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Gold royalty company Sandstorm announces record 2022 results, including record net income of $79M

Kitco News

(Kitco News) - Sandstorm Gold (NYSE: SAND, TSX: SSL) yesterday reported record attributable gold equivalent ounces of 82,376 ounces in 2022 (FY 2021 — 67,548 ounces).

The company said that during 2022, it realized record annual revenue of $148.7 million compared with $114.9 million for the comparable period in 2021.

Sandstorm explained that the increase in 2022 revenue is largely attributable to a 22% increase in attributable gold equivalent ounces sold and an increase in the average realized selling price of gold.

The company also reported record cash flows from operating activities, excluding changes in non-cash working capital of $109.8 million (FY 2021 — $83.5 million), as well as record net income of $78.5 million (FY 2021 — $27.6 million).

“Net income was higher during 2022 when compared to the same period in 2021 due to the increase in revenue as well as a combination of other factors,” the company said.

Based on the company’s existing royalties, attributable gold equivalent ounces for 2023 are forecasted by Sandstorm to be between 85,000 and 100,000 ounces. The company is forecasting attributable gold equivalent production to be approximately 140,000 ounces in 2025.

Sandstorm is a gold royalty company. The company holds a portfolio of 250 royalties, of which 39 of the underlying mines are producing. Sandstorm indicated it plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties.

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