Sandstorm Gold Ltd. SAND announced preliminary revenues and cash operating margin for the second quarter of 2025. Revenues in the quarter rose 24.2% year over year. The company’s cash operating margin moved up 45.9%. SAND sold nearly 15,100 attributable gold equivalent ounces (GEOs) in the quarter. This marks a 13.2% decline from the 17,400 ounces of GEOs sold in second-quarter 2024. However, it delivered record preliminary revenues of $51 million, up from the prior-year quarter’s $41 million driven by higher prices. The company reported a preliminary cost of sales (excluding depletion) of $5.3 million, higher than $4.7 million in the second quarter of 2024. The cash operating margin was a record $17,400 per attributable GEO in the quarter under review, higher than the prior-year quarter's $2,043. As of June 30, 2025, the outstanding balance on the company’s revolving credit facility was approximately $315 million, with an undrawn and available balance of $310 million. On July 7, 2025, Sandstorm Gold and Royal Gold, Inc RGLD announced that they have inked a deal where RGLD will acquire SAND at an implied value of approximately $3.5 billion. The agreement entered into was a twin one with Horizon Copper Corp., which is also set to be acquired by Royal Gold through an all-cash transaction valued at approximately $196 million. The transaction is aligned with Sandstorm’s focus on delivering consistent growth and value to its shareholders. For each of Sandstorm’s shares, its shareholders will receive 0.0625 of a share of Royal Gold’s common stock. The transaction is expected to complete in the fourth quarter of 2025. SAND shares have surged 74.3% in the past year compared with the industry’s growth of 39%.

Sandstorm Gold Reports Y/Y Increase in Q2 Preliminary Revenues

Sandstorm Gold Ltd. reported a 24.2% year-over-year increase in Q2 2025 preliminary revenues, driven by higher gold prices, with record revenues of $51 million. The company also announced a $3.5 billion acquisition deal with Royal Gold, Inc., and a related $196 million acquisition of Horizon Copper Corp., both expected to close in Q4 2025.