Sandstorm Gold Royalties Reports Record Operating Results in First Quarter 2025

Core Viewpoint - Sandstorm Gold Ltd. reported strong financial results for Q1 2025, driven by high commodity prices, with record revenues and net income, alongside ongoing share buybacks and deleveraging efforts [2][7][12]. Financial Highlights - Record revenue of $50.1 million, up from $42.8 million in Q1 2024 [7][12]. - Production of 18,492 attributable gold equivalent ounces, down from 20,316 ounces in the same period last year [7][12]. - Cash flows from operating activities of $40.8 million, compared to $32.6 million in Q1 2024 [7][15]. - Net income of $11.3 million, a significant improvement from a net loss of $3.9 million in Q1 2024 [7][15]. Shareholder Returns - The company repurchased approximately 3.1 million common shares for $19.1 million during Q1 2025, with an additional 270,000 shares purchased for $2.0 million post-quarter [2][3]. - Sandstorm renewed its normal course issuer bid (NCIB) allowing for the purchase of up to 20 million common shares, indicating a strategic focus on share repurchases [3]. Deleveraging Efforts - The company made $15 million in net debt repayments during the quarter, with an additional $12 million repaid after the quarter ended [4]. - As of May 6, 2025, Sandstorm has an outstanding balance of $328 million on its revolving credit facility, with an undrawn balance of $297 million [4]. Production and Revenue Breakdown - Approximately 73% of gold equivalent production was from precious metals, 20% from copper, and 7% from other commodities [12]. - Revenue from precious metals was $34.8 million, copper revenue was $11.3 million, and other commodities contributed $4.0 million [13]. Project Developments - The Hod Maden joint venture is advancing with approved early-works capital investments of $60–$100 million for 2025 [5]. - Glencore is expected to submit an application for the MARA copper-gold project under Argentina's RIGI, which aims to support large investments [6][8]. Production Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11].