Sandstorm Gold Ltd (British Columbia) (SAND) 2025 Q2 法說會逐字稿

Good morning. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold 2025 second quarter results conference call. (Operator Instructions)

早安.我叫約翰，今天我將擔任您的會議主持人。現在，我歡迎大家參加Sandstorm Gold 2025第二季業績電話會議。（操作員指示）

Please be aware that some of the commentary may contain forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. (Operator Instructions)

請注意，部分評論可能包含前瞻性陳述。無法保證前瞻性陳述的準確性，因為實際結果和未來事件可能與此類陳述中的預期有重大差異。（操作員指示）

Thank you. Mr. Watson, you may begin your conference.

謝謝。沃森先生，您可以開始您的會議了。

Thank you, John. Good morning, everyone, and thank you for calling in to our Q2 earnings call. This morning, I'll give an update on the sale of our business to Royal Gold as well as a quick reminder of why we like this transaction so much. And then I'm going to hand it over to Erfan, our CFO, to discuss the specific financial results, and then Dave Awram to provide some asset-specific updates. Overall, Sandstorm continues to recognize very strong cash flow with over $38 million of operating cash flow in Q2.

謝謝你，約翰。大家早安，感謝您參加我們的第二季財報電話會議。今天上午，我將介紹將我們的業務出售給 Royal Gold 的最新情況，並簡要回顧我們如此喜歡這筆交易的原因。然後我將把它交給我們的財務長 Erfan 來討論具體的財務結果，然後 Dave Awram 提供一些特定於資產的更新。總體而言，Sandstorm 繼續實現非常強勁的現金流，第二季的營運現金流超過 3,800 萬美元。

Since the announcement of the acquisition of Sandstorm by Royal Gold, we've had a positive response from our shareholders. And based on those conversations, we do not expect any challenges getting the required votes to complete the transaction from the Sandstorm side. And I'm told the response from Royal Gold institutional investors appears to be positive as well. So we're looking forward to completing this transaction likely in Q4. The next step in the transaction is for Royal Gold to file their preliminary proxy statement, which I understand is currently expected within the next week.

自從皇家黃金宣布收購 Sandstorm 以來，我們得到了股東的積極回應。根據這些對話，我們預計 Sandstorm 方面不會遇到任何挑戰，無法獲得完成交易所需的投票。我聽說皇家黃金機構投資者的反應似乎也很正面。因此，我們期待在第四季完成這筆交易。交易的下一步是皇家黃金公司提交其初步代理聲明，據我了解，目前預計將在下週內提交。

After that, there will be a period of time for SEC comments, if any. And once the comment period is complete, Sandstorm and Horizon will file our information circulars and all three companies will go to a shareholder vote, after which we will complete the transaction. Our best estimate of timing to complete everything is somewhere towards the middle to end of Q4. As we've been discussing the transaction with our investors, the story has been resonating, and again, highlights as to why are because this transaction gives an immediate value bump and solidification of value to our investors. It maintains our exposure to gold, it improves the portfolio maturity and provides a meaningful long-term re-rating potential as well as diversification.

此後，如果有任何意見，美國證券交易委員會 (SEC) 將有一段時間進行評論。一旦評論期結束，Sandstorm 和 Horizo​​n 將提交我們的資訊通告，三家公司都將進行股東投票，之後我們將完成交易。我們估計完成所有事情的最佳時間是在第四季中期到末期。當我們與投資者討論這筆交易時，這個故事引起了共鳴，並且再次強調，這是因為這筆交易為我們的投資者帶來了直接的價值提升和價值鞏固。它維持了我們對黃金的投資，提高了投資組合的成熟度，並提供了有意義的長期重新評級潛力以及多樣化。

Once this transaction is complete, Royal Gold will have an industry-leading portfolio of diversified, high-quality and long-life assets with growth potential. Our portfolio will have over 80 cash flowing royalties and streams and a total of nearly 400 royalties and streams. One of the things that I like most about the transaction is the diversification it brings to both Sandstorm and Royal Gold investors. The main previous knock about Royal Gold was that it had the least diversification of the majors with the highest percentage of their NAV coming from their top 10 assets. Specifically, prior to announcing the Sandstorm acquisition, 79% of their NAV came from their top 10 assets.

