Designated News Release
VANCOUVER, BC, Nov. 24, 2021 /CNW/ - Sandstorm Gold Ltd.
("Sandstorm Gold Royalties", "Sandstorm" or the "Company") (NYSE:
SAND) (TSX: SSL) is pleased to provide a summary of the results
from the Hod Maden Feasibility Study ("FS"). All figures are in
U.S. dollars and are on a 100% project basis unless otherwise
stated. Sandstorm has a 30% interest in the Hod Maden project.
FEASIBILITY STUDY HIGHLIGHTS
- Pre-tax net present value ("NPV") (5% discount rate) of
$1.3 billion and an internal rate of
return ("IRR") of 41%
- Post-tax NPV (5% discount rate) of $1.05
billion and an IRR of 36%
- Estimated all-in sustaining costs ("AISC") of $334 per ounce on a by-product basis1
and $595 per ounce on a co-product
basis1
- Upfront capital cost of $309
million
- Proven and Probable Mineral Reserves of 2.45 million ounces of
gold and 287 million pounds of copper
- 13-year mine life with annual mill design capacity of 800,000
tonnes
- Annual average production of approximately 195,000 gold
equivalent ("AuEq") ounces
- Average head grade of 11.1 grams per tonne ("g/t") AuEq
"The release of the Hod Maden Feasibility Study is a major
turning point for not only the project, but for Sandstorm as well,"
commented Nolan Watson, President
and CEO of the Company. "When we purchased the stake in Hod Maden
back in 2017, we knew that it would be a major growth catalyst for
Sandstorm, and the positive results of this study spell out just
how transformational it will be once in production. Along with the
granting of the Environmental Impact Assessment that was previously
announced, the Feasibility Study launches Hod Maden into the next
stage of development. As a management team we're excited to see
this incredibly robust project make a big leap towards
production."
KEY PARAMETERS & PROJECT ECONOMICS SUMMARY
Mill Design
Capacity
|
800,000 tonnes per
annum
|
Mine
Life
|
13 years
|
Average Annual
Production
|
Gold: 156,000
ounces
Copper: 19.6 million
pounds
|
Total
Production
|
Gold: 2,027,000
ounces
Copper: 255 million
pounds
|
Average Recovery
Rate
|
Gold: 85%
Copper:
93%
|
Average Head
Grade
|
Gold: 8.8
g/t
Copper:
1.5%
|
All-in Sustaining
Cost1
|
By-product1: $334/oz Au
Co-product1: $595/oz Au
|
Upfront
Capital
|
$309
million
|
Base Case
Commodity Prices
|
$1,599/oz
Au
$3.19/lb
Cu
|
NPV (5% discount
rate)
|
Pre-tax: $1.3
billion
Post-tax: $1.05
billion
|
IRR
|
Pre-tax:
41%
Post-tax:
36%
|
Payback Period
(from start of production)
|
Post-tax: 2.0
years
|
Mining & Processing
The FS contemplates Hod Maden as an underground mine divided
into two distinct mining zones with a modified drift and fill
("DAF") technique applied to the upper mine area and a long hole
stoping ("LHS") technique applied to the lower mine area. The bulk
of the mineralization is located in the lower mine area, which will
be accessed through a single portal north of the deposit. The upper
mine will be accessed through two shallow shafts located north and
south of the mineralization. The mine capacity is 800,000 tonnes
per annum with a total of 8.7 million tonnes of ore produced during
the 13-year mine life.
The ore to be processed is classified into two main categories:
regular ore and a pyrite ore with a flowsheet reconfiguration when
processing pyrite ore to maximize gold recovery. Ore processing
contemplates a single stage crush, milling, a bulk flotation
concentrate, regrind through a secondary milling and a secondary
flotation, ultimately producing a saleable copper concentrate and a
saleable pyrite concentrate. The concentrates will be
transported to a port located on the Black Sea in Turkey for shipment to smelting
facilities.
