q1 2022 from $5.0 million in Q1 2021[46] Acquisitions and Portfolio - Sandstorm Gold Royalties completed transformative acquisitions totaling $1.1 billion [10] - The acquisitions include Nomad Royalty Company for $590 million and the BaseCore Royalty Package for $525 million [11] - The company expects nearly 90% of its 2025 revenue to come from precious metals [8] - Sandstorm Gold Royalties is catching up to the production of Royal Gold [14] Assets and Production - A significant portion of attributable gold equivalent ounces comes from Chapada (4,526 ounces) [49] - The company has exposure to silver through the Yamana silver stream [49] - The company has 61% of attributable gold equivalent ounces from South America [53]