Core Insights - Sandstorm Gold Ltd. (SAND) reported a 24.2% year-over-year increase in preliminary revenues for Q2 2025, reaching a record $51 million, up from $41 million in the same quarter last year [2][8] - The cash operating margin improved by 45.9%, achieving a record $17,400 per attributable gold equivalent ounce (GEO) [3][8] - The company sold nearly 15,100 attributable GEOs in Q2 2025, which is a 13.2% decline from the 17,400 GEOs sold in Q2 2024 [2][8] Financial Performance - The preliminary cost of sales (excluding depletion) for Q2 2025 was reported at $5.3 million, an increase from $4.7 million in Q2 2024 [3] - The cash operating margin per attributable GEO was significantly higher than the previous year's margin of $2,043 [3] Corporate Developments - As of June 30, 2025, Sandstorm Gold had an outstanding balance of approximately $315 million on its revolving credit facility, with an undrawn balance of $310 million [4] - On July 7, 2025, Sandstorm Gold entered into an agreement with Royal Gold, Inc. (RGLD) for an acquisition valued at approximately $3.5 billion, with shareholders receiving 0.0625 of a share of Royal Gold's common stock for each Sandstorm share [5][6] Market Performance - Sandstorm Gold's stock has surged 74.3% over the past year, outperforming the industry growth of 39% [7]