Infrastructure & Capital Costs
The majority of the proposed project infrastructure, including
the process plant, paste plant, water treatment facility,
transformer station and mining offices, will be located in the
Maden Valley near the deposit. The tailings facility, mining waste
dump, and quarry will be located to the north in the Salicor
Valley. A tunnel will be constructed to connect the Maden Valley to
the Salicor Valley. Grid power is available on site and some
workforce can be based out of Artvin city nearby.
The upfront capital cost estimate of $309
million includes a contingency of $31
million.
|
US$
Million
|
Mining Predevelopment
Costs
|
$63
|
Mining Surface
Infrastructure
|
2
|
Other Site
Infrastructure
|
78
|
Process Plant
Infrastructure
|
56
|
EPCM Fees, Indirect
Costs & Construction Facilities
|
37
|
Owners' Costs
|
42
|
Project
Contingency
|
31
|
Total Upfront
Capital Expenditure
|
$309
|
Economics
The post-tax NPV of $1.05 billion,
using a 5% discount rate, has an IRR of 36% and payback period of 2
years. The AISC1 for gold with copper as a by-product
credit is $334 per ounce.
|
By-Product
Basis US$/oz
|
Mining Operating
Cost
|
$230
|
Processing Operating
Cost
|
104
|
TC/RCs (net of
credits & penalties) & Transport Costs
|
95
|
G&A Operating
Cost & Other
|
55
|
Revenue from Sales of
Payable Copper
|
(401)
|
C1
Cost1
|
$84
|
Royalties
|
172
|
Sustaining Capital
Depreciation
|
57
|
Corporate
Costs
|
13
|
Closure
Costs
|
8
|
AISC1
|
$334
|
Timeline
With the release of the FS, the Hod Maden project moves into the
next stage of development. The operator, Lidya Madencilik Sanayi ve
Ticaret A.S. ("Lidya"), commenced the application process for the
forestry permit after receiving the final approval of the
Environmental Impact Assessment ("EIA") from the Ministry of
Environment, Urbanization and Climate Change of Turkey in November
2021. Production from Hod Maden is currently expected in the
second half of 2024.
MINERAL RESERVES AND RESOURCES
Mr. Simon Kusabs of AMC Consultants Pty Ltd is the Qualified
Person for reporting of the Mineral Reserve estimates. The Mineral
Reserve is reported in accordance with the disclosure standards of
Canadian National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101") and Canadian Institute of Mining
(CIM) Definition Standards for Mineral Resources and Mineral
Reserves (2014).
|
|
|
|
|
CONTAINED
METAL
|
Reserve
Classification
|
Tonnes
(kt)
|
AuEq
(g/t)
|
Au
(g/t)
|
Cu
(%)
|
AuEq
(koz)
|
Au
(koz)
|
Cu
(Mlb)
|
Proven
|
1,899
|
19.4
|
16.7
|
1.7%
|
1,186
|
1,021
|
71
|
Probable
|
6,798
|
8.8
|
6.5
|
1.4%
|
1,928
|
1,431
|
216
|
Proven &
Probable
|
8,696
|
11.1
|
8.8
|
1.5%
|
3,114
|
2,452
|
287
|
|
|
Notes
|
1)
|
CIM Definitions
Standards (2014) were used in the preparation of the Mineral
Reserve estimates.
|
2)
|
The Mineral Reserve
is estimated using metal prices of US$1,300 per oz Au and US$3.00
per lb Cu.
|
3)
|
Effective Date of
Mineral Reserve is 31 July 2020.
|
4)
|
Errors in the totals
are due to rounding.
|
5)
|
Mineral Reserves are
reported on the basis of mined ore to be delivered to the plant as
mill feed.
|
6)
|
The estimation was
carried out using a breakeven cut-off value of USD82/t and
incremental cut-of values of USD63/t for stopes and USD40/t for
development.
