- **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

Sandstorm Gold Ltd. (SAND) Q2 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

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Diluted EPS from Discontinued Operations

SAND(Delisted)

SAND fundamentals

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