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• Content META

  Title	Sandstorm Gold : Annual Report (SSL Q4 2024)
  ID	7040702
  External ID	7561476285
  Author	Unknown
  Published Date	Feb. 18, 2025, 4:45 p.m.
  Summary	February 18, 2025 at 05:42 pm EST Annual Report NYSE SAND TSX SSL Company Profile Corporate & Shareholder Information Stock Exchange Listings Toronto Stock Exchange TSX: SSL New York Stock
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  URL	https://www.marketscreener.com/quote/stock/sandstorm-gold-ltd-6063376/news/sandstorm-gold-annual-report-ssl-q4-2024-49092532/
  Sentiment	Negative: 0.00925    Neutral: 0.16990    Positive: 0.82085
  Relevance	0.03497

• Content Details

  Content ID	4401805
  Key	dbd6a4e2-e1de-4a37-84df-62bbd18ec0b0
  Content	February 18, 2025 at 05:42 pm EST Annual Report NYSE SAND TSX SSL Company Profile Corporate & Shareholder Information Stock Exchange Listings Toronto Stock Exchange TSX: SSL New York Stock Exchange NYSE: SAND Transfer Agent Computershare Investor Services 2nd Floor, 510 Burrard Street Vancouver, British Columbia V6C 3B9 T Corporate Secretary Christine Gregory Auditors PricewaterhouseCoopers LLP PricewaterhouseCoopers Place Suite 1400, 250 Howe Street Vancouver, British Columbia V6C 3S7 T F Board of Directors Andrew T. Swarthout David Awram David E. De Witt Elif Lévesque John P. A. Budreski Mary L. Little Nolan Watson Vera Kobalia Corporate Offices Vancouver Head Office Suite 3200, 733 Seymour Street Vancouver, British Columbia V6B 0S6 T F info@sandstormgold.com www.sandstormgold.com Toronto Office Suite 503, 36 Lombard Street Toronto, Ontario M5C 2X3 Company Profile Company Profile Management's Discussion & Analysis Consolidated Financial Statements Company Profile A Message to Shareholders Nolan Watson President & CEO In 2024, Sandstorm celebrated 15 years as a company. It is remarkable to reflect on those 15 years and see how far we've come. From a shell company in 2009, raising our first round of capital during the worst financial markets in a generation, to the company it is today-one of the big six precious metals royalty companies in the world with a robust growth profile. This past year marked several meaningful advancements at key development projects that underpin Sandstorm's production growth, and we anticipate further milestones in the coming months. As we await the maturation of our development portfolio, we've continued to focus on strengthening the balance sheet and driving value for shareholders. A combination of non-core asset sales and operational cash flows, supported by rising gold prices, drove our deleveraging efforts in 2024. The Company made $80 million in net debt repayments during the calendar year, and an additional $15 million has been repaid as of the date of this annual report. With gold at all-time highs, we expect debt repayment to accelerate in 2025. Company Profile My focus on Sandstorm's growth is not growth for the sake of growth, rather it is a desire for per share growth. Sandstorm also recommenced its share buyback program earlier in the year, cancelling approximately 2.0 million shares in 2024, underscoring our belief in the intrinsic value of Sandstorm's shares and our confidence in the Company's long-term trajectory. For as long as Sandstorm remains undervalued (and I believe that Sandstorm is the most undervalued royalty company of material size), reducing the Company's share float will be an accretive and important component driving shareholder returns; and with a strong balance sheet heading into 2025, I plan on increasing the rate of share repurchases materially in the ensuing year. My focus on Sandstorm's growth is not growth for the sake of growth, rather it is a desire for per share growth. By increasing the rate that we buy back shares and decrease our share count, our future growth in production and cash flow per share will be profound. $80 Million in net debt repayments during 2024 KEY ASSETS Equinox Gold Greenstone 8,000-10,000 oz Ivanhoe Mines Platreef 15,000-20,000 oz Barrick Gold Robertson Cortez Complex 3,000-4,000 oz SSR Mining Hod Maden 33,000-39,000 oz AISA Group Gualcamayo Deep Carbonates Project 3,000 oz Glencore MARA 20,000-30,000 oz Rio Tinto Oyu Tolgoi Hugo North Extension Up to 11,000 oz Average Annual Attributable AuEq Production Company Profile Greenstone, Canada In many ways, we are at the beginning of a new era of Sandstorm-one that will be characterized by the most significant growth in the Company's history. Over the past several years, we have been hard at work diligently assembling the foundational pieces that will form this new chapter. As we begin 2025, these pieces have started to come together, and the future is taking shape. One of the year's defining achievements was the commencement of production at the Greenstone gold mine in Ontario, and its first gold deliveries to Sandstorm. Following the mine's first gold pour in May, Equinox Gold announced commercial production at Greenstone in November. Greenstone will be one of Canada's largest open-pit gold mines and is targeting average annual production of 390,000 ounces of gold per year for the first five years once fully ramped up. Sandstorm's gold stream on Greenstone was purchased in 2022 as part of the Nomad Royalty Company acquisition and, along with the Platreef gold stream, Greenstone was one of the flagship development assets in Nomad's portfolio. The stream is expected to deliver between 8,000-10,000 ounces of gold to Sandstorm annually over the initial 15 year mine life. Over the long-term, our extensive area of interest on the property covers any pit expansion and/or underground mine development, and we are looking forward to seeing Greenstone's growth potential unfold over the coming years. 