Sandstorm Gold is a non-operating gold streaming and royalty company. Rather than mining gold itself, Sandstorm provides upfront capital to mining companies in exchange for either the right to buy a fixed percentage of future production at a low fixed price (streams), or a percentage of mine revenues with no ongoing capital obligations (royalties). Under stream agreements, Sandstorm's margin is the spread between its fixed purchase price — averaging ~$275/oz in FY24 — and spot prices. Royalties require no ongoing outlay and are essentially pure margin. Sandstorm targets advanced-stage development projects and operating mines, competing directly with debt and equity as a financing option for mining companies. As of FY24, Sandstorm had 231 streams and royalty interests, of which 41 underlying mines were producing, generating ~73,000 gold equivalent ounces (GEOs). The portfolio is geographically diversified, with ~45% of production from South America and ~35% from North America, and is roughly 75% precious metals by production. Sandstorm's growth strategy centers on a pipeline of large development assets — including Greenstone, Platreef, MARA, and Hod Maden — that management expects will drive production to ~150,000 GEOs by 2030. With only 29 employees and no mine-level operating costs or capex obligations, Sandstorm runs a lean, high-margin business model. The company took on ~$640M in debt in 2022 for acquisitions and has since reduced that to ~$340M, with share buybacks as the stated top capital allocation priority once debt falls below ~$300M.