Sandstorm Gold – Review Of Q1 Financials And Operations And Key Royalty Partner Project Updates

David Awram, Sr. Executive Vice President, Co-Founder, and Director of Sandstorm Gold  (TSX: SSL) (NYSE: SAND), joins me for a review the key takeaways from Q1 2024 financials and operations.  We also got into many of the key royalty partner projects feeding into the larger growth profile over the next 5 years for this mid-tier precious metals royalty company.  Sandstorm Gold is diversified across 250 royalties, 40 producing assets, exploration optionality, different jurisdictions, and has a leading cost profile from producing royalty partners. 


This is wide-ranging discussion that gets into the value proposition and key attributes of Sandstorm Gold within it’s peer group of royalty companies.  We spend some time unpacking some of the key projects they hold royalties on that are partnered with senior mining companies as operators, that are well capitalized to have more exploration and development upside than the market is anticipating.  Some of the projects Dave outlined were the Houndé Project operated by Endeavour Mining, the Bonikro Project operated by Allied Gold, the Barry Project operated by Bonterra Resources (that is being combined with Osisko Mining’s Windfall Project), and Caserones operated by Lundin Mining.


Next we got into some of the large development projects that are moving down the development pipeline and into production, as big contributors to future gold equivalent ounces and revenues.  We reviewed how Equinox’s Greenstone Mine has just had first gold pour, as the 4th largest gold mine in Canada and a big win for Sandstorm and the Canadian mining sector at large. Next Dave highlighted a recent site visit to Ivanhoe Mining’s Platreef Project in South Africa, and how construction is well underway to bring this mine into commercial production by next year. We then reviewed the cornerstone Hod Maden royalty asset in Turkey, and how the terms on this asset and conversion into a  gold stream have changed over time, including the sale of the 30% interest in the project to Horizon Copper Corp.  Lastly we wrap up with a look ahead to the Mara gold stream operated by Glencore, as an example of how a royalty purchase can change hands and become incredibly value-accretive.


If you have any questions for Dave regarding Sandstorm Gold, then please email me at and we’ll get them addressed, or covered in a future interview.


  • In full disclosure, Shad is a shareholder of Sandstorm Gold at the time of this recording. 




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    Jun 11, 2024 11:53 PM

    I just got delivery of the complete series of The Twilight Zone, all 156 episodes in high definition on Blu-ray, spanning 5 years programming. This will be a good edition to my sci-fi collection.

    You are about to travel to another dimension of sight and sound in a way you’ve never heard or seen before. Do, Do, Do, Duh, Duh Duh…………….

    The World is such a weird place these days that I think we are all living in “The Twilight Zone”. DT

      Jun 11, 2024 11:34 PM

      You are in a zone and going deeper

      Jun 11, 2024 11:36 PM

      Gotta love Rod Serling!!

      Jun 12, 2024 12:57 AM

      that should keep you busy for 5 yrs…. lol………..

      Time… to Zone Out…. lol

      Have a great day……….

    Jun 11, 2024 11:08 PM

    Golden Opportunities: Rick Rule’s Take on Promising Gold Investments

    Unearthing Value: Rick Rule’s Expert Analysis on Promising Gold Investment Opportunities

    Junior Stocks Editor (JSE) – May 7, 2024

    – West Red Lake Gold Mines(TSXV: WRLG) (OTCQB: WRLGF): A Strategic Consolidation Effort

    – Equinox Gold (TSX: EQX) (NYSE: EQX): Building Towards a Million-Ounce Vision

    – Silvercorp Metals Inc (TSX/NYSE: SVM)and the Adventus Mining (TSXV: ADZN) (OTCQX: ADVZF)

    Jun 11, 2024 11:16 PM
    Another great Larry Pesavento show, featuring
    Bob Miner on Gold right from the start.

      Jun 11, 2024 11:41 PM

      Larry mentioned late in the show that
      he has traded since 1962. Wow!

    Jun 11, 2024 11:41 PM

    The last time I mentioned natgas I was short term bullish. Now I’m long term bullish unless it gets smashed by Friday’s close which is very unlikely. Massive upside awaits. Despite doubling since February this is just the beginning.

      Jun 12, 2024 12:39 AM

      Coal stocks to follow that move in nat gas

      Jun 12, 2024 12:46 AM

      Matthew – NatGas may have topped post market (NY) yesterday, or it could soon. If so, this will become a buying opportunity, as I agree totally with your thinking. Henry Hub report coming tonight. BDC

    Jun 12, 2024 12:19 AM

    Nice interview. I was hoping to get more clarity on Hot Maden project with regards to SSRM involvement going forward. Construction was soon to begin at Hot Maden until a mining accident at the Copler Mine in Turkey (another project involving SSRM) brought SSRM essentially to a standstill. David does sound optimistic that the project is moving forward.
    Thank you

      Jun 12, 2024 12:16 PM

      Much appreciated Badgermom3. Yes, it is great that SSR Mining is now the operator for Hod Maden, and while it was unfortunate about the accident at their other Copler Mine, but I don’t believe it has slowed things down for development work at Hod Maden, and construction is still well underway. My understanding is that the hot commissioning of the mine is still on track for later this year, with commercial production slated for early 2025. Lidya Mines (the Turkish mining company and prior operator that Dave had mentioned) did a lot of prior work on the permitting and getting this project for construction before SSR took over the reigns last year. Dave had just been on site recently and returned very enthusiastic about the project moving forward.

      With Greenstone now built and producing, and Platreef expected to come on line later this year, and Hod Maden next year… Sandstorm should start seeing a nice uptick in gold equivalent ounces produced and increasing revenues.