Sandstorm Gold's Latest Earnings Call: Contradictions in Greenstone Production and Share Buyback Strategy

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Revenue and Cash Flow Growth:
- Sandstorm Gold Ltd. reported record revenue of $50.1 million for Q1 2025, with operating cash flow of over $40 million.
- This growth was driven by a strong gold market and significant capital expenditure investments on key development assets such as Hod Maden and MARA.

Deleveraging and Share Buybacks:
- Sandstorm repaid $15 million of debt during Q1 and an additional $12 million post-quarter, reducing its total debt to $328 million.
- The company also engaged in share buybacks, purchasing over 3 million shares at an average price of $6.21 per share, contributing to a significant return of $23 million to shareholders.

Key Asset Development Updates:
- SSR Mining announced plans to spend up to $100 million in 2025 on the Hod Maden project, focusing on long-lead items and early site earthworks.
- Glencore's CEO stated that RIGI applications for the MARA project are expected to be submitted soon, potentially making MARA Sandstorm's most valuable asset.

Production and Cash Flow Projections:
- Sandstorm is forecasting its portfolio to generate over $300 million per year in after-tax cash flow at a gold price of $3,200, up from its previous upside scenario.
- Production is expected to double by 2030, driven by the exercise of the MARA gold stream option and growth in the existing royalty and stream portfolio.