|
7)
|
The average mining
recovery and dilution factors applied were 94% and 10%
respectively.
|
8)
|
Process recovery and
payable factors averaged 85% and 98% respectively for gold and 93%
and 95% respectively for copper.
|
9)
|
Probable reserve gold
grade and contained metal is higher than the indicated resource
grade and contained metal due to the inclusion of measured resource
from the modified DAF mining area above the 783m
elevation.
|
10)
|
Calculation of the
gold equivalent grade (AuEq) is by the following formula: AuEq =
[(Au Ounces + (Cu Pounds x 3/1300)) x 31.10348]/Tonnes
|
Mr. Chris Arnold of AMC
Consultants Pty Ltd is the Qualified Person for reporting of the
Mineral Resource estimates. The Mineral Resource is reported in
accordance with NI 43-101 and CIM Definition Standards for Mineral
Resources and Mineral Reserves (2014). The Mineral Resource
estimate, reported above an NSR cut-off of $63/tonne, is shown below.
|
|
|
|
|
CONTAINED
METAL
|
Resource
Category
|
Tonnes
(kt)
|
AuEq
(g/t)
|
Au
(g/t)
|
Cu
(%)
|
AuEq
(koz)
|
Au
(koz)
|
Cu
(Mlb)
|
Measured
|
2,461
|
24.3
|
20.7
|
2.3%
|
1,920
|
1,634
|
124
|
Indicated
|
5,683
|
8.8
|
6.2
|
1.7%
|
1,608
|
1,133
|
206
|
Measured &
Indicated
|
8,143
|
13.5
|
10.6
|
1.8%
|
3,530
|
2,768
|
330
|
|
Notes
|
1)
|
CIM Definitions
Standards (2014) were followed for Mineral Resources.
|
2)
|
Mineral Resources are
inclusive of Mineral Reserves.
|
3)
|
Effective Date of
Mineral Resource is 27 July 2019.
|
4)
|
Mineral Resources are
estimated at NSR cut-offs of $63/t for gold/copper
zones.
|
5)
|
Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability.
|
6)
|
Totals may not match
due to rounding.
|
7)
|
Metal prices used as
input into the NSR cut-off calculation are US$1,300/oz for gold,
and US$6,614/tonne for copper.
|
8)
|
Calculation of the
gold equivalent grade (AuEq) is by the following formula: AuEq =
[(Au Ounces + (Cu Pounds x 3/1300)) x 31.10348]/Tonnes
|
DETAILED SCHEDULES2
Mill Feed
|
YR1
|
YR2
|
YR3
|
YR4
|
YR5
|
YR6
|
YR7
|
YR8
|
YR9
|
YR10
|
YR11
|
YR12
|
YR13
|
Total
|
Mill
Feed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore processed
(kt)
|
449
|
560
|
800
|
800
|
802
|
800
|
800
|
787
|
722
|
720
|
599
|
480
|
378
|
8,696
|
Copper grade
(%)
|
1.5
|
1.5
|
1.5
|
1.5
|
1.5
|
1.4
|
1.4
|
1.6
|
1.4
|
1.6
|
1.4
|
1.8
|
1.5
|
1.5
|
Gold grade
(g/t)
|
12.6
|
13.0
|
8.7
|
7.5
|
6.4
|
5.9
|
5.3
|
7.7
|
8.3
|
9.5
|
9.6
|
13.9
|
13.4
|
8.8
|
Copper
Concentrate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concentrate mass (kt,
dmt)
|
26
|
33
|
47
|
48
|
47
|
46
|
44
|
48
|
41
|
43
|
34
|
30
|
21
|
508
|
Copper grade
(%)
|
24
|
23
|
23
|
23
|
24
|
23
|
23
|
25
|
24
|
24
|
23
|
26
|
25
|
24
|
Gold grade
(g/t)
|
158
|
176
|
108
|
96
|
81
|
81
|
70
|
98
|
118
|
123
|
137
|
169
|
182
|
115
|
Pyrite
Concentrate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concentrate mass (kt,
