UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2024
Commission File Number: 001-35617
Sandstorm Gold Ltd.
(Translation of registrant’s name into English)
Suite 3200 – 733 Seymour Street
Vancouver, British Columbia
V6B 0SB Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SANDSTORM GOLD LTD. |
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| Date: May 24, 2024 |
By: |
/s/ Erfan Kazemi |
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Name: Erfan Kazemi |
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Title: Chief Financial Officer |
EXHIBIT 99.1
May
24, 2024
Sandstorm Gold Royalties
Provides Asset Updates;
Greenstone Pours First Gold
Sandstorm Gold Ltd. (“Sandstorm Gold
Royalties”, “Sandstorm” or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to provide updates on various
developments from the Company’s diversified royalty portfolio.
Equinox Gold Pours First Gold
at Consolidated Greenstone Mine
Equinox Gold Corp. (“Equinox Gold”)
has announced first gold pour at its 100% owned Greenstone gold mine in Ontario, Canada. The inaugural gold pour was achieved on schedule,
producing 1,800 ounces of gold from the full recovery circuit, with all equipment operating as expected. In April, Equinox Gold announced
that ore had been introduced into the grinding circuit and more than 1.5 million tonnes (“Mt”) of ore had been stockpiled
for commissioning. Progressively higher-grade ore will be fed into the mill as production ramps up toward planned throughput of 27,000
tonnes per day, with commercial production targeted for the third quarter of 2024.
In May, Equinox Gold closed the previously announced
acquisition of the remaining 40% of Greenstone Gold Mine GP Inc. from certain funds managed by Orion Mine Finance Management LP (“Orion”),
giving Equinox Gold 100% ownership of the Greenstone mine. Equinox Gold paid Orion US$705 million in cash and 42.0 million Equinox Gold
shares valued at US$250 million on closing. An additional US$40 million in cash is payable by December 31, 2024, for total consideration
of US$995 million for Orion’s 40% interest. The consolidated Greenstone is Equinox Gold’s largest mine, producing an expected
average of 400,000 ounces of gold per year over the first five years and on average 360,000 ounces of gold per year over the initial 14-year
mine life. Greenstone is expected to be one of the world’s lowest-cost open-pit gold mines. Equinox Gold notes that the transaction
also consolidates the Greenstone underground deposit, which is a key expansion opportunity at the mine, as well as multiple gold deposits
in a highly prospective land package over a 100-kilometre trend to the west of Greenstone.
For more information, visit Equinox Gold’s
website at www.equinoxgold.com and refer to the press releases
dated April 9, April 23, May 13, and May 23, 2024.
Sandstorm holds a gold stream on the Greenstone
mine whereby the Company is entitled to purchase 2.375% of gold produced at the mine until 120,333 ounces are delivered, and then 1.583%
of gold produced. Sandstorm will make ongoing payments equal to 20% of the spot price of gold per ounce plus an additional payment of
up to US$30 per ounce in ESG contributions.
Woodlawn Production Restart Study
Outlines Pre-Tax NPV of A$658 Million
Develop Global Limited (“Develop”)
has announced the results of a Production Restart Study (the “PRS”) on its Woodlawn copper-zinc mine in New South Wales, Australia.
The PRS outlines a pre-tax net present value (“NPV”) of A$658 million, representing a 37% increase from the previous estimate.
Proven and Probable Reserves have increased by 80% to 6.0 Mt at 1.5% copper, 1.3% lead, 3.6% zinc, 29.0 grams per tonne (“g/t”)
silver and 0.4 g/t gold containing 5.6 million ounces (“Moz”) of silver. Inclusive Mineral Resources have increased by 55%
to 11.3 Mt at 1.8% copper, 2.1% lead, 5.8% zinc, 46.0 g/t silver, and 0.5 g/t gold (based on a NSR cut-off grade of $A100 per tonne).
In light of financial and operational metrics outlined in the PRS, Develop has decided to start exploring funding options which may result
in it selling a minority interest in Woodlawn. The mine plan indicates Woodlawn will produce an average 12,000 tonnes of copper and 36,000
tonnes of zinc in payable metal per annum. Woodlawn is expected to produce 80,000 tonnes copper and 218,000 tonnes zinc in payable metal
over the life of mine.
For more information, visit Develop’s
website at www.develop.com.au and see the press release dated April 3, 2024.
