Sandstorm Gold Ltd.

For Q2, Sandstorm reported revenue of $51.4 million, up 24% year over year, and net income of $16.9 million, up 61% year over year. Attributable sales were approximately 15,100 gold equivalent ounces, down year over year, while average cash cost was $350 per ounce and cash operating margin reached a record $2,981 per ounce. Operating cash flow was $37.7 million excluding noncash working capital changes, and the company repaid $25 million of net debt. Full-year 2025 attributable production is still forecast at 65,000 to 80,000 gold equivalent ounces, with production expected to be slightly weighted to the second half of the year.

Nolan Watson focused on the planned sale of Sandstorm to Royal Gold, saying the company is seeing a positive response from shareholders and does not expect challenges getting the required votes. He said the transaction is likely to close in Q4, with the preliminary proxy expected within about a week and shareholder votes to follow after SEC review. His tone was upbeat and strategic, emphasizing improved diversification, portfolio quality, and long-term value re-rating potential from the combined company.

Erfan Kazemi-Esfahani said Q2 was a record quarter for revenue and operating margin, driven by strong realized gold prices averaging over $3,300 per ounce from the gold stream. He cited $51.4 million of revenue, $37.7 million of operating cash flow, $25 million of net debt repayments, and $16.9 million of net income. He also noted that lower GEO sales were partly due to gold outperforming other commodities and that production should be slightly heavier in the second half of the year, while keeping full-year production guidance at 65,000 to 80,000 GEOs.

There was no analyst Q&A; management ended the call after saying there were no questions. The main open item discussed was transaction timing, with Nolan saying the Royal Gold deal still appears on track for a Q4 close and that investor feedback has been positive on both sides. Management also highlighted asset-level updates, including stronger Greenstone ramp-up and favorable second-half expectations at Chapada and other sites.