Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”) has released its preliminary sales and revenue figures for the fourth quarter and full year ending December 31, 2024.
In 2024, Sandstorm sold approximately 72,800 attributable gold equivalent ounces, generating preliminary revenue of $176.3 million. This represents a decrease from 2023, which saw sales of 97,245 ounces and revenue of $179.6 million. The preliminary cost of sales, excluding depletion, was $20.0 million, resulting in a cash operating margin of about $2,097 per ounce, an improvement over the $1,706 per ounce reported in 2023.
Fourth Quarter Highlights
In Q4 2024, the company sold around 17,700 attributable gold equivalent ounces, with preliminary revenue of $47.4 million. This is a decline from Q4 2023, which had sales of 23,250 ounces and revenue of $44.5 million. The cost of sales, excluding depletion, was $4.3 million, leading to a cash operating margin of approximately $2,397 per ounce, up from $1,737 per ounce in the same quarter of the previous year.
Strategic Outlook
Sandstorm maintains a growth-oriented approach, reiterating its long-term production forecast of reaching approximately 125,000 attributable gold equivalent ounces within the next five years, based solely on existing streams and royalties. The company plans to announce its 2025 production forecast alongside the release of its 2024 annual results.
Throughout 2024, Sandstorm focused on deleveraging its balance sheet following several acquisitions in 2022. As of December 31, 2024, the outstanding balance on the company’s revolving credit facility was approximately $355 million, with an undrawn and available balance of $270 million. Additionally, the company repurchased and cancelled about 2.0 million shares, totalling approximately $10.8 million during the year.