Sandstorm has a silver stream on the Woodlawn
project whereby the Company has the right to purchase an amount of silver equal to 80% of payable silver produced, to a maximum value
of A$27 million. In addition, the Company holds a second stream at Woodlawn under which the operator has agreed to pay Sandstorm A$1.0
million for each 1 Mt of tailings ore processed at Woodlawn, subject to a cumulative cap of A$10 million.
Bonterra and Osisko Mining Announce
Initial Exploration Results Under Urban-Barry Option Agreement
Bonterra Resources Inc. (“Bonterra”)
has announced initial drill results from the exploration drilling program on the newly named Phoenix JV (formerly known as the Urban-Barry
Property). The drill program is part of a definitive earn-in and joint venture agreement with Osisko Mining Inc. (“Osisko”),
whereby Osisko has the right to acquire up to a 70% interest in the Phoenix JV by spending C$30 million in work expenditures over a three-year
period. Osisko plans to drill over 35,000 metres on the project in 2024, and as of April 15, 2024, approximately 20,000 metres have been
drilled on the project. Osisko has identified multiple targets on the project, including the Moss target, which is located only five kilometres
south-west from the Windfall gold deposit. Initial drill results at Moss confirm similarities to the multimillion-ounce Windfall Gold
deposit. First drill results include:
| o | 5.18 g/t gold over 3.3 metres from 528.0 metres, including 16.75 g/t gold over 1.0 metres from 528.0 metres, and; |
| o | 3.19 g/t gold over 2.9 metres from 575.0 metres, including 12.70 g/t gold over 0.7 metres from 577.2 metres. |
·
OSK-PHX-24-013:
| o | 6.76 g/t gold over 0.8 metres from 11.0 metres, and; |
o
9.63 g/t gold over 0.5 metres from 181.4 metres.
o
9.52 g/t gold over 0.3 metres from 62.5 metres.
For more information, visit Bonterra’s
website at www.btrgold.com and refer to the press releases dated January 18, 2024, and April 15,
2024.
Sandstorm holds a net smelter returns (“NSR”)
royalty ranging between 0.5%–3.9% on portions of the Urban-Barry property, which covers both the Barry and Moss deposits. Sandstorm
also holds a 1.0% NSR royalty on the neighbouring Gladiator (West Arena) gold deposit.
Houndé Gold Mine Exploration
Program Update
Endeavour Mining Corporation (“Endeavour”)
provided an update to its 2024 exploration program at the Houndé gold mine in Burkina Faso. In the first quarter of 2024, Endeavour
spent US$2.3 million of a proposed US$7.0 million exploration program, consisting of 5,328 metres of drilling across 25 drill holes. The
program is focused on delineating targets at depth within the Kari Area and Vindaloo Deeps, as well as adding resources at existing deposits.
Drilling continued to test the continuity of mineralization at the Vindaloo Deeps target with preliminary results demonstrating the potential
for a large, higher-grade underground resource. Additional drilling is also expected at the Koho East and Vindaloo South East deposits
to improve resource definition. Sterilization drilling is expected to continue to confirm proposed footprints for future site infrastructure.
In 2017, Sandstorm acquired a 2.0% NSR royalty
on the Houndé mine, including the Vindaloo, Kari West, and Kari Center deposits, as well as the Koho East target. As of December
31, 2023, the mine has produced over 1.7 Moz of gold since production began in 2017 while contained gold in Mineral Reserves and Resources
at Houndé has increased by approximately 55% over the same period1. Houndé hosts a Proven and Probable Reserve
containing 2.6 Moz of gold within 52.1 Mt at 1.57 g/t gold. Measured and Indicated Resources, inclusive of Reserves, contain 3.8 Moz of
gold contained in 73.1 Mt at 1.63 g/t gold (effective December 31, 2023; cut-off grade 0.5 g/t gold).
For more information, visit Endeavour’s
website at www.endeavourmining.com and see the press release dated May 2, 2024.
Fruta del Norte Mineral Reserves
Increase to 5.50 Million Ounces
Lundin Gold Inc. (“Lundin Gold”)
announced updated estimates of Mineral Reserves and Mineral Resources for its Fruta del Norte (“FDN”) gold mine in Ecuador.
