Sandstorm Gold Royalties: Hod Maden Joint Venture to Invest Up to $100M to Advance Critical Path; Underpins Long-term Outlook

Core Viewpoint - Sandstorm Gold Ltd. is optimistic about the development of the Hod Maden gold-copper project in Türkiye, with SSR Mining Inc. planning significant capital expenditures and development activities in 2025, aiming for first production by 2028 [1]. Group 1: Project Development - SSR Mining has approved early-works capital investments of approximately US$60–$100 million for the Hod Maden project in 2025, in addition to US$42 million spent in 2024 [1]. - The focus for 2025 will be on advancing critical path items, particularly road and tunnel construction, along with an initial exploration program to extend the existing deposit and define new targets [1]. - SSR Mining is expected to continue securing project financing for Hod Maden as it moves towards a final investment decision [1]. Group 2: Financial Interests - Sandstorm holds a 2.0% net smelter returns royalty and a gold stream on the Hod Maden project, agreeing to purchase 20% of all gold produced for ongoing payments equal to 50% of the spot price of gold until 405,000 ounces are delivered [3]. - After the initial delivery, Sandstorm will receive 12% of the gold produced for the life of the mine at ongoing payments equal to 60% of the spot price of gold [3]. Group 3: Company Overview - Sandstorm Gold is a precious metals-focused royalty company that provides upfront financing to mining companies and holds a portfolio of 230 royalties, with 40 underlying mines currently producing [6]. - The company aims to grow and diversify its low-cost production profile through the acquisition of additional gold royalties [6].