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Highlights

  • SSL’s Q1FY25 revenue increased by 16.9% YoY, while gross profit rose by 42.7%.
  • The company’s SSL repurchased and cancelled 3.1 million shares for USD 19.1 million, with USD 2.0 million more post-quarter.
  • SSL expects 65,000–80,000 oz gold equivalent in FY2025, targeting ~150,000 oz by FY2030.

Sandstorm Gold Ltd (TSX: SSL) is a gold-focused streaming and royalty company with a global portfolio spanning North America, South & Central America, Africa, Asia, and Australia, holding key interests in assets such as Hod Maden, Santa Elena, Chapada, and Cerro Moro.

In the first quarter of the financial year 2025 (Q1FY25), the company’s total revenue increased by 16.9% YoY to USD 50.1 million, driven by decent commodity prices, increased copper deliveries, and new contributions from Greenstone Mine. Gross profit surged by 42.7% YoY to USD 29.1 million, driven by a high-margin revenue mix and operating leverage from the royalty model. Net income for the period rose by 391.9% YoY to USD 11.3 million, driven by higher revenue and lower financing costs. Cash flow from operating activities surged by 25.8% YoY to USD 40.7 million, up from USD 32.4 million in Q1FY24.

Recent Business Update

In Q1 2025, SSL repurchased and cancelled 3.1 million shares for USD 19.1 million, followed by an additional USD 2.0 million post-quarter, and renewed its NCIB to allow up to 20 million share buybacks under an automatic purchase plan, reflecting long-term value confidence and disciplined capital allocation.

The company fully exited its Vatukoula mine interests for USD 10 million, generating a total return of USD 14 million and ~12% IRR since 2021, reflecting disciplined portfolio management and a focus on higher-return assets.

Company Outlook

SSL forecasts FY2025 attributable gold equivalent production of 65,000–80,000 ounces, with ±1,500-ounce sensitivity to copper and silver price shifts, and expects long-term growth to ~150,000 ounces by FY30 driven by its existing portfolio and potential MARA project stream option.

Top 10 Shareholders

The top 10 shareholders of SSL collectively hold approximately ~37.38% of the total shares, with Capital International Investors and Van Eck Associates Corporation holding the largest stakes at around ~8.53% and ~7.15%, respectively.

Stock Information

The stock has witnessed an upside of ~1.03% and ~4.62% over the last 1 week and 1 month, respectively. Moreover, it is trading above the average 52-week high price of CAD 13.19 and 52-week low price of CAD 6.93, with a closing price of CAD 12.68 as of 26 June 2025.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 26 June 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.