- **Royal Gold Transaction**: Q4 2025 close expected; diversifies portfolio to 80+ assets with top 10 assets at 61% NAV (vs. 79% pre-transaction)
- **Q2 Financials**: $51.4M revenue (24% YoY), $37.7M cash flow, 61% net income growth
- **Key Asset Wins**: Greenstone mine Q2 production up 15%, Fruta del Norte South Zone drill hits 139.5g/t, Platreef Phase 1 start-up on track for Q4

**【Management Opening Remarks】**
- CEO Nolan Watson announced the sale of Sandstorm to Royal Gold, expected to close in Q4 2025 after shareholder votes.
- Transaction highlights: 
  - Immediate value boost for shareholders
  - Diversified portfolio with 80+ cash-flowing assets
  - Royal Gold's top 10 assets now represent 61% of NAV (vs. 79% pre-transaction)
  - Comparable diversification to Franco-Nevada
- Key benefits: reduced concentration risk, long-term re-rating potential, and exposure to high-quality assets like Mount Milligan, Kansanshi, and Platreef.

**【CFO Financial Commentary】**
- Q2 2025 Financial Highlights:
  - Total revenue: $51.4M (24% YoY growth)
  - Operating cash flow: $37.7M
  - Net income: $16.9M (61% YoY increase)
  - Cash operating margin: $2,981/oz
- Production metrics:
  - 15,100 GEOs sold (lower YoY due to gold price strength)
  - Full year 2025 production guidance: 65,000-80,000 GEOs
- Key asset performance:
  - Chapada: Q2 production impacted by lower-grade stockpiles, but H2 expected to improve
  - Bonikro: Record throughput and operational improvements
  - Greenstone: Q2 production 44,449 oz (15% QoQ increase)
  - Houndé: Increased mining activity on Sandstorm's royalty claims

**【Asset Updates】**
- **Greenstone Mine (Equinox Gold):** 
  - Q2 production 44,449 oz (15% QoQ increase)
  - Mining rate 175,000 tpd (25% higher than Q1)
  - Phase 2 expansion on track for late 2027
- **Platreef (Anglo American):** 
  - Phase 1 concentrator start-up Q4 2025
  - Shaft 3 ready for hoisting Q1 2026
  - Phase 2 expansion shafts on schedule
- **Fruta del Norte (Lundin Gold):** 
  - South Zone drilling returned 139.5g/t over 9m
  - East Zone drilling extended mineralized envelope
  - 2025 drill program expanded to 108,000m
  - New copper-gold porphyry system discovered at Trancaloma

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