Sandstorm Gold Sees 63% Drop In 2024 Annual Net Income
Sandstorm Gold Royalties (TSX: SSL) has published its 2024 annual financial results, with total revenue in 2024 reaching $176.3 million, with $47.4 million recognized in the fourth quarter. While this slightly trails the $179.6 million reported for 2023, the quarterly figure surpasses the $44.5 million earned in the final quarter of that year.
Cost of sales, excluding depletion, was $20.0 million for the full year, marginally lower than $21.7 million in 2023. Despite this, net income dropped to $15.5 million from $42.7 million last year, with fourth quarter net income at $3.1 million versus $24.5 million in the prior year’s quarter. Lower gains on investments, a non-recurrence of one-time contractual payments from 2023, and higher tax expense weighed on the bottom line.
Operating cash flow closed the year at $139.0 million, down from 151.1 million in 2023. In Q4, the figure amounted to $36.8 million, marginally higher than the $36.5 million recorded in the final quarter of 2023.
Still, the company managed to achieve cash operating margins of $2,097 per attributable ounce for 2024 ($2,396 in the fourth quarter), up from $1,706 for the full year 2023.
The mining firm ended the year with a cash balance of $4.40 million, with a current assets balance of $31.7 million. Current liabilities ended at $16.2 million.
The company also sold 72,810 attributable gold equivalent ounces in 2024, against 97,245 ounces in the preceding year. Fourth quarter volumes closed at 17,721 ounces, compared to 23,250 ounces in the same quarter a year ago. This decline stems from partial restructuring of Sandstorm’s royalty entitlement at Antamina and lower output from key operations like Cerro Moro, offsetting the first recorded ounces at the Greenstone mine, one of its recent flagship assets.
Sandstorm forecasts attributable gold equivalent ounces of between 65,000 and 80,000 in 2025 and raised its long-term output estimate to roughly 150,000 attributable gold equivalent ounces by 2030.
Sandstorm Gold last traded at $9.16 on the TSX.
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