Sandstorm Gold .(US:SAND)2023-02-21 21:55Financial 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].