dmt)
|
31
|
23
|
41
|
35
|
47
|
32
|
41
|
41
|
27
|
39
|
20
|
54
|
33
|
461
|
Gold grade
(g/t)
|
17
|
15
|
15
|
15
|
13
|
13
|
13
|
14
|
13
|
15
|
14
|
15
|
11
|
14
|
Payable
Metal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper
(Mlb)
|
13
|
16
|
23
|
23
|
24
|
22
|
22
|
25
|
21
|
22
|
16
|
17
|
11
|
255
|
Gold (koz)
|
147
|
193
|
178
|
159
|
135
|
127
|
110
|
162
|
162
|
184
|
154
|
184
|
132
|
2,027
|
Site Cost (Life of Mine Average)
Mining
|
$53.71/t
|
Processing
|
$24.26/t
|
G&A
|
$11.04/t
|
Site
subtotal
|
$89.01/t
|
OffSite Cost (Life of Mine Average)
|
COPPER
CONCENTRATE
|
PYRITE
CONCENTRATE
|
Freight
|
$62.50/wmt
|
$35.50/wmt
|
Treatment
charge
|
$90.00/dmt
|
$125.00/dmt
|
Copper
refining
|
$0.09/lb
|
-
|
Gold
refining
|
$6.50/oz
|
$8.00/oz
|
Capital Expenditures
CAPEX
BREAKDOWN
|
INITIAL
|
SUSTAINING
|
CLOSURE
|
TOTAL
|
Year -2
|
$71M
|
-
|
-
|
$71M
|
Year -1
|
$151M
|
-
|
-
|
$151M
|
Year 0
|
$87M
|
-
|
-
|
$87M
|
Years 1-5
|
-
|
$80M
|
-
|
$80M
|
Years 6-10
|
-
|
$35M
|
-
|
$35M
|
Years 11+
|
-
|
$9M
|
$16M
|
$25M
|
Total
|
$309M
|
$124M
|
$16M
|
$449M
|
The Hod Maden FS was prepared in accordance with NI 43-101 by GR
Engineering Services Limited (Perth,
Australia), AMC Consultants Pty Ltd. (Perth, Australia), and Hacettepe Mineral
Teknolojileri Ltd. Åžti. (Ankara,
Turkey).
Sandstorm will file or furnish, as applicable, a Technical
Report prepared in accordance with NI 43-101 for the FS entitled
"Hod Maden Project Feasibility Study NI 43-101 Technical Report"
(the "Technical Report"). The Technical Report will be filed within
45 days on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on
Sandstorm's website at www.sandstormgold.com, in accordance with NI
43-101. Readers are encouraged to read the Technical Report in its
entirety, including all qualifications, assumptions and exclusions
that relate to the details summarized in this press release. The
Technical Report is intended to be read as a whole, and sections
should not be read or relied upon out of context.
QUALIFIED PERSONS
Mr. Simon Kusabs of AMC Consultants Pty Ltd is a Fellow (FAusIMM
(Mining)) of the Australasian Institute of Mining and Metallurgy
and a Qualified Person as defined by NI 43-101. He has reviewed and
approved the Mineral Reserves and scientific and technical
information in this press release.
Mr. Chris Arnold of AMC
Consultants Pty Ltd is a Chartered Professional (FAusIMM CP
(Geology)) of the Australasian Institute of Mining and Metallurgy
and a Qualified Person as defined by NI 43-101. He has reviewed and
approved the Mineral Resources in this press release.
Mr. Peter Allen of GR Engineering
Services Ltd is a Member (MAusIMM CP) of the Australasian Institute
of Mining and Metallurgy and a Qualified Person as defined by NI
43-101. He has reviewed and approved the scientific and technical
information in this press release.
