The current gold environment has assisted Sandstorm Gold (TSX: SSL) in masking its decline in gold production. The royalty and streaming company last night indicated that despite lower production in the first quarter of 2025, preliminary revenue has improved substantially on a year over year basis.

Sandstorm in the first quarter sold 18,500 ounces of attributable gold equivalent ounces, a decline of nearly 9% on a year over year basis from the 20,316 ounces sold in the first quarter of 2024. Revenue from gold sales is estimated however to have grown to $50.1 million, a 17% improvement versus the $42.8 million figure posted in the year ago period.

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Total sales, which includes royalties and income from other interests, meanwhile is said to have hit a record $54.1 million on a preliminary basis for the first quarter. Cost of sales meanwhile is estimated at $6.9 million, leading to cash operating margins of an estimated $2,507 per attributable ounce in Q1, a new record.

At the same time, Sandstorm indicated it repurchased 3.1 million shares in the first quarter for total consideration of $19.0 million.

First quarter financial results are slated to be released on May 6, after the close of markets.

Sandstorm Gold last traded at $9.70 on the TSX.

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