Sandstorm records 12% drop in Q1 gold equivalent ounces
TORONTO (miningweekly.com) – Precious metals royalty and streaming firm Sandstorm Gold sold about 11 000 attributable gold equivalent ounces during the first quarter of 2016, down 12% from the 12 460 gold equivalent ounces it sold in the same period last year.
The TSX- and NYSE MKT-listed company advised that the attributable gold equivalent ounces were delivered to the company from 19 producing mines, with about 70% of the ounces coming from operations run by major and midtier mining companies.
Sandstorm expected to release its detailed financial results for the first quarter by mid-May.
Sandstorm had acquired a portfolio of 132 streams and royalties, of which 19 of the underlying mines were currently producing. Sandstorm stated that it planned to grow and diversify its low-cost production profile through the acquisition of additional gold streams and royalties.
Q4 LOSS
Sandstorm on Wednesday also announced a fourth-quarter loss of $25-million, compared with earning $2.6-million in the same period a year earlier.
The company reported a 44% year-on-year drop in operating cash flows of $5-million, compared with $8.9-million.
Revenue was down 21% at $9.9-million, as attributable gold equivalent sold fell to 8 951 oz, compared with the 10 424 oz sold a year earlier.
Based on the company's existing gold streams and royalties, attributable gold equivalent production for 2016 was forecast to be between 40 000 oz and 50 000 oz attributable gold equivalent. Sandstorm expected this to rise to about 65 000 oz/y by 2020.
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