Dr. Zafir Ekmekçi of Hacettepe Mineral Teknolojileri Ltd. Şti.
is a Registered Member (418810RM) of
the Society for Mining, Metallurgy, and Exploration, Inc. and a
Qualified Person as defined by NI 43-101. He has reviewed and
approved the scientific and technical information in this press
release.
Mr. Stan Kagiannis formerly of GR Engineering Services Ltd. is a
Fellow (FAusIMM (Processing)) of the Australasian Institute of
Mining and Metallurgy and a Qualified Person as defined by NI
43-101. He has reviewed and approved the Operating Cost Estimate in
this press release.
DATA VERIFICATION
The Qualified Persons noted above have verified that the data
disclosed have a reasonable basis, including sampling, analytical,
and test data underlying the information contained in this news
release. This includes geological studies, mine engineering,
metallurgical results, and among other things, the life of mine
plan, and capital and operating costs.
Additional supporting details regarding the information in this
release, will be provided in the new technical report which will be
available on SEDAR within 45 days of this release, including all
qualifications, assumptions and exclusions that relate to the
Feasibility Study.
Note 1
|
Sandstorm has
included certain measures in this press release that do not have
any standardized meaning prescribed by International Financial
Reporting Standards (IFRS). With respect to the Hod Maden
project, these measures include (i) all-in sustaining cost ("AISC")
per gold ounce on a co-product basis and AISC per gold ounce on a
by-product basis, (ii) C1 costs on a by-product basis, and (iii)
attributable gold equivalent ounce. As Sandstorm's operations are
primarily focused on precious metals, the Company presents these
measures as it believes that certain investors use this information
to evaluate the Company's performance in comparison to other mining
companies in the precious metals mining industry who present
results on a similar basis. Other companies may calculate these
measures differently as a result of differences in the underlying
accounting principles, policies applied and in accounting
frameworks, such as in IFRS. The presentation of these measures is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
|
|
1)
|
With respect to the
Hod Maden project, AISC has been calculated on a co-product basis
for gold and copper. The calculation for each metal is based on
adding costs specific to each metal to costs allocated to each
metal on a proportionate value basis. For gold, AISC per gold ounce
on a co-product basis is calculated by summing certain costs
(operating costs, royalties, treatment, refining & transport
costs, sustaining capital depreciation, G&A, and other costs)
associated with the gold produced. The resulting figure is then
divided by the payable gold ounces produced. AISC per gold ounce on
a by-product basis is calculated by deducting copper revenue from
the summation of certain costs (operating costs, royalties,
treatment, refining & transport costs, sustaining capital
depreciation, G&A, and other costs). The resulting figure is
then divided by the payable gold ounces produced.
|
|
•
|
AISC Co-Product
Basis: [(Operating Costs ($543 million) + Royalties ($296 million)
+ Treatment, Refining and Transport Costs ($151 million) +
Sustaining Capital Depreciation ($93 million) + G&A ($77
million) + Other Costs ($46 million)] / Payable Gold Ounces
(2,027,000 oz) = $595 AISC per ounce].
|
|
•
|
AISC By-Product
Basis: [(Operating Costs ($678 million) + Royalties ($349 million)
+ Treatment, Refining and Transport Costs ($193 million) +
Sustaining Capital Depreciation ($116 million) + G&A ($96
million) + Other Costs ($57 million) - Copper Revenue ($812m)] /
Payable Gold Ounces (2,027k oz) = $334 AISC per ounce].
|
|
|
|
2)
|
With respect to the
Hod Maden project, C1 Cash Cost on a by-product basis is calculated
by deducting copper revenue from the summation of certain costs
(operating costs, treatment, refining & transport costs,
G&A, and other costs) associated with the gold produced. The
resulting figure is then divided by the payable gold ounces
produced.
|
|
|
3)
|
The Company's
estimated royalty and other commodity stream income is converted to
an attributable gold equivalent ounce basis by dividing the
estimated royalty and other commodity stream income for the period
by the estimated gold price per ounce for the same respective
period. These attributable gold equivalent ounces when combined
with the estimated gold ounces from the Company's gold streams
equal total attributable gold equivalent ounces and may be subject
to change.
|
|
Note 2
|
|
Numbers may not sum
due to rounding.
|
CONTACT INFORMATION
For more information about Sandstorm Gold Royalties, please
visit our website at www.sandstormgold.com or email us at
info@sandstormgold.com.