Measured and Indicated inclusive Resources are reported at 23.53 Mt with an average grade of 9.24 g/t containing 6.99 Moz of gold based
on a 3.4 g/t gold cut-off grade. Proven and Probable Reserves for FDN are reported at 21.70 Mt with an average grade of 7.89 g/t containing
5.50 Moz of gold. Lundin Gold reported that the 2023 conversion drilling campaign was successful at reclassifying Inferred Resources
to Indicated in areas immediately beyond the current Reserve boundary, including extensions to the north, at depth and to the south of
the FDN deposit. A total of 0.35 Moz of new Inferred Resources were also added as a result of the conversion and near-mine drilling completed
in 2023. Inferred Resources are reported at 7.98 Mt with an average grade of 5.77 g/t containing 1.5 Moz. Lundin Gold has grown FDN's
Mineral Reserves since operations began in 2019, adding approximately 2.6 Moz before mining depletion.
For more information, visit Lundin Gold’s
website at www.lundingold.com and see the press releases dated
March 27, 2024. Sandstorm holds a 0.9% net smelter returns (“NSR”) royalty on the precious metals produced at FDN.
Note 1
Resources inclusive
of Reserves on a 100% basis. Houndé Mineral Reserves and Resources effective December 31, 2023 compared to Houndé Mineral
Reserves and Resources effective December 31, 2017. For more information visit www.endeavourmining.com.
Qualified Person
Keith Laskowski (MSc), Sandstorm’s Vice
President, Geology is a Qualified Professional (#01221QP) of the Mining and Metallurgical Society of America and a Qualified Person as
defined by Canadian National Instrument 43-101. He has reviewed and approved the technical information in this press release.
Contact Information
For more information about Sandstorm Gold Royalties,
please visit our website at www.sandstormgold.com or email us at info@sandstormgold.com.
| Nolan Watson |
Mark Klausen |
| President & CEO |
Corporate Communications |
| 604 689 0234 |
604 628 1164 |
ABOUT
SANDSTORM GOLD ROYALTIES
Sandstorm
is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage
of production from a mine, for the life of the mine. Sandstorm holds a portfolio of approximately 230 royalties, of which 40 of the underlying
mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold
royalties. For more information visit: www.sandstormgold.com.
CAUTIONARY
STATEMENTS TO U.S. SECURITYHOLDERS
The
financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs
from US generally accepted accounting principles (“US GAAP”) in certain material respects, and thus are not directly comparable
to financial statements prepared in accordance with US GAAP.
This
press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards
for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United
States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”,
“proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated
mineral resources,” “measured mineral resources” and “mineral resources” used or referenced herein and the
documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian
National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of
Mining, Metallurgy and Petroleum (the “CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted
by the CIM Council, as amended (the “CIM Definition Standards”).
For
United States reporting purposes, the United States Securities and Exchange Commission (the “SEC”) has adopted amendments
to its disclosure rules (the “SEC Modernization Rules”) to modernize the mining property disclosure requirements for issuers
whose securities are registered with the SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules
more closely align the SEC’s disclosure requirements and policies for mining properties with current industry and global regulatory
practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that
were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning
on or after January 1, 2021. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional
disclosure system, the Corporation is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and
will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource
information contained or incorporated by reference herein may not be comparable to similar information disclosed by United States companies
subject to the United States federal securities laws and the rules and regulations thereunder.
As
a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions
of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the
corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources”, U.S. investors should not assume that all or any
part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves
without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence
and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that
all or any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will
be economically or legally mineable without further work and analysis. Further, “inferred mineral resources” have a greater
amount of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to
assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis. Under
Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. While the above terms are “substantially similar” to CIM Definitions, there are differences
in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral
reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”,
“measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under
NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization
Rules or under the prior standards of SEC Industry Guide 7.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING INFORMATION
This
press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities
Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning
of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm
Gold Royalties. Forward-looking statements include the future price of gold, silver, copper, iron ore and other metals, the estimation
of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”,
“plans”, or similar terminology.
Forward-looking
statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances
or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or
implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies
and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the
price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements
to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes
in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility,
discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational
and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions,
activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution,
share price volatility and competition.
Forward-looking
statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level
of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking
statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations
from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations,
including risks related to international operations, government and environmental regulation, actual results of current exploration activities,
conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals,
fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility,
as well as those factors discussed in the section entitled “Risks to Sandstorm” in the Company’s annual report for the
financial year ended December 31, 2023 and the section entitled “Risk Factors” contained in the Company’s annual information
form dated March 27, 2024 available at www.sedarplus.com. Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated
by reference, except in accordance with applicable securities laws.
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Grafico Azioni Sandstorm Gold (NYSE:SAND)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Sandstorm Gold (NYSE:SAND)
Storico
Da Feb 2024 a Feb 2025
