Hi Mr. McKeough: I would appreciate your thoughts on Sandstorm Gold. Does it have similar potential as did Royal Gold and Silver Wheaton and is this a good time to take a position? Thank you.
Sandstorm Gold, $1.38, symbol SSL on Toronto (Shares outstanding: 275.1 million; Market cap: $424.5 million; www.sandstormgold.com), has royalties on gold production at the following mines: Aurizona (Brazil), 17%; Santa Elena (Mexico), 20%; Black Fox (Canada), 12%; the Ming project (Canada), 10%; the Bachelor Lake project (Canada), 20%; and the Summit mine (U.S.), 50%.
The company acquires these royalties through gold-purchase agreements. Under these deals, Sandstorm makes an upfront cash payment to gold-mine operators. In exchange, Sandstorm receives the right to purchase a percentage of the gold produced for the life of the mine, at a fixed price per ounce.
Combined, Sandstorm forecasts that its share of annual gold production will be between 13,000 and 18,000 ounces this year. That would rise to an estimated 34,000 ounces of gold per year by 2012, up to 50,000 ounces by 2014.
The company reported cash flow of $2.1 million, or $0.006 a share, in the three months ended March 31, 2011.
Sandstorm’s royalties from gold…
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