Sandstorm Gold .(US:SAND)2025-02-18 22:00Financial Performance - Revenue for the year ended December 31, 2024, was $176.3 million, a decrease from $179.6 million in 2023, while net income fell to $15.5 million from $42.7 million[60]. - Total revenue for the year ended December 31, 2024, was $176.283 million, a decrease of 1.9% from $179.636 million in 2023[174]. - Net income attributable to Sandstorm shareholders was $14.293 million in 2024, down 65.7% from $41.716 million in 2023[174]. - Cash flows from operating activities decreased to $135.378 million in 2024 from $152.754 million in 2023, a decline of 11.4%[174]. - Total revenue for Q4 2024 was $47.4 million, with attributable gold equivalent ounces at 17,721[194]. - Net income for the three months ended December 31, 2024, was $3.1 million, down from $24.5 million in the comparable period in 2023, primarily due to a $23.6 million decrease in gains from investment revaluation[199][200]. - Cash flows from operating activities for Q4 2024 were $36.1 million[194]. - The company recognized a loss of $2.1 million on investment revaluation in Q4 2024, compared to a gain of $21.4 million in Q4 2023[200]. Production and Sales - Attributable Gold Equivalent ounces for the year ended December 31, 2024, were 72,810 ounces, down from 97,245 ounces in 2023[60]. - Average realized gold price per ounce increased to $2,372 in 2024, up 23% from $1,929 in 2023[174]. - Total Attributable Gold Equivalent ounces for the three months ended December 31, 2024, were 17,721, down from 23,250 in the same period of 2023[217]. - The average realized selling price of gold increased by 23% for the year ended December 31, 2024, partially offsetting the decrease in ounces sold[204]. - Revenue from the Relief Canyon Stream increased by $4.7 million in Q4 2024 due to an additional 1,500 ounces of gold received[200]. - Revenue from the Bonikro Gold Stream increased by $2.5 million, driven by higher attributable gold equivalent ounces sold[203]. Cash Flow and Debt Management - Cash flows from operating activities for the year ended December 31, 2024, were $139.0 million, compared to $151.1 million in 2023[60]. - The outstanding balance of the Revolving Facility was reduced to $355 million as of December 31, 2024, down from $435 million a year earlier[200][205]. - The Company had net cash outflows from financing activities of $146.7 million in 2024, an increase from $131.9 million in 2023, mainly due to repayments on its revolving credit facility and interest expense payments[224]. - The Company renewed its revolving credit agreement, allowing borrowing up to $625 million, with interest rates reduced by 75 basis points at the upper end compared to the previous agreement[173]. - The Company has $340 million outstanding under its Revolving Facility, with an undrawn and available balance of $285 million[221]. Investments and Acquisitions - Sandstorm holds a 0.25% NSR on the MARA copper-gold project, along with a Gold Stream conversion option[153]. - The Company has committed to provide up to a maximum of $7.6 million in financing annually over the next three years across its current streaming agreements, subject to certain conditions[234]. - The Company has agreed to make available additional funds to Horizon up to a maximum of $150 million, with a maturity date of August 31, 2032[233]. - The Company’s investments in other companies had a combined fair market value of $235.7 million as of December 31, 2024, down from $258.9 million in 2023[252]. Operational Highlights - The Greenstone Gold Stream commenced commercial production on November 6, 2024, with Sandstorm entitled to purchase 2.375% of the gold produced until 120,333 ounces are delivered[59]. - The Houndé gold mine has a Proven and Probable Reserve containing 2.6 million ounces of gold within 52.1 million tonnes of ore, with an average grade of 1.57 grams per tonne gold[95]. - The Caserones Mine is expected to produce approximately 110,000 tonnes of copper annually, with a mine life through 2037[106]. - The Bonikro Mine has Proven and Probable Mineral Reserves of 571,000 ounces of gold and Mineral Resources of 1.39 million ounces as of December 31, 2023[127]. - The Gualcamayo DCP project includes a $1 billion investment plan, with a projected annual production of approximately 120,000 ounces of gold over an initial 17-year mine life[123]. Dividends and Shareholder Returns - In December 2024, Sandstorm declared a dividend of CAD0.02 per share, paid on January 31, 2025[64]. - The Company declared a dividend of CAD0.02 per share in December 2024, totaling $4.1 million paid in cash in January 2025[239]. - The Company initiated its first automatic share purchase program, allowing for the repurchase of up to 10 million common shares[66]. Legal and Regulatory Matters - The Company intends to defend against a legal claim estimated at approximately $8 million related to severance owed to former employees of a subsidiary, asserting the case is without merit[232].