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Sandstorm Gold Royalties Announces Record 2019 Second Quarter Results
VANCOUVER, BC / ACCESSWIRE / August 12, 2019 / Sandstorm Gold Ltd. (“Sandstorm Gold R...
About this update from Silver Sands Resources Corp.
[{"type":"text","content":"Sandstorm Gold Royalties Announces Record 2019 Second Quarter ResultsVANCOUVER, BC / ACCESSWIRE / August 12, 2019 / Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE American:SAND) (TSX:SSL) has released its results for the second quarter ended June 30, 2019 (all figures in U.S. dollars).Second Quarter HighlightsRecord attributable gold equivalent ounces sold1 of 16,356 ounces (Q2 2018: 14,465 ounces);Record revenue of $21.5 million (Q2 2018: $18.9 million);Cash flows from operating activities, excluding changes in non-cash working capital1 of $13.8 million (Q2 2018: $12.3 million);Average cash cost per attributable gold equivalent ounce1 of $301 resulting in cash operating margins1 of $1,013 per ounce (Q2 2018: $296 per ounce and $1,013 per ounce respectively);Net income of $2.4 million (Q2 2018: $0.7 million);Normal Course Issuer Bid: Under Sandstorm’s normal course issuer bid, the Company purchased and cancelled approximately 2.5 million shares during the second quarter of 2019;Other notable events:In April 2019, the Company announced that it had entered into a $42.5 million financing package with Americas Silver Corporation which includes a $25 million precious metals stream and NSR royalty on the Relief Canyon gold project in Nevada, USA, a $10 million convertible debenture and a $7.5 million private placement. Under the terms of the precious metals stream, Sandstorm is entitled to receive 32,022 ounces of gold over a 5.5 year period, after which, the Company will purchase 4% of the gold and silver produced from the Relief Canyon project for ongoing per ounce cash payments equal to 30% - 65% of the spot price of gold or silver. In addition, Sandstorm will also receive a 1.4% - 2.8% NSR royalty on the area surrounding the Relief Canyon mine. For more information on this acquisition, see Sandstorm’s press release dated April 3rd, 2019.In June 2019, the Company sold approximately $17 million of its non-core equity investments, representing a continuation of the Company’s strategy to monetize non-core assets. Proceeds from the sale were largely used to pay down debt drawn on the Company’s revolving credit facility.OutlookBased on the Company’s existing royalties, attributable gold equivalent ounces sold for 2019 is fo...