此次交易完成後，Royal Gold 將擁有領先業界的多元化、高品質、長壽命且具有成長潛力的資產組合。我們的投資組合將擁有超過 80 個現金流特許權使用費和流，總計近 400 個特​​許權使用費和流量。我對這筆交易最喜歡的一點是它為 Sandstorm 和 Royal Gold 投資者帶來了多樣化。先前對皇家黃金的主要批評是，它是各大銀行中多元化程度最低的，其資產淨值中最高比例來自其前十大資產。具體來說，在宣布收購 Sandstorm 之前，其 79% 的資產淨值來自其前十大資產。

Now after the Sandstorm acquisition as well as the $1 billion Kansanshi Gold stream acquisition they recently announced, their top 10 assets now only represent 61% of their value which puts their diversification approximately the same as Franco-Nevada's and more diversified than Wheaton, both of which trade at material NAV premiums to Royal Gold. When you look at the list of the top 11 assets that Royal will have pro forma in this transaction, it is an impressive list with no one asset being more than 12% of NAV and the list comprising of Mount Milligan, Kansanshi, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Hod Maden, Platreef, Antamina and MARA. This is a dream list of quality anchor assets. So we're looking forward to working to close this transaction over the coming months.

現在，在收購 Sandstorm 以及他們最近宣布的 10 億美元 Kansanshi Gold 流收購之後，他們的前 10 項資產現在僅佔其價值的 61%，這使得他們的多元化程度與 Franco-Nevada 大致相同，並且比 Wheaton 更加多元化，這兩家公司的資產淨值均高於 Royal Gold。當您查看皇家集團在此次交易中將持有的前 11 項資產清單時，您會發現這是一份令人印象深刻的清單，其中沒有一項資產的價值超過資產淨值的 12%，清單包括 Mount Milligan、Kansanshi、Pueblo Viejo、Cortez、Andacollo、Khoemacau、Hod Maden、Pueblo Viejo、PlafARAf。這是一份夢想的優質錨定資產清單。因此，我們期待在未來幾個月內完成這筆交易。

With that, I'll hand it over to Erfan.

這樣，我就把這個任務交給二帆了。

Thank you, Nolan. Turning to the financial results for the three-month period ended June 30, Sandstrom delivered another record quarter in terms of revenue and operating margin. Total revenue for the second quarter was $51.4 million, a 24% increase compared to the same period last year. This was driven by strong realized gold prices, which averaged over $3,300 per trivial ounce from our gold stream. Sandstrom sold approximately 15,100 attributable gold equivalent ounces in Q2 which was a decrease year over year, in part due to the outperformance of gold relative to other commodities, which reduces the gold equivalent conversion of our copper and silver stream.

謝謝你，諾蘭。回顧截至 6 月 30 日的三個月財務業績，Sandstrom 在收入和營業利潤率方面再創紀錄。第二季總營收為5,140萬美元，較去年同期成長24%。這是由強勁的黃金實際價格推動的，我們的黃金流平均每盎司價格超過 3,300 美元。Sandstrom 在第二季度銷售了約 15,100 盎司黃金當量，年比有所下降，部分原因是黃金相對於其他商品的表現優異，從而降低了我們的銅和銀流的黃金當量轉換率。

We also expect production to be slightly weighted in the second half of the year based on operator guidance at certain assets, which I'll discuss in a minute. Despite lower GEOs compared to Q1, the strong gold price environment offset this impact, driving our record revenue and operating margin. During the quarter, average cash cost per trivial ounce was $350 resulting in record cash operating margins of $2,981 per ounce. Robust operating cash flow of $37.7 million, excluding changes in non-cash working capital, continue to support our deleveraging efforts, and the company made net debt repayments of $25 million during the quarter. We ended the quarter with net income of $16.9 million, a 61% increase year over year.