ABOUT SANDSTORM GOLD ROYALTIES
Sandstorm Gold Royalties is a gold royalty company that provides
upfront financing to gold mining companies that are looking for
capital and in return, receives the right to a percentage of the
gold produced from a mine, for the life of the mine. The Company
has acquired a portfolio of 229 royalties, of which 28 of the
underlying mines are producing. Sandstorm Gold Royalties 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.
The disclosure and information contained or referenced herein
uses mineral reserve and mineral resource classification terms that
comply with reporting standards in Canada, and mineral reserve and mineral
resource estimates are made in accordance with Canadian NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum —
CIM Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (the "CIM Definition
Standards"). These standards differ significantly from the mineral
reserve disclosure requirements of the United States Securities
Exchange Commission (the "SEC") set forth in Industry Guide 7.
Consequently, information regarding mineralization contained or
referenced herein is not comparable to similar information that
would generally be disclosed by U.S. companies under Industry Guide
7 in accordance with the rules of the SEC. Further, the SEC has
adopted amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are
registered with the SEC under the Securities Exchange Act of 1934
("Exchange Act"). These amendments became effective February 25, 2019 (the "SEC Modernization Rules")
and, commencing for registrants with their first fiscal year
beginning on or after January 1,
2021, the SEC Modernization Rules replaced the historical
property disclosure requirements included in SEC Industry Guide
7. As a foreign private issuer that files its annual report
on Form 40-F with the SEC pursuant to the multi-jurisdictional
disclosure system, the Company 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. The SEC Modernization Rules include
the adoption of terms describing mineral reserves and mineral
resources that are "substantially similar" to the corresponding
terms under the CIM Definition, but 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 mineral reserve or mineral resource
estimates under the standards adopted under the SEC Modernization
Rules. U.S. investors are also cautioned that while the SEC
recognizes "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources" under the Modernization
Rules, investors should not assume that any part or all of the
mineralization in these categories will ever be converted into a
higher category of mineral resources or into mineral reserves.
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, investors are
cautioned not to assume that any measured mineral resources,
indicated mineral resources, or inferred mineral resources that the
Company reports are or will be economically or legally mineable.
Further, "inferred mineral resources" have a greater amount of
uncertainty as to their existence 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 the "inferred
mineral resources" exist. Under Canadian securities laws, estimates
of "inferred mineral resources" may not form the basis of
feasibility or pre-feasibility studies, except in rare cases.
For the above reasons, information contained or referenced herein
regarding descriptions of our mineral reserve and mineral resource
estimates is not comparable to similar information made public by
U.S. companies subject to reporting and disclosure requirements of
the SEC under either Industry Guide 7 or SEC Modernization
Rules.
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, but
are not limited to, the future price of gold, silver, copper, iron
ore and other metals, the estimation of mineral reserves and
resources, realization of mineral reserve estimates, capital
expenditures, the timing of development of the Hod Maden Project,
the timing and amount of estimated future production, including the
increases to production guidance, the offer and sale of Common
Shares under the at-the-market equity program (the "ATM Program"),
including the timing and amounts thereof, the use of any proceeds
from the ATM Program, and statements with respect to the Company's
proposed normal course issuer bid ("NCIB") and the number of Common
Shares that may be purchased under the NCIB. 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, 2020 and the section entitled "Risk
Factors" contained in the Company's annual information form dated
March 30, 2021 available at
www.sedar.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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SOURCE Sandstorm Gold Ltd.