1. Greenstone, Platreef, Robertson, and Hugo North Extension production timing based on mine operator public disclosure. Hod Maden, MARA, and Gualcamayo DCP production timelines based on Sandstorm estimates. Hugo North Extension includes production from Lift 1 and Lift 2. Production from Platreef includes Phases 1-3. Company Profile In many ways, we are at the beginning of a new era of Sandstorm-one that will be characterized by the most significant growth in the Company's history. $260M Expected portfolio cash flows in 2030 Attributable Gold Equivalent Production At Platreef, Ivanhoe continues to make significant construction progress. Platreef is a multi-development phase operation that is expected to become the world's largest PGM mine. In 2024, Ivanhoe completed construction of the Phase 1 concentrator and is accelerating the development of Phase 2 by utilizing Phase 1 infrastructure. The first two phases are targeting production capacity of approximately 400,000 ounces of platinum, palladium, gold and rhodium annually. Under Sandstorm's gold stream, we expect attributable deliveries of approximately 10,000 ounces of gold per year increasing to an average of 20,000 ounces per year once Phase 3 is in production. Ivanhoe has already commenced construction on Shaft #2, which will be the largest shaft on the African continent and is a crucial piece of infrastructure that will support Phase 3 production. Ivanhoe is expected to begin Phase 1 mining towards the end of 2025, and we expect first gold deliveries to Sandstorm commencing within the next 12 months. 180,000 in Ounces koz Oyu Tolgoi MARA Gualcamayo Hod Maden Robertson Platreef Greenstone Other Expected cash flows (USD) from operating activities attributable to the Company's operating segment excluding changes in working capital. Price assumptions: $2,600/oz gold, $30/oz silver, $4.00/lb copper. Gold equivalent production and other related contractual cash flows. MARA Stream Option subject to conversion decision and contractual payment. Company Profile Ivanhoe has already commenced construction on Shaft #2, which will be the largest shaft on the African continent and is a crucial piece of infrastructure that will support Phase 3 production. Platreef Shaft #2 headframe under construction. Platreef, South Africa Company Profile MARA, Argentina Alumbrera Mill Gualcamayo, Argentina +$7M Gualcamayo DCP will increase attributable cash flows from Gualcamayo by nearly $7 million per year. While rapidly rising commodity prices have been a tailwind for the mining industry, we are also seeing encouraging advancements in various jurisdictions. Argentina continued to attract significant investment from some of the world's largest mining companies in 2024. In July, the government of Argentina adopted a new promotional regime for large investments (RIGI), that offers long-term stability relating to tax, customs, and currency exchange. Sandstorm's royalty portfolio has already realized positive impacts from this program. In November, the operator of the Gualcamayo mine submitted the first mining proposal under RIGI; a $1 billion investment plan that includes the development of the Gualcamayo Deep Carbonates Project (DCP). Gualcamayo has been a smaller producing asset in Sandstorm's portfolio since 2013, but the development of the DCP will increase attributable cash flows from Gualcamayo by nearly $7 million per year at current commodity prices. Additionally, the royalty entitles Sandstorm to receive a one-time $30 million payment upon commercial production of the DCP. This is another excellent example of the underlying value within Sandstorm's portfolio. The Argentine RIGI program is also expected to benefit Glencore's MARA project, located in the province of Catamarca. I have continued to be encouraged by Glencore's public comments related to MARA. With the RIGI application deadline set for July 2026, I anticipate more positive news related to MARA's development over the next 18 months. Utilizing existing infrastructure at Glencore's past-producing Alumbrera mine, MARA is a low-capital intensive project and Glencore's most advanced brownfields copper development asset. The project is poised to become a top 25 copper mine globally, yielding approximately 250,000 tonnes of copper and up to 100,000 ounces of gold annually. Sandstorm holds an exclusive option to convert its royalty into a 20% gold stream, unlocking up to $1.6 billion in life-of-mine cash flow at current gold prices. Having pre- negotiated this gold stream nearly 10 years ago using a gold price of $1,400 per ounce, the MARA gold stream will no doubt be one of Sandstorm's most accretive deals once exercised. Company Profile Oyu Tolgoi, Mongolia At Hod Maden-another one of Sandstorm's cornerstone assets- development continues to progress. After a temporary pause at the beginning of 2024, SSR Mining continued site preparation activities through the remaining part of the year, investing approximately $42 million in 2024. We continue to forecast first production from Hod Maden in 2028, assuming the continued advancement of early-works and critical path initiatives ahead of a formal investment decision, and we look forward to more detailed information from SSR Mining this year. Another project I'm particularly excited about is the Hugo North Extension at Rio Tinto's Oyu Tolgoi copper mine. Entrée Resources provided several positive updates related to their joint that the deposit remains open at depth where it dips to the northwest with an increasing proportion located on the Entrée/Oyu Tolgoi JV ground. Before ending the year, Entrée also announced the successful conclusion to the arbitration proceedings with its JV partner, Oyu Tolgoi LLC, providing better clarity on the formalization of the JV agreement. Long time Sandstorm shareholders may recall that I have been adamant about the potential at Oyu Tolgoi since Sandstorm first acquired our stream on Hugo North over a decade ago. With development progressing, I am more confident than ever in this incredible copper mine and the long-term value of Sandstorm's stream. Increase in production within in the next five years venture on the Hugo North Extension. Following the commencement of underground development work at Lift 1 Panel 1 on the JV property, Entrée released results from a 2023 drilling program. The intercepts reconfirmed the impressive high-grade nature of the Hugo North deposit, but perhaps more importantly, they highlighted Hod Maden, Türkiye Attachments Original document Permalink Disclaimer Sandstorm Gold Ltd. published this content on February 18, 2025 , and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 18, 2025 at
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