我們也預計，根據某些資產的營運商指導，下半年的產量將略有增加，稍後我將對此進行討論。儘管與第一季相比，全球經濟展望有所下降，但強勁的金價環境抵消了這一影響，推動了我們創紀錄的收入和營業利潤率。本季度，每盎司黃金的平均現金成本為 350 美元，從而實現了每盎司 2,981 美元的創紀錄現金營業利潤率。強勁的營運現金流為 3,770 萬美元（不包括非現金營運資本的變化），繼續支持我們的去槓桿努力，公司在本季度償還了 2,500 萬美元的淨債務。本季末我們的淨收入為 1,690 萬美元，年增 61%。

Sandstorm's attributable production in the first half of 2025 totaled 33,590 gold equivalent ounces and we continue to forecast full year production to be between 65,000 and 80,000 gold equivalent ounces. At Chapada, production in the second quarter was impacted by lower recoveries due to increased processing of lower-grade stockpiles. However, Lundin Mining expects production in the latter half of the year to benefit from higher grade ore. On the exploration front, the Saúva deposit located 15 kilometers north of Chapada represents a compelling growth opportunity and a pre-feasibility study is underway and expected by year-end. Another solid quarter of production from Bonikro was driven by increased throughput and operational improvement.

Sandstorm 在 2025 年上半年的應佔產量總計 33,590 黃金當量盎司，我們繼續預測全年產量將在 65,000 至 80,000 黃金當量盎司之間。在查帕達，由於低品位庫存的加工量增加，導致第二季的採收率降低，從而影響了產量。不過，倫丁礦業預計下半年的產量將受惠於更高品位的礦石。在勘探方面，位於 Chapada 以北 15 公里的 Saúva 礦床代表著一個引人注目的成長機會，目前正在進行預可行性研究，預計將於年底完成。得益於產量的提高和營運的改善，Bonikro 的產量再創季度佳績。

Allied Gold expect production stripping in the first half of 2025 to expose higher-grade material for the second half of 2025 and for the full year 2026 and 2027. Allied Gold also continues to focus on exploration activities at several targets located on Sandstorm's area of interest. At Greenstone, production continues to ramp up after achieving commercial production in November of last year. Equinox Gold reported nearly 95,600 ounces of gold produced in the first half of 2025. And full year guidance has been adjusted to be between 220,000 and 260,000 ounces, which is in line with Sandstorm's internal estimates, which is factored into our annual guidance range.

Allied Gold 預計 2025 年上半年的生產剝離將在 2025 年下半年以及 2026 年和 2027 年全年顯露出更高品位的材料。Allied Gold 也繼續專注於 Sandstorm 感興趣區域的幾個目標的勘探活動。綠石礦自去年 11 月商業化生產後，產量持續增加。Equinox Gold 報告稱，2025 年上半年黃金產量接近 95,600 盎司。全年指導產量已調整為 220,000 至 260,000 盎司之間，這與 Sandstorm 的內部估計相符，並已計入我們的年度指導範圍。

Sandstrom received and sold nearly 1,200 ounces from Greenstone in Q2, and we expect this to increase in the second half as optimization efforts continue. Equinox is implementing a comprehensive improvement plan with continued ramp up through the remainder of the year. We saw increased mining activity on our royalty ground on the Houndé Gold Mine in Q2, which positively impacted attributable royalty revenue. Endeavor Mining is now sourcing ore from the Kari West pit with supplemental feed from Vindaloo Main and Vindaloo North, all within Sandstorm's royalty claim. Furthermore, exploration of Vindaloo Deeps is ongoing with a maiden underground resource expected in the first half of 2026.

Sandstrom 在第二季度從 Greenstone 接收並出售了近 1,200 盎司黃金，我們預計隨著優化工作的繼續，下半年這一數字將會增加。Equinox 正在實施一項全面的改進計劃，並在今年剩餘時間內持續加強。我們發現第二季 Houndé 金礦特許權使用費區域的採礦活動增加，這對可歸屬的特許權使用費收入產生了正面影響。Endeavor Mining 目前從 Kari West 礦坑購買礦石，並從 Vindaloo Main 和 Vindaloo North 補充進料，這些都在 Sandstorm 的礦區範圍內。此外，Vindaloo Deeps 的勘探工作正在進行中，預計將於 2026 年上半年發現首個地下資源。

Sandstorm also received its first silver deliveries from the Woodlawn mine subsequent to quarter end. Developed global, the operator reported that the site commissioning is proceeding to plan and ramp up is in line with the project schedule. Looking at the breakdown of our production by region in metal type, approximately 45% of attributable GEOs in Q2 came from South America, 34% from North America, including 19% from Canada and 21% from other jurisdictions. On a metal basis, 82% of GEOs were from precious metals with copper contributing 11% and other base metals making up the remaining 7%. This distribution continues to reflect our strong exposure to gold and silver, while maintaining meaningful leverage to copper.

本季末之後，Sandstorm 也從 Woodlawn 礦場收到了第一批白銀。該公司報告稱，全球開發案現場調試正在按計畫進行，產能提升符合專案進度。從我們以金屬類型劃分的產量區域來看，第二季約有 45% 的可歸因 GEO 來自南美洲，34% 來自北美，其中 19% 來自加拿大，21% 來自其他司法管轄區。以金屬為基礎，82% 的 GEO 來自貴金屬，其中銅佔 11%，其他賤金屬佔剩餘的 7%。這種分佈繼續反映出我們對黃金和白銀的強勁投資，同時保持對銅的有意義的槓桿作用。

And with that, I'll turn it over to Dave for a look at some of Sandstorm's development assets. Dave?

接下來，我會把這個交給 Dave，讓他看看 Sandstorm 的一些開發資產。戴夫？

Great. Thanks, Erfan, and good morning, everyone. Today, I'll focus on a couple of projects in our pipeline now, starting with Greenstone, as Erfan just talked about. So since Q1 2025, Equinox's Greenstone mine has demonstrated very clear improvements in production output and operational efficiency. In Q2, 2025 gold production from Greenstone rose from 51,000 -- it rose to 51,274 ounces, up to 44,449 ounces from Q1.

偉大的。謝謝，Erfan，大家早安。今天，我將重點介紹我們目前正在進行的幾個項目，首先是 Greenstone，正如 Erfan 剛才談到的。因此，自 2025 年第一季以來，Equinox 的 Greenstone 礦的產量和營運效率都有了非常明顯的提高。2025 年第二季度，Greenstone 的黃金產量從 51,000 盎司上升至 51,274 盎司，比第一季增加 44,449 盎司。

This 15% quarter-over-quarter increase indicates that ramp-up efforts are very much yielding results. Higher production was driven by mining more ore and more efficient milling and processing. By mid-2025, Equinox reported mining rates at Greenstone reached about 175,000 tonnes per day, roughly 25% higher than the average rate in Q1. This acceleration of mine output makes a substantial improvement from all previous quarters, alongside mining rate improvements, the mill throughput and gold recovery rates have been improving as well. While the company acknowledged that year-to-date processing performance is still below the ideal plan, the trend is positive.

這一環比增長 15% 表明，加大力度的努力正在取得顯著成效。開採更多的礦石以及更高效的銑削和加工推動了產量的提高。Equinox 報告稱，到 2025 年中期，Greenstone 的採礦率將達到每天約 175,000 噸，比第一季的平均採礦率高出約 25%。礦山產量的加速成長使前幾季相比有了大幅改善，除了採礦率的提高之外，選礦廠的產量和黃金回收率也在提高。儘管該公司承認今年迄今的加工業業績仍低於理想計劃，但趨勢是正面的。

The processing plant is handling increased volume and extracting gold much more efficiently. This solid output close to 96,000 ounces in the last two quarters, positions Greenstone where it belongs at the top of Equinox' portfolio. Even more improvements are anticipated in the coming months as operational optimizations continue. The project's trajectory is clearly upward evidenced by the quarter-on-quarter gains and expectation of even stronger results in that latter half 2025. At Platreef, first feed of ore into the Phase 1 concentrator is scheduled to take place Q4 2025, targeting initial production rates of around 100,000 ounces of platinum, palladium, rhodium and gold.

該加工廠處理的黃金量不斷增加，提取黃金的效率也大大提高。在過去兩個季度，Greenstone 的產量接近 96,000 盎司，這使得 Greenstone 成為 Equinox 投資組合中的佼佼者。隨著營運優化的持續，預計未來幾個月還會有更多改進。該項目的發展軌跡明顯呈上升趨勢，季度環比增長以及預計 2025 年下半年業績將更加強勁。在普拉特里夫，第一期選礦廠計劃於 2025 年第四季首次進料礦石，目標初始產量約為 100,000 盎司鉑、鈀、銠和黃金。

As the project progresses to Phase 2 and Phase 3 expansions, Platreef is projected to be one of the largest and lowest-cost PGM producers worldwide. Phase 2 life-of-mine costs are estimated to be per ounce of platinum, palladium, rhodium and gold, which compares very well to the current spot basket prices these same four precious metals of approximately $1,600 per ounce. On May 8, underground development commenced in ore for first time. The ore is being stockpiled on service and will be used in the Phase 1 concentrator ramp up in the coming months. Shaft 3 is on schedule to be ready to hoist from Q1 2026 which not only supports the Phase 1 ramp up, that will also play a key part in the future Phase 2 expansion.

隨著專案進展到第二階段和第三階段的擴建，Platreef 預計將成為全球最大、成本最低的 PGM 生產商之一。第二階段礦山壽命成本估計為每盎司鉑、鈀、銠和黃金，與目前這四種貴金屬的現貨籃子價格（每盎司約 1,600 美元）相比非常吻合。5月8日，礦區首次開始地下開拓。該礦石目前已儲存起來，並將在未來幾個月用於第一階段選礦廠的產能提升。3 號礦井預計將於 2026 年第一季按計劃開始吊裝，這不僅支持第一階段的產能提升，還將在未來第二階段的擴建中發揮關鍵作用。

Of course, a key part of the Phase 2 expansion is completion of Shaft 2 which now raised boring completed to 950-meter step and the process of widening to the final 10-meter diameter is set for early 2026. Together, these two shafts will have hoisting capacity of over 12 million tonnes per year. Overall, the development is on schedule. And while Phase 1 ramp up is imminent, the project is preparing for Phase 2 targeting late 2027. I was going to finish my asset update on this, but just didn't feel right considering the extraordinary exploration results recently released by Lundin Gold on Fruta del Norte.

當然，第二階段擴建工程的關鍵部分是完成 2 號豎井，目前該豎井的鑽孔深度已達到 950 米，拓寬至最終 10 米直徑的過程定於 2026 年初進行。這兩個礦井的年提昇能力總計將超過 1200 萬噸。總體而言，開發工作正在按計劃進行。雖然第一階段的產能提升迫在眉睫，但該專案正在為計劃於 2027 年底啟動的第二階段做準備。我本來要完成這方面的資產更新，但考慮到 Lundin Gold 最近發布的關於 Fruta del Norte 的非凡勘探結果，感覺不太對勁。

Lundin Gold's exploration program has delivered outstanding results since Q1 and covering new high-grade gold zones and even a new copper gold system. Near-mine drilling is extending the known deposit notably at FDN South and East side with multiple bonanza grade intercepts confirming additional gold resources. These successes have prompted Lundin to significantly expand its 2025 drill campaign as the company moves to convert these discoveries into reserves and extend Fruta's 12-year mine life. Conversion drilling at Fruta del Norte South returned some of the highest grades ever recorded at Fruta. For example, intercepts of 139.5 grams gold over 9 meters and 43.8 grams gold over 9.8 meters.

自第一季以來，Lundin Gold 的勘探計劃取得了出色的成果，涵蓋了新的高品位金礦區，甚至新的銅金系統。近礦鑽探正在擴大已知礦床的範圍，特別是在 FDN 南側和東側，多個富礦級截距證實了額外的金礦資源。這些成功促使 Lundin 大幅擴大其 2025 年鑽探活動，因為該公司正在努力將這些發現轉化為儲備，並延長 Fruta 12 年的礦場壽命。Fruta del Norte South 的轉換鑽探獲得了 Fruta 有史以來的最高品位。例如，截獲9公尺處139.5克黃金和9.8公尺處43.8克黃金。

These results confirm that the rich vein system continues to south of the current mine with new gold zones discovered outside the previous resource model. Engineering studies are underway to integrate FDNS into the mine plan, potentially adding many more years into Fruta's production profile. Drilling at FDN eased a new target, just 100 meters east of the mine has expanded the mineralized zone with hits like 6.6 grams over 10 meters of depth. Multiple subparallel veins have been delineated and the latest holes confirm that gold mineralization remains open to the north, indicating room for further growth. I think these results successfully demonstrate FDN East as a significant new gold system that has a great chance of becoming a next new ore body adjacent to the main deposit.

這些結果證實，富礦脈系統延伸至目前礦山的南部，並在先前的資源模型之外發現了新的金礦帶。目前正在進行工程研究，以將 FDNS 納入礦山計劃，這可能會使 Fruta 的生產狀況延長多年。在 FDN 進行的鑽探發現了新的目標，距離礦井以東僅 100 公尺的礦化帶已擴大，深度超過 10 公尺的礦藏中發現了 6.6 克金。已劃定多個亞平行礦脈，最新的鑽孔證實金礦化仍向北開放，顯示還有進一步成長的空間。我認為這些結果成功證明了 FDN East 是一個重要的新金礦系統，很有可能成為毗鄰主礦床的下一個新礦體。

Beyond the epithermal gold system, exploration has uncovered a large copper gold porphyry system at Trancaloma, evidenced by a remarkably broad intercept of 0.5% copper equivalent over 858 meters. Additionally, drilling at Bonanza Sur outlined a broad near-surface gold zone, for example, 101.1 grams over 162 meters suggesting a sizable, mineralized envelope that may connect with Trancaloma system.

除了淺成低溫金礦系統之外，勘探人員還在特蘭卡洛瑪發現了一個大型銅金斑岩系統，證據是 858 公尺的銅當量截距非常寬，為 0.5%。此外，在 Bonanza Sur 進行的鑽探勾勒出了一個寬闊的近地表金礦帶，例如，162 公尺長的金礦帶中含有 101.1 克金，這表明存在一個相當大的礦化包層，可能與 Trancaloma 系統相連。

These fines highlight a district scale potential around Fruta del Norte with geologists now eyeing other targets like the nearby Castillo and Sandino prospects for similar mineralization. Spurred by these successes, Lundin has expanded its 2025 drill program from 80,000 meters to 108,000 meters. 17 drill rigs are active on site. Certainly, the largest annual drill campaign ever at Fruta but also the largest in all the Americas and probably the entire world.

這些罰款凸顯了 Fruta del Norte 周圍區域規模的潛力，地質學家現在正在關注其他目標，例如附近的 Castillo 和 Sandino 等類似的礦化前景。在這些成功的激勵下，倫丁將其 2025 年鑽探計畫從 80,000 公尺擴大到 108,000 公尺。現場有 17 台鑽孔機投入使用。毫無疑問，這是 Fruta 有史以來規模最大的年度鑽探活動，也是整個美洲乃至全世界規模最大的年度鑽探活動。

So with that, I'll pass the call over to the operator, John, and we can begin the question-and-answer period.

因此，我將把電話轉給接線員約翰，然後我們就可以開始問答環節了。

(Operator Instructions)

（操作員指示）

Sounds good. Looks like there are no questions. And as normal, we'll be here if anyone has any follow-up questions, we'll be in the office. So thanks, everyone, for calling in, and have a good day.

聽起來不錯。看起來好像沒有問題。像往常一樣，如果有人有任何後續問題，我們會在辦公室。謝謝大家的來電，祝大家有個愉快的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。